APG Asset Management US Inc.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 27 quarters, returned +1.3% per quarter — versus +2.1% per quarter from simply owning every 13F stock. It beat that baseline in only 55.6% of quarters (excess t = -0.95, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 59 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| PLD | $2.6B | | HOLD |
| DLR | $1.6B | | HOLD |
| EQIX | $1.2B | | HOLD |
| VTR | $928M | | TRIM |
| EQR | $647M | | TRIM |
| PSA | $579M | | TRIM |
| O | $553M | | HOLD |
| HYG | $492M | | ADD |
| INVH | $397M | | TRIM |
| MAA | $379M | | ADD |
| BXP | $368M | | TRIM |
| EXR | $362M | | ADD |
| WELL | $337M | | ADD |
| KIM | $332M | | ADD |
| ARE | $302M | | ADD |
| REG | $198M | | ADD |
| HR | $175M | | TRIM |
| SPG | $166M | | ADD |
| CUZ | $163M | | HOLD |
| COLD | $144M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.