PGGM Investments

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), PGGM Investments reported 66 stock positions worth $6.3 billion. Its top holding was Welltower (WELL) at 6.0% of the portfolio, followed by Prologis (PLD, 5.1%) and Equinix (EQIX, 4.4%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 17 and reduced 20. The biggest buy was a new position in Healthcare Realty Trust (HR) and the biggest sale Welltower (WELL, shares −27%).

Most Recent 13F
Q2 2026
Location
ZEIST, P7
CIK
0001472190
Portfolio Value
$6.3B (Q4 2025)
SEC Filing
0001472190-26-000001 ↗ filed Feb 9, 2026

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 Q3 2025 Q4 2025: $6.3B $6.3B Q4 2025 Q1 2026: $5.7B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 66 stocks · $6.3B
WELL Welltower Inc. 5.99% 2,038,211 $378.3M Reduce -27.2%
PLD Prologis Inc. 5.13% 2,538,946 $324.1M Add +29.2%
EQIX Equinix Inc. 4.43% 365,234 $279.8M Reduce -1.8%
TMO Thermo Fisher Scientific Inc. 3.18% 346,371 $200.7M Reduce -11.6%
MSFT Microsoft Corp. 3.13% 408,683 $197.6M Add +7.7%
EXR Extra Space Storage Inc. 2.91% 1,409,528 $183.5M Reduce -3.3%
GOOGL Alphabet Inc. Class A 2.70% 543,993 $170.3M Reduce -1.6%
ALB Albemarle Corp. 2.65% 1,185,005 $167.6M No change
INVH Invitation Homes Inc. 2.58% 5,868,534 $163.1M Add +3.5%
UDR Udr Inc. 2.40% 4,133,474 $151.6M Add +3.9%
ILMN Illumina Inc. 2.39% 1,149,408 $150.8M No change
SPG Simon Property Group Inc. 2.30% 784,908 $145.3M No change
AVB Avalonbay Communities Inc. 2.24% 781,956 $141.8M Add +53.5%
RUN Sunrun Inc. 2.23% 7,667,413 $141.1M Reduce -7.1%
HDB HDFC Bank Ltd.-ADR 2.20% 3,799,908 $138.8M No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 2.18% 1,657,159 $137.5M Reduce -1.6%
LLY Eli Lilly & Co. 2.16% 126,939 $136.4M Add +31.2%
NVDA Nvidia Corp. 2.14% 726,231 $135.4M No change
LIN Linde PLC 2.05% 304,112 $129.7M No change
NEE Nextera Energy Inc. 1.85% 1,453,747 $116.7M Add +11.7%
HR Healthcare Realty Trust Inc. 1.80% 6,689,638 $113.4M New
FRT Federal Realty Invs Trust 1.64% 1,026,327 $103.5M Reduce -4.2%
ABT Abbott Laboratories 1.61% 810,054 $101.5M No change
FR First Industrial Realty TR 1.59% 1,752,583 $100.4M Reduce -25.0%
VTR Ventas Inc. 1.56% 1,275,340 $98.7M New
KRC Kilroy Realty Corp. 1.56% 2,628,946 $98.2M Add +6.0%
AAPL Apple Inc. 1.54% 357,916 $97.3M Add +5.5%
MDT Medtronic PLC 1.54% 1,011,914 $97.2M Reduce -15.1%
BRX Brixmor Property Group Inc. 1.54% 3,702,302 $97.1M No change
DOC Healthpeak Properties Inc. 1.45% 5,703,693 $91.7M Reduce -22.7%
AVGO Broadcom Inc. 1.29% 235,723 $81.6M Reduce -19.7%
EPRT Essential Properties Realty 1.29% 2,740,968 $81.3M No change
ELS Equity Lifestyle Properties 1.28% 1,336,675 $81.0M Reduce -34.5%
WCN Waste Connections Inc. 1.18% 423,659 $74.3M Add +66.7%
RHP Ryman Hospitality Properties 1.18% 785,000 $74.3M Add +5.8%
MAC The Macerich Co. 1.18% 4,022,858 $74.3M No change
ADC Agree Realty Corp. 1.17% 1,027,100 $74.0M Reduce -12.1%
REGN Regeneron Pharmaceuticals 1.13% 92,584 $71.5M No change
V Visa Inc. Class A 1.12% 201,217 $70.6M Add +7.9%
DLR Digital Realty Trust Inc. 1.06% 434,240 $67.2M No change
SNPS Synopsys Inc. 1.05% 140,654 $66.1M No change
COLD Americold Realty Trust Inc. 0.94% 4,619,178 $59.4M No change
ARE Alexandria Real Estate Equit 0.88% 1,130,962 $55.3M No change
IQV Iqvia Holdings Inc. 0.87% 243,486 $54.9M Add +22.5%
ROP Roper Technologies Inc. 0.85% 120,496 $53.6M No change
MKC McCormick & Co.-Non VTG SHRS 0.81% 746,607 $50.9M Add +10.2%
CDNS Cadence Design SYS Inc. 0.78% 158,267 $49.5M No change
WMS Advanced Drainage Systems Inc. 0.78% 339,867 $49.2M Reduce -12.5%
PG The Procter & Gamble Co. 0.76% 336,355 $48.2M New
ADM Archer-Daniels-Midland Co. 0.76% 830,238 $47.7M No change
TTEK Tetra Tech Inc. 0.73% 1,381,017 $46.3M Add +25.6%
ARGX Argenx SE - ADR 0.73% 54,830 $46.1M Reduce -28.5%
CTVA Corteva Inc. 0.68% 640,956 $43.0M Reduce -47.6%
REXR Rexford Industrial Realty Inc. 0.60% 981,766 $38.0M Reduce -45.0%
ISRG Intuitive Surgical Inc. 0.56% 62,273 $35.3M No change
CUBE Cubesmart 0.54% 943,848 $34.0M No change
AGRO Adecoagro SA 0.51% 4,047,287 $32.1M No change
PSA Public Storage 0.47% 113,331 $29.4M Add +2.5%
CNM Core & Main Inc. Class A 0.38% 467,436 $24.3M Add +56.6%
JCI Johnson Controls Internation 0.35% 186,729 $22.4M No change
HST Host Hotels & Resorts Inc. 0.34% 1,227,288 $21.8M No change
TT Trane Technologies PLC 0.34% 55,542 $21.6M No change
SEDG Solaredge Technologies Inc. 0.30% 660,481 $19.1M No change
APTV Aptiv PLC 0.27% 223,372 $17.0M Reduce -38.5%
UBER Uber Technologies Inc. 0.19% 144,418 $11.8M New
HAIN Hain Celestial Group Inc. 0.00% 189,734 $203K Reduce -95.5%

