Danish Pension Fund AkademikerPension to Exit US Treasuries

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26. Global Stocks Trounce the S&P 500 in Trump's Chaotic First Year, Bloomberg, 1/20/26

Global Stocks Trounce the S&P 500 in Trump’s Chaotic First Year, Bloomberg, 1/20/26

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In fact, equities worldwide — once the US is excluded — have risen around 30% since he took office a year ago, roughly double the S&P 500’s gain, according to MSCI’s index. The US hasn’t lagged that much during a president’s first year since 1993, when the nation was recovering from a recession and investors were flocking to growing markets overseas.

Trump’s comparison with his predecessors is no better: As far as the S&P 500 goes, the first-year gain under Trump clocks in as only the ninth best start to a term since World War II, according to CFRA. Ronald Reagan, George H.W. Bush, Bill Clinton, Barack Obama, Joe Biden — and even Trump during his first stint — all saw bigger gains.

US presidents, of course, don’t determine the direction of the stock market, as much as they take the blame or credit. But in Trump’s case, his trade war, foreign-policy surprises like pushing for a US takeover of Greenland, moves to exert greater control over key industries, and threat to the Federal Reserve’s independence have all periodically unnerved investors. That, in turn, has effectively tapped the brakes on a rally driven largely by the artificial-intelligence boom and the surprisingly resilient economy he inherited.

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[Also] MSCI’s emerging-market index rose over 30% last year, it’s biggest advance since 2017.

More: https://finance.yahoo.com/news/global-stocks-trounce-p-500-131530108.html

The S&P 500 gained 15.7% in Trump's first year, according to a table in the article, comparing the first year of all presidential terms since (and including) FDR.

So, to sum up, it's global stocks ex-US about 30%, emerging markets about 30%, U.S. stocks (S&P 500) 16%

So it's a bit more than some Danish mini-fund not liking U.S. Treasuries