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.
"We're having a lot of discussions (with clients) around (whether) it is time to tilt away from U.S. assets," said Van Luu, global head of solutions strategy, fixed income and foreign exchange at Russell Investments, which advises retirement schemes.
"About 50% of them are considering whether they should do something about it," 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.