By Micah Jonah
January 23, 2026
Major pension funds in Northern Europe are reassessing their exposure to US assets amid growing geopolitical uncertainty, signaling a rare public debate on investment risk in the world’s largest financial market.
Pension chiefs and investment advisers from Finland, Sweden, and Denmark say uncertainty over US foreign policy, federal debt levels is raising the risk premium on US Treasuries, stocks, and the dollar. Two Nordic funds, Sweden’s Alecta and Denmark’s AkademikerPension, have sold or plan to sell significant US Treasury holdings.
“We are having serious discussions with clients on whether it’s time to tilt away from US assets,” said Van Luu of Russell Investments, which manages $636bn directly.
Despite these moves, experts say the US remains investable due to its strong economy and deep markets. Still, volatility and political uncertainty are pushing some investors to diversify, with assets such as gold gaining attention.
The shift highlights the tension between long-term investment mandates and the rising cost of US political unpredictability.
