ABP moves €25B out of US investments, shifts to Europe in major portfolio overhaul

Europe’s biggest pension fund just voted with its wallet. ABP, the Dutch civil servants’ pension giant managing roughly €531 billion in assets, pulled nearly €25 billion out of US investments between late 2025 and March 2026, redirecting that capital into European government bonds and equities. The result: European assets now make up 37.2% of ABP’s portfolio, or about €198 billion, compared to 32.2% in US holdings at roughly €171 billion. The numbers tell a dramatic story The most striking move was in US government bonds. ABP slashed its Treasury holdings from €19 billion to just €4.6 billion, a reduction of roughly 75%. On the equity side, the fund trimmed about €10 billion from its US stock portfolio, bringing it down to €101.8 billion as of March 2026. The casualties included positions in some of the most recognizable names in global tech: Nvidia, Microsoft, and Apple all saw divestments from ABP’s books. Where did all that capital go? Mostly into eurozone sovereign debt. ABP now holds approximately €40 billion in German government bonds alone, with about €6 billion of its former US bond allocation redirected specifically into German bunds. France, the Netherlands, and Belgium a...