Week of December 4, 2023
Tactical changes:
- Growth: No significant changes. Tactical Global Growth ETF Fund
- Balanced: Cut duration by adding BMO Money Market Fund ETF Series (ZMMK). Tactical Balanced ETF Fund
- Dividend: No significant changes. Tactical Dividend ETF Fund
Week of November 27, 2023
Tactical changes:
- Growth: Took profits on currency trades: BMO MSCI EAFE Index ETF (ZEA) to BMO MSCI EAFE Hedged to CAD Index ETF (ZDM). Tactical Global Growth ETF Fund
- Balanced: Continued to trade duration, in this case, cutting duration. Tactical Balanced ETF Fund
- Dividend: Continued to trim SPDR S&P Emerging Markets Dividend ETF (EDIV); also took profits on currency trades: BMO Europe High Dividend Covered Call ETF (ZWP) to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE). Tactical Dividend ETF Fund
Week of November 20, 2023
Tactical changes:
For all three mandates, Larry previously raised the beta from the lows, but still has controls (i.e., hedges) in place.
- Growth: No significant changes. Tactical Global Growth ETF Fund
- Balanced: Continued to move tactically with duration by selling iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: Took profits on (trimmed) SPDR S&P Emerging Markets Dividend ETF (EDIV); invested in BMO Covered Call Canadian Banks ETF (ZWB) and BMO Covered Call Health Care Units ETF (ZWHC). Tactical Dividend ETF Fund
Week of November 6, 2023
Tactical changes:
On all three mandates, Larry has increased the upside potential by buying back half of the calls. He sold some out of money puts to pay for it. He still has puts in place for a “buffered” or “range” protection.
- Growth: No significant changes. Tactical Global Growth ETF Fund
- Balanced: Continued to manage duration by trimming TLT (Long Term US Treasuries). Tactical Balanced ETF Fund
- Dividend: Trimmed EDIV (emerging markets dividends) bought ZWHC (Covered Call Health Care) and ZWB (Covered Call Banks). Tactical Dividend ETF Fund
Week of October 30, 2023
Tactical changes:
- Growth: Trimmed BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Global Growth ETF Fund
- Balanced: Trimmed BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Balanced ETF Fund
- Dividend: Took profits in SPDR S&P Emerging Markets Dividend ETF (EDIV); bought BMO Covered Call Canadian Banks ETF (ZWB) and BMO Covered Call Health Care Units ETF (ZWHC). Tactical Dividend ETF Fund
Week of October 23, 2023
Tactical changes:
For all three mandates, the portfolios remain defensive with continued use of hedges.
- Growth: : Trimmed BMO MSCI Emerging Markets Index ETF (ZEM) and added to BMO Clean Energy Index ETF (ZCLN). Tactical Global Growth ETF Fund
- Balanced: Trimmed VanEck Gold Miners ETF (GDX) to add to iShares 20 Plus Year Treasury Bond ETF (TLT); also trimmed BMO MSCI Emerging Markets Index ETF (ZEM) and added to BMO Clean Energy Index ETF (ZCLN). Tactical Balanced ETF Fund
- Dividend: : Trimmed SPDR S&P Emerging Markets Dividend ETF, and added BMO Covered Call Health Care Units ETF (ZWHC) and BMO Covered Call Canadian Banks ETF (ZWB). Tactical Dividend ETF Fund
Week of October 16, 2023
Tactical changes:
For all three mandates, Larry continues to hedge the portfolios.
- Growth: : No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Continues to trade duration withing the mandate; bought and sold iShares 20 Plus Year Treasury Bond ETF (TLT) last week. Tactical Balanced ETF Fund
- Dividend: : No significant changes to holdings. Tactical Dividend ETF Fund
Week of October 2, 2023
Tactical changes:
Overall, September was a good month for the portfolios, relative to benchmarks. For all three mandates, Larry maintains a defensive position.
- Growth: Placed a currency trade in developed markets, selling 50% of the BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) and buying the BMO MSCI EAFE Index ETF (ZEA); also added to the BMO Clean Energy Index ETF (ZCLN) and reduced the Global X Uranium ETF (URA) in rebalancing clean energy. Tactical Global Growth ETF Fund
- Balanced: Bought, sold, and brought duration into the portfolio last week. Tactical Balanced ETF Fund
- Dividend: Placed a currency trade in covered call Europe, selling 50% of the BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and buying the BMO Europe High Dividend Covered Call ETF (ZWP). Tactical Dividend ETF Fund
Week of September 25, 2023
Tactical changes:
For all three mandates, Larry maintains a defensive position.
