Pension funds in Asia-Pacific region limit investments into stocks among growing concerns over trade war between the US and China, Bloomberg reports.

Manager of the biggest pension fund in Australia will reduce investments into stocks within next 12 months and will invest more into fixed income instruments and cash. Thai Government Pension Fund managing $26 billion avoids holdings in shares and bonds of emerging markets due to high outflows risks and currencies weakening. Philippines’s fund Government Insurance System refuses investing into local stocks. Index of country’s shares lost already 14% this year.

World’s large investment players, including Fidelity International and Goldman Sachs, are also cautious about stocks.

Experts think that such behavior of pension funds influences stock market, making it more volatile.