Alecta, Sweden's largest pension fund, has been systematically trimming its Treasury holdings since the start of 2025. According to Pablo Bernengo, the fund's Chief Investment Officer, this strategic pivot stems from escalating macroeconomic risks weighing on the US economy.

The move signals growing caution among major institutional investors regarding US debt stability. As traditional safe-haven assets face renewed scrutiny, pension funds and other long-term players are reassessing their allocation strategies. This reshuffling could have ripple effects across global markets, particularly affecting how institutions balance fixed income exposure against alternative assets in an increasingly uncertain economic landscape.