The United Kingdom’s (“UK”) decision to leave the European Union (“EU”) in late June was a surprise to most market participants, resulting in heightened market volatility. In our and many others’ opinion, the vote to leave the EU has increased uncertainty and has not provided any resolutions. While market volatility has subsided in recent weeks, uncertainty remains. Given the high level of uncertainty and unattractive fixed income and equity market valuations, we believe it will be difficult for investors to generate attractive returns in the near term. Interest rates across the globe are at historically low levels and U.S. equity market valuations are elevated. While equity market valuations across non-U.S. developed and emerging markets are more attractive than those in the U.S., the potential for continued political instability and an uncertain economic outlook present challenges. The balance of this paper provides additional color on our capital market return forecasts and reviews potential investment opportunities which investors may wish to consider.