PGGM Investments
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), PGGM Investments reported 68 stock positions worth $5.8 billion. Its top holding was Welltower (WELL) at 7.1% of the portfolio, followed by Equinix (EQIX, 5.1%) and Extra Space Storage (EXR, 3.5%). Compared with Q1 2025, it opened 5 new positions, sold out of 284, added to 36 and reduced 17. The biggest buy was HDFC Bank Ltd.-ADR (HDB, shares +174%) and the biggest sale Apple (AAPL, shares −78%).
- Most Recent 13F
- Q2 2026
- Location
- ZEIST, P7
- CIK
- 0001472190
- Portfolio Value
- $5.8B (Q2 2025)
- SEC Filing
- 0001472190-25-000003 ↗ filed Jul 18, 2025
Holdings Value
Holdings 68 stocks · $5.8B
| WELL Welltower Inc. | 7.10% | 2,662,087 | $409.2M | Add +0.8% |
| EQIX Equinix Inc. | 5.13% | 372,032 | $295.9M | No change |
| EXR Extra Space Storage Inc. | 3.53% | 1,382,549 | $203.8M | No change |
| PLD Prologis Inc. | 3.49% | 1,915,592 | $201.4M | Reduce -4.0% |
| MSFT Microsoft Corp. | 3.27% | 379,569 | $188.8M | Reduce -11.1% |
| INVH Invitation Homes Inc. | 2.85% | 5,019,181 | $164.6M | Reduce -0.2% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.78% | 1,565,792 | $160.6M | Reduce -2.0% |
| TMO Thermo Fisher Scientific Inc. | 2.76% | 391,920 | $158.9M | Add +106.4% |
| UDR Udr Inc. | 2.60% | 3,677,772 | $150.2M | Add +9.8% |
| HDB HDFC Bank Ltd.-ADR | 2.53% | 1,899,954 | $145.7M | Add +174.0% |
| LIN Linde PLC | 2.47% | 304,112 | $142.7M | Add +104.1% |
| DOC Healthpeak Properties Inc. | 2.24% | 7,374,728 | $129.1M | No change |
| SPG Simon Property Group Inc. | 2.19% | 784,908 | $126.2M | Reduce -8.7% |
| FRT Federal Realty Invs Trust | 2.05% | 1,245,342 | $118.3M | Add +23.7% |
| ELS Equity Lifestyle Properties | 2.02% | 1,892,266 | $116.7M | Reduce -1.3% |
| ABT Abbott Laboratories | 1.99% | 844,272 | $114.8M | Add +28.0% |
| NVDA Nvidia Corp. | 1.99% | 726,231 | $114.7M | Reduce -61.9% |
| ILMN Illumina Inc. | 1.90% | 1,149,408 | $109.7M | Add +115.1% |
| MDT Medtronic PLC | 1.89% | 1,248,594 | $108.8M | Add +8.5% |
| KRC Kilroy Realty Corp. | 1.84% | 3,100,393 | $106.4M | Add +8.2% |
| AVB Avalonbay Communities Inc. | 1.69% | 478,966 | $97.5M | Add +7782.9% |
| GOOGL Alphabet Inc. Class A | 1.60% | 524,638 | $92.5M | Reduce -33.9% |
| CTVA Corteva Inc. | 1.58% | 1,223,444 | $91.2M | Add +68.5% |
| NEE Nextera Energy Inc. | 1.57% | 1,301,306 | $90.3M | Add +244.9% |
| EPRT Essential Properties Realty | 1.52% | 2,740,968 | $87.5M | Reduce -4.6% |
| REXR Rexford Industrial Realty Inc. | 1.45% | 2,353,863 | $83.7M | Reduce -28.7% |
| ARE Alexandria Real Estate Equit | 1.42% | 1,130,962 | $82.1M | Add +11.0% |
| COLD Americold Realty Trust Inc. | 1.42% | 4,912,537 | $81.7M | Reduce -16.4% |
| AVGO Broadcom Inc. | 1.40% | 293,550 | $80.9M | Add +57.7% |
| BRX Brixmor Property Group Inc. | 1.39% | 3,086,961 | $80.4M | No change |
| FR First Industrial Realty TR | 1.34% | 1,600,623 | $77.0M | New |
| LLY Eli Lilly & Co. | 1.31% | 96,769 | $75.4M | Add +478.3% |
| RHP Ryman Hospitality Properties | 1.27% | 741,834 | $73.2M | Add +39.9% |
| DLR Digital Realty Trust Inc. | 1.22% | 403,874 | $70.4M | No change |
| ADC Agree Realty Corp. | 1.21% | 956,246 | $69.9M | No change |
| SNPS Synopsys Inc. | 1.19% | 133,394 | $68.4M | Add +124.3% |
| ROP Roper Technologies Inc. | 1.18% | 120,496 | $68.3M | Add +50.5% |
| ALB Albemarle Corp. | 1.16% | 1,069,924 | $67.1M | Add +90.4% |
| V Visa Inc. Class A | 1.15% | 186,515 | $66.2M | Add +186.4% |
| MAC The Macerich Co. | 1.13% | 4,022,858 | $65.1M | Add +15.9% |
| TT Trane Technologies PLC | 0.99% | 131,114 | $57.4M | Add +93.3% |
