Swedish Pension Fund Alecta Sells Most of Its U.S. Treasury Holdings Citing Policy and Fiscal Risks
Swedish pension fund Alecta has liquidated the majority of its U.S. Treasury holdings due to rising fiscal deficits and political unpredictability in America.
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Swedish pension fund Alecta has divested the majority of its holdings in the United States 
USTreasury market over the past year. This move follows a strategic assessment of increased political risk and fiscal instability within the American government. The institution has reduced its position in several rounds since the beginning of 2025, reflecting a significant shift in its strategy toward long-term government debt.
USTreasury market over the past year. This move follows a strategic assessment of increased political risk and fiscal instability within the American government. The institution has reduced its position in several rounds since the beginning of 2025, reflecting a significant shift in its strategy toward long-term government debt.Pablo Bernengo pablo bernengo, the Chief Investment Officer at Alecta in Sweden 
SE, stated that the divestment was based on a calculated assessment of heightened risk regarding government bonds and the currency. He cited reduced predictability in policy alongside large budget deficits and expanding government debt as primary drivers for the reduction. While Alecta continues to manage a broad portfolio, it maintains a high currency hedging ratio against the greenback, which influences the institutional outlook for the U.S. Dollar / Swedish Krona .
SE, stated that the divestment was based on a calculated assessment of heightened risk regarding government bonds and the currency. He cited reduced predictability in policy alongside large budget deficits and expanding government debt as primary drivers for the reduction. While Alecta continues to manage a broad portfolio, it maintains a high currency hedging ratio against the greenback, which influences the institutional outlook for the U.S. Dollar / Swedish Krona .
