SEC 13F Intelligence

Managers / Q2 2025 · view latest →

PGGM Investments

CIK 0001472190 · PO BOX 117, ZEIST, P7, 3700 AC · 0031302779479

Reported Value
$5.8B
Q2 2025
Positions
68
Filings on Record
30
2019–present window
Filed
Jul 18, 2025
original filing

Summary

Pggm Investments reported $5.8B in U.S.-listed holdings across 68 positions for Q2 2025.

Its largest position, WELL, represents 7.1% of the portfolio.

Compared with Q1 2025, the fund opened 5 new positions and exited 284.

Portfolio Metrics

Turnover
+21.0%
vs prior filed quarter
Top-10 Concentration
+36.1%
share of reported value
Largest Position
+7.1%
Welltower Inc Com
New / Exited
5 / 284
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $17.2BQ4 ’18Q1 ’19: $19.6BQ2 ’19: $19.9BQ3 ’19: $21.0BQ4 ’19: $17.7BQ4 ’19Q1 ’20: $13.9BQ2 ’20: $17.3BQ3 ’20: $19.1BQ4 ’20: $21.6BQ4 ’20Q1 ’21: $23.1BQ2 ’21: $23.6BQ3 ’21: $19.4BQ4 ’21: $20.1BQ4 ’21Q1 ’22: $20.1BQ3 ’22: $5.7BQ4 ’22: $5.7BQ1 ’23: $5.9BQ1 ’23Q2 ’23: $6.2BQ3 ’23: $5.8BQ4 ’23: $6.6BQ1 ’24: $6.9BQ1 ’24Q2 ’24: $7.0BQ3 ’24: $7.8BQ4 ’24: $7.5BQ1 ’25: $7.4BQ1 ’25Q2 ’25: $5.8BQ3 ’25: $6.2BQ4 ’25: $6.3BQ1 ’26: $5.7BQ1 ’26filingsflow.com

Portfolio Composition

By security type
REIT: 55.8%Common Stock: 40.3%ADR: 3.3%Other: 0.6%
  • REIT · 55.8% · $3.2B
  • Common Stock · 40.3% · $2.3B
  • ADR · 3.3% · $188M
  • Other · 0.6% · $37M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FRFIRST INDL RLTY TR INC COMNEW+1.60M1.60M+$77M$77M
CDNSCADENCE DESIGN SYSTEM INC COMNEW+172.0K172.0K+$53M$53M
MKCMCCORMICK CO INC COM NON VTGNEW+280.1K280.1K+$21M$21M
CNMCORE MAIN INC CL ANEW+298.5K298.5K+$18M$18M
FLYYQSPIRIT AVIATION HLDGS INC COM ADDEDNEW+3.6K3.6K+$18,000$18,000
AVBAVALONBAY CMNTYS INC COMADDED+472.9K479.0K+$96M$97M
ISRGINTUITIVE SURGICAL INC COM NEWADDED+46.6K51.4K+$26M$28M
LLYELI LILLY CO COMADDED+80.0K96.8K+$62M$75M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

