SEC 13F Intelligence

Managers / Q3 2025 · view latest →

PGGM Investments

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

Reported Value
$6.2B
Q3 2025
Positions
66
Filings on Record
30
2019–present window
Filed
Oct 28, 2025
original filing

Summary

Pggm Investments reported $6.2B in U.S.-listed holdings across 66 positions for Q3 2025.

Its largest position, WELL, represents 8.1% of the portfolio.

Compared with Q2 2025, the fund opened 1 new position and exited 3.

Portfolio Metrics

Turnover
+4.3%
vs prior filed quarter
Top-10 Concentration
+36.3%
share of reported value
Largest Position
+8.1%
Welltower Inc Com
New / Exited
1 / 3
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: 54.8%Common Stock: 41.6%ADR: 3.0%Other: 0.5%
  • REIT · 54.8% · $3.4B
  • Common Stock · 41.6% · $2.6B
  • ADR · 3.0% · $186M
  • Other · 0.5% · $32M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SEDGSOLAREDGE TECHNOLOGIES INC COMNEW+660.5K660.5K+$24M$24M
MKCMCCORMICK CO INC COM NON VTGADDED+397.5K677.6K+$24M$45M
ITRIITRON INC COMSOLD OUT−362.6K0−$48M$0
HDBHDFC BANK LTD SPONSORED ADSADDED+1.90M3.80M−$16M$130M
BSXBOSTON SCIENTIFIC CORP COMSOLD OUT−147.2K0−$16M$0
FLYYQSPIRIT AVIATION HLDGS INC COM ADDEDSOLD OUT−3.6K0−$18,000$0
TTTRANE TECHNOLOGIES PLC SHSTRIMMED−75.6K55.5K−$34M$23M
CPTCAMDEN PPTY TR SH BEN INTTRIMMED−275.6K210.9K−$32M$23M

