PGGM Investments
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), PGGM Investments reported 345 stock positions worth $7.5 billion. Its top holding was Equinix (EQIX) at 5.2% of the portfolio, followed by Welltower (WELL, 4.3%) and Apple (AAPL, 3.7%). Compared with Q3 2024, it opened 26 new positions, sold out of 29, added to 106 and reduced 95. The biggest buy was Alexandria Real Estate Equit (ARE, shares +3602%) and the biggest sale an exit from Highwoods Properties (HIW).
- Most Recent 13F
- Q2 2026
- Location
- ZEIST, P7
- CIK
- 0001472190
- Portfolio Value
- $7.5B (Q4 2024)
- SEC Filing
- 0001472190-25-000001 ↗ filed Feb 10, 2025
Holdings Value
Holdings 345 stocks · $7.5B
| EQIX Equinix Inc. | 5.22% | 416,165 | $392.4M | Reduce -4.5% |
| WELL Welltower Inc. | 4.31% | 2,572,949 | $324.3M | Reduce -1.8% |
| AAPL Apple Inc. | 3.74% | 1,124,311 | $281.6M | Add +6.0% |
| NVDA Nvidia Corp. | 3.34% | 1,873,064 | $251.5M | Reduce -1.3% |
| SPG Simon Property Group Inc. | 2.84% | 1,238,123 | $213.2M | No change |
| PLD Prologis Inc. | 2.78% | 1,976,306 | $208.9M | Reduce -2.8% |
| EXR Extra Space Storage Inc. | 2.62% | 1,315,485 | $196.8M | No change |
| MSFT Microsoft Corp. | 2.41% | 429,734 | $181.1M | Reduce -13.1% |
| INVH Invitation Homes Inc. | 2.17% | 5,108,466 | $163.3M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 2.00% | 793,264 | $150.2M | Reduce -1.9% |
| DOC Healthpeak Properties Inc. | 1.93% | 7,166,234 | $145.3M | Reduce -2.4% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.91% | 1,168,625 | $143.7M | No change |
| WPC WP Carey Inc. | 1.88% | 2,598,446 | $141.6M | No change |
| UDR Udr Inc. | 1.83% | 3,163,812 | $137.3M | Add +7.8% |
| REG Regency Centers Corp. | 1.74% | 1,767,047 | $130.6M | Add +0.1% |
| ELS Equity Lifestyle Properties | 1.70% | 1,919,290 | $127.8M | Reduce -0.1% |
| REXR Rexford Industrial Realty Inc. | 1.70% | 3,302,781 | $127.7M | Add +11.7% |
| KRC Kilroy Realty Corp. | 1.59% | 2,956,458 | $119.6M | Reduce -10.1% |
| COLD Americold Realty Trust Inc. | 1.58% | 5,558,936 | $119.0M | Add +13.4% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.52% | 1,084,387 | $114.0M | Add +0.1% |
| META Meta Platforms Inc. Class A | 1.51% | 194,458 | $113.9M | Add +6.5% |
| AMZN Amazon.com Inc. | 1.50% | 515,189 | $113.0M | Add +6.3% |
| TMO Thermo Fisher Scientific Inc. | 1.41% | 204,322 | $106.3M | Add +0.3% |
| MDT Medtronic PLC | 1.32% | 1,243,301 | $99.3M | Add +9.3% |
| BRX Brixmor Property Group Inc. | 1.28% | 3,469,484 | $96.6M | Reduce -7.8% |
| ARE Alexandria Real Estate Equit | 1.24% | 958,857 | $93.5M | Add +3602.0% |
| ABT Abbott Laboratories | 1.02% | 679,985 | $76.9M | Add +3.3% |
| DLR Digital Realty Trust Inc. | 0.96% | 408,421 | $72.4M | Add +27.5% |
| JPM JPMorgan Chase & Co. | 0.88% | 277,042 | $66.4M | Reduce -4.5% |
