Norway’s sovereign wealth fund, the world’s largest, is considering moving billions of dollars from Europe to the United States, the fund manager said Tuesday, Aug. .

The Norwegian Central Bank, which manages the Government Pension Fund Global, could change the current weighting and invest more in North America.

“We can all see that both return and the common measure of risk has been better in North America in the past years than it has been in the rest of the world,” Egil Matsen, the deputy central bank governor in charge of the fund, told Reuters.

The fund, created by the Norwegian government to deal with “rainy days” has a market value of more than a trillion dollars as of June 30, 2019, according to CNBC.

The central bank has not specified how much of the fund will be allocated to assets in the United States, a decision they will take in the spring.

“The of any changes in the benchmark index will be gradually over time,” the finance ministry said, according to Reuters.

“We are not specific on that, and that is a conscious decision,” Egil Matsen said, stressing that it would be up to the finance ministry, and Parliament, to decide whether to take up the central bank’s advice.

If the government accepts the advice, this would mean that billions of dollars would be shifted from Europe to the United States and other North American markets.

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