Dutch Pension ABP Cut US Treasury Stake by $12 Billion in 2025

Europe’s biggest pension fund spent much of last year dramatically scaling back its exposure to the US government bond market.

Stichting Pensioenfonds ABP reduced its holding of US Treasuries by about €10 billion ($11.7 billion) to €19 billion in the six months through September. The figures, which are based on the €538 billion fund’s latest disclosures and numbers reported by Dutch public broadcaster NOS, add to evidence that institutional investors across northern Europe are scaling back their exposure to US government bonds.