- Growth: Sold Global X Uranium ETF (URA) and added BMO Clean Energy Index ETF (ZCLN). Tactical Global Growth ETF Fund
- Balanced: Sold Global X Uranium ETF (URA) and added BMO Clean Energy Index ETF (ZCLN); also added to duration with iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of September 18, 2023
Tactical changes:
For all three mandates, Larry maintains a defensive position with risk protection on the portfolios.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Continued to trade duration in the bond portion of the portfolio; increased duration by 1.26 years. Tactical Balanced ETF Fund
- Dividend: Trimmed exposure to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE); currently considering BMO Equal Weight Banks Index ETF (ZEB) and BMO Covered Call Canadian Banks ETF (ZWB). Tactical Dividend ETF Fund
Week of September 4, 2023
Tactical changes:
For all three mandates, Larry maintains a defensive position.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Cut duration again as bonds rallied; sold iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: Trimmed exposure to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and SPDR S&P Emerging Markets Dividend ETF (EDIV) to rebalance the overweights. Tactical Dividend ETF Fund
Week of August 28, 2023
Tactical changes:
For all three mandates, Larry maintains a defensive position.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Cut duration in iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: Trimmed SPDR S&P Emerging Markets Dividend ETF (EDIV) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE); added income exposure to the U.S. and Canada using BMO Premium Yield ETF (ZPAY) and BMO Canadian High Dividend Covered Call ETF (ZWC), respectively. Tactical Dividend ETF Fund
Week of August 21, 2023
Tactical changes:
All three mandates remain in a defensive position.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Added duration to further purchase of iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of August 14, 2023
Tactical changes:
All three mandates remain in a defensive position.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Added some duration by buying iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: Sold BMO Covered Call Energy ETF (ZWEN) to lock in gains; bought BMO Canadian High Dividend Covered Call ETF (ZWC). Tactical Dividend ETF Fund
Week of August 7, 2023
Tactical changes:
All three mandates remain in a defensive position.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Bought and sold iShares 20 Plus Year Treasury Bond ETF (TLT) last week as yields generally rose. Larry expects higher yields will play out in the coming quarters, has added duration to the portfolio with TLT and looks to add more yield in the future. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of July 31, 2023
Tactical changes:
All three mandates remain in a defense position.
- Growth: Bought BMO Clean Energy Index ETF (ZCLN) given valuations. Tactical Global Growth ETF Fund
- Balanced: Added duration, took profits in Invesco S&P 500 Equal Weight Technology ETF (RSPT) and bought BMO Clean Energy Index ETF (ZCLN). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of July 24, 2023
Tactical changes:
All three mandates remain in a defense position.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of July 10, 2023
Tactical changes:
No significant changes in the equity positions in all three mandates. For the BMO tactical balanced etf fund, Larry has extended duration by selling ZST (ultra short term corporate bonds) and buying TLT (long treasuries).
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of July 3, 2023
Tactical changes:
In all three mandates, no significant trades last week. In this week’s writeup on each fund, Larry included attribution for the trades he did in Q2.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of June 26, 2023
Tactical changes:
All three mandates remain in maximum defense.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of June 19, 2023
Tactical changes:
All three mandates remain in maximum defense.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of June 12, 2023
Tactical changes:
On all three mandates, Larry positioned the portfolio for more protection by rolling up his puts to 4300 on the S&P 500.
- Growth: Sold Japan exposure; bought Franklin FTSE South Korea ETF (FLKR) and some of BMO MSCI EAFE Hedged to CAD Index ETF (ZDM); bought Invesco S&P 500® Equal Weight ETF (RSP) and BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Global Growth ETF Fund
- Balanced: Sold Japan exposure; bought Franklin FTSE South Korea ETF (FLKR) and some of BMO MSCI EAFE Hedged to CAD Index ETF (ZDM); bought Invesco S&P 500® Equal Weight ETF (RSP) and BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Balanced ETF Fund
- Dividend: Increased income by selling BMO International Dividend Hedged to CAD ETF (ZDH) and buying BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and BMO Covered Call Energy Units ETF (ZWEN). Tactical Dividend ETF Fund
Week of June 5, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Cut duration exposure by reducing the iShares 20 Plus Year Treasury Bond ETF (TLT); also cut credit exposure by selling VanEck JP Morgan EM Local Currency Bond ETF (EMLC). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of May 29, 2023
Overall, the three mandates remain in defense position for protection and participation.
