One of the country’s biggest superannuation funds says it has reached peak exposure to Wall Street and is unwinding its bets to have more cash on hand after pouring millions of dollars in retirement savings into frothy Silicon Valley giants ahead of Donald Trump’s inauguration this year.

UniSuper chief investment officer John Pearce said the fund, which manages $140 billion in savings, was focused on liquidity to meet cash calls and was “questioning our exposure” to markets in the United States.