10 years of milestones
BMO ETF Portfolios are structured with the investor in mind.
These six risk-differentiated portfolios invest in ETFs to provide you with cost-efficient solutions to help you create and manage your long-term wealth. The ETF Portfolios leverage the insights of BMO GAM’s Multi-Asset Solutions Team, as well as the insights of the 100+ other fundamental and quantitative investment professionals of BMO GAM.
BMO GAM takes care of many of the functions investors find time consuming, such as market research, ETF selection, asset allocation, ongoing portfolio monitoring and rebalancing. This simplifies investing and gives you peace of mind knowing your investments are with a trusted partner.
An all-in-one ETF-based investment solution
Your team of portfolio-building professionals
Before joining BMO GAM, Fred was Chief Macro Strategist for Canada at TD Securities since 2017. Prior to that, he was at Credit Suisse Asset Management in New York where he worked as a Portfolio Manager focused on systematic, global-macro trading strategies. Before moving to capital markets in 2008, Fred was a Principal Researcher at the Bank of Canada, building various short-term macro forecasting models for the Canadian economy and wrote several working papers documenting his empirical research. Fred also worked as a quantitative analyst at Caisse de Dépôt et Placement du Québec where he built and managed systematic macro strategies. Fred holds a B.A. in Economics from Concordia University and M.A. in Economics from the University of Ottawa.
Steven Shepherd, CFA
Steve started his career in the investment industry in 1994, holding several senior roles in sales and product management before moving into the role of portfolio manager in 2013. He joined BMO in 2008, with primary responsibility for oversight of the selection and monitoring of internal and external fund managers, and asset allocation of the firm’s fund of fund solutions and other products. He is a graduate of the Richard Ivey School of Business at the University of Western Ontario, and is a CFA charterholder.
Robert Armstrong, CFA, MBA, MSc.
Robert Armstrong has over two decades of experience in the investment industry. He currently serves as Portfolio Manager in BMO Global Asset Management’s Mult-Asset Solutions Team. He develops a strategic asset allocation outlook and tactical investment ideas, which he implements across a wide range of client portfolios. Robert has a diverse investment industry background and most recently held the position of Vice President, Head of Managed Solutions. Prior to BMO, he served in various investment director roles at an independent fund company. He holds a Masters of Business Administration from Laurentian University; and a Master of Science, International Securities, Investments and Banking, from University of Reading. He is a CFA charterholder. Robert is a strong advocate for the investor and is a frequent voice in the media and investment conferences
Marchello Holditch, CFA, CAIA
Marchello oversees BMO GAM’s multi-asset investment solutions. Previously, he held the role of Portfolio Manager at CI GAM. Prior to that, he worked at a major global consulting firm, where he assisted a wide variety of institutional clients with asset liability modeling and investment manager research. He holds an Honours Bachelor of Mathematics degree in actuarial science from the University of Waterloo and is a CFA charterholder.
Steve Xu, CFA, FRM, CIPM
Steve has a decade of experience in the investment industry, and currently serves as a portfolio manager as part of the Multi-Asset Solutions team at BMO Global Asset Management. In addition to portfolio management responsibilities, he is responsible for generating macro investment ideas, analyzing portfolio strategies, and championing the fund of fund solutions. Steve holds an HBA from the Richard Ivey School of Business at the University of Western Ontario. He is a CFA and CAIA charterholder. He has a number of industry credentials including Financial Risk Manager (FRM), Professional Risk Manager (PRM), and Certificate in Investment Performance Measurement (CIPM).
Brittany is Senior Analyst, Multi Asset Solutions, in the Toronto office. As part of the MAST team, Brittany focuses on developing capital markets views in collaboration with the global team and bringing greater depth to BMO’s research on Canadian capital markets. Before joining BMO GAM, Brittany was Macro Strategist at TD Securities in London and Toronto since 2016. Prior to that, she was at Crédit Agricole CIB in New York where she worked as Economist and FX Strategist focused on the U.S. and Canada. Brittany holds a B.A. in Economics from Georgetown University and Ph.D. in Economics from Boston University.
