Stichting Pensioenfonds ABP and other major northern European pension funds are reducing US Treasury exposure, reflecting growing concerns over fiscal stability, dollar volatility, and geopolitical tensions, with market implications for US bond yields.
Stichting Pensioenfonds ABP, Europe’s largest pension fund, has significantly reduced its holdings of US Treasury securities, cutting exposure by roughly €10 billion to about €19 billion in the six months to September, according to the fund’s disclosures and reporting by Dutch broadcaster NOS. The move forms part of a wider reassessment of dollar sovereign debt among large northern European institutional investors as macroeconomic and geopolitical risks shift.
Industry reporting shows ABP’s US government bond position fell further to about €18.6 billion by September 2025, equivalent to roughly 3.6% of the fund’s total assets, as managers adjust for greater dollar volatility and a diminished role for US Treasuries within liability‑driven investment frameworks, according to IPE. The pension fund says its decisions on government bonds are founded on evaluations of an issuer’s fundamentals, forward prospects and the maturity profile of outstanding debt, while also valuing such securities for liquidity and as collateral for derivatives. ABP declined to detail its strategic asset allocation for the current year, citing competitive sensitivities.
The Dutch reduction has mirrored moves across the Nordics. Denmark’s AkademikerPension has announced plans to divest around $100 million of US Treasuries, saying it will exit the position by the end of January 2026 on concerns about US public finances. Anders Schelde, Investment Director at AkademikerPension, told media the US is “basically not a good credit”. Sweden’s Alecta has also pared back the vast majority of its US Treasury holdings since early 2025, citing macroeconomic risks in the United States.
Other Danish investors, including PFA Pension and Sampension, have trimmed dollar‑bond exposure and increased currency hedging amid worries over US trade policy and political pressure on central bank independence, though industry commentary suggests full disengagement from US assets is unlikely given potential negative effects on long‑term returns and the role Treasuries play in liquidity and risk management.
Markets have reacted to the headline divestments. News of AkademikerPension’s decision was followed by a rise in US government bond yields, underlining how signals from large institutional holders can influence market sentiment even when the amounts sold are small relative to the enormous Treasury market.
The pattern points to a regional shift toward more selective use of US sovereign paper rather than outright abandonment. Pension funds are balancing concerns about fiscal trajectories, currency swings and geopolitical frictions with the need to preserve liquidity, collateral availability and diversified portfolios to meet long‑dated pension liabilities.
- https://www.gurufocus.com/news/8547429/europes-biggest-pension-fund-cuts-us-treasury-holdings-by-10-billion – Please view link – unable to able to access data
- https://www.ipe.com/analysis/dutch-pension-funds-reduce-dollar-bond-holdings/10134804.article – Dutch pension funds, including the €538 billion ABP, have been reducing their holdings of US Treasuries and other dollar-denominated bonds. As of September 2025, ABP’s US government bond holdings decreased from €29 billion to €18.6 billion, representing 3.6% of total assets. This reduction is attributed to increased dollar volatility and a declining role for US government debt in liability-driven investment strategies. ABP stated that it considers the fundamental condition and outlook of a country, as well as the maturity structure of government bonds, equally important.
- https://www.top1000funds.com/2026/01/danish-investors-shun-the-us-but-complete-divestment-unlikely/ – Danish pension funds, including PFA Pension and Sampension, have been reducing their exposure to US Treasuries. PFA Pension sold down US Treasuries in 2025 and increased currency hedging due to concerns over the US’s unilateral trade policies and challenges from President Trump to Denmark’s central bank. Sampension is also reassessing its US exposures in listed equities and alternatives, maintaining a wait-and-see approach due to prevailing uncertainty. However, complete divestment from the US is considered unlikely, as it could negatively impact performance and pensioners.
