APG Asset Management N.V.

New 13F: Q3 2026

APG Asset Management N.V. filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $18.7B in AI and semiconductor stocks; $437.6M bought and $1.2B sold against its previous quarter, at the quarter's prices.

• trimmed Microsoft (MSFT): -$320.3M at the quarter's price
• trimmed Apple (AAPL): -$296.3M at the quarter's price
• added to AMD (AMD): +$200.6M at the quarter's price
• added to Oracle (ORCL): +$113.6M at the quarter's price
• added to Amazon (AMZN): +$81.4M at the quarter's price
• trimmed Intel (INTC): -$75.0M at the quarter's price
• trimmed Arista Networks (ANET): -$50.6M at the quarter's price
• trimmed NVIDIA (NVDA): -$38.4M at the quarter's price
• trimmed Broadcom (AVGO): -$32.2M at the quarter's price
• trimmed KLA (KLAC): -$27.7M at the quarter's price

APG Asset Management N.V. declares $18.9B in 96 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 46.4% of its $40.7B 13F portfolio. Largest positions: NVIDIA (0.05% of the company) and Apple (0.05% of the company). Over time: $18.9B in 96 of these companies for Q2 2026, against $12.4B in 87 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $3.7B and sold $714.7M of these stocks, at the quarter's prices: a net purchase of $3.0B; 7 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio APG Asset Management N.V. declared for Q2 2026 (Form 13F), held unchanged, returned +2.8% in Q3 2026 (SMH -7.1%), ranked 1043 of 1,785 active managers. Over the last 12 months, quarter after quarter: +23.5% (SMH +87.2%), ranked 1024 of 1,360 active managers. Over three years, quarter after quarter: +132.0% (SMH +325.8%), ranked 544 of 784 active managers. Over five years, quarter after quarter: +152.0% (SMH +389.8%), ranked 305 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $1.9B, 11.0M shares, 0.05% of the company, 4.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.9B, 7.4M shares, 0.05% of the company, 4.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Microsoft (MSFT): $1.8B, 5.5M shares, 0.07% of the company, 4.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Broadcom (AVGO): $1.6B, 4.9M shares, 0.10% of the company, 4.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $1.5B, 7.3M shares, 0.07% of the company, 3.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Micron (MU): $1.5B, 1.4M shares, 0.13% of the company, 3.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. AMD (AMD): $816.5M, 1.6M shares, 0.10% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Intel (INTC): $576.3M, 4.7M shares, 0.09% of the company, 1.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Applied Materials (AMAT): $439.7M, 695,240 shares, 0.09% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $423.2M, 1.1M shares, 0.09% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2024
11. Cisco (CSCO): $373.7M, 3.6M shares, 0.09% of the company, 0.92% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Corning (GLW): $343.5M, 1.5M shares, 0.18% of the company, 0.84% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Arista Networks (ANET): $323.1M, 2.2M shares, 0.17% of the company, 0.79% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. KLA (KLAC): $308.6M, 1.2M shares, 0.09% of the company, 0.76% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Cadence (CDNS): $258.9M, 788,610 shares, 0.29% of the company, 0.64% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Chips & compute: $5.8B, 30% of its AI holdings, 14 companies
• Cloud & AI giants: $5.2B, 28% of its AI holdings, 3 companies
• Memory & storage: $2.0B, 11% of its AI holdings, 5 companies
• AI software: $1.5B, 8% of its AI holdings, 18 companies
• Equipment & test: $1.3B, 7% of its AI holdings, 6 companies
• Power, electrical & cooling: $1.2B, 7% of its AI holdings, 24 companies
• Interconnect: $946.6M, 5% of its AI holdings, 5 companies
• Optics: $474.3M, 3% of its AI holdings, 5 companies
• Neoclouds & data centers: $280.8M, 1% of its AI holdings, 10 companies
• Servers & systems: $204.9M, 1% of its AI holdings, 6 companies

Biggest changes this quarter

• added to Micron (MU): +$700.8M at the quarter's price
• added to Apple (AAPL): +$375.9M at the quarter's price
• added to AMD (AMD): +$335.1M at the quarter's price
• added to Intel (INTC): +$223.0M at the quarter's price
• opened a position in Sandisk (SNDK): +$209.7M at the quarter's price
• trimmed Cadence (CDNS): -$208.0M at the quarter's price
• added to Corning (GLW): +$178.9M at the quarter's price
• trimmed Broadcom (AVGO): -$170.0M at the quarter's price
• trimmed NVIDIA (NVDA): -$150.0M at the quarter's price
• added to Applied Materials (AMAT): +$114.3M at the quarter's price

Other holders of this size

• Eurizon Capital SGR S.p.A.: $18.8B in 153 of these companies
• Man Group plc: $19.1B in 180 of these companies
• TRUIST FINANCIAL CORP: $18.5B in 173 of these companies
• DNB Asset Management AS: $19.2B in 170 of these companies
• Darsana Capital Partners LP: $18.2B in 4 of these companies
• STATE OF WISCONSIN INVESTMENT BOARD: $19.2B in 198 of these companies
• Handelsbanken Fonder AB: $18.0B in 162 of these companies
• Rockefeller Capital Management L.P.: $19.4B in 217 of these companies

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