APG ASSET MANAGEMENT N V
Q1 2023 Form 13-F

AMSTERDAM
CIK 0001434819 · CRD 160795 · SEC-registered investment adviser
Holdings reported by APG Asset Management US Inc since Q2 2013
Consolidated report · includes 3 managers since Q2 2013
$47.1B Reported Value Total

APG ASSET MANAGEMENT US, INC reports 33 total accounts under management (AUM). There are 7 discretionary accounts valued at $55,689,521,567, and 26 non-discretionary accounts valued at $85,255,529,301.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary & Non-Discretionary
Private funds (Form ADV)
37 funds · $23.1B gross asset value
Real Estate Fund: $13.1B · Other: $8.8B · Hedge Fund: $1.1B · Private Equity Fund: $219.2M
Source: Form ADV filed 2026-03-25
Reported value
$47.1B
Quarter over quarter
+6.7%
Holdings
749
Top-10 concentration
21.3%

Filing Structure

Reports holdings for

Holdings reported by

Key People

Form ADV owners & control persons
Jeroen Frens
CHIEF FINANCIAL AND RISK OFFICER
Evan Andrew Gordon
CHIEF COMPLIANCE OFFICER
Allen Kelly Parker
GENERAL COUNSEL
Q4 2022
Q2 2023
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q1 2023 13F filing summary

Period of report March 31, 2023
Filed May 12, 2023
Form 13F-HR
Reported value $47.1B
Positions 749
Change in reported value -10.4%
New positions 31
Exited positions 67
Position turnover 12.0%
Top-10 concentration 21.3%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 12, 2026
 493 $40.7B
Q1 2026 13F
Filed May 13, 2026
 513 $31.6B
Q4 2025 13F
Filed Feb 12, 2026
 540 $35.2B
Q3 2025 13F
Filed Nov 12, 2025
 528 $35.6B
Q2 2025 13F
Filed Aug 12, 2025
 539 $33.8B
Q1 2025 13F
Filed May 14, 2025
 548 $32.2B
Q4 2024 13F
Filed Feb 13, 2025
 548 $35.9B
Q3 2024 13F
Filed Nov 14, 2024
 407 $15.1B
Q2 2024 13F
Filed Aug 14, 2024
 650 $56.1B
Q1 2024 13F
Filed May 14, 2024
 716 $57.1B
Q4 2023 13F
Filed Feb 13, 2024
 717 $51.3B
Q3 2023 13F
Filed Nov 14, 2023
 735 $48.9B
Q2 2023 13F
Filed Aug 14, 2023
 724 $49.6B
Q1 2023 13F
Filed May 12, 2023
 749 $47.1B
Q4 2022 13F
Filed Feb 14, 2023
 784 $52.6B
Q3 2022 13F
Filed Nov 14, 2022
 832 $38.8B
Q2 2022 13F
Filed Aug 12, 2022
 865 $42.7B
Q1 2022 13F
Filed May 12, 2022
 911 $52.9B
Q4 2021 13F
Filed Feb 11, 2022
 918 $58.9B
Q3 2021 13F
Filed Nov 15, 2021
 900 $56.3B

33 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q1 2023

# Holding Reported value % of portfolio
1 AAPL APPLE INC $2.5B 5.3%
2 MSFT MICROSOFT CORP $2.0B 4.24%
3 AMZN AMAZON COM INC $977.8M 2.07%
4 WST WEST PHARMACEUTICAL SVSC INC $760.7M 1.61%
5 FERG FERGUSON PLC NEW $724.2M 1.54%
6 NVDA NVIDIA CORPORATION $632.7M 1.34%
7 ROL ROLLINS INC $628.7M 1.33%
8 LW LAMB WESTON HLDGS INC $614.1M 1.3%
9 GOOGL ALPHABET INC $607.8M 1.29%
10 STE STERIS PLC $596.4M 1.27%
11 TSLA TESLA INC $579.0M 1.23%
12 GOOG ALPHABET INC $549.2M 1.17%
13 ALLE ALLEGION PLC $531.3M 1.13%
14 MSA MSA SAFETY INC $524.2M 1.11%
15 JKHY HENRY JACK & ASSOC INC $522.6M 1.11%
16 BR BROADRIDGE FINL SOLUTIONS IN $520.5M 1.1%
17 UNH UNITEDHEALTH GROUP INC $497.8M 1.06%
18 ZBRA ZEBRA TECHNOLOGIES CORPORATI $494.0M 1.05%
19 JNJ JOHNSON & JOHNSON $492.4M 1.04%
20 META META PLATFORMS INC $480.2M 1.02%

Values as reported on the Q1 2023 Form 13F. Every position is in the holdings table below.

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