About the data

Benchmarking

Compare U.S. fund holdings measured from N-PORT with the U.S. Treasury's TIC survey.

The U.S. Treasury's International Capital (TIC) system surveys U.S. holdings of foreign securities once a year. N-PORT reports the same holdings every quarter, security by security.

Each chart below plots shares of the external portfolio rather than dollars, because while we cannot compare dollar totals between TIC and N-PORT, we can compare the currency and country composition of foreign holdings.

U.S. Mutual Fund Holdings of Foreign Debt by Currency

Each currency's share of the external bond portfolio · 2019–2024 · dashed line marks agreement

% of the external portfolio

USD
EUR
JPY
Other

2019
2020
2021
2022
2023
2024

Excluding USD

Year	Series	TIC (% of portfolio)	N-PORT (% of portfolio)	TIC ($bn)	N-PORT ($bn)
2019	USD	71.793	71.604	929	962.5
2019	Other	13.138	13.646	170	183.43
2019	EUR	11.051	10.681	143	143.58
2019	JPY	4.096	4.069	53	54.69
2020	USD	70.092	72.242	989	1029.81
2020	Other	13.536	12.772	191	182.06
2020	EUR	12.544	11.081	177	157.96
2020	JPY	3.969	3.904	56	55.65
2021	USD	74.229	72.744	1227	1149.06
2021	Other	11.373	12.922	188	204.11
2021	EUR	10.95	11.252	181	177.74
2021	JPY	3.448	3.081	57	48.66
2022	USD	71.592	72.275	856.96	914.06
2022	EUR	12.927	12.172	154.74	153.94
2022	Other	11.096	11.53	132.82	145.82
2022	JPY	4.384	4.026	52.48	50.92
2023	USD	69.797	70.482	880.14	907.17
2023	EUR	14.689	13.732	185.23	176.74
2023	Other	11.799	12.442	148.79	160.14
2023	JPY	3.625	3.346	45.71	43.06
2024	USD	69.798	69.768	862	999.77
2024	EUR	14.818	14.459	183	207.2
2024	Other	12.389	12.993	153	186.19
2024	JPY	2.996	2.782	37	39.86

Global Capital Allocation Project Source: SEC Form N-PORT via GCAP. Both sides are restricted to U.S. mutual funds, which makes this the one panel where the dollar levels are comparable as well. TIC figures are from the U.S. Treasury's annual Securities (c) Holdings survey; N-PORT is as of each Q4, on the method paper's foreign-holdings definition. At the mutual-fund level TIC resolves only USD, EUR, JPY and a residual, with no separate sterling figure, unlike the all-holdings file used in the next chart. N-PORT is bucketed the same way, so GBP sits inside Other. 2019-2023 come from the survey file directly; 2024 is read from the published report, in dollars rather than percentages, so the panel keeps its dollar column throughout.

U.S. Holdings of Foreign Debt by Currency of Denomination

Each currency's share of the external debt portfolio · 2019–2024 · dashed line marks agreement

