Just hours before President Donald Trump was set to speak in Davos, Switzerland, one of Sweden's top pension funds, Alecta, cut its investments in U.S. Treasuries.
"Since the beginning of 2025, we have reduced our holdings in U.S. government bonds in several rounds, and together the reductions account for the majority of our holdings," Alecta's Chief Investment Officer Pablo Bernengo told Reuters.
"We have also continued to maintain a high currency hedging ratio against the U.S. dollar," he added.
Swedish outlet Dagens Industri reported that Alecta sold $7.7 billion-8.8 billion in U.S. Treasuries.
The move comes a day after Danish pension fund AkademikerPension announced plans to sell U.S. Treasuries, worth some $100 million.
His whole life is believing he holds all the cards, pushing his "advantage" and then realising he has no power whatsoever.
Art of the deal.