<div id="readability-page-1" class="page">LONDON, Jan 22 (Reuters) - Big Northern European investors are increasingly wary of the risks of holding U.S. assets in the face of geopolitical tensions, pensions chiefs told Reuters, a sign of a broadening shift away from the world's biggest financial market. A top investment adviser, three pension funds and a leading industry body said the risk premium attached to holding U.S. assets had also gone up in part because of worries about the nation's finances. Pension industry leaders and investment chiefs from Finland, Sweden and Denmark ‌told Reuters they viewed U.S. foreign policy uncertainty and White House debt levels as a threat to the dollar, U.S. Treasuries and stocks. The Nordic region is home to some of Europe's biggest pension funds by assets. This ​week two Nordic pension funds, Sweden's Alecta and Denmark's AkademikerPension, said they had sold or were in the process of selling their U.S. Treasuries. While they ‍said the decisions were unrelated to recent events, U.S. President Donald Trump's ambitions for Greenland have revived speculation about ⁠Europe responding with financial protectionism to his ⁠administration's policies. &#34;We're having a lot of discussions (with clients) around (whether) it is time to tilt away from U.S. assets,&#34; said Van Luu, global head of solutions strategy, fixed income and foreign exchange at Russell Investments, ‌which advises retirement schemes. &#34;About 50% of them are considering whether they should do something about ​it,&#34; especially Northern European clients, including in Scandinavia and the Netherlands, he said. Seattle-based Russell advises clients with $1.6 trillion of assets and manages $636 billion directly. The value of the U.S. Treasuries held by Dutch pension fund ABP, Europe's largest, dropped steeply from the end of ⁠2024 to September last year, likely driven by a reduction in holdings. RARE PUBLIC ‍DEBATE Shifts in long-term asset ​allocation take time to show up and the United States with its strong economy and deep markets remains a draw. U.S. stocks are trading near record highs. U.S. policy uncertainty, however, has pressured the dollar, which fell 10% against major currencies last year amid tariff hikes ‍and other policies, and 30-year U.S. Treasury yields are trading at around 4.9%, near levels reached during the global financial crisis. The Nordic funds have been more vocal about their appetite for U.S. assets than others. Alecta said it had sold most of its U.S. bond holdings because risk associated with U.S. Treasuries and the dollar had increased, while AkademikerPension said it would divest its holdings by the end of the month, blaming weak U.S. government finances. AkademikerPension said the move was not intended as a political statement linked to the rift between Denmark and the United States over Greenland. The public nature of the debate over U.S. assets is unusual for ​investors, who typically ‍steer away from commenting on any changes that may be linked to current affairs. Their long-term investment decisions tend to look past momentary events. &#34;All of this turmoil is raising some questions about how exposed you should be to the U.S... that is what our members are professionally ​assessing,&#34; said Tom Vile Jensen, deputy director of trade body Insurance and Pensions Denmark. While U.S. policy uncertainty is a risk factor for asset valuations, the funds said they wouldn't withdraw capital for political reasons. &#34;There is certainly no weaponisation of capital. It is not the job of our sector to do that,&#34; said Vile Jensen. VERY MUCH INVESTABLE The U.S. remains an investable market but its risk premium has &#34;continued to rise&#34;, said Annika Ekman, EVP, Investments at Finland's Ilmarinen, which manages just over 65 billion euros ($76.1 billion). Finnish pension provider Veritas, meanwhile, is adhering to its investing mandates but U.S. policy uncertainty is a risk for the dollar, CIO Laura Wickstrom said. &#34;The higher the unpredictability (goes), then that is a more difficult environment,&#34; she said. U.S. policy ​uncertainty has also contributed to the draw of assets such as gold. Folksam, one of Sweden's largest insurers, told Reuters it sold its U.S. Treasuries in 2024 partly to reduce risks ahead of the U.S. election. &#34;There is a lot of talk right now, but for the time being I believe one should keep a cool head,&#34; said Jonas Thulin, CIO at Sweden's AP3, which manages roughly $61 billion ‍of pension assets. ($1 = 0.8546 euros) (Reporting by Naomi Rovnick, Simon Johnson and Simon Jessop; Additional reporting by Yoruk Bahceli; Writing by Dhara Ranasinghe; Editing by Elisa Martinuzzi and Susan Fenton)</div>