% of the external portfolio

USD
EUR
JPY
GBP
CAD
AUD
CNY
Other

2019
2020
2021
2022
2023
2024

Excluding USD

Year	Series	TIC (% of portfolio)	N-PORT (% of portfolio)	TIC ($bn)	N-PORT ($bn)
2019	USD	76.7	71.604	2752.76	962.5
2019	EUR	8.1	10.681	290.71	143.58
2019	Other	4.6	8.192	165.09	110.12
2019	GBP	3.8	2.998	136.38	40.3
2019	JPY	3.7	4.069	132.79	54.69
2019	CAD	2.3	1.491	82.55	20.04
2019	AUD	0.5	0.577	17.95	7.76
2019	CNY	0.3	0.388	10.77	5.22
2020	USD	74.7	72.242	2817.68	1029.81
2020	EUR	9	11.081	339.48	157.96
2020	JPY	4.7	3.904	177.28	55.65
2020	Other	3.8	6.286	143.34	89.6
2020	GBP	3.7	3.122	139.56	44.51
2020	CAD	2.5	1.367	94.3	19.49
2020	AUD	0.8	0.889	30.18	12.67
2020	CNY	0.8	1.107	30.18	15.78
2021	USD	79.4	72.744	3380.85	1149.06
2021	EUR	7.4	11.252	315.09	177.74
2021	Other	3.3	6.169	140.51	97.44
2021	JPY	3	3.081	127.74	48.66
2021	GBP	3	3.12	127.74	49.28
2021	CAD	2.4	1.433	102.19	22.63
2021	AUD	0.7	0.965	29.81	15.24
2021	CNY	0.7	1.236	29.81	19.52
2022	USD	79.6	72.275	2969.08	914.06
2022	EUR	7.9	12.172	294.67	153.94
2022	JPY	3.8	4.026	141.74	50.92
2022	GBP	3.1	2.946	115.63	37.26
2022	Other	3.1	5.548	115.63	70.17
2022	CAD	1.6	1.309	59.68	16.56
2022	AUD	0.7	1.075	26.11	13.59
2022	CNY	0.4	0.652	14.92	8.24
2023	USD	78.4	70.482	3019.18	907.17
2023	EUR	8.6	13.732	331.19	176.74
2023	Other	3.4	6.153	130.93	79.2
2023	JPY	3.2	3.346	123.23	43.06
2023	GBP	3	3.165	115.53	40.74
2023	CAD	2.4	1.353	92.42	17.42
2023	AUD	0.7	1.068	26.96	13.75
2023	CNY	0.3	0.702	11.55	9.04
2024	USD	77.277	69.768	—	999.77
2024	EUR	9.209	14.459	—	207.2
2024	Other	3.804	6.327	—	90.66
2024	GBP	3.504	3.267	—	46.81
2024	JPY	2.703	2.782	—	39.86
2024	CAD	2.402	1.529	—	21.91
2024	AUD	0.701	1.14	—	16.34
2024	CNY	0.4	0.73	—	10.46

Global Capital Allocation Project Source: SEC Form N-PORT via GCAP. TIC figures are from the U.S. Treasury and cover all U.S. holdings of foreign long- and short-term debt, not funds alone, resolving USD, EUR, JPY, GBP, CAD, AUD, CNY and a residual. 2019-2023 come from the underlying dollar figures; 2024 is taken from Exhibit 12 of the published report, which gives percentages only, so no dollar column is shown for that year. N-PORT covers registered funds, so the two portfolios differ in size by construction; plotting shares is what makes them comparable.

U.S. Holdings of Foreign Equity by Country

Each country's share of the external equity portfolio · 2019–2024 · dashed line marks agreement

% of the external portfolio

Excluding the Cayman Islands

Survey year2024

The chart shows 2024.