- Growth: : Rotation in S&P 500 holdings from market cap to equal weight (sold BMO S&P 500 Hedged to CAD Index ETF [ZUE]; bought Invesco S&P 500 Equal Weight ETF [RSP]); repositioning to reduce tech exposure. Tactical Global Growth ETF Fund
- Balanced: Rotation in S&P 500 holdings from market cap to equal weight (sold BMO S&P 500 Hedged to CAD Index ETF [ZUE]; bought Invesco S&P 500 Equal Weight ETF [RSP]); repositioning to reduce tech exposure. Also bought iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of May 22, 2023
On all three mandates, Larry maintains a maximum defense position with regard to the protection and the participation.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of May 15, 2023
On all three mandates, Larry maintains a maximum defense position with regard to the protection and the participation.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of May 1, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Sold Vanguard FTSE Europe ETF (VGK) to reduce exposure to the euro. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of April 24, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Round trip on a duration call last week with the position being closed out in the week at a profit. Tactical Balanced ETF Fund
- Dividend: Sold iShares Emerging Markets Dividend ETF (DVYE) for cash. Tactical Dividend ETF Fund
Week of April 17, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of April 10, 2023
- Growth: Taking some profits in the Vanguard European Stock Index Fund ETF (VGK) and adding a defensive layer with the BMO Ultra Short-Term Bond ETF (ZST); also cut the VanEck Gold Miners ETF (GDX) position in half. Tactical Global Growth ETF Fund
- Balanced: Taking some profits in the Vanguard European Stock Index Fund ETF (VGK) and adding a defensive layer with the BMO Ultra Short-Term Bond ETF (ZST) and BMO Equal Weight Utilities Index ETF (ZUT); also cut the VanEck Gold Miners ETF (GDX) position in half. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of March 27, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Added back some of the duration we sold the previous week (iShares 20 Plus Year Treasury Bond ETF – TLT). Tactical Balanced ETF Fund
- Dividend: Took profits on half of the BMO Premium Yield ETF (ZPAY) exposure and tilted defensively to BMO Covered Call Utilities ETF (ZWU), which has more energy exposure. Tactical Dividend ETF Fund
Week of March 20, 2023
- Growth: Trimmed exposure to BMO International Dividend Hedged to CAD ETF (ZDH). Tactical Global Growth ETF Fund
- Balanced: Trimmed exposure to BMO International Dividend Hedged to CAD ETF (ZDH) and cur duration by trimming iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: Trimmed exposure to BMO International Dividend Hedged to CAD ETF (ZDH). Tactical Dividend ETF Fund
Week of March 13, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of March 6, 2023
- Growth: With the markets being range-bound, there are no significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Took advantage of a duration call by buying, then later selling iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: With the markets being range-bound, there are no significant changes to holdings. Tactical Dividend ETF Fund
Week of February 27, 2023
Larry remains defensive, having rolled up the long put range of protection in February on all three mandates.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of February 20, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Trimmed BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) and added iShares 20+ Year Treasury Bond ETF (TLT) for debt with duration. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of February 13, 2023
On all three mandates, Larry rolled up the hedges to raise his floor; no changes to the underlying holdings for all three mandates.
- Growth: Sold VanEck Semiconductor ETF (SMH); bought the Invesco S&P 500• Equal Weight Technology ETF (RYT); reduced exposure to the Global X US Infrastructure Development ETF (PAVE) and the BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT); added a broader based exposure to the Industrial Select Sector SPDR• Fund (XLI) to slightly reduce portfolio risk. Tactical Global Growth ETF Fund
- Balanced: Sold VanEck Semiconductor ETF (SMH); bought the Invesco S&P 500• Equal Weight Technology ETF (RYT); reduced exposure to the Global X US Infrastructure Development ETF (PAVE) and the BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT); added a broader based exposure to the Industrial Select Sector SPDR• Fund (XLI) and the BMO Equal Weight Utilities Index ETF (ZUT) to slightly reduce portfolio risk. Tactical Balanced ETF Fund
- Dividend: Sold the BMO Covered Call Technology ETF (ZWT) to reduce technology given the rally. Tactical Dividend ETF Fund
Week of February 6, 2023
On all three mandates, Larry rolled up the hedges to raise his floor.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of January 30, 2023
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of January 23, 2023
Tactical changes:
In terms of Protection and Participation, Larry remains hedged on the three mandates.