Portfolio Sells Q3 2025 → Q4 2025
WELL Welltower Inc. Reduce -27.2% 5.99% −2.08
DOC Healthpeak Properties Inc. Reduce -22.7% 1.45% −0.83
ELS Equity Lifestyle Properties Reduce -34.5% 1.28% −0.72
CTVA Corteva Inc. Reduce -47.6% 0.68% −0.66
IRM Iron Mountain Inc. Reduce -1.6% 2.18% −0.60
REXR Rexford Industrial Realty Inc. Reduce -45.0% 0.60% −0.59
BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −0.45
EXR Extra Space Storage Inc. Reduce -3.3% 2.91% −0.42
CPT Camden Property Trust Sold out 0.00% −0.36
FR First Industrial Realty TR Reduce -25.0% 1.59% −0.36
MDT Medtronic PLC Reduce -15.1% 1.54% −0.30
EQIX Equinix Inc. Reduce -1.8% 4.43% −0.28
FMC FMC Corp. Sold out 0.00% −0.28
CTRE Caretrust REIT Inc. Sold out 0.00% −0.28
AVGO Broadcom Inc. Reduce -19.7% 1.29% −0.28
APTV Aptiv PLC Reduce -38.5% 0.27% −0.24
ARGX Argenx SE - ADR Reduce -28.5% 0.73% −0.19
ADC Agree Realty Corp. Reduce -12.1% 1.17% −0.17
FRT Federal Realty Invs Trust Reduce -4.2% 1.64% −0.12
HAIN Hain Celestial Group Inc. Reduce -95.5% 0.00% −0.10
WMS Advanced Drainage Systems Inc. Reduce -12.5% 0.78% −0.09
RUN Sunrun Inc. Reduce -7.1% 2.23% −0.08
TMO Thermo Fisher Scientific Inc. Reduce -11.6% 3.18% +0.10
GOOGL Alphabet Inc. Class A Reduce -1.6% 2.70% +0.52

Portfolio Buys Q3 2025 → Q4 2025
HR Healthcare Realty Trust Inc. New 1.80% +1.80
VTR Ventas Inc. New 1.56% +1.56
PLD Prologis Inc. Add +29.2% 5.13% +1.49
LLY Eli Lilly & Co. Add +31.2% 2.16% +0.97
PG The Procter & Gamble Co. New 0.76% +0.76
AVB Avalonbay Communities Inc. Add +53.5% 2.24% +0.65
WCN Waste Connections Inc. Add +66.7% 1.18% +0.45
IQV Iqvia Holdings Inc. Add +22.5% 0.87% +0.26
NEE Nextera Energy Inc. Add +11.7% 1.85% +0.26
UBER Uber Technologies Inc. New 0.19% +0.19
AAPL Apple Inc. Add +5.5% 1.54% +0.14
TTEK Tetra Tech Inc. Add +25.6% 0.73% +0.14
CNM Core & Main Inc. Class A Add +56.6% 0.38% +0.12
RHP Ryman Hospitality Properties Add +5.8% 1.18% +0.10
V Visa Inc. Class A Add +7.9% 1.12% +0.09
MKC McCormick & Co.-Non VTG SHRS Add +10.2% 0.81% +0.07
UDR Udr Inc. Add +3.9% 2.40% +0.00
PSA Public Storage Add +2.5% 0.47% −0.05
MSFT Microsoft Corp. Add +7.7% 3.13% −0.05
INVH Invitation Homes Inc. Add +3.5% 2.58% −0.11
KRC Kilroy Realty Corp. Add +6.0% 1.56% −0.14

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