Year	Series	TIC (% of portfolio)	N-PORT (% of portfolio)	TIC ($bn)	N-PORT ($bn)
2019	Cayman Islands	15.842	13.551	1501.49	637.84
2019	United Kingdom	10.694	9.952	1013.55	468.41
2019	Japan	9.78	10.894	926.92	512.78
2019	Canada	6.253	5.091	592.7	239.64
2019	Ireland	5.914	5.352	560.51	251.93
2019	Switzerland	5.823	6.19	551.9	291.36
2019	France	4.94	5.542	468.26	260.86
2019	Germany	4.019	4.359	380.91	205.19
2019	Netherlands	3.909	4.207	370.54	198
2019	Bermuda	2.526	1.991	239.41	93.71
2019	Taiwan	2.266	2.729	214.8	128.47
2019	South Korea	2.233	2.676	211.62	125.97
2019	China	2.155	2.614	204.25	123.03
2019	Australia	2.127	2.403	201.61	113.09
2019	India	1.953	2.845	185.11	133.93
2019	Hong Kong	1.802	2.228	170.83	104.89
2019	Brazil	1.778	2.229	168.53	104.92
2019	Spain	1.214	1.33	115.11	62.61
2019	Sweden	1.162	1.248	110.17	58.73
2019	Italy	1.042	1.29	98.74	60.72
2019	Denmark	1.033	1.042	97.92	49.06
2019	Jersey	1.012	0.903	95.92	42.51
2019	Luxembourg	0.857	0.378	81.25	17.8
2019	South Africa	0.749	0.881	70.96	41.46
2019	Russian Federation	0.705	0.853	66.84	40.14
2019	Mexico	0.701	0.626	66.47	29.48
2019	Singapore	0.677	0.681	64.12	32.04
2019	Belgium	0.57	0.586	54.03	27.6
2019	Virgin Islands, British	0.553	0.096	52.42	4.53
2019	Israel	0.536	0.428	50.77	20.13
2019	Curaçao	0.418	0.408	39.6	19.19
2019	Finland	0.408	0.424	38.66	19.98
2019	Thailand	0.4	0.533	37.87	25.1
2019	Indonesia	0.384	0.445	36.39	20.95
2019	Norway	0.378	0.4	35.87	18.84
2019	Guernsey	0.374	0.094	35.48	4.42
2019	Malaysia	0.223	0.276	21.12	12.98
2019	Panama	0.214	0.024	20.3	1.11
2019	Philippines	0.211	0.243	19.99	11.45
2019	Liberia	0.184	0	17.43	0
2019	Mauritius	0.169	0.007	16	0.32
2019	Saudi Arabia	0.16	0.189	15.15	8.91
2019	Austria	0.149	0.149	14.12	7.01
2019	Türkiye	0.148	0.154	14.02	7.23
2019	New Zealand	0.145	0.154	13.71	7.24
2019	Marshall Islands	0.138	0.055	13.07	2.59
2019	Chile	0.116	0.135	10.95	6.34
2019	Poland	0.097	0.117	9.24	5.5
2019	Portugal	0.094	0.106	8.91	4.97
2019	Greece	0.078	0.076	7.42	3.58
2019	United Arab Emirates	0.077	0.119	7.32	5.58
2019	Colombia	0.066	0.062	6.3	2.93
2019	Qatar	0.066	0.082	6.29	3.87
2019	Hungary	0.065	0.073	6.13	3.42
2019	Bahamas	0.058	0.009	5.45	0.44
2019	Egypt	0.039	0.039	3.73	1.82
2019	Isle of Man	0.037	0.012	3.54	0.56
2019	Argentina	0.032	0.01	3.01	0.45
2019	Peru	0.029	0.026	2.74	1.21
2019	Kuwait	0.028	0.046	2.65	2.17
2019	Vietnam	0.026	0.037	2.42	1.75
2019	Czechia	0.022	0.026	2.1	1.23
2019	Papua New Guinea	0.018	0.027	1.74	1.28
2019	Cyprus	0.016	0.008	1.53	0.36
2019	Pakistan	0.014	0.014	1.28	0.65
2019	Kenya	0.012	0.014	1.18	0.65
2019	Macao	0	0.032	0	1.51
2019	Puerto Rico	0	0.104	0	4.89
2020	Cayman Islands	19.094	16.804	2026.78	826.63
2020	Japan	9.539	10.555	1012.54	519.21
2020	United Kingdom	8.659	7.558	919.16	371.81
2020	Canada	6.439	5.022	683.46	247.03
2020	Ireland	5.726	5.589	607.83	274.93
2020	Switzerland	5.554	6.023	589.59	296.27
2020	France	4.51	4.997	478.75	245.8
2020	Netherlands	3.987	4.254	423.22	209.27
2020	Germany	3.973	4.164	421.7	204.85