- Growth: Sold half of the VanEck Gold Miners ETF (GDX) to buy the First Trust NASDAQ Cybersecurity ETF (CIBR) and the Global X FinTech ETF (FINX); also trimmed the iShares MSCI Thailand ETF (THD) and added the iShares MSCI Indonesia ETF (EIDO). Tactical Global Growth ETF Fund
- Balanced: Cut duration by selling the iShares 20 Plus Year Treasury Bond ETF (TLT) and reducing the VanEck JP Morgan EM Local Currency Bond ETF (EMLC) in favour of the BMO Ultra Short-Term Bond ETF (ZST). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of January 9, 2023
Tactical changes:
- Growth: No significant changes to holdings and hedges. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings and hedges. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings and hedges. Tactical Dividend ETF Fund
Week of December 19, 2022
No changes to the hedges (Protection & Participation).
Early in December, on all three mandates, Larry further increased the Participation & Protection to close to 80% for the Balanced mandate, and close to 70% for the Dividend and Growth mandates. The Protection associated with the S&P ranges between “at the market” (3900/4025) and 3200. Covered Calls are also set at 4400.
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Reduced iShares 20 Plus Year Treasury Bond ETF (TLT) and bought BMO Ultra Short-Term Bond ETF (ZST) to lower the duration exposure. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of December 12, 2022
No changes to the hedges (Protection & Participation)
Tactical changes:
- Growth: Moved from BMO MSCI EAFE Index ETF (ZEA) to BMO MSCI EAFE Index ETF (Hedged Units) (ZDM). Tactical Global Growth ETF Fund
- Balanced: Moved from BMO MSCI EAFE Index ETF (ZEA) to BMO MSCI EAFE Index ETF (Hedged Units) (ZDM). Tactical Balanced ETF Fund
- Dividend: Moved from BMO International Dividend ETF (ZDI) to BMO International Dividend ETF (Hedged Units) (ZDH), and from BMO Europe High Dividend Covered Call ETF (ZWP) to BMO Europe High Dividend Covered Call ETF (Hedged Units) (ZWE). Tactical Dividend ETF Fund
Week of December 5, 2022
Last week, on all three mandates, Larry further increased the participation and protection to close to 80% for the Balanced mandate and close to 70% for the Dividend and Growth mandates. The protection associated with the S&P ranges between “at the market” (3900/4025) and 3200. Covered Calls are also set at 4400. See the “PRO-EYES” indicators section in the reports for more details.
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Further reduced iShares 20 Plus Year Treasury Bond ETF (TLT) to lower duration. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. For trades being considered, see the “Core Tactical/Strategic Portfolio Outlook/Adjustments” section of the report. Tactical Dividend ETF Fund
Week of November 28, 2022
For all three mandates, Larry further increased the participation and protection to close to 80% for the Balanced mandate and close to 70% for the Dividend and Growth mandates. The protection associated with the S&P ranges between “at the market” (3900/4025) and 3200. Covered Calls are also set at 4400.
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Reduced iShares 20 Plus Year Treasury Bond ETF (TLT) to lower duration. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of November 21, 2022
As a reminder, last week, on participation vs. protection, Larry increased his hedge to 60% for Balanced and over 50% for the Dividend and Growth mandates: the protection associated with the S&P for a range between 3900 and 3200 and Covered Calls are set at 4400.
Tactical changes:
- Growth: Sold half of the BMO MSCI EAFE Index ETF (ZEA) for the BMO MSCI EAFE Index ETF (Hedged Units) (ZDM) to hedge up some currency exposure after the recent Canadian dollar weakness. Tactical Global Growth ETF Fund
- Balanced: Sold half of the BMO MSCI EAFE Index ETF (ZEA) for the BMO MSCI EAFE Index ETF (Hedged Units) (ZDM) to hedge up some currency exposure after the recent Canadian dollar weakness; profited on the iShares 20 Plus Year Treasury Bond ETF (TLT) above 100.50. Tactical Balanced ETF Fund
- Dividend: Sold half of the BMO International Dividend ETF (ZDI) for the BMO International Dividend ETF (Hedged Units) (ZDH), and the BMO Europe High Dividend Covered Call ETF (ZWP) for the BMO Europe High Dividend Covered Call ETF (Hedged Units) (ZWE) to hedge up some currency exposure after the recent Canadian dollar weakness relative to the international crosses. Tactical Dividend ETF Fund
Week of November 14, 2022
For all three mandates, Larry has increased his hedge (to 60% for the Tactical Balanced ETF Fund and over 50% for the Dividend and Growth mandates). The protection associated with the S&P ranges between 3900 and 3200; covered calls are also set at 4400.
