<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>

北歐大型投資者正在重新評估他們對美國資產的風險敞口，原因是地緣政治風險上升以及對美國金融穩定性的擔憂。來自芬蘭、瑞典和丹麥的養老金基金越來越謹慎，其中一些，如 Alecta 和 AkademikerPension，正在出售美國國債。投資顧問報告稱，約 50% 的客户正在考慮減少對美國資產的持有。儘管美國仍然是一個有吸引力的市場，但美國資產的風險溢價已經上升，這引發了關於長期投資策略潛在調整的討論

Big North European investors reassessÂ US exposure as geopolitical risk mounts

- 北歐投資者對美國資產的風險日益警惕，部分基金已出售美國國債。  
- 隨着美國政策的不確定性增加，風險溢價上升，影響了投資信心。  
- 然而，儘管存在風險，美國仍被視為可投資市場。

fidelity

核心標普美國增長 ETF - iShares

標普 500 ETF - iShares

美國低波動股指數 ETF - iShares

3 倍做多道指 30 ETF - ProShares

道瓊斯指數

生物科技 ETF - VanEck Vectors

美國經紀商&證券交易所 ETF - iShares

美國紅利股指數 ETF - Charles Schwab

2 倍做多納斯達克生物技術 ETF - ProShares

必和必拓

Avantis US Large Cap Value ETF

組閤中期公司債券 ETF - SPDR

道瓊斯美股 ETF - iShares

US Treasury 3 Month Bill ETF

羅素 1000 成長指數 ETF - iShares

基因改革 ETF - ARK

美國短期國債指數 ETF - iShares

納斯達克綜合指數 ETF - Fidelity

20 年期以上美國國債 ETF - iShares

金融業 ETF - SPDR

標普 500 指數股票型基金

中盤價值股 ETF - Vanguard

美國長期公司債 - Vanguard

標普生物技術 ETF - SPDR

金融業 ETF - Vanguard

納斯達克 100 指數

7-10 年美國國債 ETF - iShares

5-10 年公司債券 ETF - Charles Schwab

股票溢價收益 ETF - JPMorgan Chase

北美科技軟件股指數 ETF - iShares

10-20 年美國國債指數 ETF - iShares

超大盤股成長 ETF - Vanguard

醫藥突破 ETF - ALPS

納斯達克綜合指數

全美價值股指數 ETF - Vanguard

大盤指數 MSCI ETF - Vanguard

美國債券綜合指數 ETF - iShares

美國中期國債 ETF - iShares

美國價值因素 MSCI ETF - iShares

標普 400 中盤價值股 ETF - Vanguard

VictoryShares Pioneer Asst-Based Inc ETF

2 倍做多納斯達克 100 指數 ETF - ProShares

紐交所高增長板生物技術指數 ETF - First Trust

2 倍做多道指 ETF - ProShares

道瓊斯指數 ETF - SPDR

標普 500 指數

短期公司債券 ETF - iShares

納指 100 ETF - Invesco

3 倍做多納指 ETF - ProShares

美債市場指數 ETF - Vanguard

標普 500 ETF - Vanguard

道瓊斯工業平均分紅 ETF - Invesco

美國小盤價值股 ETF - Avantis

全美成長股指數 MSCI ETF - Vanguard

動態生物技術與基因組 ETF - Invesco

標普 500 低波動率 ETF - PowerShares

美國投資級公司債 - iShares

納斯達克 OMX 交易所

納斯達克生物科技指數 ETF - iShares Nasdaq

美國短期公司債 - Vanguard

美國中期公司債 - Vanguard

抵押貸款支持證券 ETF - iShares

羅素 2000 價值股指數 ETF - iShares

創新 ETF - ARK

金融指數 MSCI ETF - Fidelity

美國大盤成長股 ETF - Charles Schwab

隨着地緣政治風險的增加，北歐大型投資者正在重新評估其在美國的投資敞口