PGGM Investments recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
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 378 stocks valued at a total of $5.71Bil. The top holdings were PLD(3.74%), WELL(3.12%), and DLR(3.02%).
According to GuruFocus data, these were PGGM Investments’s top five trades of the quarter.
Essex Property Trust Inc
During the quarter, PGGM Investments bought 613,092 shares of NYSE:ESS for a total holding of 638,766. The trade had a 2.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $218.58.
On 02/15/2023, Essex Property Trust Inc traded for a price of $238.83 per share and a market cap of $15.43Bil. The stock has returned -21.72% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Essex Property Trust Inc has a price-earnings ratio of 38.03, a price-book ratio of 2.70, a price-earnings-to-growth (PEG) ratio of 10.87, a EV-to-Ebitda ratio of 17.62 and a price-sales ratio of 9.67.
The price-to-GF Value ratio is 0.77, earning the stock a GF Value rank of 10.
Sun Communities Inc
PGGM Investments reduced their investment in NYSE:SUI by 926,151 shares. The trade had a 2.2% impact on the equity portfolio. During the quarter, the stock traded for an average price of $136.57.
On 02/15/2023, Sun Communities Inc traded for a price of $158.92 per share and a market cap of $19.69Bil. The stock has returned -14.15% 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 77.52, a price-book ratio of 2.51, a price-earnings-to-growth (PEG) ratio of 8.81, a EV-to-Ebitda ratio of 23.94 and a price-sales ratio of 6.77.
The price-to-GF Value ratio is 0.85, earning the stock a GF Value rank of 9.
Digital Realty Trust Inc
During the quarter, PGGM Investments bought 1,117,161 shares of NYSE:DLR for a total holding of 1,718,260. The trade had a 1.96% impact on the equity portfolio. During the quarter, the stock traded for an average price of $102.05.
On 02/15/2023, Digital Realty Trust Inc traded for a price of $112.83 per share and a market cap of $32.44Bil. The stock has returned -13.54% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Digital Realty Trust Inc has a price-earnings ratio of 23.17, a price-book ratio of 1.99, a price-earnings-to-growth (PEG) ratio of 4.29, a EV-to-Ebitda ratio of 15.05 and a price-sales ratio of 7.11.
The price-to-GF Value ratio is 0.76, earning the stock a GF Value rank of 10.
Equinix Inc
PGGM Investments reduced their investment in NAS:EQIX by 188,991 shares. The trade had a 1.89% impact on the equity portfolio. During the quarter, the stock traded for an average price of $617.6900000000001.
On 02/15/2023, Equinix Inc traded for a price of $728.42 per share and a market cap of $67.41Bil. The stock has returned 10.67% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Equinix Inc has a price-earnings ratio of 95.22, a price-book ratio of 6.04, a price-earnings-to-growth (PEG) ratio of 13.60, a EV-to-Ebitda ratio of 28.40 and a price-sales ratio of 9.36.
The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 7.
Welltower Inc
During the quarter, PGGM Investments bought 1,596,237 shares of NYSE:WELL for a total holding of 2,723,584. The trade had a 1.83% impact on the equity portfolio. During the quarter, the stock traded for an average price of $64.29000000000001.
On 02/15/2023, Welltower Inc traded for a price of $75.75 per share and a market cap of $35.79Bil. The stock has returned -1.86% 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, Welltower Inc has a price-earnings ratio of 164.67, a price-book ratio of 1.87, a EV-to-Ebitda ratio of 25.24 and a price-sales ratio of 6.07.
The price-to-GF Value ratio is 0.93, 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.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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