PGGM Investments

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), PGGM Investments reported 66 stock positions worth $6.2 billion. Its top holding was Welltower (WELL) at 8.1% of the portfolio, followed by Equinix (EQIX, 4.7%) and Prologis (PLD, 3.6%). Compared with Q2 2025, it opened 1 new position, sold out of 3, added to 22 and reduced 10. The biggest buy was Sunrun (RUN, shares +18%) and the biggest sale an exit from Itron (ITRI).

Most Recent 13F
Q2 2026
Location
ZEIST, P7
CIK
0001472190
Portfolio Value
$6.2B (Q3 2025)
SEC Filing
0001472190-25-000006 ↗ filed Oct 28, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.9B Q1 2024 Q2 2024: $7.0B Q2 2024 Q3 2024: $7.8B Q3 2024 Q4 2024: $7.5B Q4 2024 Q1 2025: $7.4B Q1 2025 Q2 2025: $5.8B Q2 2025 Q3 2025: $6.2B $6.2B Q3 2025 Q4 2025: $6.3B Q4 2025 Q1 2026: $5.7B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 66 stocks · $6.2B
WELL Welltower Inc. 8.07% 2,800,752 $498.9M Add +5.2%
EQIX Equinix Inc. 4.71% 372,032 $291.4M No change
PLD Prologis Inc. 3.64% 1,964,559 $225.0M Add +2.6%
EXR Extra Space Storage Inc. 3.32% 1,457,774 $205.5M Add +5.4%
MSFT Microsoft Corp. 3.18% 379,569 $196.6M No change
TMO Thermo Fisher Scientific Inc. 3.08% 391,920 $190.1M No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 2.78% 1,684,781 $171.7M Add +7.6%
INVH Invitation Homes Inc. 2.69% 5,672,720 $166.4M Add +13.0%
UDR Udr Inc. 2.40% 3,979,355 $148.3M Add +8.2%
SPG Simon Property Group Inc. 2.38% 784,908 $147.3M No change
LIN Linde PLC 2.34% 304,112 $144.5M No change
RUN Sunrun Inc. 2.31% 8,256,941 $142.8M Add +17.8%
DOC Healthpeak Properties Inc. 2.29% 7,374,728 $141.2M No change
NVDA Nvidia Corp. 2.19% 726,231 $135.5M No change
GOOGL Alphabet Inc. Class A 2.17% 552,564 $134.3M Add +5.3%
HDB HDFC Bank Ltd.-ADR 2.10% 3,799,908 $129.8M No change
ELS Equity Lifestyle Properties 2.00% 2,041,332 $123.9M Add +7.9%
FR First Industrial Realty TR 1.95% 2,337,100 $120.3M Add +46.0%
MDT Medtronic PLC 1.84% 1,191,228 $113.5M Reduce -4.6%
ILMN Illumina Inc. 1.77% 1,149,408 $109.2M No change
FRT Federal Realty Invs Trust 1.76% 1,071,815 $108.6M Reduce -13.9%
ABT Abbott Laboratories 1.76% 810,054 $108.5M Reduce -4.0%
KRC Kilroy Realty Corp. 1.70% 2,480,570 $104.8M Reduce -20.0%
BRX Brixmor Property Group Inc. 1.66% 3,702,302 $102.5M Add +19.9%
AVB Avalonbay Communities Inc. 1.59% 509,274 $98.4M Add +6.3%
NEE Nextera Energy Inc. 1.59% 1,301,306 $98.2M No change
AVGO Broadcom Inc. 1.57% 293,550 $96.8M No change
ALB Albemarle Corp. 1.55% 1,185,005 $96.1M Add +10.8%
ARE Alexandria Real Estate Equit 1.53% 1,130,962 $94.3M No change
AAPL Apple Inc. 1.40% 339,229 $86.4M Add +47.7%
ADC Agree Realty Corp. 1.34% 1,169,027 $83.0M Add +22.3%
CTVA Corteva Inc. 1.34% 1,223,444 $82.7M No change
EPRT Essential Properties Realty 1.32% 2,740,968 $81.6M No change
DLR Digital Realty Trust Inc. 1.21% 434,240 $75.1M Add +7.5%
LLY Eli Lilly & Co. 1.19% 96,769 $73.8M No change
REXR Rexford Industrial Realty Inc. 1.19% 1,785,723 $73.4M Reduce -24.1%
MAC The Macerich Co. 1.18% 4,022,858 $73.2M No change
SNPS Synopsys Inc. 1.12% 140,654 $69.4M Add +5.4%
RHP Ryman Hospitality Properties 1.08% 741,834 $66.5M No change
V Visa Inc. Class A 1.03% 186,515 $63.7M No change
ROP Roper Technologies Inc. 0.97% 120,496 $60.1M No change
ARGX Argenx SE - ADR 0.92% 76,699 $56.6M No change
COLD Americold Realty Trust Inc. 0.91% 4,619,178 $56.5M Reduce -6.0%
CDNS Cadence Design SYS Inc. 0.90% 158,267 $55.6M Reduce -8.0%
WMS Advanced Drainage Systems Inc. 0.87% 388,484 $53.9M No change
REGN Regeneron Pharmaceuticals 0.84% 92,584 $52.1M Add +9.7%
ADM Archer-Daniels-Midland Co. 0.80% 830,238 $49.6M No change
MKC McCormick & Co.-Non VTG SHRS 0.73% 677,573 $45.3M Add +141.9%
WCN Waste Connections Inc. 0.72% 254,155 $44.7M Add +5.4%
CUBE Cubesmart 0.62% 943,848 $38.4M No change
IQV Iqvia Holdings Inc. 0.61% 198,698 $37.7M No change
TTEK Tetra Tech Inc. 0.59% 1,099,907 $36.7M Add +32.2%
PSA Public Storage 0.52% 110,593 $31.9M Reduce -14.8%
AGRO Adecoagro SA 0.51% 4,047,287 $31.7M No change
APTV Aptiv PLC 0.51% 363,521 $31.3M No change
BMRN Biomarin Pharmaceutical Inc. 0.45% 517,991 $28.1M No change
ISRG Intuitive Surgical Inc. 0.45% 62,273 $27.9M Add +21.1%
SEDG Solaredge Technologies Inc. 0.40% 660,481 $24.4M New
TT Trane Technologies PLC 0.38% 55,542 $23.4M Reduce -57.6%
CPT Camden Property Trust 0.36% 210,852 $22.5M Reduce -56.7%
HST Host Hotels & Resorts Inc. 0.34% 1,227,288 $20.9M No change
JCI Johnson Controls Internation 0.33% 186,729 $20.5M No change
FMC FMC Corp. 0.28% 521,835 $17.5M No change
CTRE Caretrust REIT Inc. 0.28% 492,976 $17.1M No change
CNM Core & Main Inc. Class A 0.26% 298,500 $16.1M No change
HAIN Hain Celestial Group Inc. 0.11% 4,183,854 $6.6M No change

