APG Asset Management US Inc.

APG Asset Management US Inc.'s March 2026 13F is a $12.98 billion, 59-position portfolio functioning as a master-class concentrated real-estate account: 59 REITs plus two bond-ETF sleeves. No U.S. large-cap tech, no international equities, no commodities, no biotech. The whaleScore of 80.75 reflects top-heavy REIT concentration: Prologis $2.57B (19.8%), Digital Realty $1.56B (12.0%), Equinix $1.19B (9.2%), Ventas $928M (7.1%), Equity Residential $647M (5.0%) -- 53.1% of public capital in five names. Q1 2026 saw one dominant macro trade -- the complete liquidation of the iShares IG Corporate Bond ETF (LQD) at 80.3% share reduction and $315M value reduction. Simultaneously the fund remodeled sub-sector REIT weights: added to apartment/shopping-center/self-storage REITs (Kimco +17%, AvalonBay +371.8% shares, Regency +28.7%, Extra Space +5.8%, CubeSmart new), traded healthcare REITs smaller (Ventas -3.8% shares). Twelve new REIT entries (Host Hotels, Gaming & Leisure, Equity Lifestyle, Camden Properties, American Homes 4 Rent, NNN REIT, CareTrust, CubeSmart, First Industrial, Kite Realty, STAG Industrial) balanced by twelve exits (Sabra, Tanger, Essential Properties, Curbline, Urban Edge, Netstreit, Granite, EPR Properties, Acadia, UMH). LQD liquidated and iShares HYG (high-yield) was increased 10% in shares. Sector structure: 92% Financial Services/REIT, 4.4% ETF, 3.1% Real Estate. The $311M year-over-AQ AUM increase from $12.77B to $12.98B reflects net inflows and price appreciation. APG's real-asset mandate makes this listing one of the most transparent material investors in U.S. commercial real estate markets.