Nearly ten years after the Brexit vote, the FTSE 100 has reached record highs, but UK equity markets have suffered significant losses, with $160 billion in outflows since the referendum. The UK market's underperformance is attributed to pre-existing weaknesses exacerbated by Brexit. The pound has weakened against major currencies, and while UK equities have recently outperformed, valuations remain depressed. Some fund managers see potential for recovery, while others remain cautious about the lack of growth catalysts.