In this episode, the team discusses the latest quarterly Portfolio Strategy Report (QSR) and Fixed Income Strategy Report (FISR), which examine interest rate expectations, the Technology sector, U.S. and Canadian banks, a barbell strategy to add duration, and portfolio positioning for 2024. The episode was recorded live on Thursday, December 21, 2023. BMO ETF Portfolio Strategy Report – Q1 2024 BMO ETF Fixed Income Strategy Report – Q1 2024 Disclosure: *Mega cap technology names are less exposed...
Jan 09, 2024•19 min
As the year draws to a close, Portfolio Manager Alfred Lee, and your host, McKenzie Box, look back on the industry trends and themes that shaped 2023. In today’s episode, they discuss fixed income’s comeback, inflation, AI, gold, Canadian banks and cash. McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Alfred Lee, a Portfolio Manager and ETF Specialist at BMO Global Asset Management. The episode was recorded live on Thursday, Decemb...
Dec 15, 2023•19 min
In this special episode, Sohrab Movahedi, Chris Heakes and Daniel Stanley take a deep dive into the fourth quarter earnings from Canada’s “Big Six,” discussing the highs and lows from recent results. They also explore tax loss selling, a potential mortgage renewal crunch, accelerator ETFs, earnings per share (EPS) estimates, and proposed regulatory changes out of the U.S. Daniel Stanley is an ETF Specialist at BMO Global Asset Management. He is joined on the podcast by Chris Heakes, Portfolio Ma...
Dec 12, 2023•39 min
In a long-awaited ruling, Canada’s banking regulator cracked down on high-interest savings account ETFs at the end of October. Portfolio manager Matt Montemurro, and your host, McKenzie Box, take a deep dive into the stricter liquidity rules and what could happen when the new requirements take effect in January. McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Matt Montemurro, a Portfolio Manager and ETF Specialist at BMO Global Ass...
Dec 12, 2023•16 min
Disclosure: *AUM Flows for ZEB, source BMO Global Asset Management, as of November 30th, 2023. **ZEB Calendar Performance Source: Bloomberg as of November 30 2023. An investor that purchases Units of a Structured Outcome ETF other than at starting NAV on the first day of a Target Outcome Period and/or sells Units of a Structured Outcome ETF prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Structured Outcome ETF for ...
Dec 08, 2023•23 min
It’s reporting season once again for the “Big Six” Canadian banks. In today’s episode, portfolio managers Chris McHaney, Charles-Lucien Myssie, and your host, McKenzie Box, break down the earnings hits and misses so far. They also discuss Technology’s reign and outlook, the high-yield space, and when to add duration. Read the episode summary. McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Chris McHaney and Charles-Lucien Myssie, P...
Dec 01, 2023•26 min
As the U.S. earnings season closes out, portfolio managers Alfred Lee, Omanand Karmalkar, and your host, Erika Toth, inspect companies’ report cards—putting the “Magnificent Seven” under the microscope. They also discuss dividend strategies, Canada’s inflation rate, Energy, and U.S. dollar-denominated ETFs. Read the episode summary. Erika Toth is the Director of ETF Distribution for Eastern Canada at BMO Global Asset Management. She is joined on the podcast by Alfred Lee and Omanand Karmalkar, P...
Nov 23, 2023•30 min
Has the latest U.S. CPI print cemented the end to Fed rate hikes? In our 200th episode, portfolio managers Matt Montemurro, Chris McHaney, and your host, McKenzie Box, analyze this small, but important, improvement on the inflation front. They also discuss what’s trending in BMO ETFs, the outlook for the U.S. dollar and commercial real estate. McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Matt Montemurro and Chris McHaney, Portfo...
Nov 17, 2023•25 min
Treasuries are back on investors’ minds this week, this time with many looking for a tactical trade at the long end of the curve. In today’s episode, portfolio managers Chris Heakes, Matt Montemurro, and your host, McKenzie Box, explore the upside of a barbell approach as interest rates continue to plateau. They also discuss getting back into dividend stocks, tax-loss harvesting, and making lemonade when markets give you lemons. Read the episode summary. McKenzie Box is Director of Product and S...
Nov 13, 2023•27 min
Canada’s banking regulator cracked down on HISA ETFs in a long-awaited ruling. In today’s episode, our portfolio managers, and your host, Andrew Vachon, digest OSFI’s decision and provide places to park cash. They also discuss the latest Fed and Treasury announcements, the likelihood of a technical recession, and developments from the Bank of Japan. Read the episode summary. Andrew Vachon is a Senior Product Manager at BMO Global Asset Management. He is joined on the podcast by Chris McHaney, Po...
