Almost one in three Dutch private investors say they are investing less in the United States because of geopolitical tensions between the US and Europe, research by ING has shown.

Investors are making more conscious choices and increasingly opting for European markets, said Bob Homan, head of the investment office at ING.

“The tensions are making investors think. They are choosing much more deliberately,” he said. Many, he said, are also looking for stability and believe they can find it in Europe.

Some 49% of respondents also said they buy fewer or no American products and are less likely, or not at all likely, to travel to the US.

The findings echo earlier research by Rabobank, which last year reported that many Dutch investors were reluctant to buy new shares in US companies. A quarter said they had even sold their holdings.

ING’s latest survey does not suggest that investors are abandoning US shares en masse. However, Homan said the decision to invest less in the US is understandable. “America is also lagging behind Europe and the rest of the world on the stock markets,” he said.