2020	Taiwan	2.866	3.385	304.19	166.53
2020	South Korea	2.613	2.911	277.33	143.21
2020	China	2.365	3.281	251.03	161.38
2020	Bermuda	2.26	1.851	239.87	91.05
2020	Australia	2.14	2.395	227.17	117.83
2020	India	2.098	2.885	222.69	141.91
2020	Hong Kong	1.489	2.052	158.09	100.96
2020	Sweden	1.457	1.509	154.67	74.24
2020	Brazil	1.361	1.744	144.42	85.77
2020	Denmark	1.314	1.396	139.48	68.66
2020	Luxembourg	1.235	0.589	131.14	28.98
2020	Jersey	1.189	1.08	126.2	53.13
2020	Spain	1.068	1.137	113.4	55.91
2020	Italy	0.906	1.195	96.15	58.77
2020	Israel	0.668	0.573	70.91	28.21
2020	South Africa	0.616	0.691	65.42	33.97
2020	Mexico	0.605	0.529	64.2	26.04
2020	Singapore	0.549	0.808	58.27	39.74
2020	Russian Federation	0.54	0.594	57.35	29.21
2020	Belgium	0.507	0.575	53.79	28.28
2020	Virgin Islands, British	0.478	0.084	50.69	4.13
2020	Finland	0.438	0.458	46.45	22.52
2020	Guernsey	0.398	0.082	42.29	4.01
2020	Norway	0.35	0.34	37.18	16.73
2020	Indonesia	0.285	0.329	30.25	16.2
2020	Thailand	0.273	0.321	28.95	15.78
2020	Saudi Arabia	0.197	0.26	20.89	12.79
2020	Curaçao	0.196	0.199	20.81	9.79
2020	Mauritius	0.178	0.01	18.94	0.48
2020	Malaysia	0.177	0.217	18.79	10.65
2020	New Zealand	0.166	0.185	17.58	9.12
2020	Panama	0.137	0.016	14.59	0.77
2020	Philippines	0.137	0.179	14.57	8.79
2020	Austria	0.116	0.117	12.33	5.74
2020	Liberia	0.112	0	11.87	0
2020	Türkiye	0.108	0.084	11.49	4.15
2020	Chile	0.089	0.097	9.45	4.78
2020	Poland	0.087	0.083	9.27	4.08
2020	Portugal	0.086	0.099	9.1	4.85
2020	Marshall Islands	0.082	0.027	8.72	1.35
2020	Greece	0.057	0.05	6.09	2.48
2020	United Arab Emirates	0.056	0.078	5.95	3.83
2020	Qatar	0.055	0.072	5.87	3.54
2020	Hungary	0.05	0.067	5.27	3.31
2020	Isle of Man	0.048	0.009	5.12	0.42
2020	Colombia	0.041	0.031	4.38	1.52
2020	Kuwait	0.034	0.039	3.66	1.93
2020	Peru	0.026	0.019	2.78	0.93
2020	Cyprus	0.025	0.014	2.68	0.68
2020	Egypt	0.024	0.028	2.6	1.36
2020	Vietnam	0.024	0.025	2.54	1.24
2020	Argentina	0.017	0.004	1.76	0.19
2020	Czechia	0.015	0.015	1.61	0.76
2020	Bahamas	0.014	0.004	1.45	0.2
2020	Malta	0.012	0.008	1.25	0.38
2020	Kazakhstan	0.01	0.013	1.02	0.62
2020	Iceland	0.009	0.015	1	0.73
2020	Macao	0	0.023	0	1.14
2020	Puerto Rico	0	0.089	0	4.36
2021	Cayman Islands	17.29	15.765	2085.35	945.36
2021	United Kingdom	9.025	7.943	1088.57	476.32
2021	Japan	8.545	9.368	1030.67	561.77
2021	Canada	7.319	5.75	882.82	344.81
2021	Ireland	6.673	5.856	804.83	351.19
2021	Switzerland	5.777	6.003	696.75	359.98
2021	France	4.787	5.396	577.32	323.58
2021	Netherlands	4.658	4.968	561.83	297.89
2021	Germany	3.798	4.11	458.11	246.46
2021	Taiwan	3.073	3.604	370.59	216.15
2021	India	2.431	3.463	293.15	207.65
2021	China	2.223	2.903	268.18	174.08
2021	Australia	2.151	2.551	259.46	152.96
2021	South Korea	2.1	2.476	253.25	148.48
2021	Bermuda	2.059	1.515	248.39	90.87
2021	Sweden	1.722	1.868	207.74	112
2021	Denmark	1.339	1.347	161.5	80.77
2021	Jersey	1.278	1.129	154.17	67.68
2021	Luxembourg	1.258	0.548	151.72	32.87
2021	Hong Kong	1.159	1.585	139.79	95.07
2021	Brazil	1.04	1.316	125.43	78.89