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

Holdings — Q3 2025

66 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1WELLWELLTOWER INC COMhistory →COM8.07%$499M2.80M
2EQIXEQUINIX INC COMhistory →COM4.71%$291M372.0K
3PLDPROLOGIS INC. COMhistory →COM3.64%$225M1.96M
4EXREXTRA SPACE STORAGE INC COMhistory →COM3.32%$205M1.46M
5MSFTMICROSOFT CORP COMhistory →COM3.18%$197M379.6K
6TMOTHERMO FISHER SCIENTIFIC INC COMhistory →COM3.08%$190M391.9K
7IRMIRON MTN INC DEL COMhistory →COM2.78%$172M1.68M
8INVHINVITATION HOMES INC COMhistory →COM2.69%$166M5.67M
9UDRUDR INC COMhistory →COM2.40%$148M3.98M
10SPGSIMON PPTY GROUP INC NEW COMhistory →COM2.38%$147M784.9K
11LINLINDE PLC SHShistory →SHS2.34%$144M304.1K
12RUNSUNRUN INC COMhistory →COM2.31%$143M8.26M
13DOCHEALTHPEAK PROPERTIES INC COMhistory →COM2.29%$141M7.37M
14NVDANVIDIA CORPORATION COMhistory →COM2.19%$136M726.2K
15GOOGLALPHABET INC CAP STK CL Ahistory →Class A2.17%$134M552.6K
16HDBHDFC BANK LTD SPONSORED ADShistory →ADS2.10%$130M3.80M
17ELSEQUITY LIFESTYLE PPTYS INC COMhistory →COM2.00%$124M2.04M
18FRFIRST INDL RLTY TR INC COMhistory →COM1.95%$120M2.34M
19MDTMEDTRONIC PLC SHShistory →SHS1.84%$113M1.19M
20ILMNILLUMINA INC COMhistory →COM1.77%$109M1.15M
21FRTFEDERAL RLTY INVT TR NEW SH BEN INT NEWhistory →INT1.76%$109M1.07M
22ABTABBOTT LABS COMhistory →COM1.76%$108M810.1K
23KRCKILROY RLTY CORP COMhistory →COM1.70%$105M2.48M
24BRXBRIXMOR PPTY GROUP INC COMhistory →COM1.66%$102M3.70M
25AVBAVALONBAY CMNTYS INC COMhistory →COM1.59%$98M509.3K
26NEENEXTERA ENERGY INC COMhistory →COM1.59%$98M1.30M
27AVGOBROADCOM INC COMhistory →COM1.57%$97M293.6K
28ALBALBEMARLE CORP COMhistory →COM1.55%$96M1.19M
29AREALEXANDRIA REAL ESTATE EQ IN COMhistory →COM1.53%$94M1.13M
30AAPLAPPLE INC COMhistory →COM1.40%$86M339.2K
31ADCAGREE RLTY CORP COMhistory →COM1.34%$83M1.17M
32CTVACORTEVA INC COMhistory →COM1.34%$83M1.22M
33EPRTESSENTIAL PPTYS RLTY TR INC COMhistory →COM1.32%$82M2.74M
34DLRDIGITAL RLTY TR INC COMhistory →COM1.21%$75M434.2K
35LLYELI LILLY CO COMhistory →COM1.19%$74M96.8K
36REXRREXFORD INDL RLTY INC COMhistory →COM1.19%$73M1.79M
37MACMACERICH CO COMhistory →COM1.18%$73M4.02M
38SNPSSYNOPSYS INC COMhistory →COM1.12%$69M140.7K
39RHPRYMAN HOSPITALITY PPTYS INC COMhistory →COM1.08%$66M741.8K
40VVISA INC COM CL Ahistory →Class A1.03%$64M186.5K
41ROPROPER TECHNOLOGIES INC COMhistory →COM0.97%$60M120.5K
42ARGXARGENX SE SPONSORED ADRhistory →ADR0.92%$57M76.7K
43COLDAMERICOLD REALTY TRUST INC COMhistory →COM0.91%$57M4.62M
44CDNSCADENCE DESIGN SYSTEM INC COMhistory →COM0.90%$56M158.3K
45WMSADVANCED DRAIN SYS INC DEL COMhistory →COM0.87%$54M388.5K
46REGNREGENERON PHARMACEUTICALS COMhistory →COM0.84%$52M92.6K
47ADMARCHER DANIELS MIDLAND CO COMhistory →COM0.80%$50M830.2K
48MKCMCCORMICK CO INC COM NON VTGhistory →COM0.73%$45M677.6K
49WCNWASTE CONNECTIONS INC COMhistory →COM0.72%$45M254.2K
50CUBECUBESMART COMhistory →COM0.62%$38M943.8K
51IQVIQVIA HLDGS INC COMhistory →COM0.61%$38M198.7K
52TTEKTETRA TECH INC NEW COMhistory →COM0.59%$37M1.10M
53PSAPUBLIC STORAGE OPER CO COMhistory →COM0.52%$32M110.6K
54ADECOAGRO S A COMCOM0.51%$32M4.05M
55APTVAPTIV PLC COM SHShistory →SHS0.51%$31M363.5K
56BMRNBIOMARIN PHARMACEUTICAL INC COMhistory →COM0.45%$28M518.0K
57ISRGINTUITIVE SURGICAL INC COM NEWhistory →COM0.45%$28M62.3K
58SEDGSOLAREDGE TECHNOLOGIES INC COMhistory →COM0.40%$24M660.5K
59TTTRANE TECHNOLOGIES PLC SHShistory →SHS0.38%$23M55.5K
60CPTCAMDEN PPTY TR SH BEN INThistory →INT0.36%$23M210.9K
61HSTHOST HOTELS RESORTS INC COMhistory →COM0.34%$21M1.23M
62JCIJOHNSON CTLS INTL PLC SHShistory →SHS0.33%$21M186.7K
63FMCFMC CORP COM NEWhistory →COM0.28%$18M521.8K
64CTRECARETRUST REIT INC COMhistory →COM0.28%$17M493.0K
65CNMCORE MAIN INC CL Ahistory →Class A0.26%$16M298.5K
66HAINHAIN CELESTIAL GROUP INC COMCOM0.11%$7M4.18M

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 ↗.