PGGM Investments

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), PGGM Investments reported 67 stock positions worth $5.7 billion. Its top holding was Welltower (WELL) at 6.1% of the portfolio, followed by Prologis (PLD, 5.3%) and Equinix (EQIX, 5.2%). Compared with Q4 2025, it opened 4 new positions, sold out of 3, added to 8 and reduced 36. The biggest buy was a new position in Astrazeneca (AZN) and the biggest sale Invitation Homes (INVH, shares −53%).

Most Recent 13F
Q2 2026
Location
ZEIST, P7
CIK
0001472190
Portfolio Value
$5.7B (Q1 2026)
SEC Filing
0001472190-26-000002 ↗ filed May 15, 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 Q4 2025 Q1 2026: $5.7B $5.7B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 67 stocks · $5.7B
WELL Welltower Inc. 6.07% 1,751,383 $346.3M Reduce -14.1%
PLD Prologis Inc. 5.29% 2,282,385 $301.7M Reduce -10.1%
EQIX Equinix Inc. 5.24% 305,073 $299.0M Reduce -16.5%
ALB Albemarle Corp. 2.86% 909,193 $163.2M Reduce -23.3%
EXR Extra Space Storage Inc. 2.75% 1,197,251 $157.0M Reduce -15.1%
GOOGL Alphabet Inc. Class A 2.74% 543,993 $156.4M No change
MSFT Microsoft Corp. 2.73% 421,020 $155.8M Add +3.0%
TMO Thermo Fisher Scientific Inc. 2.66% 309,197 $152.0M Reduce -10.7%
LIN Linde PLC 2.64% 304,112 $150.8M No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 2.45% 1,369,998 $139.9M Reduce -17.3%
RUN Sunrun Inc. 2.27% 9,546,965 $129.5M Add +24.5%
NVDA Nvidia Corp. 2.22% 726,231 $126.7M No change
ILMN Illumina Inc. 2.14% 990,475 $122.1M Reduce -13.8%
AVB Avalonbay Communities Inc. 2.13% 743,501 $121.5M Reduce -4.9%
LLY Eli Lilly & Co. 2.13% 131,807 $121.2M Add +3.8%
SPG Simon Property Group Inc. 2.09% 638,078 $119.0M Reduce -18.7%
UDR Udr Inc. 2.05% 3,469,122 $117.2M Reduce -16.1%
NEE Nextera Energy Inc. 1.92% 1,180,318 $109.6M Reduce -18.8%
HDB HDFC Bank Ltd.-ADR 1.86% 4,275,216 $106.4M Add +12.5%
HR Healthcare Realty Trust Inc. 1.67% 5,607,134 $95.3M Reduce -16.2%
AZN Astrazeneca PLC 1.66% 645,456 $94.8M New
AAPL Apple Inc. 1.59% 357,916 $90.8M No change
DOC Healthpeak Properties Inc. 1.55% 5,382,570 $88.4M Reduce -5.6%
BRX Brixmor Property Group Inc. 1.55% 3,062,353 $88.2M Reduce -17.3%
VTR Ventas Inc. 1.53% 1,070,352 $87.5M Reduce -16.1%
FRT Federal Realty Invs Trust 1.51% 812,293 $86.3M Reduce -20.9%
ABT Abbott Laboratories 1.46% 810,054 $83.2M No change
MDT Medtronic PLC 1.38% 910,258 $78.9M Reduce -10.1%
WCN Waste Connections Inc. 1.29% 454,290 $73.8M Add +7.2%
AVGO Broadcom Inc. 1.28% 235,723 $73.0M No change
REGN Regeneron Pharmaceuticals 1.25% 92,584 $71.5M No change
ADC Agree Realty Corp. 1.23% 932,633 $70.3M Reduce -9.2%
EPRT Essential Properties Realty 1.22% 2,298,189 $69.8M Reduce -16.1%
INVH Invitation Homes Inc. 1.20% 2,761,424 $68.6M Reduce -53.0%
FR First Industrial Realty TR 1.15% 1,135,312 $65.7M Reduce -35.2%
DLR Digital Realty Trust Inc. 1.15% 364,315 $65.7M Reduce -16.1%
IQV Iqvia Holdings Inc. 1.12% 374,759 $63.9M Add +53.9%
MAC The Macerich Co. 1.12% 3,370,522 $63.7M Reduce -16.2%
VLTO Veralto Corp. 1.09% 701,938 $62.1M New
V Visa Inc. Class A 1.07% 201,217 $60.8M No change
RHP Ryman Hospitality Properties 1.07% 658,425 $60.8M Reduce -16.1%
ADM Archer-Daniels-Midland Co. 1.06% 830,238 $60.4M No change
SNPS Synopsys Inc. 0.98% 140,654 $55.8M No change
ELS Equity Lifestyle Properties 0.96% 875,921 $54.7M Reduce -34.5%
CTVA Corteva Inc. 0.94% 640,956 $53.7M No change
ARGX Argenx SE - ADR 0.92% 71,514 $52.2M Add +30.4%
PG The Procter & Gamble Co. 0.85% 336,355 $48.6M No change
AMH American Homes 4 Rent- A 0.82% 1,680,955 $46.9M New
COLD Americold Realty Trust Inc. 0.78% 3,872,569 $44.4M Reduce -16.2%
CDNS Cadence Design SYS Inc. 0.77% 158,267 $44.0M No change
ROP Roper Technologies Inc. 0.75% 120,496 $42.6M No change
KRC Kilroy Realty Corp. 0.74% 1,488,479 $42.0M Reduce -43.4%
TTEK Tetra Tech Inc. 0.66% 1,253,857 $37.8M Reduce -9.2%
MKC McCormick & Co.-Non VTG SHRS 0.66% 746,607 $37.7M No change
ARE Alexandria Real Estate Equit 0.61% 743,471 $34.5M Reduce -34.3%
SEDG Solaredge Technologies Inc. 0.59% 653,799 $33.4M Reduce -1.0%
CUZ Cousins Properties Inc. 0.54% 1,372,198 $31.0M New
PSA Public Storage 0.54% 113,988 $30.9M Add +0.6%
CUBE Cubesmart 0.51% 791,438 $29.0M Reduce -16.1%
ISRG Intuitive Surgical Inc. 0.50% 62,273 $28.7M No change
REXR Rexford Industrial Realty Inc. 0.47% 823,674 $27.0M Reduce -16.1%
WMS Advanced Drainage Systems Inc. 0.46% 190,291 $26.1M Reduce -44.0%
CNM Core & Main Inc. Class A 0.40% 467,436 $23.1M No change
HST Host Hotels & Resorts Inc. 0.35% 1,030,749 $19.7M Reduce -16.0%
APTV Aptiv PLC 0.27% 223,372 $15.5M No change
AGRO Adecoagro SA 0.27% 1,030,557 $15.5M Reduce -74.5%
UBER Uber Technologies Inc. 0.18% 144,418 $10.4M No change

