PGGM Investments portfolio

What changed this quarter

49 positions with a change (13 added to, 28 trimmed, 8 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Welltower−74%fewer sharesReduced
  6.1% → 2.5%
• Prologis−87%fewer sharesReduced
  5.3% → 1.0%
• Equinix−63%fewer sharesReduced
  5.2% → 2.9%
• Avalonbay Communities−2.1 ppof portfolioSold out
  2.1% → —
• UDR−2.1 ppof portfolioSold out
  2.1% → —
• Simon Property Group−63%fewer sharesReduced
  2.1% → 1.3%
• Brixmor Property Group−94%fewer sharesReduced
  1.5% → 0.1%
• Iron Mountain−51%fewer sharesReduced
  2.5% → 2.1%
• Federal Realty Investment Trust−91%fewer sharesReduced
  1.5% → 0.2%
• Extra Space Storage−49%fewer sharesReduced
  2.8% → 2.2%
• Illumina−46%fewer sharesReduced
  2.1% → 2.3%
• NVIDIA+50%more sharesIncreased
  2.2% → 5.4%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• NVIDIANVDA5.4%
• AlphabetGOOGL4.8%
• Thermo Fisher ScientificTMO4.3%
• Eli LillyLLY3.9%
• LindeLIN3.9%
• MicrosoftMSFT3.9%
• AppleAAPL3.8%
• SunrunRUN3.1%
• AlbemarleALB3.0%
• Hdfc BankHDB3.0%
• EquinixEQIX2.9%
• WelltowerWELL2.5%
• IlluminaILMN2.3%
• AstrazenecaAZN2.2%
• ArgenxARGX2.2%
• BroadcomAVGO2.2%
• Extra Space StorageEXR2.2%
• Iron MountainIRM2.1%
• Abbott LaboratoriesABT2.1%
• VisaV2.0%
• IQVIA HoldingsIQV1.9%
• Nextera EnergyNEE1.9%
• Waste ConnectionsWCN1.9%
• SynopsysSNPS1.8%
• MedtronicMDT1.8%
• Cadence Design SystemsCDNS1.6%
• VeraltoVLTO1.5%
• Archer-Daniels-MidlandADM1.4%
• Regeneron PharmaceuticalsREGN1.4%
• Healthcare Realty TrustHR1.4%
• Tetra TechTTEK1.3%
• Healthpeak PropertiesDOC1.3%
• Simon Property GroupSPG1.3%
• Americold Realty TrustCOLD1.3%
• Procter & GamblePG1.2%
• Equity Lifestyle PropertiesELS1.2%
• American Homes 4 RentAMH1.2%
• CortevaCTVA1.1%
• MacerichMAC1.0%
• Roper TechnologiesROP1.0%
• PrologisPLD1.0%
• McCORMICKMKC0.9%
• VentasVTR0.9%
• Alexandria Real Estate EquitiesARE0.8%
• Core & MainCNM0.8%
• Ryman Hospitality PropertiesRHP0.8%
• Invitation HomesINVH0.8%
• Advanced Drainage SystemsWMS0.7%
• Intuitive SurgicalISRG0.6%
• Digital Realty TrustDLR0.6%
• AptivAPTV0.5%
• Public StoragePSA0.3%
• CubesmartCUBE0.3%
• UBER TechnologiesUBER0.3%
• Federal Realty Investment TrustFRT0.2%
• Host Hotels & ResortsHST0.2%
• Brixmor Property GroupBRX0.1%
• Kilroy RealtyKRC0.1%
• Essential Properties Realty TrustEPRTunder 0.1%