There has been no shortage of political drama over the past several months — the U.S. election results, Brexit, and the recent French elections, to name a few. But if the old adage that markets hate uncertainty is true, they aren't showing it. Despite heightened economic and political ambiguity, equity volatility has been subdued while U.S. indexes have reached all-time highs. "Especially in an environment of regime change and high policy uncertainty, market efficiency is not instantaneous, but a process. This creates room for active management to add value," Capital Group portfolio manager Wesley Phoa says.