| RUN Sunrun Inc. | 0.99% | 7,007,258 | $57.3M | Add +316.6% |
| CPT Camden Property Trust | 0.95% | 486,497 | $54.8M | Reduce -27.3% |
| CDNS Cadence Design SYS Inc. | 0.92% | 171,972 | $53.0M | New |
| ITRI Itron Inc. | 0.83% | 362,558 | $47.7M | Add +6.3% |
| AAPL Apple Inc. | 0.82% | 229,664 | $47.1M | Reduce -78.0% |
| WCN Waste Connections Inc. | 0.78% | 241,155 | $45.0M | Add +383.3% |
| WMS Advanced Drainage Systems Inc. | 0.77% | 388,484 | $44.6M | Add +88.8% |
| REGN Regeneron Pharmaceuticals | 0.77% | 84,397 | $44.3M | Add +159.7% |
| ADM Archer-Daniels-Midland Co. | 0.76% | 830,238 | $43.8M | Add +94.8% |
| ARGX Argenx SE - ADR | 0.73% | 76,699 | $42.3M | Add +57.2% |
| CUBE Cubesmart | 0.70% | 943,848 | $40.1M | No change |
| PSA Public Storage | 0.66% | 129,760 | $38.1M | Reduce -15.2% |
| AGRO Adecoagro SA | 0.64% | 4,047,287 | $37.0M | Reduce -10.1% |
| IQV Iqvia Holdings Inc. | 0.54% | 198,698 | $31.3M | Add +115.2% |
| TTEK Tetra Tech Inc. | 0.52% | 831,733 | $29.9M | Add +69.6% |
| BMRN Biomarin Pharmaceutical Inc. | 0.49% | 517,991 | $28.5M | Add +48.2% |
| ISRG Intuitive Surgical Inc. | 0.48% | 51,425 | $27.9M | Add +972.9% |
| APTV Aptiv PLC | 0.43% | 363,521 | $24.8M | Add +108.3% |
| FMC FMC Corp. | 0.38% | 521,835 | $21.8M | No change |
| MKC McCormick & Co.-Non VTG SHRS | 0.37% | 280,065 | $21.2M | New |
| JCI Johnson Controls Internation | 0.34% | 186,729 | $19.7M | Add +85.0% |
| HST Host Hotels & Resorts Inc. | 0.33% | 1,227,288 | $18.9M | Reduce -60.5% |
| CNM Core & Main Inc. Class A | 0.31% | 298,500 | $18.0M | New |
| BSX Boston Scientific Corp. | 0.27% | 147,155 | $15.8M | Reduce -23.4% |
| CTRE Caretrust REIT Inc. | 0.26% | 492,976 | $15.1M | No change |
| HAIN Hain Celestial Group Inc. | 0.11% | 4,183,854 | $6.4M | No change |
| FLYYQ Spirit Aviation Holdings Inc. | 0.00% | 3,555 | $18K | New |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -78.0% | 0.82% | −2.32 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.46 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −1.36 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.91 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.84 |
| NVDA Nvidia Corp. | Reduce -61.9% | 1.99% | −0.79 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −0.75 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.60 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.58 |
| AMH American Homes 4 Rent- A | Sold out | 0.00% | −0.54 |
| WMT Walmart Inc. | Sold out | 0.00% | −0.44 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.41 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.39 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.38 |
| CTAS Cintas Corp. | Sold out | 0.00% | −0.37 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.33 |
| ITW Illinois Tool Works | Sold out | 0.00% | −0.33 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.32 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.32 |
| AXP American Express Co. | Sold out | 0.00% | −0.32 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.30 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.29 |
| REXR Rexford Industrial Realty Inc. | Reduce -28.7% | 1.45% | −0.29 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.29 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.29 |
| COLD Americold Realty Trust Inc. | Reduce -16.4% | 1.42% | −0.28 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.27 |
| HST Host Hotels & Resorts Inc. | Reduce -60.5% | 0.33% | −0.27 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.25 |
