The Netherlands' largest pension fund reduced its holdings of US Treasury bonds by nearly 40% in six months last year.

according to the Dutch Financial Daily, that the Dutch civil servant pension fund ABP reduced its holdings of U.S. Treasury bonds by nearly 40% during a six-month period in 2025. As of the end of March 2025, ABP held nearly 30 billion euros (35.2 billion USD) in U.S. Treasury bonds, while by the end of September, the holdings had decreased to only 18.5 billion euros.

At the same time, the fund increased its holdings of German government bonds from 18.6 billion euros to 28.7 billion euros. ABP stated that it considers "the fundamental condition and outlook of a country, as well as the maturity structure of government bonds, equally important. These factors play a key role in aligning our investments with long-term pension liabilities." ABP's investment update report is delayed by three months.