De Nederlandsche Bank (DNB) published new statistics showing that Dutch pension funds increased their investment holdings in Europe in 2025 while reducing them in the United States, alongside sizeable equity sales aimed at rebalancing portfolios after recent share price gains. Net sales of US securities totalled EUR 30 billion, comprising EUR 18 billion of sovereign and corporate bonds and EUR 12 billion of equities. In Europe, pension funds sold EUR 5 billion of equities but bought EUR 27 billion of debt securities, resulting in a net increase of around EUR 23 billion in European securities, mainly EUR 20 billion in sovereign bonds (especially German and Spanish, while French sovereign bonds were more often sold) and EUR 7 billion in European corporate bonds, with a preference for French and Dutch issuers and financial institutions. Globally, pension funds sold EUR 36 billion of equities, including EUR 19 billion from countries outside the United States and Europe, with notable sales linked to Japan, Taiwan and the Cayman Islands (EUR 3 billion each).
De Nederlandsche Bank 2026-03-31
De Nederlandsche Bank figures show Dutch pension funds shifted EUR 30 billion out of US securities and increased European bond holdings in 2025
De Nederlandsche Bank reported that in 2025 Dutch pension funds cut United States securities and increased European holdings, especially sovereign and corporate bonds. Net U.S. sales totaled EUR 30 billion, while European securities rose by about EUR 23 billion, driven by German and Spanish sovereign bonds and European corporate bonds from French and Dutch issuers and financial institutions. Globally, pension funds sold EUR 36 billion of equities, including major disposals linked to Japan, Taiwan and the Cayman Islands.