Dutch Central Bank Warns of Risks in US Tech Investments by Pension Funds

The Dutch central bank has issued a cautionary note to pension funds, insurers, and investment funds about their significant investments in US technology stocks. According to recent analysis, these institutions collectively hold over €200 billion in tech stocks, with a substantial portion tied to major US tech firms. This amount is double what was recorded in 2020, indicating a rapid increase in exposure to the tech sector

Dutch financial entities have nearly €95 billion invested in the seven largest US tech companies, namely Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. The central bank highlighted that pension funds, in particular, have increased their tech investments to over €150 billion by July 2025, representing 43% of their listed equity portfolio and 8% of total assets. This marks a significant rise from January 2020, where tech stocks accounted for only 7% of their equity holdings

The central bank underscored the risks associated with such concentrated investments, noting that tech stock valuations are highly dependent on uncertain future profits and are sensitive to geopolitical, regulatory, and innovation-related factors. The bank stressed the importance of maintaining investment strategies within set limits to mitigate potential losses from price corrections in these tech stocks