Over the last five years, capital markets across the globe have rewarded investors handsomely. Unprecedented monetary stimulus from central banks around the world has lowered interest rates and boosted equity markets. This has led to a scarcity of attractively priced assets and lowered future return expectations for most asset classes. As a result, investors may be asking themselves how to position their portfolios. The balance of this Insights will describe potential routes that investors might consider including moving to a more defensive positioning, hedging against downside outcomes (i.e. options or tail risk management strategies), increasing portfolio risk to compensate for low expected returns or maintaining existing allocations.