Pension fund ABP dumped US government bonds

ABP, the pension fund for the public sector, holds 10 billion euros less in US government bonds. At the same time, the fund is investing hundreds of millions in Palantir, a controversial company that is said to facilitate the pursuit of immigrants in the US.

The ABP pension fund invests the pensions of around three million civil servants, police officers, healthcare workers and military personnel, as well as employees of universities of applied sciences and universities. In total, it manages around 530 billion euros.

Of that money, much less was invested in US government bonds last year, the Dutch broadcaster NOS reports. ABP has dumped around 10 billion euros in government bonds. Instead, the pension fund bought billions worth of Dutch and German government bonds.

Rapid reduction

This is a strikingly rapid reduction, for which specialists cite several reasons. For example, the Trump administration continues to spend large sums of money without corresponding revenues. Public debt is rising sharply, which makes investors nervous.

Because of the tensions between the United States and Europe, these government bonds are under close scrutiny. According to Bloomberg, European investors hold around 3.6 trillion dollars (that is 3.6 thousand billion) in US government bonds – about 40 per cent of the public debt held outside the US.

If Europeans were to suddenly sell off those bonds, that could significantly drive up interest costs for the US government. President Trump warned last week that any potential sell-off would be costly for Europe. ABP says it does not want to comment on changes in its own investment portfolio.

Palantir

Last Wednesday, journalistic platform Follow the Money reported that ABP invested around 825 million euros in Palantir in 2025. According to an American investigative platform, the software company helps Israel track down Hamas members in Gaza and assists the US government in tracing immigrants.

Concerned pension participants have started a petition. They are calling on ABP to reverse that investment decision.