🇩🇰🇺🇸 Danish pension fund AkademikerPension to sell all US Treasuries.
In a move that’s sending ripples across European capital markets, AkademikerPension—the $25 billion Danish pension giant—has officially pulled the plug on U.S. government debt.
By the end of January 2026, the fund will have zero exposure to U.S. Treasuries, citing a fundamental breakdown in American fiscal stability and a "political risk" that has become too high to ignore.
Why Is a $25B Fund Walking Away?
For decades, U.S. Treasuries were the world’s "risk-free" benchmark. But according to AkademikerPension CIO Anders Schelde, that era is over. The fund’s decision is fueled by three critical factors:
⚠️ The Greenland Crisis: President Trump’s aggressive push to acquire Greenland—and the 10-25% tariff threats aimed at Denmark and its allies to force a deal—has transformed a "safe" asset into a geopolitical liability.
📉 Fiscal Instability: Schelde was blunt in his assessment: "The U.S. is basically not a good credit, and long-term U.S. government finances are not sustainable." *
💵 The Weaker Dollar: With fiscal discipline wavering and trade tensions mounting, the fund no longer sees the USD as the reliable liquidity hedge it once was.
Is This a Trend?
This isn't just one fund. Throughout 2025, Danish pension funds repatriated over $1.4 billion from U.S. debt. Major players like PFA have also reduced U.S. exposure, signaling a broader "Weaponization of Capital" as Europe looks for ways to push back against
Washington's unilateral trade policies.
As institutional trust erodes, the market is watching closely: If "risk-free" assets aren't safe anymore, where does the money go?
AkademikerPension is already shifting its gaze toward European sovereign debt and high-grade corporate bonds.