Nov 03, 2023•23 min
In its latest announcement, the Bank of Canada held interest rates steady at 5%, opening the door to speculation. In today’s episode, portfolio managers Matt Montemurro, Omanand Karmalkar, and your host, Mckenzie Box, discuss the central banks’ downgraded outlook and when it could reach its 2% inflation target. They also explore a barbell strategy, dividend stocks, market volatility and the U.S. earnings season. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Gl...
Oct 27, 2023•31 min
Higher interest rates for longer are creating volatility, yet also an opening for investors to earn attractive yields on the front end of the curve. Erika Toth discusses the latest quarterly Portfolio Strategy Report (QSR) and Fixed Income Strategy Report (FISR), which examine the latest market dynamics, and portfolio positioning across asset classes. Erika Toth is a Director of ETF Distribution at BMO ETFs. Q4 Portfolio Positioning Q4 Fixed Income Strategy Related ETFs: BMO Discount Bond Index ...
Oct 23, 2023•14 min
Bond yields continue to drive higher, creating volatility across markets, but also opening up opportunities for relatively risk-free returns on cash. On today’s episode, our portfolio managers and your host Mckenzie Box, discuss money market strategies and other cash options, while tracking the early returns on Q3 earnings season. They also discuss the concept of long-short investing and the benefits of new funds BMO is launching in the category. Read the Episode Summary Mckenzie Box is Director...
Oct 20, 2023•25 min
As yields soar to multi-decade highs, the Federal Reserve’s higher-for-longer rates narrative is beginning to sink in. In today’s episode, portfolio managers Winnie Jiang, Charles-Lucien Myssie, and your host, Mckenzie Box, discuss prudent ways to play defense in an uncertain environment. They also discuss equity portfolio positioning, Structured Outcome ETFs, places to park cash and ways to stay invested. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global A...
Oct 17, 2023•26 min
Will the U.S. government find another last-minute resolution? In today’s episode, portfolio managers Matt Montemurro, Omanand Karmalkar, and your host, Mckenzie Box, explore the potential repercussions of the latest political standoff. They also discuss India as an attractive emerging market, mortgage-back securities and secular growth trends in Health Care. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by ...
Sep 28, 2023•29 min
Inflation on both sides of the border is edging higher, forcing central banks to strike a more hawkish tone, while rising oil threatens to keep the heat turned up on consumer prices. On today’s episode, BMO Global Asset Management portfolio managers Chris Heakes and Alfred Lee, and your host Mckenzie Box, discuss the latest North American Consumer Price Index (CPI) prints, and what they mean for fixed income investing, while also diving into what elevated oil prices could signal about where the ...
Sep 21, 2023•26 min
Third quarter earnings season for Canada’s biggest lenders saw share prices slump amid rising loan-loss provisions and broader economic concerns. Yet amid the gloom, our experts parse out reasons why Canadian banks are a wise investment for long-term investors. On this episode, Sohrab Movahedi, Chris Heakes, and your host Daniel Stanley, dissect the latest earnings results among the Big 6 banks, and examine what 2024 could hold for the lenders and investors. Daniel Stanley is an ETF Specialist a...
Sep 18, 2023•39 min
The risks posed by higher rates, still-stubborn inflation as well as small but growing cracks in the overall economy—notably in Canada—suggest a rotation into low-volatility strategies may be prudent. On today’s episode, portfolio managers Chris McHaney, Matt Montemurro and your host Mckenzie Box discuss options for investors looking to de-risk a portion of their equity allocations. They also break down the likelihood of rising corporate default rates and the impact that could have on high-yield...
Sep 14, 2023•29 min
Has the Fed lost its bearings? In today’s episode, portfolio managers Chris Heakes, Chris McHaney, and your host, Erika Toth, reflect on Fed Chair Powell’s colourful speech at Jackson Hole. They also discuss equities as an inflation hedge, the BRICS Nations historic expansion and factor ETFs. Read the episode summary. Erika Toth is a Director of Institutional and Advisory ETF Distribution at BMO Global Asset Management. She is joined on the podcast by Chris Heakes and Chris McHaney, Portfolio Ma...
Aug 31, 2023•25 min
As Autum draws near, falling interest rates are nowhere in sight. In today’s episode, portfolio managers Alfred Lee, Winnie Jiang, and your host, Erika Toth, examine what this new era of elevated rates could mean for investors and the economy. They also discuss the rare yield curve phenomenon known as a bear steepener, Canadian and U.S. banks, corporate debt and whether Technology is nearing the end of its run. Read the episode summary. Erika Toth is a Director of Institutional and Advisory ETF ...
