PGGM Investments
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), PGGM Investments reported 347 stock positions worth $7.4 billion. Its top holding was Welltower (WELL) at 5.5% of the portfolio, followed by Equinix (EQIX, 4.1%) and Apple (AAPL, 3.1%). Compared with Q4 2024, it opened 17 new positions, sold out of 16, added to 96 and reduced 83. The biggest buy was Federal Realty Invs Trust (FRT, shares +8607%) and the biggest sale WP Carey (WPC, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- ZEIST, P7
- CIK
- 0001472190
- Portfolio Value
- $7.4B (Q1 2025)
- SEC Filing
- 0001472190-25-000002 ↗ filed May 12, 2025
Holdings Value
Holdings 347 stocks · $7.4B
| WELL Welltower Inc. | 5.46% | 2,641,471 | $404.7M | Add +2.7% |
| EQIX Equinix Inc. | 4.09% | 372,032 | $303.3M | Reduce -10.6% |
| AAPL Apple Inc. | 3.13% | 1,046,503 | $232.5M | Reduce -6.9% |
| PLD Prologis Inc. | 3.01% | 1,994,849 | $223.0M | Add +0.9% |
| NVDA Nvidia Corp. | 2.78% | 1,904,080 | $206.4M | Add +1.7% |
| EXR Extra Space Storage Inc. | 2.77% | 1,382,549 | $205.3M | Add +5.1% |
| INVH Invitation Homes Inc. | 2.36% | 5,030,685 | $175.3M | Reduce -1.5% |
| MSFT Microsoft Corp. | 2.16% | 426,709 | $160.2M | Reduce -0.7% |
| UDR Udr Inc. | 2.04% | 3,349,655 | $151.3M | Add +5.9% |
| DOC Healthpeak Properties Inc. | 2.01% | 7,374,728 | $149.1M | Add +2.9% |
| SPG Simon Property Group Inc. | 1.93% | 859,843 | $142.8M | Reduce -30.6% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.85% | 1,597,968 | $137.5M | Add +47.4% |
| REXR Rexford Industrial Realty Inc. | 1.74% | 3,302,781 | $129.3M | No change |
| ELS Equity Lifestyle Properties | 1.72% | 1,917,832 | $127.9M | Reduce -0.1% |
| COLD Americold Realty Trust Inc. | 1.70% | 5,876,782 | $126.1M | Add +5.7% |
| GOOGL Alphabet Inc. Class A | 1.65% | 793,264 | $122.7M | No change |
| META Meta Platforms Inc. Class A | 1.46% | 188,080 | $108.4M | Reduce -3.3% |
| MDT Medtronic PLC | 1.39% | 1,150,332 | $103.4M | Reduce -7.5% |
| AMZN Amazon.com Inc. | 1.36% | 531,307 | $101.1M | Add +3.1% |
| FRT Federal Realty Invs Trust | 1.33% | 1,006,663 | $98.5M | Add +8607.4% |
| TMO Thermo Fisher Scientific Inc. | 1.27% | 189,875 | $94.5M | Reduce -7.1% |
| ARE Alexandria Real Estate Equit | 1.27% | 1,019,059 | $94.3M | Add +6.3% |
| KRC Kilroy Realty Corp. | 1.27% | 2,865,769 | $93.9M | Reduce -3.1% |
| EPRT Essential Properties Realty | 1.26% | 2,872,904 | $93.8M | New |
| ABT Abbott Laboratories | 1.18% | 659,670 | $87.5M | Reduce -3.0% |
| BRX Brixmor Property Group Inc. | 1.11% | 3,086,961 | $82.0M | Reduce -11.0% |
| CPT Camden Property Trust | 1.10% | 669,541 | $81.9M | New |
| ADC Agree Realty Corp. | 1.00% | 956,246 | $73.8M | Add +480.8% |
| LIN Linde PLC | 0.94% | 149,012 | $69.4M | Reduce -1.5% |
| JPM JPMorgan Chase & Co. | 0.91% | 275,567 | $67.6M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 0.84% | 113,821 | $62.4M | Reduce -1.4% |
| MAC The Macerich Co. | 0.80% | 3,470,664 | $59.6M | New |
| DLR Digital Realty Trust Inc. | 0.78% | 403,874 | $57.9M | Reduce -1.1% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.75% | 432,595 | $55.6M | Reduce -63.0% |
| AGRO Adecoagro SA | 0.68% | 4,500,000 | $50.3M | No change |
| RHP Ryman Hospitality Properties | 0.65% | 530,200 | $48.5M | Add +5.3% |
| ROP Roper Technologies Inc. | 0.64% | 80,049 | $47.2M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.62% | 693,362 | $46.1M | Add +30.7% |
