‘In these factious times, investors are hard put to find their footing. They face rising uncertainty but falling returns. By some measures, uncertainty about economic prospects is currently highest on record. Further, policy makers seem to have limited ammunition to reflate economies.’

That’s the bleak assessment of the global landscape offered up by Lim Chow Kiat, who oversees the sixth-biggest sovereign wealth fund in the world.

“When faced with uncertainties, it is advisable to have optionality,” the CEO of Singapore’s GIC Pte was quoted as saying by Bloomberg on Thursday. “Tactically, that may be raising some cash as dry powder.”

Lim, charged with calling the shots for about $440 billion in assets at the fund, was speaking at GIC Insights, the group’s annual thought leadership event.

This isn’t the first time he’s raised a yellow flag on the global economy. According to Bloomberg, he raised similar concerns back in March and before that warned returns would be lower in coming years amid escalating trade tensions.

Meanwhile, U.S. stocks were heading toward a quiet close on Thursday, with the Dow Jones Industrial Average

DJIA, -0.59%,

Nasdaq Composite

COMP, -0.80%

and S&P 500

SPX, -0.49%

all hovering near breakeven.

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2019-09-21