“Britain is part of the euro zone, but not part of the euro currency, so the ‘Brexit’ is not as disruptive as it might otherwise be,” Cote says. “They’re part of trade agreements and regulations and other important things, but their currency, which is critical, is their own. So this is not a Lehman Brothers moment. It’s more like the U.S. credit rating downgrade in 2011 where markets were volatile for many weeks, but then the bull resumed because people absorbed this and priced it in.”

Some value-oriented managers, such as Mark Travis, a CIO and portfolio manager at Intrepid Capital, say they remain on the sidelines. But others have used the Brexit drawdowns as a buying opportunity.

Ron Saba, the senior managing director of investment management at Horizon Investments, says that European financials are taking the biggest hit due to the Brexit, so he is looking closely at firms with cheap valuation and strong business models.

“We’re looking into the European financials,” he says. “That’s the ground zero, the epicenter of where this takes effect and where the most serious impacts could be. Barclays has been trading at 50 percent of book value, and maybe that’s justified. There are going to be some issues, but if you liquidate Barclays right now, people are still going to get as much money back as they paid for their shares. We believe that we’re not finished yet, and that there will be some opportunities because of the people just panicking.”

Travis and Cote, on the other hand, believe that equities in general are still too overpriced.

“The tactical sign that informs my outlook of the global economy is based on the S&P 500 corporate earnings,” Cote says. “They’ve been a red flag to me for the past four quarters, and now they’re negative for the fourth quarter in a row. I’m waiting to see corporate earnings growth year over year before I position more offensively.”

Travis says he is adding to a few positions, and he singles out the Royal Mail Group (a British postal, package delivery and logistics company) as one dividend-paying opportunity with enough ballast to survive any Brexit turmoil. Royal Mail, a privatized public service, has significant real estate holdings in central London.

Semenuk, on the other hand, says he sees more attractive valuations in European industrials and consumer discretionary stocks. But he needs more clarity from the U.K. before he considers British companies, which he says are still overvalued.

After mounting an unsuccessful effort to persuade voters to remain in the EU, U.K. Prime Minister David Cameron said he would resign his post in three months—creating an unattractive leadership void, says Semenuk.

“We’re looking for political leadership within the U.K.,” Semenuk says. “Everyone is looking around to see who is driving the car in Great Britain, and the truth is nobody is. Cameron has said he will stick around for three months, but this whole notion that we’ll have to wait three months for a new government doesn’t work for the markets. Waiting for a new Conservative prime minister introduces short-term uncertainty.”