APG Asset Management US Inc.

CIK 0001323255 · Q1 2026

13F Equity AUM

$13.0B

+1.7% QoQ

Positions

+2 QoQ

AUM Rank

#557

Top 5%

Skill Alpha (FF)

-4.8%/yr^ns

No Clear Edge

Rank #7,344 · Top 89%

vs S&P -12.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 53.1%Top 10: 71.6%Top 20: 91.2%

PLD19.8%

FQI12.0%

EQIX9.2%

VEN7.2%

EQR5.0%

PSA4.5%

O4.3%

HYG3.8%

INVH3.1%

MAA2.9%

Others (49)28.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Real Estate95.5%

Financial Services4.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 59Median: 0.25%Avg: 1.69%

0–0.5%

35(6.0%)

0.5–1%

3(1.7%)

1–3%

12(23.6%)

3–5%

5(20.6%)

5%+

4(48.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 59Unique: 0vs 20 funds

0.8%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

1.5%

MORGAN STANLEY

1.1%

JPMORGAN CHASE & CO

1.2%

BANK OF AMERICA CORP /DE/

1.2%

VANGUARD CAPITAL MANAGEMENT LLC

1.7%

STATE STREET CORP

1.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

GEODE CAPITAL MANAGEMENT, LLC

1.6%

FMR LLC

1.9%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New16Increased20Decreased22Exited14

New Positions

HST0.4%

+2.4M

GLPI0.3%

+727K

ELS0.2%

+482K

CPT0.2%

+265K

AMH0.2%

+820K

NNN0.2%

+500K

CTRE0.2%

+548K

CUBE0.1%

+544K

KRG0.1%

+692K

STAG0.1%

+452K

Increased

KIM2.6%

+2.1M(+17%)

COLDEUR1.1%

+685K(+6%)

REG1.5%

+580K(+29%)

HYG3.8%

+565K(+10%)

KRC1.0%

+405K(+9%)

OHI0.3%

+382K(+111%)

ARE2.3%

+288K(+4%)

AVB0.5%

+281K(+372%)

SPG1.3%

+225K(+34%)

REXR0.1%

+214K(+61%)

Decreased

LQD0.6%

-2,847,821(-80%)

SBC0.1%

-2,412,579(-81%)

HR1.4%

-2,167,777(-17%)

UDR0.2%

-817,216(-50%)

BRX0.2%

-635,861(-39%)

INVH3.1%

-616,419(-4%)

EQR5.0%

-489,535(-4%)

VEN7.2%

-443,628(-4%)

VICI0.6%

-410,625(-13%)

VNO0.1%

-374,563(-38%)

Exited

SKT

-887,091

CURB

-789,832

NTST

-956,127

-892,720

-250,000

-694,831

-287,278

-556,272

-679,926

-696,155

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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