𝗗𝗨𝗧𝗖𝗛 𝗔𝗕𝗣 𝗦𝗘𝗟𝗟𝗦 𝟯𝟬% 𝗢𝗙 𝗜𝗧'𝗦 𝗧𝗥𝗘𝗔𝗦𝗨𝗥𝗜𝗘𝗦 - 𝗜𝗦 𝗧𝗛𝗘 𝗪𝗢𝗥𝗟𝗗 𝗟𝗢𝗢𝗦𝗜𝗡𝗚 𝗜𝗡𝗧𝗘𝗥𝗘𝗧 𝗜𝗡 𝗧𝗛𝗘 𝗨𝗦 𝗘𝗖𝗢𝗡𝗢𝗠𝗬 ?
ABP (Stichting Pensioenfonds ABP), one of the world's largest pension funds (based in the Netherlands), did significantly reduce its holdings of U.S. Treasuries between late 2024 and September 2025.
HERE IS A BREAKDOWN OF THE SITUATION AS OF EARLY 2026
Significant Reduction: The market value of ABP's U.S. Treasury holdings dropped from roughly €29 billion ($32+ billion) in December 2024 to approximately €19 billion ($22 billion) by September 2025, which represents a reduction of roughly 30%.
ACTION, NOT JUST MARKET MOVEMENT:
Analysts and reports suggest this decline was primarily driven by deliberate sales or a decision not to reinvest in U.S. bonds, rather than solely a drop in bond market prices.
REASONS FOR THE MOVE: The reduction was driven by rising concerns regarding the US national debt, increased geopolitical tensions, and the impact of trade tariffs under the Trump administration.
REALLOCATION: Reports indicate that ABP has been shifting these funds into European government bonds, specifically from the Netherlands, Germany, and Belgium.
Broader Context: ABP is not alone in this sentiment. Other European pension funds (such as in Denmark and Sweden) have also reduced their U.S. Treasury holdings in late 2025 and early 2026, citing similar concerns about U.S. fiscal discipline and macroeconomic risk.
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