US pension funds to sell $33B in stocks, largest sell-off since 2000

US pension funds: US pension funds are retirement-investment institutions that manage assets for public- and private-sector workers and allocate capital across equities, bonds, and other investments. In this news, they are expected to rebalance portfolios near the end of September by reducing stock exposure and increasing fixed-income holdings, according to a Goldman Sachs estimate reported on September 30, 2026. Rebalancing: The projected stock selling is linked to quarter-end portfolio rebalancing after equities outperformed bonds, which can push pension portfolios above their target stock allocations. Market offset: Systematic CTA funds could partly offset pension-fund selling, but their direction depends on whether equity markets remain stable, rise, or decline. Historical context: Goldman Sachs said the projected selling flow ranks in the 98th percentile of its historical data since 2000.