Akademiker Pension, Denmark 's pension fund specifically for teachers and academics, announced plans to sell all of its holdings of US Treasury bonds by the end of January 2026. While the amount involved is relatively limited, this move is seen by the market as the latest signal of weakening international investors' confidence in the fiscal and political stability of the United States.
Fund background and reasons for sale
Akademiker Pension manages approximately $25 billion in assets. As of the end of 2025, it held about $100 million in U.S. Treasury bonds, representing a very small percentage of its total assets, primarily for risk management and liquidity needs. Regarding this decision, Chief Investment Officer Anders Schelde stated in an interview:
"The United States is no longer a good credit entity, and in the long run, the fiscal situation of the U.S. government is unsustainable."
Schelde further explained that the decision was based on three main factors:
- Concerns about U.S. fiscal discipline, particularly the policy direction of the current Trump administration, could impact the management of U.S. long-term debt.
- Expectations of a weaker dollar: If the dollar continues to weaken, the attractiveness of holding dollar-denominated assets will decrease.
- Geopolitical risk: Trump's statement that he wants to "acquire" or control Greenland (an autonomous territory of Denmark) would be considered a major credit event if it develops into an actual annexation.
Market impact and symbolic significance
While $100 million is insignificant in the global U.S. Treasury market (which exceeds tens of trillions of dollars), the move is symbolic. Analysts point out that Akademiker Pension's action could trigger similar moves by other European institutional investors, increasing market discussion about U.S. credit risk. Following the news, the dollar index (DXY) briefly declined, reflecting fluctuations in market investor sentiment.
Schelde emphasized that the fund has always prioritized responsible investment and risk management, and this sale decision reflects its prudent approach. While a large-scale sell-off has not yet occurred, this event highlights how geopolitical tensions and the US fiscal deficit are gradually influencing global capital flows.