| LIN Linde PLC | 0.84% | 151,346 | $63.4M | Reduce -0.7% |
| ITRI Itron Inc. | 0.83% | 576,721 | $62.6M | Reduce -1.8% |
| ILMN Illumina Inc. | 0.81% | 457,423 | $61.1M | No change |
| MA Mastercard Inc. Class A | 0.81% | 115,475 | $60.8M | No change |
| HST Host Hotels & Resorts Inc. | 0.72% | 3,110,579 | $54.5M | Reduce -0.1% |
| PSA Public Storage | 0.71% | 179,448 | $53.7M | Reduce -6.8% |
| RHP Ryman Hospitality Properties | 0.70% | 503,530 | $52.5M | Reduce -8.3% |
| BKNG Booking Holdings Inc. | 0.62% | 9,372 | $46.6M | Reduce -13.7% |
| ALB Albemarle Corp. | 0.61% | 534,169 | $46.0M | No change |
| TSLA Tesla Inc. | 0.60% | 112,312 | $45.4M | Add +100.6% |
| CTVA Corteva Inc. | 0.58% | 763,023 | $43.5M | No change |
| NFLX Netflix Inc. | 0.58% | 48,726 | $43.4M | Add +1.9% |
| AGRO Adecoagro SA | 0.56% | 4,500,000 | $42.4M | No change |
| ROP Roper Technologies Inc. | 0.55% | 80,049 | $41.6M | Reduce -1.3% |
| CUBE Cubesmart | 0.54% | 943,848 | $40.4M | No change |
| AMH American Homes 4 Rent- A | 0.53% | 1,062,538 | $39.8M | Add +7.3% |
| AVGO Broadcom Inc. | 0.51% | 164,819 | $38.2M | Add +53.0% |
| ARGX Argenx SE - ADR | 0.46% | 56,771 | $34.9M | Reduce -11.9% |
| HDB HDFC Bank Ltd.-ADR | 0.45% | 530,425 | $33.9M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.40% | 676,282 | $29.7M | Add +4.9% |
| FICO Fair Isaac Corp. | 0.35% | 13,385 | $26.6M | Reduce -15.7% |
| AXP American Express Co. | 0.35% | 87,571 | $26.0M | Add +0.9% |
| HAIN Hain Celestial Group Inc. | 0.34% | 4,183,854 | $25.7M | No change |
| CTAS Cintas Corp. | 0.34% | 140,016 | $25.6M | Reduce -0.7% |
| FMC FMC Corp. | 0.34% | 521,835 | $25.4M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.31% | 22,042 | $23.2M | No change |
| REGN Regeneron Pharmaceuticals | 0.31% | 32,497 | $23.1M | Add +24.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 50,837 | $23.0M | Reduce -47.9% |
| TT Trane Technologies PLC | 0.30% | 61,033 | $22.5M | Add +9.8% |
| V Visa Inc. Class A | 0.30% | 71,103 | $22.5M | Reduce -56.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 185,997 | $22.5M | Add +13.1% |
| ADM Archer-Daniels-Midland Co. | 0.29% | 426,138 | $21.5M | No change |
| AMAT Applied Materials Inc. | 0.28% | 130,902 | $21.3M | Reduce -5.9% |
| COST Costco Wholesale Corp. | 0.28% | 23,229 | $21.3M | No change |
| QCOM Qualcomm Inc. | 0.28% | 137,029 | $21.1M | Add +4.7% |
| ITW Illinois Tool Works | 0.28% | 81,850 | $20.8M | No change |
| GS Goldman Sachs Group Inc. | 0.27% | 35,217 | $20.2M | Add +4.7% |
| GDDY GoDaddy Inc. Class A | 0.27% | 101,851 | $20.1M | No change |
| AFL Aflac Inc. | 0.26% | 187,985 | $19.4M | Reduce -1.1% |
| CMCSA Comcast Corp. Class A | 0.25% | 499,611 | $18.8M | Reduce -9.7% |
| KLAC KLA Corp. | 0.25% | 29,523 | $18.6M | Reduce -8.1% |