68 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1WELLWELLTOWER INC COMhistory →COM7.10%$409M2.66M
2EQIXEQUINIX INC COMhistory →COM5.13%$296M372.0K
3EXREXTRA SPACE STORAGE INC COMhistory →COM3.53%$204M1.38M
4PLDPROLOGIS INC. COMhistory →COM3.49%$201M1.92M
5MSFTMICROSOFT CORP COMhistory →COM3.27%$189M379.6K
6INVHINVITATION HOMES INC COMhistory →COM2.85%$165M5.02M
7IRMIRON MTN INC DEL COMhistory →COM2.78%$161M1.57M
8TMOTHERMO FISHER SCIENTIFIC INC COMhistory →COM2.76%$159M391.9K
9UDRUDR INC COMhistory →COM2.60%$150M3.68M
10HDBHDFC BANK LTD SPONSORED ADShistory →ADS2.53%$146M1.90M
11LINLINDE PLC SHShistory →SHS2.47%$143M304.1K
12DOCHEALTHPEAK PROPERTIES INC COMhistory →COM2.24%$129M7.37M
13SPGSIMON PPTY GROUP INC NEW COMhistory →COM2.19%$126M784.9K
14FRTFEDERAL RLTY INVT TR NEW SH BEN INT NEWhistory →INT2.05%$118M1.25M
15ELSEQUITY LIFESTYLE PPTYS INC COMhistory →COM2.02%$117M1.89M
16ABTABBOTT LABS COMhistory →COM1.99%$115M844.3K
17NVDANVIDIA CORPORATION COMhistory →COM1.99%$115M726.2K
18ILMNILLUMINA INC COMhistory →COM1.90%$110M1.15M
19MDTMEDTRONIC PLC SHShistory →SHS1.89%$109M1.25M
20KRCKILROY RLTY CORP COMhistory →COM1.84%$106M3.10M
21AVBAVALONBAY CMNTYS INC COMhistory →COM1.69%$97M479.0K
22GOOGLALPHABET INC CAP STK CL Ahistory →Class A1.60%$92M524.6K
23CTVACORTEVA INC COMhistory →COM1.58%$91M1.22M
24NEENEXTERA ENERGY INC COMhistory →COM1.57%$90M1.30M
25EPRTESSENTIAL PPTYS RLTY TR INC COMhistory →COM1.52%$87M2.74M
26REXRREXFORD INDL RLTY INC COMhistory →COM1.45%$84M2.35M
27AREALEXANDRIA REAL ESTATE EQ IN COMhistory →COM1.42%$82M1.13M
28COLDAMERICOLD REALTY TRUST INC COMhistory →COM1.42%$82M4.91M
29AVGOBROADCOM INC COMhistory →COM1.40%$81M293.6K
30BRXBRIXMOR PPTY GROUP INC COMhistory →COM1.39%$80M3.09M
31FRFIRST INDL RLTY TR INC COMhistory →COM1.34%$77M1.60M
32LLYELI LILLY CO COMhistory →COM1.31%$75M96.8K
33RHPRYMAN HOSPITALITY PPTYS INC COMhistory →COM1.27%$73M741.8K
34DLRDIGITAL RLTY TR INC COMhistory →COM1.22%$70M403.9K
35ADCAGREE RLTY CORP COMhistory →COM1.21%$70M956.2K
36SNPSSYNOPSYS INC COMhistory →COM1.19%$68M133.4K
37ROPROPER TECHNOLOGIES INC COMhistory →COM1.18%$68M120.5K
38ALBALBEMARLE CORP COMhistory →COM1.16%$67M1.07M
39VVISA INC COM CL Ahistory →Class A1.15%$66M186.5K
40MACMACERICH CO COMhistory →COM1.13%$65M4.02M
41TTTRANE TECHNOLOGIES PLC SHShistory →SHS0.99%$57M131.1K
42RUNSUNRUN INC COMhistory →COM0.99%$57M7.01M
43CPTCAMDEN PPTY TR SH BEN INThistory →INT0.95%$55M486.5K
44CDNSCADENCE DESIGN SYSTEM INC COMhistory →COM0.92%$53M172.0K
45ITRIITRON INC COMhistory →COM0.83%$48M362.6K
46AAPLAPPLE INC COMhistory →COM0.82%$47M229.7K
47WCNWASTE CONNECTIONS INC COMhistory →COM0.78%$45M241.2K
48WMSADVANCED DRAIN SYS INC DEL COMhistory →COM0.77%$45M388.5K
49REGNREGENERON PHARMACEUTICALS COMhistory →COM0.77%$44M84.4K
50ADMARCHER DANIELS MIDLAND CO COMhistory →COM0.76%$44M830.2K
51ARGXARGENX SE SPONSORED ADRhistory →ADR0.73%$42M76.7K
52CUBECUBESMART COMhistory →COM0.70%$40M943.8K
53PSAPUBLIC STORAGE OPER CO COMhistory →COM0.66%$38M129.8K
54ADECOAGRO S A COMCOM0.64%$37M4.05M
55IQVIQVIA HLDGS INC COMhistory →COM0.54%$31M198.7K
56TTEKTETRA TECH INC NEW COMhistory →COM0.52%$30M831.7K
57BMRNBIOMARIN PHARMACEUTICAL INC COMhistory →COM0.49%$28M518.0K
58ISRGINTUITIVE SURGICAL INC COM NEWhistory →COM0.48%$28M51.4K
59APTVAPTIV PLC COM SHShistory →SHS0.43%$25M363.5K
60FMCFMC CORP COM NEWhistory →COM0.38%$22M521.8K
61MKCMCCORMICK CO INC COM NON VTGhistory →COM0.37%$21M280.1K
62JCIJOHNSON CTLS INTL PLC SHShistory →SHS0.34%$20M186.7K
63HSTHOST HOTELS RESORTS INC COMhistory →COM0.33%$19M1.23M
64CNMCORE MAIN INC CL Ahistory →Class A0.31%$18M298.5K
65BSXBOSTON SCIENTIFIC CORP COMhistory →COM0.27%$16M147.2K
66CTRECARETRUST REIT INC COMhistory →COM0.26%$15M493.0K
67HAINHAIN CELESTIAL GROUP INC COMCOM0.11%$6M4.18M
68FLYYQSPIRIT AVIATION HLDGS INC COM ADDEDCOM0.00%$18,0003.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$5.7B67May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$6.3B66Feb 9, 202613F-HRchanges · EDGAR ↗
Q3 2025$6.2B66Oct 28, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.8B68Jul 18, 202513F-HRchanges · EDGAR ↗
Q1 2025$7.4B347May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$7.5B345Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$7.8B348Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$7.0B344Jul 16, 202413F-HRchanges · EDGAR ↗
Q1 2024$6.9B365May 24, 202413F-HRchanges · EDGAR ↗
Q4 2023$6.6B351Feb 5, 202413F-HRchanges · EDGAR ↗
Q3 2023$5.8B346Nov 8, 202313F-HRchanges · EDGAR ↗
Q2 2023$6.2B359Aug 7, 202313F-HRchanges · EDGAR ↗
Q1 2023$5.9B387May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$5.7B378Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.7B382Nov 10, 2022RESTATEMENTchanges · EDGAR ↗
Q1 2022$20.1B366Apr 25, 202213F-HRchanges · EDGAR ↗
Q4 2021$20.1B366Jan 28, 202213F-HRchanges · EDGAR ↗
Q3 2021$19.4B366Oct 22, 202113F-HRchanges · EDGAR ↗
Q2 2021$23.6B434Jul 22, 202113F-HRchanges · EDGAR ↗
Q1 2021$23.1B369Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$21.6B356Jan 28, 202113F-HRchanges · EDGAR ↗
Q3 2020$19.1B247Oct 20, 202013F-HRchanges · EDGAR ↗
Q2 2020$17.3B256Jul 17, 202013F-HRchanges · EDGAR ↗
Q1 2020$13.9B233Apr 20, 202013F-HRchanges · EDGAR ↗
Q4 2019$17.7B248Jan 17, 202013F-HRchanges · EDGAR ↗
Q3 2019$21.0B244Oct 16, 201913F-HRchanges · EDGAR ↗
Q2 2019$19.9B244Jul 26, 201913F-HRchanges · EDGAR ↗
Q1 2019$19.6B254Apr 12, 201913F-HRchanges · EDGAR ↗
Q4 2018$17.2B260Jan 28, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.