PGGM Investments

CIK

1472190

Location

ZEIST, P7

Portfolio Value

Mid $5,736,017,952

Diversification

Diversified

Filing Date

Global Rank

#605 / 8,603 ▼ 28 · as of Mar 2026

Top Industry

REIT - Industrial 11.4%

3Y Alpha vs SPY

-7.4%

Period ended 3 months ago

Filed May 15, 2026 · 55d

24 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+45.1%

SPY

+76.5%

Annualised alpha

-7.7%

Max drawdown

−18.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

67 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.0%

+0.0 pts

Top 5

22.1%

+0.2 pts

Top 10

35.3%

+0.2 pts

HHI

234

Diversified−1

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Real Estate	50.1%	$2,871,819,204	30
Healthcare	15.7%	$901,012,432	10
Technology	13.3%	$761,901,916	10
Basic Materials	6.4%	$367,648,410	3
Industrials	3.9%	$222,812,338	5
Financial Services	2.9%	$167,183,200	2
Consumer Defensive	2.8%	$162,070,939	4
Communication Services	2.7%	$156,430,627	1
Utilities	1.9%	$109,627,935	1
Consumer Cyclical	0.3%	$15,510,951	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
RUN	Sunrun Inc.	+1,879,552	9,546,965	$129,456,845
HDB	Hdfc Bank Ltd	+475,308	4,275,216	$106,367,374
IQV	Iqvia Holdings Inc.	+131,273	374,759	$63,911,399
WCN	Waste Connections, Inc.	+30,631	454,290	$73,794,867
ARGX	Argenx SE	+16,684	71,514	$52,223,098
MSFT	Microsoft Corp	+12,337	421,020	$155,848,973
LLY	ELI LILLY & Co	+4,868	131,807	$121,232,124
PSA	Public Storage	+657	113,988	$30,877,069
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
INVH	Invitation Homes Inc.	−3,107,110	2,761,424	$68,621,386
AGRO	Adecoagro S.A.	−3,016,730	1,030,557	$15,478,966
KRC	Kilroy Realty Corp	−1,140,467	1,488,479	$41,989,992
HR	Healthcare Realty Trust Inc	−1,082,504	5,607,134	$95,265,206
COLD	Americold Realty Trust	−746,609	3,872,569	$44,379,640
UDR	UDR, Inc.	−664,352	3,469,122	$117,186,941
MAC	Macerich Co	−652,336	3,370,522	$63,702,865
BRX	Brixmor Property Group Inc.	−639,949	3,062,353	$88,195,766
FR	First Industrial Realty Trust Inc	−617,271	1,135,312	$65,677,799
ELS	Equity Lifestyle Properties Inc	−460,754	875,921	$54,674,988
EPRT	Essential Properties Realty Trust, Inc.	−442,779	2,298,189	$69,773,018
ARE	Alexandria Real Estate Equities, Inc.	−387,491	743,471	$34,511,923
DOC	Healthpeak Properties, Inc.	−321,123	5,382,570	$88,435,625
IRM	Iron Mountain Inc	−287,161	1,369,998	$139,931,595
WELL	Welltower Inc.	−286,828	1,751,383	$346,265,932
ALB	Albemarle Corp	−275,812	909,193	$163,227,419
NEE	Nextera Energy Inc	−273,429	1,180,318	$109,627,935
PLD	Prologis, Inc.	−256,561	2,282,385	$301,685,649
FRT	Federal Realty Investment Trust	−214,034	812,293	$86,273,639
EXR	Extra Space Storage Inc.	−212,277	1,197,251	$156,995,523
VTR	Ventas, Inc.	−204,988	1,070,352	$87,533,386
HST	Host Hotels & Resorts, Inc.	−196,539	1,030,749	$19,749,150
ILMN	Illumina, Inc.	−158,933	990,475	$122,085,948
REXR	Rexford Industrial Realty, Inc.	−158,092	823,674	$26,958,850
CUBE	CubeSmart	−152,410	791,438	$29,006,202
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	645,456	$127,296,832
VLTO	Veralto Corp	701,938	$62,065,357
AMH	American Homes 4 Rent	1,680,955	$46,932,263
CUZ	Cousins Properties Inc	1,372,198	$30,970,508
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
JCI	Johnson Controls International plc	186,729	$22,360,797
TT	Trane Technologies plc	55,542	$21,616,946
HAIN	Hain Celestial Group Inc	189,734	$203,015
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