2021	Spain	0.983	1.146	118.59	68.72
2021	Italy	0.889	1.206	107.22	72.35
2021	Israel	0.768	0.643	92.62	38.55
2021	Mexico	0.625	0.545	75.36	32.69
2021	Virgin Islands, British	0.58	0.112	69.92	6.7
2021	Russian Federation	0.574	0.795	69.23	47.66
2021	Singapore	0.542	0.942	65.32	56.46
2021	Belgium	0.474	0.585	57.13	35.09
2021	South Africa	0.467	0.525	56.35	31.47
2021	Guernsey	0.455	0.079	54.92	4.73
2021	Finland	0.454	0.475	54.77	28.49
2021	Norway	0.379	0.421	45.73	25.22
2021	Indonesia	0.279	0.336	33.65	20.15
2021	Saudi Arabia	0.269	0.35	32.4	20.99
2021	Thailand	0.24	0.294	28.91	17.66
2021	Mauritius	0.231	0.009	27.88	0.56
2021	Curaçao	0.228	0.235	27.5	14.08
2021	Austria	0.145	0.158	17.54	9.5
2021	Malaysia	0.145	0.181	17.47	10.88
2021	Panama	0.135	0.019	16.23	1.16
2021	New Zealand	0.127	0.149	15.28	8.91
2021	Liberia	0.121	0	14.64	0
2021	Philippines	0.118	0.154	14.22	9.25
2021	Marshall Islands	0.11	0.032	13.21	1.92
2021	Poland	0.094	0.099	11.39	5.95
2021	United Arab Emirates	0.089	0.106	10.79	6.35
2021	Portugal	0.075	0.084	9	5.04
2021	Chile	0.067	0.081	8.03	4.85
2021	Türkiye	0.066	0.072	7.91	4.34
2021	Qatar	0.06	0.073	7.19	4.37
2021	Isle of Man	0.06	0.009	7.18	0.56
2021	Greece	0.059	0.065	7.15	3.88
2021	Cyprus	0.053	0.055	6.39	3.31
2021	Hungary	0.049	0.083	5.89	4.99
2021	Kuwait	0.039	0.057	4.74	3.42
2021	Colombia	0.028	0.025	3.43	1.51
2021	Vietnam	0.027	0.031	3.24	1.86
2021	Egypt	0.024	0.024	2.85	1.46
2021	Peru	0.02	0.009	2.38	0.52
2021	Argentina	0.019	0.003	2.29	0.18
2021	Kazakhstan	0.019	0.031	2.25	1.87
2021	Bahamas	0.018	0.004	2.2	0.23
2021	Czechia	0.017	0.018	2.02	1.06
2021	Malta	0.011	0.012	1.31	0.69
2021	AI	0.01	0	1.25	0
2021	Puerto Rico	0	0.12	0	7.18
2022	Cayman Islands	18.729	15.207	1925.3	713.52
2022	United Kingdom	9.486	8.705	975.09	408.43
2022	Japan	8.216	9.164	844.6	429.99
2022	Canada	7.114	6.515	731.28	305.68
2022	Ireland	6.599	6.282	678.36	294.76
2022	Switzerland	5.342	6.167	549.15	289.35
2022	France	4.926	5.847	506.42	274.35
2022	Netherlands	4.033	4.238	414.62	198.87
2022	Germany	3.482	3.79	357.91	177.83
2022	India	2.7	3.934	277.54	184.58
2022	Australia	2.467	2.746	253.62	128.86
2022	Taiwan	2.25	2.782	231.3	130.55
2022	China	2.199	2.546	226.09	119.48
2022	Bermuda	1.972	1.47	202.68	68.96
2022	South Korea	1.753	2.262	180.2	106.11
2022	Denmark	1.555	1.63	159.84	76.46
2022	Luxembourg	1.404	0.386	144.35	18.11
2022	Brazil	1.315	1.75	135.13	82.09
2022	Jersey	1.314	1.151	135.1	54.02
2022	Sweden	1.274	1.422	130.99	66.7
2022	Hong Kong	1.175	1.47	120.83	68.95
2022	Spain	0.979	1.129	100.66	52.96
2022	Italy	0.788	1.06	81.05	49.74
2022	Mexico	0.709	0.685	72.89	32.13
2022	Singapore	0.696	0.792	71.54	37.15
2022	Israel	0.659	0.537	67.78	25.21
2022	Curaçao	0.507	0.554	52.09	26.01
2022	Virgin Islands, British	0.505	0.099	51.89	4.66
2022	South Africa	0.499	0.591	51.32	27.72
2022	Guernsey	0.486	0.105	49.97	4.95
2022	Norway	0.485	0.492	49.84	23.09
2022	Belgium	0.458	0.591	47.12	27.73
2022	Finland	0.438	0.484	44.98	22.7
2022	Saudi Arabia	0.355	0.547	36.5	25.66