| PSA Public Storage | 0.62% | 153,039 | $45.8M | Reduce -14.7% |
| CTVA Corteva Inc. | 0.62% | 726,244 | $45.7M | Reduce -4.8% |
| NFLX Netflix Inc. | 0.60% | 47,624 | $44.4M | Reduce -2.3% |
| HST Host Hotels & Resorts Inc. | 0.60% | 3,110,579 | $44.2M | No change |
| BKNG Booking Holdings Inc. | 0.58% | 9,372 | $43.2M | No change |
| ILMN Illumina Inc. | 0.57% | 534,435 | $42.4M | Add +16.8% |
| ALB Albemarle Corp. | 0.55% | 561,949 | $40.5M | Add +5.2% |
| CUBE Cubesmart | 0.54% | 943,848 | $40.3M | No change |
| AMH American Homes 4 Rent- A | 0.54% | 1,062,538 | $40.2M | No change |
| ITRI Itron Inc. | 0.48% | 341,177 | $35.7M | Reduce -40.8% |
| WMT Walmart Inc. | 0.44% | 374,450 | $32.9M | New |
| AVGO Broadcom Inc. | 0.42% | 186,136 | $31.2M | Add +12.9% |
| REG Regency Centers Corp. | 0.41% | 415,679 | $30.7M | Reduce -76.5% |
| ARGX Argenx SE - ADR | 0.39% | 48,799 | $28.9M | Reduce -14.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 687,191 | $28.7M | Add +1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 52,874 | $28.2M | Add +4.0% |
| CTAS Cintas Corp. | 0.37% | 131,784 | $27.1M | Reduce -5.9% |
| NEE Nextera Energy Inc. | 0.36% | 377,303 | $26.7M | Add +177.5% |
| SNPS Synopsys Inc. | 0.34% | 59,465 | $25.5M | Add +168.8% |
| BMRN Biomarin Pharmaceutical Inc. | 0.33% | 349,591 | $24.7M | Add +43.5% |
| FICO Fair Isaac Corp. | 0.33% | 13,385 | $24.7M | No change |
| ITW Illinois Tool Works | 0.33% | 98,358 | $24.4M | Add +20.2% |
| TSLA Tesla Inc. | 0.32% | 92,796 | $24.0M | Reduce -17.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 197,435 | $24.0M | Add +6.2% |
| AXP American Express Co. | 0.32% | 87,571 | $23.6M | No change |
| TT Trane Technologies PLC | 0.31% | 67,832 | $22.9M | Add +11.1% |
| V Visa Inc. Class A | 0.31% | 65,117 | $22.8M | Reduce -8.4% |
| CMCSA Comcast Corp. Class A | 0.30% | 612,782 | $22.6M | Add +22.6% |
| WMS Advanced Drainage Systems Inc. | 0.30% | 205,819 | $22.4M | Add +37.0% |
| FMC FMC Corp. | 0.30% | 521,835 | $22.0M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.29% | 22,042 | $21.8M | No change |
| GS Goldman Sachs Group Inc. | 0.29% | 39,038 | $21.3M | Add +10.8% |
| AFL Aflac Inc. | 0.29% | 190,127 | $21.1M | Add +1.1% |
| REGN Regeneron Pharmaceuticals | 0.28% | 32,497 | $20.6M | No change |
| ADM Archer-Daniels-Midland Co. | 0.28% | 426,138 | $20.5M | No change |
| MRSH Marsh & McLennan Cos | 0.27% | 83,116 | $20.3M | Reduce -0.7% |
| BSX Boston Scientific Corp. | 0.26% | 192,025 | $19.4M | No change |
| PG The Procter & Gamble Co. | 0.25% | 109,718 | $18.7M | Add +1.9% |
| C Citigroup Inc. | 0.25% | 261,561 | $18.6M | No change |
| QCOM Qualcomm Inc. | 0.25% | 120,458 | $18.5M | Reduce -12.1% |
| OTIS Otis Worldwide Corp. | 0.25% | 177,812 | $18.4M | Add +8.1% |
| GDDY GoDaddy Inc. Class A | 0.25% | 101,851 | $18.3M | No change |
| T AT&T Inc. | 0.24% | 637,329 | $18.0M | Add +30.1% |
| COST Costco Wholesale Corp. | 0.24% | 19,032 | $18.0M | Reduce -18.1% |
| VRSN Verisign Inc. | 0.24% | 68,690 | $17.4M | Reduce -14.0% |
| HAIN Hain Celestial Group Inc. | 0.23% | 4,183,854 | $17.4M | No change |
| HD Home Depot Inc. | 0.23% | 47,092 | $17.3M | Add +41.7% |
| AIG American International Group | 0.23% | 195,284 | $17.0M | Reduce -0.9% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.23% | 200,252 | $16.8M | No change |