| C Citigroup Inc. | 0.24% | 261,561 | $18.4M | Reduce -7.8% |
| IT Gartner Inc. | 0.24% | 37,743 | $18.3M | No change |
| PG The Procter & Gamble Co. | 0.24% | 107,674 | $18.1M | Reduce -32.1% |
| NVR NVR Inc. | 0.24% | 2,188 | $17.9M | No change |
| MRSH Marsh & McLennan Cos | 0.24% | 83,666 | $17.8M | Reduce -6.2% |
| GE General Electric filed as GE AEROSPACE | 0.23% | 104,805 | $17.5M | Add +10.5% |
| WMS Advanced Drainage Systems Inc. | 0.23% | 150,261 | $17.4M | Add +84.2% |
| AMP Ameriprise Financial Inc. | 0.23% | 32,237 | $17.2M | No change |
| BSX Boston Scientific Corp. | 0.23% | 192,025 | $17.2M | Add +47.0% |
| VRSN Verisign Inc. | 0.22% | 79,903 | $16.5M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 0.21% | 243,682 | $16.0M | Add +12.0% |
| SNA Snap-on Inc. | 0.21% | 46,360 | $15.7M | No change |
| MCK McKesson Corp. | 0.21% | 27,411 | $15.6M | Reduce -31.5% |
| MTD Mettler-Toledo International | 0.20% | 12,589 | $15.4M | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.20% | 200,252 | $15.4M | Add +3.9% |
| OTIS Otis Worldwide Corp. | 0.20% | 164,442 | $15.2M | No change |
| LRCX Lam Research Corp. | 0.20% | 208,154 | $15.0M | Reduce -8.0% |
| ADP Automatic Data Processing | 0.20% | 50,876 | $14.9M | Add +21.4% |
| FISV Fiserv Inc. | 0.20% | 72,222 | $14.8M | Add +0.8% |
| PH Parker Hannifin Corp. | 0.19% | 22,855 | $14.5M | No change |
| CB Chubb Ltd. | 0.19% | 52,366 | $14.5M | No change |
| CRM Salesforce Inc. | 0.19% | 43,111 | $14.4M | Add +3.4% |
| PLTR Palantir Technologies Inc. Class A | 0.19% | 190,416 | $14.4M | Add +782.8% |
| AIG American International Group | 0.19% | 197,110 | $14.3M | Reduce -3.8% |
| COR Cencora Inc. | 0.19% | 62,993 | $14.2M | Reduce -23.3% |
| L Loews Corp. | 0.19% | 165,555 | $14.0M | Reduce -3.4% |
| FIS Fidelity National Info Serv | 0.18% | 171,659 | $13.9M | Add +18.9% |
| MAS Masco Corp. | 0.18% | 189,604 | $13.8M | Add +1.1% |
| CAH Cardinal Health Inc. | 0.18% | 115,959 | $13.7M | Reduce -2.2% |
| FAST Fastenal Co. | 0.18% | 189,409 | $13.6M | Reduce -4.6% |
Portfolio Sells Q3 2024 → Q4 2024
| HIW Highwoods Properties Inc. | Sold out | 0.00% | −1.24 |
| PLD Prologis Inc. | Reduce -2.8% | 2.78% | −0.51 |
| MSFT Microsoft Corp. | Reduce -13.1% | 2.41% | −0.32 |
| V Visa Inc. Class A | Reduce -56.4% | 0.30% | −0.28 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -47.9% | 0.31% | −0.27 |
| DOC Healthpeak Properties Inc. | Reduce -2.4% | 1.93% | −0.22 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.20 |
| PSA Public Storage | Reduce -6.8% | 0.71% | −0.18 |
| INVH Invitation Homes Inc. | Reduce -0.4% | 2.17% | −0.15 |
| LLY Eli Lilly & Co. | Reduce -43.2% | 0.14% | −0.13 |
| LINE Lineage Inc. | Sold out | 0.00% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -32.1% | 0.24% | −0.11 |
