--- title: "Danish pension fund plans to liquidate U.S. bonds, stating that the U.S. \"is no longer a high-quality credit entity.\"" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/273110128.md" description: "The Danish pension fund AkademikerPension plans to completely exit its investments in U.S. Treasury bonds by the end of this month due to concerns about the credit risk associated with the sustainability of U.S. fiscal policies. The fund's Chief Investment Officer stated that the U.S. is no longer considered a high-quality credit entity, and the only reason to hold U.S. Treasuries is for risk and liquidity management. This move reflects a rethinking by European institutional investors regarding safe-haven assets, especially in the current political context" datetime: "2026-01-20T16:09:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273110128.md) - [en](https://longbridge.com/en/news/273110128.md) - [zh-HK](https://longbridge.com/zh-HK/news/273110128.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/273110128.md) | [English](https://longbridge.com/en/news/273110128.md) # Danish pension fund plans to liquidate U.S. bonds, stating that the U.S. "is no longer a high-quality credit entity." According to the Zhitong Finance APP, as risk aversion rises in global markets, large Danish pension funds are beginning to reassess the "safe haven" status of U.S. assets. The Danish pension fund AkademikerPension announced plans to fully exit U.S. Treasury investments by the end of this month, citing concerns over the sustainability of U.S. fiscal policy and the credit risks associated with President Trump's policies. Anders Schelde, Chief Investment Officer of AkademikerPension, stated in an interview on Tuesday that the U.S. "is essentially no longer a high-quality credit entity," and that the fiscal situation of the U.S. government is unsustainable in the long term. The fund manages approximately $25 billion in assets for teachers and scholars, and as of the end of 2025, it holds about $10 million in U.S. Treasuries. Schelde mentioned that the only reason for holding U.S. Treasuries was for risk and liquidity management, but suitable alternatives can now be found. Although this scale is negligible in the vast U.S. Treasury market, analysts point out that this move carries significant symbolic meaning in the current political context, reflecting that European institutional investors are rethinking what constitutes a true "safe haven asset." Previously, Deutsche Bank mentioned in a research report the possibility of "capital toolization" of European funds as a potential countermeasure to Trump's ongoing threats. Schelde also noted that Trump's comments about "taking over Greenland" were one of the important factors prompting the fund to withdraw from U.S. Treasuries. Concerns about fiscal discipline and expectations of a weakening dollar have also collectively undermined confidence in U.S. assets. Greenland is part of the Kingdom of Denmark, and both local and Danish officials have repeatedly stated that the island is "not for sale." As Trump escalates related rhetoric, Denmark's allies in Europe have also expressed unease. AkademikerPension is not alone in this regard. Previously, Laerernes Pension significantly reduced its exposure to U.S. Treasuries due to concerns about U.S. debt sustainability and the independence of the Federal Reserve; PFA Pension, one of Denmark's largest pension and insurance institutions managing about $120 billion in assets, also lowered its related holdings in a recent restructuring; while Paedagogernes Pension announced this week that after selling U.S. Treasuries, it would stop launching new investment strategies targeting less liquid U.S. assets. However, there are differing voices in the market. During the World Economic Forum in Davos, Anne Walsh, Chief Investment Officer of Guggenheim Partners, disagreed with AkademikerPension's approach. She believes that despite geopolitical uncertainties exacerbating market tensions, the U.S., as the world's largest economy, still has a solid credit foundation, and at least in the first half of this year, the fundamentals of credit and the stock market remain strong. Walsh pointed out that the Federal Reserve is relatively cautious in the current cycle, with a policy stance leaning more towards easing compared to historical norms, and inflation is still slowing, which supports the U.S. credit environment. She also emphasized that since the market turmoil triggered by tariffs in 2025, diversification of asset allocation has become a consensus among investors, with funds gradually shifting from an overly concentrated structure in the U.S. to a more balanced global layout Against the backdrop of rising uncertainty, precious metals have performed particularly well. Walsh specifically mentioned the strong performance of gold, stating that it is expected to continue benefiting from market turmoil. 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