Aug 24, 2023•26 min
The battle against inflation rages on, as the latest Canadian CPI numbers come in hotter than expected. In today’s episode, portfolio managers Chris Heakes, Omanand Karmalkar, and your host, Kevin Prins, explore fixed income positioning as bond yields edge higher. They also discuss what to expect heading into earnings season, U.S. banks and oil and gas prices. Read the episode summary. Kevin Prins is the Managing Director, Head of ETFs and Managed Accounts Distribution at BMO Global Asset Manage...
Aug 17, 2023•23 min
Last week, the Bank of Japan loosened its yield curve control in a move that shocked markets. In today’s episode, portfolio managers Chris McHaney, Vishal Bhatia, and your host, Mckenzie Box, explore the latest developments and the potential implications of this shift. They also discuss China’s slowing economy, Fitch’s U.S. credit rating downgrade and agricultural commodities. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined...
Aug 03, 2023•27 min
Office vacancy rates continue to rise, as hybrid and work-from-home trends take hold. In today’s episode, portfolio managers Matt Montemurro, Alfred Lee, and your host, Mckenzie Box, examine what this means for REITs and whether it will get worse before it gets better. They also discuss diversification strategies, trends in gold and ways to enhance after-tax returns. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the po...
Jul 28, 2023•26 min
Are the central banks winning the battle against inflation? While the latest Canadian CPI print suggests we are moving in the right direction, it’s likely too early to call a victory. In this episode, Erika Toth and Alfred Lee discuss the latest quarterly Portfolio Strategy Report (QSR) and Fixed Income Strategy Report (FISR), which examine the inversion of the yield curve, the U.S. dollar, Canadian banks’ valuations, Technology and portfolio positioning across asset classes. Erika Toth is a Dir...
Jul 27, 2023•20 min
A shift toward international equities is seemingly underway, but what is the catalyst for this movement? In today’s episode, portfolio managers Chris Heakes, Omanand Karmalkar and your host, Mckenzie Box, analyze valuations and look for opportunities abroad. They also discuss U.S. and Canadian banks, mega-cap Tech stocks and infrastructure. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Chris Heakes and O...
Jul 21, 2023•24 min
Following back-to-back increases, the Bank of Canada’s key interest rate now sits at 5%—the highest level in 22 years. On today’s episode, portfolio managers Alfred Lee, Chris McHaney and your host, Mckenzie Box, explore the impacts on markets and examine where monetary policy may be headed. They also discuss the latest U.S. CPI print, the Nasdaq’s rebalancing and ETF flows and trends. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She ...
Jul 13, 2023•24 min
Canada’s annual inflation rate cooled to 3.4% in May—still, further monetary tightening is widely expected. On today’s episode, portfolio managers Matt Montemurro, Chris McHaney and your host, Mckenzie Box, dig deeper into the data. They also discuss offsetting rising food costs, the Competition Bureau’s study into retail grocers, corporate bonds and swings in the Volatility Index. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is j...
Jun 29, 2023•30 min
Historically, an inverted yield curve has preceded every recession in the past 50 years. On today’s episode, portfolio managers Alfred Lee, Chris Heakes and your host, Mckenzie Box, examine what this quite reliable indicator is telling investors now. They also discuss inflation, the T-bill deluge, value and growth equities, the U.S. dollar and covered call strategies. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the p...
Jun 22, 2023•22 min
Earlier this week, the Federal Reserve left its policy rate unchanged for the first time in over a year, as expected. On today’s episode, portfolio managers Winnie Jiang, Chris Heakes and your host, Mckenzie Box, analyze where the meeting took a twist. They also discuss hedging strategies, quality dividend payers, the tax efficiency of discount bonds, and international markets. Read the episode summary. Mckenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joine...
Jun 16, 2023•24 min
In this special episode, Sohrab Movahedi, Chris Heakes and Daniel Stanley take a deep dive into second quarter earnings from Canada’s “Big Six,” discussing how the mixed results weighed on investor sentiment. They also examine the markets’ reaction to higher rates and recession risk, the U.S. banking crisis, ETF strategies, TD Bank’s termination of the First Horizon merger, technology's resurgence, the first “social media bank run” and consumer resilience. Daniel Stanley is an ETF Specialist at ...
Jun 12, 2023•32 min
