Singapore sovereign wealth fund GIC is warning investors that low readings in the market’s “fear gauges” could be signs of trouble down the road, according to aBloomberg article from earlier this month.

One of those gauges, the VIX, is reported to have recently hit the lowest level since 1993, even lower than those seen in 2007. GIC’s chief executive officer Lim Chow Kiat says that the level of uncertainty is “very high” versus the low volatility in equity prices, adding, “We think this indicates investor complacency, another reason for us to be more cautious.”

The article says Lim argues that “high valuations and low economic growth rates may weigh heavily on future returns,” but that emerging market equities present opportunity because their valuations are not as stretched.

Lim is quoted as saying: “We continue to deliver steady returns. We have built a resilient, diversified portfolio.” Below is a snapshot of the fund’s asset allocation.