PGGM Investments
ZEIST, P7
$4.1bn in 59 US stocks at the end of 30 June 2026. The top 10 are 39.0% of the money. It changed about 28.2% of the portfolio this quarter.
Value
$4.1bn
Stocks
59
Top 10 share
39.0%
Turnover
28.2%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- NvidiaNVDA5.4% of the fund+50%
- Thermo Fisher ScientificTMO4.3% of the fund+13%
- AppleAAPL3.8% of the fund+48%
- HDFC BankHDB3.0% of the fund+9%
- Argenx SEARGX2.2% of the fund+35%
- Abbott LaboratoriesABT2.1% of the fund+13%
- VisaV2.0% of the fund+16%
- Iqvia HoldingsIQV1.9% of the fund+7%
- SynopsysSNPS1.8% of the fund+19%
- Cadence Design SystemsCDNS1.6% of the fund+8%
- Tetra TechTTEK1.3% of the fund+50%
- Core & MainCNM0.8% of the fund+44%
- AptivAPTV0.5% of the fund+60%
Cut
Sold some of their stake.
- EquinixEQIX2.9% of the fund-63%
- WelltowerWELL2.5% of the fund-74%
- IlluminaILMN2.3% of the fund-46%
- Extra Space StorageEXR2.2% of the fund-49%
- Iron MountainIRM2.1% of the fund-51%
- NextEra EnergyNEE1.9% of the fund-26%
- Archer-Daniels-MidlandADM1.4% of the fund-8%
- Healthcare Realty TrustHR1.4% of the fund-51%
- Healthpeak PropertiesDOC1.3% of the fund-54%
- Simon Property GroupSPG1.3% of the fund-63%
- Americold Realty TrustCOLD1.3% of the fund-14%
- Equity Lifestyle PropertiesELS1.2% of the fund-14%
- American Homes 4 RentAMH1.2% of the fund-14%
- CortevaCTVA1.1% of the fund-18%
- MacerichMAC1.0% of the fund-51%
- PrologisPLD1.0% of the fund-87%
- VentasVTR0.9% of the fund-63%
- Alexandria Real Estate EquitiesARE0.8% of the fund-14%
- Ryman Hospitality PropertiesRHP0.8% of the fund-63%
- Invitation HomesINVH0.8% of the fund-63%
- Digital Realty TrustDLR0.6% of the fund-63%
- Public StoragePSA0.3% of the fund-63%
- CubeSmartCUBE0.3% of the fund-63%
- Federal Realty Investment TrustFRT0.2% of the fund-91%
- Host Hotels & ResortsHST0.2% of the fund-63%
Sold out
Sold their entire stake.
- Avalonbay CommunitiesAVB-100%
- UDRUDR-100%
- Agree RealtyADC-100%
- First Industrial Realty TrustFR-100%
- Solaredge TechnologiesSEDG-100%
- Cousins PropertiesCUZ-100%
- Rexford Industrial RealtyREXR-100%
- AdecoagroAGRO-100%
Holdings
- Argenx SEARGX
- Share
- 2.2%
- Value
- $90m
- Shares
- 96,511
+35%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 5.4% | $219m | 1,092,096 | +50% |
| AlphabetGOOGL | 4.8% | $194m | 543,993 | Held |
| Thermo Fisher ScientificTMO | 4.3% | $175m | 349,737 | +13% |
| Eli LillyLLY | 3.9% | $158m | 131,807 | Held |
| LindeLIN | 3.9% | $158m | 304,112 | Held |
| MicrosoftMSFT | 3.9% | $157m | 421,020 | Held |
| AppleAAPL | 3.8% | $153m | 529,053 | +48% |
| SunrunRUN | 3.1% | $128m | 9,546,965 | Held |
| AlbemarleALB | 3.0% | $123m | 909,193 | Held |
| HDFC BankHDB | 3.0% | $120m | 4,657,592 | +9% |
| EquinixEQIX | 2.9% | $117m | 112,020 | -63% |
| WelltowerWELL | 2.5% | $102m | 449,807 | -74% |
| IlluminaILMN | 2.3% | $93m | 531,623 | -46% |
