With uncertainty the flavour of the day, fund managers have taken advantage of recent market ructions to snap up UK-exposed bargains, gold stocks and property trusts, defying the volatility of the post-Brexit world.
Where Perpetual is topping up on Henderson locally and UK insurance firm Aviva, other funds such as one run by State Street are looking towards listed property trusts to pad out their portfolios.
Buying trends show Australian investors are still hunting for growth and yield. "There's been a huge flight to sectors that benefit from low interest rates," said Garry Laurence, global portfolio manager at Perpetual. "And after Brexit, we still think the UK consumer is alive and well, so there's been an overreaction by financial markets. That's certainly presented us with some opportunities to top up our portfolios." 
While Perpetual has increased its holding in Henderson, which has seen a 31 per cent fall since the Brexit vote, and JCP Investment Partners have loaded up CYBG, down 33 per cent, some fund managers are wary of seeing these Brexit plays as opportunities.
"We're not necessarily going towards those stocks," said Julian Beaumont, portfolio manager at Bennelong Australian Equity Partners. "They do have the most uncertainty and more risk and could remain under uncertain headwinds for some time yet." Instead, when the market turns south, Mr Beaumont looks towards stocks he's already interested in, such as Aristocrat Leisure, which is up 0.2 per cent since Brexit, and Star Entertainment, down 2 per cent.
"If you've got conviction in a company prior to an event like Brexit," said Mr Beaumont, "and their business model isn't broadly affected, then if the market sells off and you're seeing a lower share price, that's the opportunity."
Additionally, the sharp drop in bond yields has given investors another reason to nudge towards REITs and property trusts. Ten-year Australian Commonwealth government bond yields hit a record low 1.84 per cent on Wednesday in a rush to safe haven.
But as the UK experience shows, property trusts which are being swept up for their bond-like characteristics, do not command the same liquidity as their bond market counterparts. Earlier this week, three large UK property funds froze withdrawals, but listed real estate investment trust stocks in Australia shrugged off the UK's dramas. Four more followed on Wednesday.
Phoenix Portfolios has increased its stake in Desane Group Holdings, and there have been several moves into Blackwall Property Trust, trading just over 4 per cent higher since Brexit. State Street also increased its holding in Charter Hall Retail REIT, which has jumped nearly 4 per cent since the successful leave vote.
"We knew at the beginning of the year there were going to be a lot of political disruptions that would cause volatility," said Olivia Engel, head of active quantitative equities at State Street Global Advisors. "The global environment is acutely exposed to these events so we've had to position our portfolio for the entire range of outcomes."
Many portfolio managers have been buying up gold stocks as global uncertainty prompts a broad flight to safety, according to substantial shareholder notices lodged with the ASX. Van Eck Associates increased their holding in Regis Resources, Moonstar Investments picked up Panterra Gold and UBS has been increasing its holding in Syrah Resources which have all had a run thanks to a strengthening gold price.