One of the Nordic region’s biggest pension funds is cutting its holdings of European stocks, and instead piling into U.S. equities

“For now, the U.S. economy is “structurally better composed,” Rytsola said in an interview. That’s why his listed equity portfolio has 41% in North America, up from 24% at the end of 2018. At the same time, Varma has slashed its listed European holdings to 11% from 19%. That excludes Finnish stocks, a less liquid but fairly stable part of the portfolio, which dropped from 39% to 36%”