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https://nos.nl/artikel/2599320-pensioenfonds-abp-heeft-10-miljard-minder-aan-amerikaanse-staatsobligaties
Transelated version;
> The civil service pension fund ABP holds significantly less US debt than it did in March 2025, just before President Trump imposed import tariffs around the world. This is evident from their most recent investment overview, which ABP always publishes with a three-month delay.
> At the end of March, the value of US government bonds in ABP's books was still more than €29 billion. At the end of September, ABP was lending only €19 billion to the US, more than a third less.
> Experts believe that such a rapid reduction reflects a lack of confidence in the financial stability of the US. The billions that are no longer invested in US government bonds are instead being lent to the Netherlands and Germany. During the same period, ABP lent an additional €3 billion to the Netherlands and more than €6 billion to Germany.
> In an interview with Fox News yesterday, Trump threatened “major retaliation” if European countries sell US stocks or bonds. With around €500 billion in pension funds, ABP is the largest fund in the Netherlands and also an important institutional investor worldwide.
> **Multiple factors**
> The question is whether ABP is deliberately withdrawing money from America or whether the amount lent has decreased in value. Rising interest rates on government bonds, for example, can depress their value. In addition, the new Dutch pension system may also play a role. Pension funds are now allowed to invest more riskily than before and are therefore likely to be selling off relatively safe bonds.
> In this case, the higher interest rates are not playing a major role, according to pension experts. Shortly after Trump's announcement of import tariffs in April 2025, bond interest rates rose sharply, but that increase has been virtually wiped out. So that would only explain to a very limited extent why US bonds are recorded at a much lower value, says Bas Werker, professor of pensions and affiliated with the pension think tank Netspar.
> Nor does the phasing out of bonds due to the new pension system seem to be on the agenda at ABP, according to Jacintha van Bijnen of pension advisor AON: “If you exchange US bonds for European bonds, you are not disposing of bonds.”
> **Selling**
> ABP's deliberate policy, i.e., selling or not repurchasing, therefore seems to play a major role. “Trump's unpredictability, and in a broader sense the increasing geopolitical uncertainty, are leading pension funds to take a more critical look than before at their financial and non-financial resilience,” says Pim Zomerdijk of investment advisor Sprenkels.
> ABP refuses to say whether US bonds have been sold off because of Trump's policies. A spokesperson said that they could not comment on recent transactions or investment strategy in order to “protect the interests of our participants.” Such information could prompt competing investors to sell, which could reduce the value of the investment.
> ABP seeks stability in order to invest and protect pension funds effectively. “That is what our investment mix is aimed at,” said the spokesperson. Government bonds are generally considered to be a hedge against sharp fluctuations in the stock markets and currencies.
> **US debt**
> For decades, the US has been considered the safe haven of the financial world, but rising government spending is increasing the national debt. This is raising doubts about whether America is still able to repay those debts.
> High debt is not a problem as long as enough countries, investors, and individuals are willing to hold dollars. Trump's import tariffs are putting pressure on trade with other countries. Since his second term as president, the value of the dollar has fallen by more than 10 percent.
> Trump is also putting pressure on the central bank, the Fed, to lower interest rates and is threatening to dismiss Fed Chairman Jerome Powell. This fall, the Dutch Central Bank also warned of the risk of financial instability and weaker US government bonds.
> **Danish pension funds**
> This week, it was announced that two pension funds from Denmark have sold their US government bonds. These are funds in which teachers and academics accrue pension rights. A pension fund from Greenland has also said it wants to withdraw investments from the US in response to Trump's threat to take Greenland.
> “This decision is the result of weak US public finances,” said Anders Schelde, head of investments at the Danish teachers' pension fund. According to him, it is a matter of risk management. The money is now being invested in less risky investments.
> Like ABP, the Danish teachers' pension fund says that the disposal of US debt securities is not directly linked to the rising tensions between the US and Europe. Nevertheless, the two cannot be viewed entirely separately: “Of course, that doesn't make it any easier to take such a decision,” said Schelde.
I thought this part was interesting;
> ABP refuses to say whether US bonds have been sold off because of Trump's policies. A spokesperson said that they could not comment on recent transactions or investment strategy in order to “protect the interests of our participants.” Such information could prompt competing investors to sell, which could reduce the value of the investment.
Refusing to comment as to why, sounds like they're planning to sell off more?