| PNR Pentair PLC | Reduce -43.5% | 0.17% | −0.11 |
| NEE Nextera Energy Inc. | Reduce -34.1% | 0.13% | −0.09 |
| LIN Linde PLC | Reduce -0.7% | 0.84% | −0.09 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.09 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.08 |
| ADBE Adobe Inc. | Reduce -33.0% | 0.12% | −0.08 |
| AMAT Applied Materials Inc. | Reduce -5.9% | 0.28% | −0.08 |
| NUE Nucor Corp. | Reduce -57.0% | 0.04% | −0.07 |
| NXPI NXP Semiconductors NV | Reduce -89.9% | 0.01% | −0.07 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.07 |
| KO The Coca-Cola Co. | Reduce -68.3% | 0.03% | −0.07 |
| KLAC KLA Corp. | Reduce -8.1% | 0.25% | −0.07 |
| CDW CDW Corp. | Reduce -86.4% | 0.01% | −0.06 |
| CNC Centene Corp. | Sold out | 0.00% | −0.06 |
| BRX Brixmor Property Group Inc. | Reduce -7.8% | 1.28% | −0.06 |
| PCAR Paccar Inc. | Reduce -49.3% | 0.07% | −0.06 |
| AME Ametek Inc. | Reduce -83.5% | 0.01% | −0.06 |
| ELS Equity Lifestyle Properties | Reduce -0.1% | 1.70% | −0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.06 |
| RHP Ryman Hospitality Properties | Reduce -8.3% | 0.70% | −0.06 |
| MCHP Microchip Technology Inc. | Reduce -86.6% | 0.01% | −0.05 |
| HCA HCA Healthcare Inc. | Reduce -2.9% | 0.14% | −0.05 |
| COR Cencora Inc. | Reduce -23.3% | 0.19% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -9.7% | 0.25% | −0.05 |
| MCK McKesson Corp. | Reduce -31.5% | 0.21% | −0.05 |
| CDNS Cadence Design SYS Inc. | Sold out | 0.00% | −0.04 |
| FICO Fair Isaac Corp. | Reduce -15.7% | 0.35% | −0.04 |
| ACGL Arch Capital Group Ltd. | Reduce -7.7% | 0.15% | −0.04 |
| KRC Kilroy Realty Corp. | Reduce -10.1% | 1.59% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -20.7% | 0.10% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -9.2% | 0.17% | −0.04 |
| LRCX Lam Research Corp. | Reduce -8.0% | 0.20% | −0.04 |
| CI The Cigna Group | Reduce -2.0% | 0.14% | −0.03 |
| CTAS Cintas Corp. | Reduce -0.7% | 0.34% | −0.03 |
| ABBV Abbvie Inc. | Reduce -9.4% | 0.15% | −0.03 |
| CARR Carrier Global Corp. | Reduce -47.7% | 0.02% | −0.03 |
| ROP Roper Technologies Inc. | Reduce -1.3% | 0.55% | −0.02 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| ARE Alexandria Real Estate Equit | Add +3602.0% | 1.24% | +1.20 |
| AAPL Apple Inc. | Add +6.0% | 3.74% | +0.58 |
| TSLA Tesla Inc. | Add +100.6% | 0.60% | +0.42 |
| AMZN Amazon.com Inc. | Add +6.3% | 1.50% | +0.35 |
| DLR Digital Realty Trust Inc. | Add +27.5% | 0.96% | +0.30 |
| AVGO Broadcom Inc. | Add +53.0% | 0.51% | +0.27 |
| PLTR Palantir Technologies Inc. Class A | Add +782.8% | 0.19% | +0.18 |
| META Meta Platforms Inc. Class A | Add +6.5% | 1.51% | +0.17 |
| NFLX Netflix Inc. | Add +1.9% | 0.58% | +0.14 |
| SNPS Synopsys Inc. | Add +1612.2% | 0.14% | +0.13 |
| UDR Udr Inc. | Add +7.8% | 1.83% | +0.12 |