2022	Indonesia	0.353	0.47	36.26	22.03
2022	Thailand	0.32	0.389	32.92	18.26
2022	Mauritius	0.27	0.01	27.72	0.47
2022	Russian Federation	0.253	0.004	25.96	0.21
2022	Malaysia	0.163	0.21	16.74	9.83
2022	Marshall Islands	0.15	0.06	15.47	2.82
2022	United Arab Emirates	0.146	0.198	15.04	9.29
2022	Chile	0.122	0.132	12.58	6.19
2022	Austria	0.119	0.128	12.26	6.01
2022	Türkiye	0.119	0.12	12.26	5.63
2022	New Zealand	0.108	0.116	11.07	5.42
2022	Philippines	0.102	0.145	10.49	6.78
2022	Panama	0.101	0.022	10.43	1.02
2022	Liberia	0.1	0	10.24	0
2022	Portugal	0.097	0.111	9.98	5.19
2022	Poland	0.087	0.088	8.97	4.15
2022	Qatar	0.081	0.122	8.28	5.73
2022	Greece	0.072	0.08	7.42	3.76
2022	Kuwait	0.062	0.091	6.4	4.25
2022	Isle of Man	0.053	0.004	5.46	0.18
2022	Hungary	0.033	0.05	3.43	2.34
2022	Colombia	0.028	0.02	2.85	0.96
2022	Cyprus	0.025	0.001	2.58	0.03
2022	Vietnam	0.021	0.029	2.12	1.36
2022	Argentina	0.019	0.004	1.94	0.21
2022	Egypt	0.016	0.014	1.64	0.67
2022	Kazakhstan	0.014	0.021	1.43	1
2022	Bahamas	0.013	0.003	1.37	0.16
2022	Czechia	0.013	0.017	1.31	0.8
2022	Peru	0.013	0.009	1.31	0.4
2022	Puerto Rico	0	0.127	0	5.98
2023	Cayman Islands	16.837	16.154	1934.8	882.36
2023	United Kingdom	9.231	8.587	1060.74	469.03
2023	Japan	8.626	9.878	991.27	539.54
2023	Canada	7.305	6.212	839.48	339.3
2023	Ireland	7.164	6.395	823.2	349.29
2023	Switzerland	5.286	5.688	607.42	310.71
2023	France	5.193	6.118	596.72	334.17
2023	Netherlands	4.423	4.312	508.24	235.55
2023	Germany	3.634	3.903	417.63	213.19
2023	India	2.976	3.761	342	205.45
2023	Taiwan	2.747	3.122	315.64	170.52
2023	Australia	2.343	2.539	269.23	138.71
2023	South Korea	1.978	2.455	227.28	134.08
2023	Bermuda	1.874	1.434	215.32	78.3
2023	Denmark	1.792	1.957	205.87	106.89
2023	China	1.755	2.094	201.62	114.39
2023	Luxembourg	1.501	0.447	172.5	24.39
2023	Brazil	1.365	1.506	156.9	82.24
2023	Sweden	1.359	1.375	156.18	75.11
2023	Jersey	1.266	1.06	145.49	57.9
2023	Spain	1.057	1.193	121.5	65.19
2023	Italy	0.928	1.194	106.64	65.21
2023	Hong Kong	0.846	1.193	97.27	65.17
2023	Mexico	0.823	0.691	94.59	37.72
2023	Singapore	0.64	0.655	73.58	35.78
2023	Israel	0.636	0.463	73.07	25.28
2023	Guernsey	0.514	0.087	59.01	4.77
2023	Curaçao	0.449	0.527	51.64	28.81
2023	Belgium	0.415	0.553	47.68	30.19
2023	South Africa	0.401	0.455	46.05	24.83
2023	Virgin Islands, British	0.387	0.074	44.45	4.04
2023	Saudi Arabia	0.38	0.467	43.62	25.51
2023	Finland	0.368	0.426	42.3	23.26
2023	Indonesia	0.361	0.423	41.47	23.11
2023	Norway	0.327	0.387	37.54	21.12
2023	Russian Federation	0.249	0.005	28.63	0.29
2023	Thailand	0.244	0.286	28.03	15.62
2023	Mauritius	0.238	0.015	27.33	0.82
2023	Liberia	0.218	0	25.04	0
2023	Panama	0.164	0.021	18.81	1.13
2023	United Arab Emirates	0.155	0.175	17.84	9.58
2023	Malaysia	0.143	0.182	16.46	9.92
2023	Chile	0.127	0.094	14.65	5.12
2023	Austria	0.123	0.133	14.14	7.28
2023	Marshall Islands	0.119	0.067	13.72	3.68
2023	Poland	0.117	0.13	13.43	7.11
2023	Türkiye	0.112	0.123	12.89	6.74
2023	Greece	0.097	0.106	11.18	5.79
2023	New Zealand	0.097	0.109	11.12	5.96
