Sovereign investment fund of Norway having $1 trillion of assets is experiencing problems applying its global investing model, Bloomberg reports.

The largest sovereign wealth fund in the world gained 1,8% or $20 billion in a quarter. Stocks grew 2,7%, bonds haven’t changed, while real estate gained 1,9%.

North American and European stocks showed positive growth in quarter despite of perspectives for trade barriers.

The goal of the fund is to invest money, received from Norwegian oil, abroad, in order to use benefits of globalization and growth it stimulates. However, this philosophy is questioned today amid US tariffs applied to partners all around the world. Investor that holds about 1,4% of global shares also follows after indexes, and this does not allow avoiding global turmoil.

By the end of quarter fund held 66,8% in stocks, 30,6% in bonds and 2,6% in real estate. It is the largest shareholder of US IT-giants. The largest holding was in Apple Inc., Amazon.com and Microsoft Corp. Among bonds, the biggest holding is in US Treasuries, followed by Japanese and German bonds.