While the rest of the market remains remarkably stoic about the potential threat from a long-lasting, escalating trade war with China, the world’s arguably biggest money manager is not so sure: according to Bloomberg, the man running the world’s biggest sovereign wealth fund is scrambling to figure out how much damage an all-out global trade war might do to his portfolio.

And with good reason: Yngve Slyngstad, the 55-year-old chief executive officer of Norwegian sovereign wealth fund, oversees investments in more than 70 countries and 9,000 companies across the globe; he also manages a total of just around $1 trillion, or 1.4% of global stocks.

And with that kind of exposure to the global economy, he’s understandably analyzing the signal – and noise – coming from the U.S. and China more closely than most (and with the S&P trading at all time highs, it is safe to say that most aren’t analyzing it at all).

“It’s quite possible there will be a rupture in trade,” Slyngstad told Bloomberg TV in an interview, his caution predicated by his massive exposure everywhere, which would make it hard to avoid disruptions to the global economy when they hit.

While Slyngstad is especially concerned about the fate of China in this new world order, he also questions the future of the global supply chains that make manufacturing tick and on which companies such as Apple rely to make iPhones in China.

“The interesting part long-term is if the global supply chains will become reconfigured,” he said. “Whether that’s actually going to become two regional ones, one centered on the U.S. and another centered on China, or are we still going to have a globalized supply chain as we have today.”

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