Europe’s largest pension fund, ABP, has significantly reduced its holdings of U.S. Treasuries between the end of 2024 and September last year. The market value of ABP’s U.S. Treasury holdings decreased from 29 billion euros in December 2024 to approximately 19 billion euros ($22 billion) by September of last year, according to investment statements.
This period aligns with the second quarter of 2025, which saw the introduction of sweeping tariffs impacting U.S. assets. ABP is a Dutch pension fund responsible for managing the retirement savings of millions of Dutch citizens. The fund invests in a diverse range of assets globally to ensure long-term financial security for its members.
Analysts cited by Dutch public broadcaster NOS suggest that the decline was primarily driven by ABP’s decision to sell Treasuries or refrain from purchasing new ones, rather than a significant drop in bond prices. This conclusion is supported by the fact that U.S. Treasury prices remained relatively stable or even increased during the specified period. While ABP’s statements reflect the value of its bond holdings, rather than the specific amounts held, a spokesperson for ABP acknowledged the accuracy of the figures reported by NOS.
The spokesperson also indicated that multiple factors influence the fund’s investments in government bonds, including a country’s fundamental situation and prospects. Concerns regarding the safety of U.S. assets have been amplified by recent threats of tariff increases on European countries, although these threats were subsequently retracted. Several Nordic pension funds have also expressed increasing caution about holding U.S. assets.