2023	Philippines	0.096	0.121	10.99	6.61
2023	Portugal	0.091	0.109	10.49	5.98
2023	Qatar	0.069	0.085	7.97	4.62
2023	Kuwait	0.051	0.07	5.81	3.83
2023	Hungary	0.043	0.056	4.96	3.04
2023	Isle of Man	0.039	0.003	4.47	0.19
2023	Argentina	0.025	0.004	2.82	0.24
2023	Vietnam	0.022	0.031	2.57	1.69
2023	Peru	0.021	0.012	2.42	0.63
2023	Colombia	0.019	0.018	2.23	0.97
2023	Kazakhstan	0.019	0.025	2.19	1.37
2023	Cyprus	0.019	0.004	2.16	0.21
2023	Egypt	0.017	0.013	2	0.72
2023	Bahamas	0.016	0.006	1.87	0.35
2023	Czechia	0.013	0.016	1.51	0.9
2023	Puerto Rico	0	0.131	0	7.16
2024	Cayman Islands	17.749	19.243	2146.53	1193.24
2024	United Kingdom	9.886	8.488	1195.67	526.37
2024	Japan	8.298	9.185	1003.61	569.58
2024	Ireland	7.87	6.949	951.84	430.92
2024	Canada	7.573	6.142	915.94	380.85
2024	Switzerland	4.608	4.879	557.32	302.54
2024	France	4.452	5.113	538.39	317.06
2024	Netherlands	4.005	3.73	484.39	231.31
2024	Taiwan	3.809	4.471	460.69	277.27
2024	Germany	3.687	4.001	445.9	248.09
2024	India	3.082	4.184	372.76	259.48
2024	Australia	2.024	2.288	244.81	141.86
2024	Luxembourg	1.882	0.534	227.58	33.1
2024	Bermuda	1.879	1.39	227.19	86.22
2024	China	1.86	2.156	224.9	133.68
2024	Denmark	1.756	1.696	212.34	105.19
2024	South Korea	1.424	1.907	172.21	118.23
2024	Sweden	1.137	1.278	137.57	79.26
2024	Spain	1.075	1.24	129.98	76.87
2024	Jersey	1.018	0.747	123.16	46.35
2024	Italy	0.997	1.286	120.61	79.77
2024	Singapore	0.99	0.713	119.74	44.23
2024	Brazil	0.873	1.02	105.58	63.25
2024	Israel	0.798	0.577	96.48	35.77
2024	Hong Kong	0.71	0.966	85.88	59.92
2024	Mexico	0.517	0.523	62.55	32.44
2024	Guernsey	0.497	0.088	60.07	5.43
2024	South Africa	0.384	0.5	46.46	31.01
2024	Liberia	0.377	0	45.56	0
2024	Belgium	0.374	0.549	45.25	34.02
2024	Saudi Arabia	0.372	0.481	44.96	29.81
2024	Virgin Islands, British	0.366	0.055	44.21	3.4
2024	Finland	0.323	0.362	39.02	22.42
2024	Curaçao	0.315	0.33	38.05	20.48
2024	Indonesia	0.295	0.401	35.67	24.85
2024	Norway	0.247	0.269	29.9	16.69
2024	Thailand	0.227	0.275	27.44	17.08
2024	Mauritius	0.226	0.031	27.29	1.93
2024	United Arab Emirates	0.204	0.219	24.63	13.57
2024	Panama	0.2	0.02	24.19	1.22
2024	Malaysia	0.171	0.216	20.7	13.38
2024	Austria	0.13	0.135	15.71	8.36
2024	Greece	0.109	0.124	13.21	7.68
2024	Chile	0.108	0.081	13.06	5.01
2024	Türkiye	0.108	0.123	13.06	7.62
2024	Poland	0.102	0.121	12.31	7.51
2024	Russian Federation	0.099	0.001	12	0.07
2024	New Zealand	0.093	0.103	11.29	6.36
2024	Philippines	0.091	0.131	11.04	8.1
2024	Marshall Islands	0.089	0.054	10.77	3.37
2024	Portugal	0.077	0.095	9.29	5.88
2024	Argentina	0.065	0.012	7.86	0.75
2024	Qatar	0.065	0.085	7.85	5.24
2024	Kuwait	0.059	0.073	7.18	4.54
2024	Hungary	0.047	0.059	5.7	3.63
2024	Isle of Man	0.034	0.005	4.17	0.31
2024	Vietnam	0.026	0.031	3.19	1.94
2024	Colombia	0.026	0.014	3.15	0.85
2024	Kazakhstan	0.023	0.027	2.83	1.7
2024	Bahamas	0.019	0.011	2.27	0.67
2024	Cyprus	0.013	0.004	1.62	0.22
2024	Egypt	0.013	0.011	1.62	0.7
2024	Peru	0.013	0.007	1.53	0.45
2024	Czechia	0.012	0.016	1.45	0.97
2024	Puerto Rico	0	0.122	0	7.57

