The Netherlands' biggest retirement pension fund, ABP, sold most of its UST holdings in the last 18 months.The fund, which invests on behalf of civil servants and workers in education, has also cut its holdings in US government bonds from €19 billion to €4.6 billion since last November and from €29 billion 18 months ago.
Shareholdings in US-based companies were also cut by 10% to a total of €101.8 billion, after the fund sold shares in Nvidia, Microsoft and Apple. The latest figures reflect the position at the end of the first quarter of 2026.
The three companies’ share prices have fallen in the last six months but not by as much as the reduction in ABP’s holding – it currently has €4.6 billion in Nvidia shares, compared to €9 billion six months ago.
A spokesman said it was more attractive to hold government bonds in euros than foreign currencies, partly because of the rules around the new Dutch pension structure.
Its figures for November showed that most of the €10 billion it sold in US government bonds had been reinvested in Germany, accounting for €6 billion, and the Netherlands.
https://www.dutchnews.nl/2026/07/abp-pulls-more-us-bonds-largest-share-of-fund-now-in-europe/