| C Citigroup Inc. | Sold out | 0.00% | −0.25 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.25 |
| GDDY GoDaddy Inc. Class A | Sold out | 0.00% | −0.25 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.25 |
| T AT&T Inc. | Sold out | 0.00% | −0.24 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.24 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.24 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.23 |
| AIG American International Group | Sold out | 0.00% | −0.23 |
| BNY Bank of New York Mellon Corp. | Sold out | 0.00% | −0.23 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.22 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.22 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.22 |
| NVR NVR Inc. | Sold out | 0.00% | −0.21 |
| IT Gartner Inc. | Sold out | 0.00% | −0.21 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.21 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.21 |
| SNA Snap-on Inc. | Sold out | 0.00% | −0.21 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.21 |
| GE General Electric | Sold out | 0.00% | −0.21 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.21 |
Portfolio Buys Q1 2025 → Q2 2025
| HDB HDFC Bank Ltd.-ADR | Add +174.0% | 2.53% | +1.90 |
| AVB Avalonbay Communities Inc. | Add +7782.9% | 1.69% | +1.67 |
| WELL Welltower Inc. | Add +0.8% | 7.10% | +1.64 |
| LIN Linde PLC | Add +104.1% | 2.47% | +1.54 |
| TMO Thermo Fisher Scientific Inc. | Add +106.4% | 2.76% | +1.48 |
| FR First Industrial Realty TR | New | 1.34% | +1.34 |
| ILMN Illumina Inc. | Add +115.1% | 1.90% | +1.33 |
| NEE Nextera Energy Inc. | Add +244.9% | 1.57% | +1.21 |
| LLY Eli Lilly & Co. | Add +478.3% | 1.31% | +1.12 |
| AVGO Broadcom Inc. | Add +57.7% | 1.40% | +0.98 |
| CTVA Corteva Inc. | Add +68.5% | 1.58% | +0.96 |
| CDNS Cadence Design SYS Inc. | New | 0.92% | +0.92 |
| RUN Sunrun Inc. | Add +316.6% | 0.99% | +0.86 |
| SNPS Synopsys Inc. | Add +124.3% | 1.19% | +0.84 |
| V Visa Inc. Class A | Add +186.4% | 1.15% | +0.84 |
| ABT Abbott Laboratories | Add +28.0% | 1.99% | +0.81 |
| FRT Federal Realty Invs Trust | Add +23.7% | 2.05% | +0.72 |
| TT Trane Technologies PLC | Add +93.3% | 0.99% | +0.69 |
| WCN Waste Connections Inc. | Add +383.3% | 0.78% | +0.65 |
| ALB Albemarle Corp. | Add +90.4% | 1.16% | +0.62 |
| RHP Ryman Hospitality Properties | Add +39.9% | 1.27% | +0.62 |
| KRC Kilroy Realty Corp. | Add +8.2% | 1.84% | +0.58 |
| UDR Udr Inc. | Add +9.8% | 2.60% | +0.56 |
| ROP Roper Technologies Inc. | Add +50.5% | 1.18% | +0.55 |
| MDT Medtronic PLC | Add +8.5% | 1.89% | +0.49 |
| REGN Regeneron Pharmaceuticals | Add +159.7% | 0.77% | +0.49 |
| ADM Archer-Daniels-Midland Co. | Add +94.8% | 0.76% | +0.48 |
| WMS Advanced Drainage Systems Inc. | Add +88.8% | 0.77% | +0.47 |
| ISRG Intuitive Surgical Inc. | Add +972.9% | 0.48% | +0.45 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.37% | +0.37 |
| ITRI Itron Inc. | Add +6.3% | 0.83% | +0.35 |
| ARGX Argenx SE - ADR | Add +57.2% | 0.73% | +0.34 |
| TTEK Tetra Tech Inc. | Add +69.6% | 0.52% | +0.33 |
| MAC The Macerich Co. | Add +15.9% | 1.13% | +0.33 |
| IQV Iqvia Holdings Inc. | Add +115.2% | 0.54% | +0.32 |
| CNM Core & Main Inc. Class A | New | 0.31% | +0.31 |
| APTV Aptiv PLC | Add +108.3% | 0.43% | +0.29 |
| JCI Johnson Controls Internation | Add +85.0% | 0.34% | +0.23 |
| BMRN Biomarin Pharmaceutical Inc. | Add +48.2% | 0.49% | +0.16 |
| ARE Alexandria Real Estate Equit | Add +11.0% | 1.42% | +0.15 |
| FLYYQ Spirit Aviation Holdings Inc. | New | 0.00% | +0.00 |
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 |