| IQV Iqvia Holdings Inc. | 0.22% | 92,351 | $16.3M | Add +586.8% |
| FTNT Fortinet Inc. | 0.22% | 166,464 | $16.0M | Add +16.6% |
| ADP Automatic Data Processing | 0.22% | 52,380 | $16.0M | Add +3.0% |
| FISV Fiserv Inc. | 0.22% | 72,222 | $15.9M | No change |
| NVR NVR Inc. | 0.21% | 2,188 | $15.9M | No change |
| IT Gartner Inc. | 0.21% | 37,743 | $15.8M | No change |
| CB Chubb Ltd. | 0.21% | 52,366 | $15.8M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.21% | 187,148 | $15.8M | Reduce -1.7% |
| SNA Snap-on Inc. | 0.21% | 46,360 | $15.6M | No change |
| AMP Ameriprise Financial Inc. | 0.21% | 32,237 | $15.6M | No change |
| GE General Electric filed as GE AEROSPACE | 0.21% | 77,862 | $15.6M | Reduce -25.7% |
| MCK McKesson Corp. | 0.21% | 23,145 | $15.6M | Reduce -15.6% |
| L Loews Corp. | 0.21% | 165,555 | $15.2M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| WPC WP Carey Inc. | Reduce -99.1% | 0.02% | −1.86 |
| REG Regency Centers Corp. | Reduce -76.5% | 0.41% | −1.32 |
| SUI Sun Communities Inc. | Reduce -63.0% | 0.75% | −1.16 |
| EQIX Equinix Inc. | Reduce -10.6% | 4.09% | −1.13 |
| SPG Simon Property Group Inc. | Reduce -30.6% | 1.93% | −0.91 |
| AAPL Apple Inc. | Reduce -6.9% | 3.13% | −0.61 |
| ITRI Itron Inc. | Reduce -40.8% | 0.48% | −0.35 |
| KRC Kilroy Realty Corp. | Reduce -3.1% | 1.27% | −0.32 |
| TSLA Tesla Inc. | Reduce -17.4% | 0.32% | −0.28 |
| MSFT Microsoft Corp. | Reduce -0.7% | 2.16% | −0.25 |
| DLR Digital Realty Trust Inc. | Reduce -1.1% | 0.78% | −0.18 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.18 |
| BRX Brixmor Property Group Inc. | Reduce -11.0% | 1.11% | −0.18 |
| TMO Thermo Fisher Scientific Inc. | Reduce -7.1% | 1.27% | −0.14 |
| AMAT Applied Materials Inc. | Reduce -30.9% | 0.18% | −0.11 |
| PNR Pentair PLC | Reduce -53.6% | 0.07% | −0.10 |
| PSA Public Storage | Reduce -14.7% | 0.62% | −0.10 |
| AWK American Water Works Co. Inc. | Reduce -68.3% | 0.06% | −0.09 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.09 |
| DHR Danaher Corp. | Reduce -71.7% | 0.03% | −0.07 |
| ARGX Argenx SE - ADR | Reduce -14.0% | 0.39% | −0.07 |
| LRCX Lam Research Corp. | Reduce -38.5% | 0.13% | −0.07 |
| COR Cencora Inc. | Reduce -46.8% | 0.13% | −0.06 |
| KLAC KLA Corp. | Reduce -29.5% | 0.19% | −0.06 |
| META Meta Platforms Inc. Class A | Reduce -3.3% | 1.46% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -18.1% | 0.24% | −0.04 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.04 |
| WST West Pharmaceutical Services | Reduce -59.9% | 0.01% | −0.04 |
| CSX CSX Corp. | Reduce -82.1% | 0.01% | −0.04 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.04 |
| VST Vistra Corp. | Reduce -26.4% | 0.06% | −0.04 |
| APH Amphenol Corp. Class A | Reduce -15.1% | 0.14% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -12.1% | 0.25% | −0.03 |
| VRT Vertiv Holdings Co. Class A | Reduce -14.3% | 0.04% | −0.03 |
| LEN Lennar Corp. Class A | Reduce -13.0% | 0.08% | −0.03 |
| GL Globe Life Inc. | Sold out | 0.00% | −0.03 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.02 |
| GE General Electric | Reduce -25.7% | 0.21% | −0.02 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.02 |
| FLEX Flex Ltd. | Reduce -0.8% | 0.11% | −0.02 |
| GRAL Grail Inc. | Sold out | 0.00% | −0.02 |
| A Agilent Technologies Inc. | Reduce -5.7% | 0.08% | −0.02 |