Portfolio Sells Q4 2025 → Q1 2026
INVH Invitation Homes Inc. Reduce -53.0% 1.20% −1.38
KRC Kilroy Realty Corp. Reduce -43.4% 0.74% −0.82
TMO Thermo Fisher Scientific Inc. Reduce -10.7% 2.66% −0.51
FR First Industrial Realty TR Reduce -35.2% 1.15% −0.44
JCI Johnson Controls Internation Sold out 0.00% −0.35
UDR Udr Inc. Reduce -16.1% 2.05% −0.35
TT Trane Technologies PLC Sold out 0.00% −0.34
ELS Equity Lifestyle Properties Reduce -34.5% 0.96% −0.32
WMS Advanced Drainage Systems Inc. Reduce -44.0% 0.46% −0.32
ARE Alexandria Real Estate Equit Reduce -34.3% 0.61% −0.27
ILMN Illumina Inc. Reduce -13.8% 2.14% −0.25
AGRO Adecoagro SA Reduce -74.5% 0.27% −0.24
SPG Simon Property Group Inc. Reduce -18.7% 2.09% −0.21
COLD Americold Realty Trust Inc. Reduce -16.2% 0.78% −0.16
MDT Medtronic PLC Reduce -10.1% 1.38% −0.16
EXR Extra Space Storage Inc. Reduce -15.1% 2.75% −0.15
REXR Rexford Industrial Realty Inc. Reduce -16.1% 0.47% −0.13
FRT Federal Realty Invs Trust Reduce -20.9% 1.51% −0.13
HR Healthcare Realty Trust Inc. Reduce -16.2% 1.67% −0.12
AVB Avalonbay Communities Inc. Reduce -4.9% 2.13% −0.12
RHP Ryman Hospitality Properties Reduce -16.1% 1.07% −0.11
TTEK Tetra Tech Inc. Reduce -9.2% 0.66% −0.07
EPRT Essential Properties Realty Reduce -16.1% 1.22% −0.06
MAC The Macerich Co. Reduce -16.2% 1.12% −0.06
CUBE Cubesmart Reduce -16.1% 0.51% −0.03
VTR Ventas Inc. Reduce -16.1% 1.53% −0.03
HAIN Hain Celestial Group Inc. Sold out 0.00% −0.00
HST Host Hotels & Resorts Inc. Reduce -16.0% 0.35% +0.00
BRX Brixmor Property Group Inc. Reduce -17.3% 1.55% +0.01
ADC Agree Realty Corp. Reduce -9.2% 1.23% +0.06
NEE Nextera Energy Inc. Reduce -18.8% 1.92% +0.07
WELL Welltower Inc. Reduce -14.1% 6.07% +0.08
DLR Digital Realty Trust Inc. Reduce -16.1% 1.15% +0.09
DOC Healthpeak Properties Inc. Reduce -5.6% 1.55% +0.10
PLD Prologis Inc. Reduce -10.1% 5.29% +0.16
ALB Albemarle Corp. Reduce -23.3% 2.86% +0.21
IRM Iron Mountain Inc. Reduce -17.3% 2.45% +0.28
SEDG Solaredge Technologies Inc. Reduce -1.0% 0.59% +0.28
EQIX Equinix Inc. Reduce -16.5% 5.24% +0.81

Portfolio Buys Q4 2025 → Q1 2026
AZN Astrazeneca PLC New 1.66% +1.66
VLTO Veralto Corp. New 1.09% +1.09
AMH American Homes 4 Rent- A New 0.82% +0.82
CUZ Cousins Properties Inc. New 0.54% +0.54
IQV Iqvia Holdings Inc. Add +53.9% 1.12% +0.25
ARGX Argenx SE - ADR Add +30.4% 0.92% +0.19
WCN Waste Connections Inc. Add +7.2% 1.29% +0.12
PSA Public Storage Add +0.6% 0.54% +0.08
RUN Sunrun Inc. Add +24.5% 2.27% +0.04
LLY Eli Lilly & Co. Add +3.8% 2.13% −0.03
HDB HDFC Bank Ltd.-ADR Add +12.5% 1.86% −0.33
MSFT Microsoft Corp. Add +3.0% 2.73% −0.40

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