北欧大型投资者正在重新评估他们对美国资产的风险敞口，原因是地缘政治风险上升以及对美国金融稳定性的担忧。来自芬兰、瑞典和丹麦的养老金基金越来越谨慎，其中一些，如 Alecta 和 AkademikerPension，正在出售美国国债。投资顾问报告称，约 50% 的客户正在考虑减少对美国资产的持有。尽管美国仍然是一个有吸引力的市场，但美国资产的风险溢价已经上升，这引发了关于长期投资策略潜在调整的讨论

Big North European investors reassessÂ US exposure as geopolitical risk mounts

- 北欧投资者对美国资产的风险日益警惕，部分基金已出售美国国债。  
- 随着美国政策的不确定性增加，风险溢价上升，影响了投资信心。  
- 然而，尽管存在风险，美国仍被视为可投资市场。

fidelity

核心标普美国增长 ETF - iShares

标普 500 ETF - iShares

美国低波动股指数 ETF - iShares

3 倍做多道指 30 ETF - ProShares

道琼斯指数

生物科技 ETF - VanEck Vectors

美国经纪商&证券交易所 ETF - iShares

美国红利股指数 ETF - Charles Schwab

2 倍做多纳斯达克生物技术 ETF - ProShares

必和必拓

Avantis US Large Cap Value ETF

组合中期公司债券 ETF - SPDR

道琼斯美股 ETF - iShares

US Treasury 3 Month Bill ETF

罗素 1000 成长指数 ETF - iShares

基因改革 ETF - ARK

美国短期国债指数 ETF - iShares

纳斯达克综合指数 ETF - Fidelity

20 年期以上美国国债 ETF - iShares

金融业 ETF - SPDR

标普 500 ETF - SPDR

中盘价值股 ETF - Vanguard

美国长期公司债 - Vanguard

标普生物技术 ETF - SPDR

金融业 ETF - Vanguard

纳斯达克 100 指数

7-10 年美国国债 ETF - iShares

5-10 年公司债券 ETF - Charles Schwab

股票溢价收益 ETF - JPMorgan Chase

北美科技软件股指数 ETF - iShares

10-20 年美国国债指数 ETF - iShares

超大盘股成长 ETF - Vanguard

医药突破 ETF - ALPS

纳斯达克综合指数

全美价值股指数 ETF - Vanguard

大盘指数 MSCI ETF - Vanguard

美国债券综合指数 ETF - iShares

美国中期国债 ETF - iShares

美国价值因素 MSCI ETF - iShares

标普 400 中盘价值股 ETF - Vanguard

VictoryShares Pioneer Asst-Based Inc ETF

2 倍做多纳斯达克 100 指数 ETF - ProShares

纽交所高增长板生物技术指数 ETF - First Trust

2 倍做多道指 ETF - ProShares

道琼斯指数 ETF - SPDR

标普 500 指数

短期公司债券 ETF - iShares

纳指 100 ETF - Invesco

3 倍做多纳指 ETF - ProShares

美债市场指数 ETF - Vanguard

标普 500 ETF - Vanguard

道琼斯工业平均分红 ETF - Invesco

美国小盘价值股 ETF - Avantis

全美成长股指数 MSCI ETF - Vanguard

动态生物技术与基因组 ETF - Invesco

标普 500 低波动率 ETF - PowerShares

美国投资级公司债 - iShares

纳斯达克 OMX 交易所

纳斯达克生物科技指数 ETF - iShares Nasdaq

美国短期公司债 - Vanguard

美国中期公司债 - Vanguard

抵押贷款支持证券 ETF - iShares

罗素 2000 价值股指数 ETF - iShares

创新 ETF - ARK

金融指数 MSCI ETF - Fidelity

美国大盘成长股 ETF - Charles Schwab

随着地缘政治风险的增加，北欧大型投资者正在重新评估其在美国的投资敞口