- https://www.investing.com/news/stock-market-news/danish-pension-fund-to-divest-its-us-treasuries-4455655 – Danish pension fund AkademikerPension announced plans to sell off its holdings of US Treasuries, worth approximately $100 million, by the end of January 2026. The decision is based on concerns over weak US government finances, with Investment Director Anders Schelde stating that the US is ‘basically not a good credit’ and that long-term US government finances are not sustainable. The move is not intended as a political statement linked to the rift between Denmark and the United States over Greenland.
- https://www.nordiskpost.com/2026/01/25/nordic-pension-fund-selling-us-bonds/ – Nordic pension funds, including Sweden’s Alecta and Denmark’s AkademikerPension, are reducing their holdings of US government bonds. Alecta has sold most of its US Treasury holdings since early 2025, citing concerns over macroeconomic risks in the US. AkademikerPension plans to sell its remaining US government bond holdings, approximately DKK 690 million (€92 million), due to concerns about the long-term sustainability of US public finances. The decision is rooted in a financial assessment and not taken as a direct response to the current political split between the USA and Europe.
- https://www.cbsnews.com/news/danish-pension-fund-treasuries-government-finances-trump-greenland/ – AkademikerPension, a Danish pension fund, plans to sell its entire holdings of US Treasuries—about $100 million—by the end of January 2026, citing concerns over the US government’s financial stability. The decision is based on the poor US government finances, which make the fund seek alternative ways of conducting liquidity and risk management. The move is not directly related to the ongoing rift between the US and Europe over Greenland, though it acknowledges that the political situation did not make the decision easier.
- https://www.spokesman.com/stories/2026/jan/20/danish-pension-fund-akademikerpension-to-exit-us-t/ – AkademikerPension, a Danish pension fund managing around $25 billion in savings for academics, plans to exit US Treasuries by the end of January 2026. The decision is driven by concerns that the US government’s finances are not sustainable, with Chief Investment Officer Anders Schelde stating that the US is ‘basically not a good credit.’ The fund held about $100 million in US Treasuries at the end of 2025 and is seeking alternatives for risk and liquidity management.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on Stichting Pensioenfonds ABP’s reduction of US Treasury holdings by approximately €10 billion, aligning with recent reports from Bloomberg Law and IPE. ([news.bloomberglaw.com](https://news.bloomberglaw.com/capital-markets/dutch-pension-abp-cut-us-treasury-stake-by-12-billion-in-2025?utm_source=openai)) The most recent publication date is January 23, 2026, indicating timely reporting. However, the article’s reliance on a single source, NOS, raises concerns about source independence. ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/largest-european-pension-fund-abp-125935325.html?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to Anders Schelde, Investment Director at AkademikerPension, and references to ABP’s spokesperson. However, these quotes cannot be independently verified through the provided sources, as the original NOS article is in Dutch and not accessible. ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/largest-european-pension-fund-abp-125935325.html?utm_source=openai)) This lack of verifiable quotes diminishes the credibility of the reporting.
Source reliability
Score:
6
Notes:
The article is sourced from NOS, a Dutch public broadcaster. While NOS is generally considered reliable, the lack of access to the original NOS article and the absence of independent verification of quotes and data points raise concerns about the overall reliability of the information presented.
Plausability check
Score:
8
Notes:
The reported reduction in US Treasury holdings by ABP is consistent with recent trends among European institutional investors, as reported by Bloomberg Law and IPE. ([news.bloomberglaw.com](https://news.bloomberglaw.com/capital-markets/dutch-pension-abp-cut-us-treasury-stake-by-12-billion-in-2025?utm_source=openai)) The article also mentions similar actions by other Danish investors, adding context to the narrative. However, the lack of independent verification of specific figures and quotes introduces some uncertainty.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on ABP’s reduction of US Treasury holdings, a development consistent with recent trends among European institutional investors. However, the reliance on a single source, NOS, and the inability to independently verify quotes and data points diminish the overall credibility of the reporting. Given these concerns, the content does not meet the necessary standards for publication under our editorial indemnity.