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PI

PGGM Investments Portfolio holdings

AUM $5.7B
1-Year Est. Return 17.05%
This Fund
S&P 500
This Quarter Est. Return
+3.75%
1 Year Est. Return
+17.05%
3 Year Est. Return
+53.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$17.7B
AUM Growth
-$3.25B
Cap. Flow
-$3.81B
Cap. Flow %
-21.5%
Top 10 Hldgs %
25.79%
Holding
277
New
33
Increased
30
Reduced
146
Closed
29

Top Buys

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$318M
2
AMH icon
American Homes 4 Rent
AMH
+$229M
3
PLD icon
Prologis
PLD
+$192M
4
TRNO icon
Terreno Realty
TRNO
+$191M
5
EPRT icon
Essential Properties Realty Trust
EPRT
+$178M

Top Sells

Rank Stock Value
1
DRE
Duke Realty Corp.
DRE
+$472M
2
AAPL icon
Apple
AAPL
+$368M
3
VER
VEREIT, Inc.
VER
+$349M
4
ESS icon
Essex Property Trust
ESS
+$216M
5
WPC icon
W.P. Carey
WPC
+$214M

Sector Composition

Rank Sector Weight
1 Real Estate 52%
2 Healthcare 11.36%
3 Technology 9.67%
4 Financials 7.8%
5 Consumer Staples 5.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPG icon
1
Simon Property Group
SPG
$74.9B
$570M 3.22%
3,827,312
+266,080
+7% +$39.9M
PLD icon
2
Prologis
PLD
$137B
$562M 3.17%
6,304,262
+2,162,216
+52% +$192M
WELL icon
3
Welltower
WELL
$177B
$560M 3.16%
6,851,000
– –
EQR icon
4
Equity Residential
EQR
$25.4B
$520M 2.93%
6,422,114
+1,039,114
+19% +$88.4M
AVB icon
5
AvalonBay Communities
AVB
$27B
$437M 2.47%
2,084,685
+168,685
+9% +$36.1M
VICI icon
6
VICI Properties
VICI
$29.6B
$417M 2.35%
16,319,406
-2,445,754
-13% -$59.1M
KRC icon
7
Kilroy Realty
KRC
$4.56B
$404M 2.28%
4,819,252
-173,571
-3% -$14.2M
HPP
8
Hudson Pacific Properties
HPP
$797M
$387M 2.19%
1,469,476
-44,034
-3% -$10.8M
REXR icon
9
Rexford Industrial Realty
REXR
$8.65B
$357M 2.01%
7,810,326
+3,301,863
+73% +$153M
DLR icon
10
Digital Realty Trust
DLR
$71.8B
$353M 1.99%
2,946,000
– –
DOC icon
11
Healthpeak Properties
DOC
$15.4B
$321M 1.81%
9,305,353
+860,353
+10% +$30.1M
INVH icon
12
Invitation Homes
INVH
$17.7B
$319M 1.8%
10,633,659
+2,152,029
+25% +$64.5M
STOR
13
DELISTED
STORE Capital Corporation
STOR
$306M 1.73%
+8,208,787
New +$318M
REG icon
14
Regency Centers
REG
$15.2B
$290M 1.63%
4,589,601
+353,566
+8% +$23.2M
EXR icon
15
Extra Space Storage
EXR
$31.4B
$277M 1.56%
2,621,007
+645,073
+33% +$70.3M
MSFT icon
16
Microsoft
MSFT
$2.92T
$256M 1.45%
1,625,224
+1,064,069
+190% +$156M
SUI icon
17
Sun Communities
SUI
$15.1B
$250M 1.41%
1,664,576
+294,093
+21% +$45.8M
FRT icon
18
Federal Realty Investment Trust
FRT
$11B
$246M 1.39%
1,907,362
– –
AMH icon
19
American Homes 4 Rent
AMH
$12.1B
$230M 1.3%
+8,776,644
New +$229M
BXP icon
20
Boston Properties
BXP
$11B
$228M 1.29%
1,652,233
– –
CUBE icon
21
CubeSmart
CUBE
$9.57B
$224M 1.26%
7,105,428
+2,710,022
+62% +$87M
HST icon
22
Host Hotels & Resorts
HST
$17B
$212M 1.2%
11,410,318
-296,585
-3% -$5.13M
ARE icon
23
Alexandria Real Estate Equities
ARE
$8.97B
$209M 1.18%
1,294,410
+662,920
+105% +$105M
JNJ icon
24
Johnson & Johnson
JNJ
$646B
$201M 1.14%
1,380,208
-672,061
-33% -$91.2M
TRNO icon
25
Terreno Realty
TRNO
$7.71B
$189M 1.07%
+3,484,848
New +$191M
1
2 3 4 5

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VH
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PGGM Investments's Q4 2019 Portfolio in Review

As of Q4 2019, PGGM Investments held 277 positions worth $17.7B, down 15% from $21B the previous quarter. Its ten largest holdings account for 26% of the portfolio.

PGGM Investments withdrew a net $3.81B in Q4 2019, closing 29 positions and reducing 146 holdings. Its most notable exit was Duke Realty Corp., an estimated $472M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 52% of assets, up from 41% a quarter earlier, followed by Healthcare and Technology.

Against the trend, PGGM Investments opened a new position in STORE Capital Corporation worth $306M.

  • PGGM Investments's largest Q4 2019 buy was STORE Capital Corporation: 8,208,787 shares worth $306M.
  • PGGM Investments added most to Prologis in Q4 2019, an estimated $192M increase.
  • PGGM Investments's biggest Q4 2019 reduction was Apple, cutting an estimated $368M.
  • PGGM Investments fully exited Duke Realty Corp. in Q4 2019, selling an estimated $472M.
  • PGGM Investments's ten largest holdings make up 26% of its $17.7B portfolio in Q4 2019.
  • PGGM Investments opened 33 new positions and closed 29 in Q4 2019.
  • PGGM Investments's portfolio value fell 15% quarter-over-quarter to $17.7B.

Based on PGGM Investments's 13F filing for Q4 2019, filed 17 Jan 2020.