SEC 13F Intelligence

Managers / Q4 2025 · view latest →

PGGM Investments

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

Reported Value
$6.3B
Q4 2025
Positions
66
Filings on Record
29
2019–present window
Filed
Feb 9, 2026
original filing

Summary

Pggm Investments reported $6.3B in U.S.-listed holdings across 66 positions for Q4 2025.

Its largest position, WELL, represents 6.0% of the portfolio.

Compared with Q3 2025, the fund opened 4 new positions and exited 4.

Portfolio Metrics

Turnover
+10.6%
vs prior filed quarter
Top-10 Concentration
+35.1%
share of reported value
Largest Position
+6.0%
Welltower Inc Com
New / Exited
4 / 4
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
Q1 ’19: $19.6BQ1 ’19Q2 ’19: $19.9BQ3 ’19: $21.0BQ4 ’19: $17.7BQ1 ’20: $13.9BQ1 ’20Q2 ’20: $17.3BQ3 ’20: $19.1BQ4 ’20: $21.6BQ1 ’21: $23.1BQ1 ’21Q2 ’21: $23.6BQ3 ’21: $19.4BQ4 ’21: $20.1BQ1 ’22: $20.1BQ1 ’22Q3 ’22: $5.7BQ4 ’22: $5.7BQ1 ’23: $5.9BQ2 ’23: $6.2BQ2 ’23Q3 ’23: $5.8BQ4 ’23: $6.6BQ1 ’24: $6.9BQ2 ’24: $7.0BQ2 ’24Q3 ’24: $7.8BQ4 ’24: $7.5BQ1 ’25: $7.4BQ2 ’25: $5.8BQ2 ’25Q3 ’25: $6.2BQ4 ’25: $6.3BQ1 ’26: $5.7Bfilingsflow.com

Portfolio Composition

By security type
REIT: 52.2%Common Stock: 44.3%ADR: 2.9%Other: 0.5%
  • REIT · 52.2% · $3.3B
  • Common Stock · 44.3% · $2.8B
  • ADR · 2.9% · $185M
  • Other · 0.5% · $32M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HRHEALTHCARE RLTY TR CL A COMNEW+6.69M6.69M+$113M$113M
VTRVENTAS INC COMNEW+1.28M1.28M+$99M$99M
PGPROCTER AND GAMBLE CO COMNEW+336.4K336.4K+$48M$48M
UBERUBER TECHNOLOGIES INC COMNEW+144.4K144.4K+$12M$12M
BMRNBIOMARIN PHARMACEUTICAL INC COMSOLD OUT−518.0K0−$28M$0
CPTCAMDEN PPTY TR SH BEN INTSOLD OUT−210.9K0−$23M$0
FMCFMC CORP COM NEWSOLD OUT−521.8K0−$18M$0
CTRECARETRUST REIT INC COMSOLD OUT−493.0K0−$17M$0