Francois-Xavier Adam, MSc, FRM, CIM
Francois-Xavier is an Associate Portfolio Manager in the Multi-Asset Solutions team at BMO Global Asset Management and focuses on Portfolio Construction and Implementation and leveraging the risk infrastructure. He has 20 years of experience in the investment industry and before joining BMO GAM in March 2019, Francois-Xavier was a Systematic Portfolio Manager at CDPQ focussing on global-macro cross-asset strategies and cross-asset factor investing since 2014. From 2007 to 2014, he successively occupied role of systematic currency Portfolio Manager and Director Quantitative Research at CDPQ. Prior to joining CDPQ, he worked at Montrusco Bolton as Senior Quantitative Analyst working on portfolio construction for asset mix purposes from 2005 to 2007; and for TAL Global Asset Management from 2002 to 2005, as Quantitative Analyst and Currency Market Analyst. Francois-Xavier has a B.A. in Economics and a M.A. in Econometrics from the University of Montreal, and holds the Financial Risk Manager (FRM) and CIM designations.
Sadiq S. Adatia, FSA, FCIA, CFA
As Chief Investment Officer, Sadiq S. Adatia manages the BMO Global Asset Management (BMO GAM) Investment Teams and sits on the BMO GAM Executive Committee. He is responsible for overall investment strategy and risk management across BMO GAM’s investment solutions. He oversees asset allocation, portfolio structure, trading, portfolio analytics and investment governance across all traditional asset classes. Sadiq joined BMO GAM in August 2021, bringing with him strong knowledge and expertise in managed solutions, risk management, derivatives and tactical asset allocation. Sadiq’s investment knowledge is widely sought after in the broader investment community by media outlets such as CNBC, BNN/Bloomberg and Reuters. Before joining BMO GAM, Sadiq was Chief Investment Officer at Sun Life Global Investments and Russell Investments Canada. Prior to that, he worked at Mercer as Business Leader for Investment Consulting for Central Canada. Sadiq holds an Honours Bachelor of Mathematics degree in Actuarial Science & Statistics from the University of Waterloo. He is also a CFA Charter holder and is a Fellow, both of the Society of Actuaries (Investment Specialty Track) and the Canadian Institute of Actuaries.
BMO Multi-Asset Investment Strategy - the Five Lenses process
MAST uses a multi-step process, referred to as the Five Lenses strategy, to define their long-term investment outlook.
The process begins with strategic asset allocation (see FAQs), based on long-term assumptions for expected returns, standard deviations and correlations of various asset classes. This establishes the team’s longer-term views (i.e., 4 to 5 years) which in turn informs the neutral asset mix for each portfolio’s risk-return profile.
As market conditions change, the team’s short-term views (i.e., 3 to 12 months) may differ substantially from their longer-term views. This is when MAST employs their tactical asset allocation (see FAQs) decisions, which then forms part of their risk management framework.
First, they decide which asset class (equity, fixed income and/or cash) they want to have overweight or underweight allocations to within each portfolio’s asset mix.
Next, within both equities and fixed income, they decide whether to adjust geographic weightings or other exposures (for e.g., high yield vs. corporate bonds). This is then followed by a decision on whether there are certain styles or factors that also need to be adjusted.
The process concludes with the implementation of these changes – by adjusting the weighting of current holdings in underlying mutual funds, ETFs, and/or alternative investment products, through the sale of existing holdings or purchase of new holdings.
Lens 1 - Asset Mix
Lens 2 - Asset Class Equity
Lens 3 - Asset Class – Fixed Income
Lens 4 - Style/Factor
Lens 5 - Implementation
Resources and documents
ETF Portfolios FAQs
Commissions, trailing commissions (if applicable), management fees and expenses all may be associated with mutual fund investments. Please read the fund facts or prospectus of the relevant mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Distributions are not guaranteed and are subject to change and/or elimination. For a summary of the risks of an investment in BMO Mutual Funds, please see the specific risks set out in the prospectus. BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. This material is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
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