PGGM Investments recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
PGGM Investments is a private investment manager that was founded in 1969 through the amalgamation of numerous Dutch pension funds in the health care industry. The company would assume the unified responsibility for pensions in the health care and social work sectors in Netherland and move its headquarters to Zeist in 1972. PGGM Investments currently operates as a nonprofit institution with the members of the cooperative being employers and employees in the health and social sector. The Member’s Council stands at the top of the company governance and is made out of 45 members; 15 from the employers’ organization, 15 from the employees’ and pensioners’ organizations, and 15 directly appointed members. The council represents the cooperative members and acts as the communication link between the Executive Board and its members. The Cooperative Board, which works closely with the Member’s Council, is responsible for the “identity, mission, vision and the cooperative’s financial policy frameworks.” The Executive Committee, made out of the CEO, CFO, CRO, CMO, CIM, and COO, is responsible for the management of the company’s day to day operations. The internal control environment is done through three different entities; the line management, the staff departments, and Internal Audit department, each of which have its own responsibility for risk management. Its investment philosophy focuses on six major pillars: to integrate ESG in the investment process, target investments with ESG impact, allow active shareholdership through voting, engage companies about policies and activities if needed, conduct legal proceedings to recover losses and enforce good governance, and avoid investments that are inappropriate. PGGM Investments invests in a variety of public equity, private equity, real estate funds, debt markets, commodities, and infrastructure markets, among others. The company currently has the majority of its funds allocated in the services sector, which alone makes up 43% of its total invested assets, and also invests in the technology, financial, health care, consumer non-cyclical, utilities, and energy sectors, among others, in order of decreasing amount allocated.
As of the latest 13F report, the guru’s equity portfolio contained 382 stocks valued at a total of $5.69Bil. The top holdings were EQIX(3.40%), PLD(3.22%), and AAPL(2.93%).
According to GuruFocus data, these were PGGM Investments’s top five trades of the quarter.
Microsoft Corp
PGGM Investments reduced their investment in NAS:MSFT by 1,642,642 shares. The trade had a 2.75% impact on the equity portfolio. During the quarter, the stock traded for an average price of $264.05.
On 11/02/2022, Microsoft Corp traded for a price of $226.1875 per share and a market cap of $1,682.55Bil. The stock has returned -31.50% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Microsoft Corp has a price-earnings ratio of 24.32, a price-book ratio of 9.70, a price-earnings-to-growth (PEG) ratio of 1.18, a EV-to-Ebitda ratio of 16.43 and a price-sales ratio of 8.36.
The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 9.
Alexandria Real Estate Equities Inc
The guru sold out of their 2,413,837-share investment in NYSE:ARE. Previously, the stock had a 2.68% weight in the equity portfolio. Shares traded for an average price of $153.47 during the quarter.
On 11/02/2022, Alexandria Real Estate Equities Inc traded for a price of $146.2575 per share and a market cap of $24.01Bil. The stock has returned -26.51% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Alexandria Real Estate Equities Inc has a price-earnings ratio of 44.47, a price-book ratio of 1.35, a price-earnings-to-growth (PEG) ratio of 2.57, a EV-to-Ebitda ratio of 18.93 and a price-sales ratio of 9.31.
The price-to-GF Value ratio is 0.84, earning the stock a GF Value rank of 7.
Mid-America Apartment Communities Inc
PGGM Investments reduced their investment in NYSE:MAA by 2,281,600 shares. The trade had a 2.6% impact on the equity portfolio. During the quarter, the stock traded for an average price of $172.08.
On 11/02/2022, Mid-America Apartment Communities Inc traded for a price of $157.14 per share and a market cap of $18.13Bil. The stock has returned -20.54% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Mid-America Apartment Communities Inc has a price-earnings ratio of 28.96, a price-book ratio of 3.03, a price-earnings-to-growth (PEG) ratio of 11.14, a EV-to-Ebitda ratio of 16.92 and a price-sales ratio of 9.54.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 6.
Sun Communities Inc
During the quarter, PGGM Investments bought 925,439 shares of NYSE:SUI for a total holding of 993,844. The trade had a 2.2% impact on the equity portfolio. During the quarter, the stock traded for an average price of $158.16.
On 11/02/2022, Sun Communities Inc traded for a price of $132.23 per share and a market cap of $16.29Bil. The stock has returned -31.49% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Sun Communities Inc has a price-earnings ratio of 64.15, a price-book ratio of 2.08, a price-earnings-to-growth (PEG) ratio of 7.29, a EV-to-Ebitda ratio of 21.28 and a price-sales ratio of 5.60.
The price-to-GF Value ratio is 0.59, earning the stock a GF Value rank of 8.
Camden Property Trust
The guru established a new position worth 1,036,300 shares in NYSE:CPT, giving the stock a 2.18% weight in the equity portfolio. Shares traded for an average price of $133.51 during the quarter.
On 11/02/2022, Camden Property Trust traded for a price of $114.56 per share and a market cap of $12.20Bil. The stock has returned -26.85% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Camden Property Trust has a price-earnings ratio of 15.09, a price-book ratio of 2.42, a EV-to-Ebitda ratio of 10.71 and a price-sales ratio of 9.16.
The price-to-GF Value ratio is 0.83, earning the stock a GF Value rank of 7.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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