Europe's Largest Pension Fund ABP Slashed US Treasury Holdings Last Year

Deep News01-23 22:41

Dutch pension fund ABP saw a significant decline in the market value of its US government bond holdings from the end of 2024 to September of last year, marking another sign of growing caution among major European institutional investors towards holding US assets. ABP is Europe's largest pension fund. According to its investment disclosures, the market value of ABP's US Treasury holdings dropped from 29 billion euros in December 2024 to nearly 19 billion euros ($22 billion) by last September. This period encompassed the second quarter of 2025, a time when former US President Trump's "Liberation Day" comprehensive tariffs impacted US assets. Dutch public broadcaster NOS earlier reported on this decline, quoting analysts who suggested that falling bond prices were unlikely to be the primary cause, and that ABP's decision to sell US Treasuries or refrain from purchasing new ones was the main driving factor. ABP's disclosure reflects the market value of its bond holdings, not the volume, and US Treasury prices were stable or even rose during this interval. This implies the change was more likely due to a reduction in holdings rather than a decline in asset value. A spokesperson for ABP declined to comment on whether the change was driven by selling, but stated that the NOS report was "not incorrect." She added, "We consider multiple factors when investing in government bonds. Of course, we value a country's fundamentals and prospects."

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