Dutch investors are increasingly wary of investing in US stocks. Mary Pieterse-Bloem, Professor of financial markets at Erasmus School of Economics and Head of the Investment Office at Rabobank, explains the results of the RaboResearch survey in various media.
‘Investors have become more critical’
Rabobank’s survey shows that a quarter of Dutch investors have reduced their US investments in the past six months, while nearly sixty percent indicate that they would rather not invest new money in the United States. The changed attitude is closely linked to geopolitical developments and uncertainty surrounding the US president’s policy. ‘Investors have become more critical,’ says Professor Mary Pieterse-Bloem. ‘We are seeing a clear shift towards European markets. A growing group of clients even explicitly indicate that they want to avoid US investments.’
The concerns are broadly based: no less than 58% of investors have become more negative about investing in the US. According to Pieterse-Bloem, this sentiment is mainly related to the unpredictable nature of American policy. Investors use terms such as “unreliable”, “uncertain” and “fickle” to describe the current situation. Recent political tensions, such as the threat to withdraw from NATO or impose new import duties, have also left their mark.
European markets are gaining ground
At the same time, 40% of investors have become more positive about investing in Europe. A quarter have actually purchased more European investments in the past six months. The reasons vary, but more often than before, Europe is seen as more stable and reliable. ‘Many investors want to focus more on their own region,’ says Pieterse-Bloem.
Rabobank itself is following this trend in their discretionary portfolios: ‘However, from a strategic point of view, it is important to diversify globally,’ says Pieterse-Bloem. ‘Too much focus on one region, especially a politically unstable one, increases the risk of losses.’
US biggest threat to investors
Investors cite the role of the US on the world stage as the biggest threat to their portfolio in the coming twelve months. Even before trade barriers and military conflicts, US policy is seen as the number one risk. The combination of domestic political tensions, international confrontations and fiscal uncertainty – such as the tax plan that would impose additional taxes on foreign investors – undermines confidence.
The figures are in line with the behaviour of pension funds, which started to reduce their dollar investments earlier this year.
Large-scale research
RaboResearch based the outcomes on a representative survey among 1,868 Dutch people between the ages of 18 and 80, of whom 632 invest themselves or live with an investing partner. The fieldwork took place between April 14 and May 6, 2025, shortly after the announcement of large-scale US import duties.
- More information
Download the full Rabobank report above, and find the related coverage by NOS, AD, NRC and Rabobank here (in Dutch).
For more information, please contact Ronald de Groot, Media & Public Relations Officer at Erasmus School of Economics: rdegroot@ese.eur.nl, mobile: +31 6 53 641 846.
