Published by Global Banking & Finance Review®
Posted on January 23, 2026
2 min readLast updated: January 23, 2026
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ABP, Europe's largest pension fund, cut its US Treasury holdings last year, reflecting caution among European investors about US assets.
By Yoruk Bahceli
LONDON, Jan 23 (Reuters) - The value of the U.S. Treasuries held by Dutch pension fund ABP, Europe's largest, dropped steeply from the end of 2024 to September last year, another sign that major European investors are growing more cautious around holding U.S. assets.
The market value of ABP's U.S. Treasury holdings dropped to nearly 19 billion euros ($22 billion) last September from 29 billion euros in December 2024, according to statements outlining its investments.
That covers the second quarter of 2025, when U.S. President Donald Trump's sweeping "Liberation Day" tariffs hit U.S. assets.
Dutch public broadcaster NOS earlier reported the drop, citing analysts who said a fall in the prices of the bonds was unlikely to have played a major role and concluded ABP's decision to sell Treasuries or not buy new ones was the big driver.
While ABP's statements show the value of its bond holdings rather than outright amounts it holds, U.S. Treasury prices were steady or rose over that period..
This makes it more likely the move was driven by a reduction in holdings rather than a decline in asset value.
A spokesperson for ABP did not comment on whether the move was driven by selling, but said the NOS story was not incorrect.
"Several considerations play a role in our investments in government bonds. Naturally, we look at a country's fundamental situation and prospects," she added.
Trump's threat last weekend to raise tariffs on several European countries unless his country is allowed to buy Greenland, renewed concern around the safety of U.S. assets. He later stepped back from those comments.
Several Nordic pension funds told Reuters this week they are increasingly wary of holding U.S. assets.
($1 = 0.8522 euros)
(Reporting by Yoruk Bahceli; editing by Dhara Ranasinghe and Andrew Heavens)
A pension fund is a type of investment fund that collects and invests money to provide retirement income for employees.
Market value is the price at which an asset would trade in a competitive auction setting, reflecting the current worth of an investment.
Risk management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability of unfortunate events.
Investment decisions are choices made by investors regarding where to allocate their funds to achieve financial goals.
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