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

Holdings — Q4 2025

66 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1WELLWELLTOWER INC COMhistory →COM5.99%$378M2.04M
2PLDPROLOGIS INC. COMhistory →COM5.13%$324M2.54M
3EQIXEQUINIX INC COMhistory →COM4.43%$280M365.2K
4TMOTHERMO FISHER SCIENTIFIC INC COMhistory →COM3.18%$201M346.4K
5MSFTMICROSOFT CORP COMhistory →COM3.13%$198M408.7K
6EXREXTRA SPACE STORAGE INC COMhistory →COM2.91%$184M1.41M
7GOOGLALPHABET INC CAP STK CL Ahistory →CLASS A2.70%$170M544.0K
8ALBALBEMARLE CORP COMhistory →COM2.65%$168M1.19M
9INVHINVITATION HOMES INC COMhistory →COM2.58%$163M5.87M
10UDRUDR INC COMhistory →COM2.40%$152M4.13M
11ILMNILLUMINA INC COMhistory →COM2.39%$151M1.15M
12SPGSIMON PPTY GROUP INC NEW COMhistory →COM2.30%$145M784.9K
13AVBAVALONBAY CMNTYS INC COMhistory →COM2.24%$142M782.0K
14RUNSUNRUN INC COMhistory →COM2.23%$141M7.67M
15HDBHDFC BANK LTD SPONSORED ADShistory →ADS2.20%$139M3.80M
16IRMIRON MTN INC DEL COMhistory →COM2.18%$137M1.66M
17LLYELI LILLY CO COMhistory →COM2.16%$136M126.9K
18NVDANVIDIA CORPORATION COMhistory →COM2.14%$135M726.2K
19LINLINDE PLC SHShistory →SHS2.05%$130M304.1K
20NEENEXTERA ENERGY INC COMhistory →COM1.85%$117M1.45M
21HRHEALTHCARE RLTY TR CL A COMhistory →COM1.80%$113M6.69M
22FRTFEDERAL RLTY INVT TR NEW SH BEN INT NEWhistory →NEW1.64%$103M1.03M
23ABTABBOTT LABS COMhistory →COM1.61%$101M810.1K
24FRFIRST INDL RLTY TR INC COMhistory →COM1.59%$100M1.75M
25VTRVENTAS INC COMhistory →COM1.56%$99M1.28M
26KRCKILROY RLTY CORP COMhistory →COM1.56%$98M2.63M
27AAPLAPPLE INC COMhistory →COM1.54%$97M357.9K
28MDTMEDTRONIC PLC SHShistory →SHS1.54%$97M1.01M
29BRXBRIXMOR PPTY GROUP INC COMhistory →COM1.54%$97M3.70M
30DOCHEALTHPEAK PROPERTIES INC COMhistory →COM1.45%$92M5.70M
31AVGOBROADCOM INC COMhistory →COM1.29%$82M235.7K
32EPRTESSENTIAL PPTYS RLTY TR INC COMhistory →COM1.29%$81M2.74M
33ELSEQUITY LIFESTYLE PPTYS INC COMhistory →COM1.28%$81M1.34M
34WCNWASTE CONNECTIONS INC COMhistory →COM1.18%$74M423.7K
35RHPRYMAN HOSPITALITY PPTYS INC COMhistory →COM1.18%$74M785.0K
36MACMACERICH CO COMhistory →COM1.18%$74M4.02M
37ADCAGREE RLTY CORP COMhistory →COM1.17%$74M1.03M
38REGNREGENERON PHARMACEUTICALS COMhistory →COM1.13%$71M92.6K
39VVISA INC COM CL Ahistory →CLASS A1.12%$71M201.2K
40DLRDIGITAL RLTY TR INC COMhistory →COM1.06%$67M434.2K
41SNPSSYNOPSYS INC COMhistory →COM1.05%$66M140.7K
42COLDAMERICOLD REALTY TRUST INC COMhistory →COM0.94%$59M4.62M
43AREALEXANDRIA REAL ESTATE EQ IN COMhistory →COM0.88%$55M1.13M
44IQVIQVIA HLDGS INC COMhistory →COM0.87%$55M243.5K
45ROPROPER TECHNOLOGIES INC COMhistory →COM0.85%$54M120.5K
46MKCMCCORMICK CO INC COM NON VTGhistory →COM0.81%$51M746.6K
47CDNSCADENCE DESIGN SYSTEM INC COMhistory →COM0.78%$49M158.3K
48WMSADVANCED DRAIN SYS INC DEL COMhistory →COM0.78%$49M339.9K
49PGPROCTER AND GAMBLE CO COMhistory →COM0.76%$48M336.4K
50ADMARCHER DANIELS MIDLAND CO COMhistory →COM0.76%$48M830.2K
51TTEKTETRA TECH INC NEW COMhistory →COM0.73%$46M1.38M
52ARGXARGENX SE SPONSORED ADRhistory →ADR0.73%$46M54.8K
53CTVACORTEVA INC COMhistory →COM0.68%$43M641.0K
54REXRREXFORD INDL RLTY INC COMhistory →COM0.60%$38M981.8K
55ISRGINTUITIVE SURGICAL INC COM NEWhistory →NEW0.56%$35M62.3K
56CUBECUBESMART COMhistory →COM0.54%$34M943.8K
57ADECOAGRO S A COMCOM0.51%$32M4.05M
58PSAPUBLIC STORAGE OPER CO COMhistory →COM0.47%$29M113.3K
59CNMCORE MAIN INC CL Ahistory →CLASS A0.38%$24M467.4K
60JCIJOHNSON CTLS INTL PLC SHShistory →SHS0.35%$22M186.7K
61HSTHOST HOTELS RESORTS INC COMhistory →COM0.34%$22M1.23M
62TTTRANE TECHNOLOGIES PLC SHShistory →SHS0.34%$22M55.5K
63SEDGSOLAREDGE TECHNOLOGIES INC COMhistory →COM0.30%$19M660.5K
64APTVAPTIV PLC COM SHShistory →SHS0.27%$17M223.4K
65UBERUBER TECHNOLOGIES INC COMhistory →COM0.19%$12M144.4K
66HAINHAIN CELESTIAL GROUP INC COMCOM0.00%$203,000189.7K

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 ↗

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 ↗.