Danish Fund Wrong to Sell US Treasuries, Guggenheim’s Walsh Says

(Bloomberg) — Danish pension fund AkademikerPension’s plan to exit US Treasuries is wrong because credit fundamentals of the world’s biggest economy remain strong despite the risk-off sentiment pervading the markets, according to Anne Walsh, chief investment officer of Guggenheim Partners.

“Geopolitical headlines are accelerating nervousness in the markets,” Walsh said in a Bloomberg Television interview in Davos on Tuesday during the World Economic Forum. “I tend to disagree with the Danish pension plan,” she said, adding that the the fundamentals for credit and equities are good for at least the first half of the year.

Walsh’s comments were in response to a question about the geopolitical uncertainty sparked by US President Donald Trump’s rhetoric on taking over Greenland, a Danish territory. Anders Schelde, CIO of AkademikerPension told Bloomberg News in an interview Tuesday that the US is “basically not a good credit and long-term the US government finances are not sustainable.”

The Federal Reserve is relatively thoughtful and is “more on the easing side relative to history” with probably a couple of more cuts to go, Walsh said, adding she’s still seeing disinflation. “The credit fundamentals are pretty good in the US,” she said.

Diversification has been a growing focus since the tariff-driven market turbulence of 2025. Investors, who were once heavily skewed to the US, are looking for more balance across their investments, she said.

Elsewhere, Walsh highlighted the strong performance of precious metals, specifically gold. “Gold has been a tremendous performer and should expect a benefit from this level of uncertainty in the marketplace,” she added.

Investors seeking diversification from the US dollar often ramp up investment into precious metals such as gold in less stable times. Gold is up nearly 10% since the beginning of the year.

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