Sweden’s Alecta Sold Most of Its US Treasuries Since Early 2025

Swedish pension fund Alecta has divested most of its holdings in Treasuries since early 2025 owing to growing macroeconomic risks in the US, according to Chief Investment Officer Pablo Bernengo.

The Nordic nation’s biggest private pension fund has taken what it calls “a staged approach” to trimming its US government bond holdings over that time period, Bernengo said in emailed comments. “This is connected to the decreased predictability of US policy in combination with large budget deficits and a growing national debt,” he said.

The divestments “amount to the majority of our stake,” said the CIO, pointing to risks ...