| AstrazenecaAZN | 2.2% | $91m | 645,456 | Held |
| Argenx SEARGX | 2.2% | $90m | 96,511 | +35% |
| BroadcomAVGO | 2.2% | $89m | 235,723 | Held |
| Extra Space StorageEXR | 2.2% | $88m | 605,602 | -49% |
| Iron MountainIRM | 2.1% | $85m | 675,093 | -51% |
| Abbott LaboratoriesABT | 2.1% | $83m | 918,634 | +13% |
| VisaV | 2.0% | $80m | 232,432 | +16% |
| Iqvia HoldingsIQV | 1.9% | $78m | 401,347 | +7% |
| NextEra EnergyNEE | 1.9% | $76m | 871,243 | -26% |
| Waste ConnectionsWCN | 1.9% | $76m | 454,290 | Held |
| SynopsysSNPS | 1.8% | $75m | 167,434 | +19% |
| MedtronicMDT | 1.8% | $71m | 910,258 | Held |
| Cadence Design SystemsCDNS | 1.6% | $64m | 171,149 | +8% |
| VeraltoVLTO | 1.5% | $62m | 701,938 | Held |
| Archer-Daniels-MidlandADM | 1.4% | $59m | 766,629 | -8% |
| Regeneron PharmaceuticalsREGN | 1.4% | $58m | 92,584 | Held |
| Healthcare Realty TrustHR | 1.4% | $56m | 2,758,771 | -51% |
| Tetra TechTTEK | 1.3% | $54m | 1,874,895 | +50% |
| Healthpeak PropertiesDOC | 1.3% | $53m | 2,484,558 | -54% |
| Simon Property GroupSPG | 1.3% | $52m | 234,295 | -63% |
| Americold Realty TrustCOLD | 1.3% | $52m | 3,313,846 | -14% |
| Procter & GamblePG | 1.2% | $49m | 336,355 | Held |
| Equity Lifestyle PropertiesELS | 1.2% | $48m | 749,867 | -14% |
| American Homes 4 RentAMH | 1.2% | $48m | 1,439,038 | -14% |
| CortevaCTVA | 1.1% | $44m | 524,475 | -18% |
| MacerichMAC | 1.0% | $42m | 1,658,943 | -51% |
| Roper TechnologiesROP | 1.0% | $41m | 120,496 | Held |
| PrologisPLD | 1.0% | $39m | 287,280 | -87% |
| McCormickMKC | 0.9% | $38m | 746,607 | Held |
| VentasVTR | 0.9% | $35m | 393,021 | -63% |
| Alexandria Real Estate EquitiesARE | 0.8% | $34m | 636,465 | -14% |
| Core & MainCNM | 0.8% | $33m | 674,767 | +44% |
| Ryman Hospitality PropertiesRHP | 0.8% | $31m | 241,645 | -63% |
| Invitation HomesINVH | 0.8% | $31m | 1,013,919 | -63% |
| Advanced Drainage SystemsWMS | 0.7% | $30m | 190,291 | Held |
| Intuitive SurgicalISRG | 0.6% | $25m | 62,273 | Held |
| Digital Realty TrustDLR | 0.6% | $24m | 133,769 | -63% |
| AptivAPTV | 0.5% | $22m | 357,100 | +60% |
| Public StoragePSA | 0.3% | $13m | 41,859 | -63% |
| CubeSmartCUBE | 0.3% | $12m | 290,595 | -63% |
| Uber TechnologiesUBER | 0.3% | $10m | 144,418 | Held |
| Federal Realty Investment TrustFRT | 0.2% | $9m | 76,064 | -91% |
| Host Hotels & ResortsHST | 0.2% | $9m | 378,473 | -63% |
| Brixmor Property GroupBRX | 0.1% | $6m | 174,752 | -94% |
| Kilroy RealtyKRC | <0.1% | $3m | 79,140 | -95% |
| Essential Properties Realty TrustEPRT | <0.1% | $328,000 | 11,005 | -100% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 29.5% since 30 June 2025.
Where the money is
Real estate24.3%
Health care20.5%
Technology19.6%
Materials8.0%
Industrials7.8%
Financial services4.9%
Media & telecom4.8%
Utilities3.7%
Everyday goods3.6%
Retail & consumer0.5%
Other2.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.