67 positions · $5,736,017,952 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 67 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WELL	Welltower Inc. Real Estate	Reduced	1,751,383	-286,828	$346,265,932	−8.5%	6.04%
PLD	Prologis, Inc. Real Estate	Reduced	2,282,385	-256,561	$301,685,649	−6.9%	5.26%
EQIX	Equinix Inc Real Estate	Reduced	305,073	-60,161	$299,044,757	+6.9%	5.21%
ALB	Albemarle Corp Basic Materials	Reduced	909,193	-275,812	$163,227,419	−2.6%	2.85%
EXR	Extra Space Storage Inc. Real Estate	Reduced	1,197,251	-212,277	$156,995,523	−14.5%	2.74%
GOOGL	Alphabet Inc. Communication Services	Held	543,993	0	$156,430,627	−8.1%	2.73%
MSFT	Microsoft Corp Technology	Added	421,020	+12,337	$155,848,973	−21.1%	2.72%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	309,197	-37,174	$151,979,601	−24.3%	2.65%
LIN	Linde PLC Basic Materials	Held	304,112	0	$150,766,565	+16.3%	2.63%
IRM	Iron Mountain Inc Real Estate	Reduced	1,369,998	-287,161	$139,931,595	+1.8%	2.44%
RUN	Sunrun Inc. Technology	Added	9,546,965	+1,879,552	$129,456,845	−8.2%	2.26%
AZN	Astrazeneca PLC Healthcare	NEW	645,456	NEW	$127,296,832	NEW	2.22%
NVDA	Nvidia Corp Technology	Held	726,231	0	$126,654,686	−6.5%	2.21%
ILMN	Illumina, Inc. Healthcare	Reduced	990,475	-158,933	$122,085,948	−19.0%	2.13%
AVB	Avalonbay Communities Inc Real Estate	Reduced	743,501	-38,455	$121,450,888	−14.3%	2.12%
LLY	ELI LILLY & Co Healthcare	Added	131,807	+4,868	$121,232,124	−11.1%	2.11%
SPG	Simon Property Group Inc. Real Estate	Reduced	638,078	-146,830	$119,020,689	−18.1%	2.07%
UDR	UDR, Inc. Real Estate	Reduced	3,469,122	-664,352	$117,186,941	−22.7%	2.04%
NEE	Nextera Energy Inc Utilities	Reduced	1,180,318	-273,429	$109,627,935	−6.1%	1.91%
HDB	Hdfc Bank Ltd Financial Services	Added	4,275,216	+475,308	$106,367,374	−23.4%	1.85%
HR	Healthcare Realty Trust Inc Real Estate	Reduced	5,607,134	-1,082,504	$95,265,206	−16.0%	1.66%
AAPL	Apple Inc. Technology	Held	357,916	0	$90,835,501	−6.6%	1.58%
DOC	Healthpeak Properties, Inc. Real Estate	Reduced	5,382,570	-321,123	$88,435,625	−3.6%	1.54%
BRX	Brixmor Property Group Inc. Real Estate	Reduced	3,062,353	-639,949	$88,195,766	−9.1%	1.54%
VTR	Ventas, Inc. Real Estate	Reduced	1,070,352	-204,988	$87,533,386	−11.3%	1.53%
FRT	Federal Realty Investment Trust Real Estate	Reduced	812,293	-214,034	$86,273,639	−16.6%	1.50%
ABT	Abbott Laboratories Healthcare	Held	810,054	0	$83,168,244	−18.1%	1.45%
MDT	Medtronic plc Healthcare	Reduced	910,258	-101,656	$78,873,855	−18.9%	1.38%
WCN	Waste Connections, Inc. Industrials	Added	454,290	+30,631	$73,794,867	−0.7%	1.29%
AVGO	Broadcom Inc. Technology	Held	235,723	0	$72,958,625	−10.6%	1.27%
REGN	Regeneron Pharmaceuticals, Inc. Healthcare	Held	92,584	0	$71,534,101	+0.1%	1.25%
ADC	Agree Realty Corp Real Estate	Reduced	932,633	-94,467	$70,301,875	−5.0%	1.23%
EPRT	Essential Properties Realty Trust, Inc. Real Estate	Reduced	2,298,189	-442,779	$69,773,018	−14.2%	1.22%
INVH	Invitation Homes Inc. Real Estate	Reduced	2,761,424	-3,107,110	$68,621,386	−57.9%	1.20%
FR	First Industrial Realty Trust Inc Real Estate	Reduced	1,135,312	-617,271	$65,677,799	−34.6%	1.15%
DLR	Digital Realty Trust, Inc. Real Estate	Reduced	364,315	-69,925	$65,653,206	−2.3%	1.14%
IQV	Iqvia Holdings Inc. Healthcare	Added	374,759	+131,273	$63,911,399	+16.4%	1.11%
MAC	Macerich Co Real Estate	Reduced	3,370,522	-652,336	$63,702,865	−14.2%	1.11%
VLTO	Veralto Corp Industrials	NEW	701,938	NEW	$62,065,357	NEW	1.08%
V	Visa Inc. Financial Services	Held	201,217	0	$60,815,826	−13.8%	1.06%
RHP	Ryman Hospitality Properties, Inc. Real Estate	Reduced	658,425	-126,575	$60,752,874	−18.2%	1.06%
ADM	Archer-Daniels-Midland Co Consumer Defensive	Held	830,238	0	$60,350,000	+26.4%	1.05%
SNPS	Synopsys Inc Technology	Held	140,654	0	$55,766,497	−15.6%	0.97%
ELS	Equity Lifestyle Properties Inc Real Estate	Reduced	875,921	-460,754	$54,674,988	−32.5%	0.95%
CTVA	Corteva, Inc. Basic Materials	Held	640,956	0	$53,654,426	+24.9%	0.94%
ARGX	Argenx SE Healthcare	Added	71,514	+16,684	$52,223,098	+13.3%	0.91%
PG	PROCTER & GAMBLE Co Consumer Defensive	Held	336,355	0	$48,583,116	+0.8%	0.85%
AMH	American Homes 4 Rent Real Estate	NEW	1,680,955	NEW	$46,932,263	NEW	0.82%
COLD	Americold Realty Trust Real Estate	Reduced	3,872,569	-746,609	$44,379,640	−25.3%	0.77%
CDNS	Cadence Design Systems Inc Technology	Held	158,267	0	$43,977,651	−11.1%	0.77%