Global Capital Allocation Project Source: SEC Form N-PORT via GCAP. TIC figures are from the U.S. Treasury's bilateral holdings data, published for all U.S. holdings; there is no country breakdown for funds alone. Countries are assigned as in the method paper: an identifier-based country of issuance rather than the country the filer reported, with holdings still coded to the United States attributed to the Cayman Islands, since those are overwhelmingly Cayman-domiciled holding companies and Chinese ADRs. Use the slider to move between survey years.

What this comparison can and cannot show

Only the first chart compares like with like in dollars. TIC reports a mutual-fund sector once a year, while its currency and country breakdowns exist only for all U.S. holdings combined. Every panel is therefore plotted as a share, because composition is comparable across the two universes even though levels are not.
TIC is annual. All three panels now reach 2024, its latest year. N-PORT runs to 2026Q1 and is quarterly, so the comparison is limited by the survey, not by the filings.
TIC's detail is coarse by design. Currency resolves four currencies and a residual, and only for debt; country detail is published for all U.S. holdings but never for funds alone. These charts show what the survey allows, not what N-PORT can do.
Fund shares are included here, where the rest of the site drops them. TIC counts shares of foreign-domiciled funds as portfolio equity, so matching it means keeping holdings whose issuer is itself a registered fund, about $73bn in the latest quarter. Totals on this page differ from every other page for that reason.

U.S. Mutual Fund Holdings of Foreign Debt by Currency

U.S. Holdings of Foreign Debt by Currency of Denomination

U.S. Holdings of Foreign Equity by Country

What this comparison can and cannot show

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