| ORCL Oracle Corp. | Reduce -12.4% | 0.04% | −0.01 |
| YUM Yum! Brands Inc. | Reduce -24.9% | 0.11% | −0.01 |
| HOLX Hologic Inc. | Reduce -1.2% | 0.08% | −0.01 |
| STLD Steel Dynamics Inc. | Reduce -22.0% | 0.08% | −0.01 |
| WY Weyerhaeuser Co. | Reduce -85.4% | 0.00% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -5.9% | 0.07% | −0.01 |
| EIX Edison International | Reduce -18.1% | 0.02% | −0.01 |
| PHM Pultegroup Inc. | Reduce -2.0% | 0.16% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| FRT Federal Realty Invs Trust | Add +8607.4% | 1.33% | +1.31 |
| EPRT Essential Properties Realty | New | 1.26% | +1.26 |
| WELL Welltower Inc. | Add +2.7% | 5.46% | +1.15 |
| CPT Camden Property Trust | New | 1.10% | +1.10 |
| ADC Agree Realty Corp. | Add +480.8% | 1.00% | +0.84 |
| MAC The Macerich Co. | New | 0.80% | +0.80 |
| WMT Walmart Inc. | New | 0.44% | +0.44 |
| IRM Iron Mountain Inc. | Add +47.4% | 1.85% | +0.34 |
| NEE Nextera Energy Inc. | Add +177.5% | 0.36% | +0.23 |
| PLD Prologis Inc. | Add +0.9% | 3.01% | +0.23 |
| UDR Udr Inc. | Add +5.9% | 2.04% | +0.21 |
| SNPS Synopsys Inc. | Add +168.8% | 0.34% | +0.20 |
| CTRE Caretrust REIT Inc. | New | 0.19% | +0.19 |
| IQV Iqvia Holdings Inc. | Add +586.8% | 0.22% | +0.18 |
| HDB HDFC Bank Ltd.-ADR | Add +30.7% | 0.62% | +0.17 |
| EXR Extra Space Storage Inc. | Add +5.1% | 2.77% | +0.15 |
| WCN Waste Connections Inc. | New | 0.13% | +0.13 |
| GILD Gilead Sciences Inc. | Add +154.1% | 0.19% | +0.13 |
| BMRN Biomarin Pharmaceutical Inc. | Add +43.5% | 0.33% | +0.12 |
| COLD Americold Realty Trust Inc. | Add +5.7% | 1.70% | +0.12 |
| TTEK Tetra Tech Inc. | Add +208.7% | 0.19% | +0.11 |
| BMY Bristol-Myers Squibb Co. | Add +122.4% | 0.17% | +0.10 |
| T AT&T Inc. | Add +30.1% | 0.24% | +0.09 |
| DIS The Walt Disney Co. | Add +200.9% | 0.13% | +0.08 |
| DOC Healthpeak Properties Inc. | Add +2.9% | 2.01% | +0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.0% | 0.38% | +0.07 |
| WMS Advanced Drainage Systems Inc. | Add +37.0% | 0.30% | +0.07 |
| FOXA Fox Corp. Class A | Add +47.8% | 0.15% | +0.06 |
| HD Home Depot Inc. | Add +41.7% | 0.23% | +0.06 |
| VZ Verizon Communications Inc. | Add +2391.1% | 0.06% | +0.06 |
| CMCSA Comcast Corp. Class A | Add +22.6% | 0.30% | +0.06 |
| ITW Illinois Tool Works | Add +20.2% | 0.33% | +0.05 |
| LLY Eli Lilly & Co. | Add +24.9% | 0.19% | +0.05 |
| TWLO Twilio Inc. Class A | Add +125.3% | 0.09% | +0.05 |
| OTIS Otis Worldwide Corp. | Add +8.1% | 0.25% | +0.04 |
| MS Morgan Stanley | Add +57.5% | 0.14% | +0.04 |
| LYV Live Nation Entertainment Inc. | New | 0.04% | +0.04 |
| APP AppLovin Corp. Class A | Add +78.5% | 0.12% | +0.04 |
| HWM Howmet Aerospace Inc. | Add +3.0% | 0.20% | +0.04 |
| FTNT Fortinet Inc. | Add +16.6% | 0.22% | +0.04 |
| CHTR Charter Communications Inc. Class A | New | 0.03% | +0.03 |
| USB US Bancorp | Add +63.4% | 0.10% | +0.03 |
| TMUS T-Mobile US Inc. | Add +14.4% | 0.10% | +0.03 |
| ARE Alexandria Real Estate Equit | Add +6.3% | 1.27% | +0.03 |
| AFL Aflac Inc. | Add +1.1% | 0.29% | +0.03 |
| JCI Johnson Controls Internation | Add +28.2% | 0.11% | +0.03 |
| SYY Sysco Corp. | Add +348.8% | 0.03% | +0.03 |
| TJX TJX Companies Inc. | Add +6.2% | 0.32% | +0.03 |
| NTRS Northern Trust Corp. | Add +61.8% | 0.07% | +0.02 |
| NI Nisource Inc. | Add +26.4% | 0.08% | +0.02 |
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 |