Portfolio Sells Q2 2025 → Q3 2025
ITRI Itron Inc. Sold out 0.00% −0.83
TT Trane Technologies PLC Reduce -57.6% 0.38% −0.62
CPT Camden Property Trust Reduce -56.7% 0.36% −0.59
COLD Americold Realty Trust Inc. Reduce -6.0% 0.91% −0.50
FRT Federal Realty Invs Trust Reduce -13.9% 1.76% −0.29
BSX Boston Scientific Corp. Sold out 0.00% −0.27
REXR Rexford Industrial Realty Inc. Reduce -24.1% 1.19% −0.26
ABT Abbott Laboratories Reduce -4.0% 1.76% −0.24
KRC Kilroy Realty Corp. Reduce -20.0% 1.70% −0.15
PSA Public Storage Reduce -14.8% 0.52% −0.14
MDT Medtronic PLC Reduce -4.6% 1.84% −0.05
CDNS Cadence Design SYS Inc. Reduce -8.0% 0.90% −0.02
FLYYQ Spirit Aviation Holdings Inc. Sold out 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
RUN Sunrun Inc. Add +17.8% 2.31% +1.32
WELL Welltower Inc. Add +5.2% 8.07% +0.98
FR First Industrial Realty TR Add +46.0% 1.95% +0.61
AAPL Apple Inc. Add +47.7% 1.40% +0.58
GOOGL Alphabet Inc. Class A Add +5.3% 2.17% +0.57
SEDG Solaredge Technologies Inc. New 0.40% +0.40
ALB Albemarle Corp. Add +10.8% 1.55% +0.39
MKC McCormick & Co.-Non VTG SHRS Add +141.9% 0.73% +0.37
BRX Brixmor Property Group Inc. Add +19.9% 1.66% +0.26
PLD Prologis Inc. Add +2.6% 3.64% +0.15
ADC Agree Realty Corp. Add +22.3% 1.34% +0.13
TTEK Tetra Tech Inc. Add +32.2% 0.59% +0.08
REGN Regeneron Pharmaceuticals Add +9.7% 0.84% +0.07
IRM Iron Mountain Inc. Add +7.6% 2.78% −0.01
DLR Digital Realty Trust Inc. Add +7.5% 1.21% −0.01
ELS Equity Lifestyle Properties Add +7.9% 2.00% −0.02
ISRG Intuitive Surgical Inc. Add +21.1% 0.45% −0.03
WCN Waste Connections Inc. Add +5.4% 0.72% −0.06
SNPS Synopsys Inc. Add +5.4% 1.12% −0.06
AVB Avalonbay Communities Inc. Add +6.3% 1.59% −0.10
INVH Invitation Homes Inc. Add +13.0% 2.69% −0.16
UDR Udr Inc. Add +8.2% 2.40% −0.20
EXR Extra Space Storage Inc. Add +5.4% 3.32% −0.21

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 59$4.1BNVDA, GOOGL, TMO, LLY, LIN
Q1 2026 67$5.7BWELL, PLD, EQIX, ALB, EXR
Q4 2025 66$6.3BWELL, PLD, EQIX, TMO, MSFT
Q3 2025 66$6.2BWELL, EQIX, PLD, EXR, MSFT
Q2 2025 68$5.8BWELL, EQIX, EXR, PLD, MSFT
Q1 2025 347$7.4BWELL, EQIX, AAPL, PLD, NVDA
Q4 2024 345$7.5BEQIX, WELL, AAPL, NVDA, SPG
Q3 2024 348$7.8BEQIX, WELL, PLD, AAPL, EXR
Q2 2024 344$7.0BEQIX, NVDA, WELL, PLD, MSFT
Q1 2024 365$6.9BPLD, EQIX, WELL, EXR, MSFT