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.