| REG Regency Centers Corp. | Add +0.1% | 1.74% | +0.10 |
| ACN Accenture PLC Class A | Add +131.7% | 0.17% | +0.10 |
| BSX Boston Scientific Corp. | Add +47.0% | 0.23% | +0.09 |
| PYPL PayPal Holdings Inc. | Add +104.2% | 0.15% | +0.09 |
| APP AppLovin Corp. Class A | Add +493.0% | 0.08% | +0.08 |
| STT State Street Corp. | Add +230.9% | 0.10% | +0.07 |
| BAC Bank of America Corp. | Add +4.9% | 0.40% | +0.07 |
| WMS Advanced Drainage Systems Inc. | Add +84.2% | 0.23% | +0.07 |
| DOCU Docusign Inc. | Add +44.8% | 0.12% | +0.07 |
| VRT Vertiv Holdings Co. Class A | New | 0.07% | +0.07 |
| RMD Resmed Inc. | Add +1035.8% | 0.07% | +0.07 |
| USB US Bancorp | Add +1523.3% | 0.07% | +0.06 |
| ABT Abbott Laboratories | Add +3.3% | 1.02% | +0.06 |
| RF Regions Financial Corp. | Add +678.0% | 0.07% | +0.06 |
| GILD Gilead Sciences Inc. | New | 0.06% | +0.06 |
| ORCL Oracle Corp. | New | 0.06% | +0.06 |
| MS Morgan Stanley | Add +118.4% | 0.09% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +4.7% | 0.27% | +0.05 |
| NI Nisource Inc. | Add +1701.3% | 0.06% | +0.05 |
| TJX TJX Companies Inc. | Add +13.1% | 0.30% | +0.05 |
| PNC PNC Financial Services Group | Add +88.8% | 0.10% | +0.05 |
| ZTS Zoetis Inc. | Add +91.8% | 0.13% | +0.05 |
| ADP Automatic Data Processing | Add +21.4% | 0.20% | +0.05 |
| TFC Truist Financial Corp. | Add +1800.7% | 0.05% | +0.05 |
| CRM Salesforce Inc. | Add +3.4% | 0.19% | +0.05 |
| WAB Wabtec Corp. | Add +26.9% | 0.17% | +0.05 |
| AXP American Express Co. | Add +0.9% | 0.35% | +0.04 |
| FTNT Fortinet Inc. | Add +4.7% | 0.18% | +0.04 |
| NTRS Northern Trust Corp. | New | 0.04% | +0.04 |
| AMH American Homes 4 Rent- A | Add +7.3% | 0.53% | +0.04 |
| VLTO Veralto Corp. | Add +112.2% | 0.08% | +0.04 |
| CFG Citizens Financial Group | Add +71.0% | 0.08% | +0.04 |
| FITB Fifth Third Bancorp | Add +58.0% | 0.10% | +0.04 |
| UAL United Airlines Holdings Inc. | New | 0.04% | +0.04 |
| JCI Johnson Controls Internation | Add +62.1% | 0.08% | +0.03 |
| UBER Uber Technologies Inc. | Add +1118.2% | 0.04% | +0.03 |
| FOXA Fox Corp. Class A | Add +37.3% | 0.09% | +0.03 |
| ANET Arista Networks Inc. | Add +986.7% | 0.04% | +0.03 |
| TTD Trade Desk Inc./the Class A | Add +107.9% | 0.06% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 59 | $4.1B | NVDA, GOOGL, TMO, LLY, LIN |
| Q1 2026 | 67 | $5.7B | WELL, PLD, EQIX, ALB, EXR |
| Q4 2025 | 66 | $6.3B | WELL, PLD, EQIX, TMO, MSFT |
| Q3 2025 | 66 | $6.2B | WELL, EQIX, PLD, EXR, MSFT |
| Q2 2025 | 68 | $5.8B | WELL, EQIX, EXR, PLD, MSFT |
| Q1 2025 | 347 | $7.4B | WELL, EQIX, AAPL, PLD, NVDA |
| Q4 2024 | 345 | $7.5B | EQIX, WELL, AAPL, NVDA, SPG |
| Q3 2024 | 348 | $7.8B | EQIX, WELL, PLD, AAPL, EXR |
| Q2 2024 | 344 | $7.0B | EQIX, NVDA, WELL, PLD, MSFT |
| Q1 2024 | 365 | $6.9B | PLD, EQIX, WELL, EXR, MSFT |