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of November 7, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: Tilted a bit more defensive by selling BMO US Dividend Hedged to CAD ETF (ZUD ) and buying BMO Premium Yield ETF Hedged to CAD (ZPAY.F). Tactical Dividend ETF Fund
Week of October 31, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of October 24, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Added duration and reduced credit: bought iShares 20 Plus Year Treasury Bond ETF (TLT) and sold VanEck JP Morgan EM Local Currency Bond ETF (EMLC). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of October 17, 2022
Tactical changes:
- Growth: Sold KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) to get to market weight and rotated the exposure into VanEck Semiconductor ETF (SMH). Tactical Global Growth ETF Fund
- Balanced: Sold KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) to get to market weight and rotated the exposure into VanEck Semiconductor ETF (SMH). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of October 10, 2022
Tactical changes:
- Growth: Sold Invesco S&P 500 Equal Weight ETF (RSP) for BMO S&P 500 Index ETF (Hedged Units) (ZUE) to tilt away from value and more to growth. Tactical Global Growth ETF Fund
- Balanced: Sold Invesco S&P 500 Equal Weight ETF (RSP) for BMO S&P 500 Index ETF (Hedged Units) (ZUE) to tilt away from value and more to growth. Tactical Balanced ETF Fund
- Dividend: Sold BMO Europe High Dividend Covered Call ETF (ZWP), bough BMO Covered Call Technology ETF (ZWT); also sold BMO US High Dividend Covered Call ETF (ZWH) and replaced it with BMO US Dividend ETF (Hedged Units) (ZUD) for more upside capture on an oversold bounce. Tactical Dividend ETF Fund
Week of October 3, 2022
Tactical changes:
- Growth: No major trades last week; added slightly to some thematic exposures. Tactical Global Growth ETF Fund
- Balanced: No major trades last week; added slightly to some thematic exposures and some duration. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of September 26, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Continued to add to Long-Term Treasuries (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of September 19, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Acquired Long-Term Treasuries (TLT) to increase duration. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of September 12, 2022
Tactical changes:
- Growth: No major changes this week and hedges remain in place and have added value. Tactical Global Growth ETF Fund
- Balanced: Added to Long-Term Treasuries (TLT). Tactical Balanced ETF Fund
- Dividend: No major to overall holdings, but trimmed some EAFE dividend exposure (ZDI) and added to Emerging Markets dividend exposure. Tactical Dividend ETF Fund
Week of September 6, 2022
Tactical changes:
- Growth: No major changes this week and hedges remain in place and have added value. Tactical Global Growth ETF Fund
- Balanced: No major changes this week and hedges remain in place and have added value. Tactical Balanced ETF Fund
- Dividend: No major changes this week and hedges remain in place and have added value. Tactical Dividend ETF Fund
Week of August 29, 2022
Tactical changes:
- Growth: Sold BMO S&P 500 Hedged to CAD Index ETF (ZUE); bought Invesco S&P 500 Equal Weight ETF (RSP). Tactical Global Growth ETF Fund
- Balanced: Sold BMO S&P 500 Hedged to CAD Index ETF (ZUE); bought Invesco S&P 500 Equal Weight ETF (RSP). Tactical Balanced ETF Fund
- Dividend: No major changes this week. Tactical Dividend ETF Fund
Week of August 22, 2022
Tactical changes:
- Growth: No major changes this week and hedges remain in place and have added value. Tactical Global Growth ETF Fund
- Balanced: No major changes this week and hedges remain in place and have added value. Tactical Balanced ETF Fund
- Dividend: No major changes this week and hedges remain in place and have added value. Tactical Dividend ETF Fund
Week of August 15, 2022
Tactical changes:
- Protection and Participation: Larry has increased his position, with all three mandates now close to 50% hedged of the beta (down to 3200 on the S&P 500).
- Growth: Took profits in Biotech (XBI) and Cloud (CLOU), rolling into Staples (XLP). Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of August 8, 2022
Tactical changes:
- Protection and Participation: Larry maintains his one-third hedge position on all three mandates at the 4000 level.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of August 1, 2022
Tactical changes:
- Protection and Participation: Entered a 1/3 S&P 500 hedge position on all three mandates at 4000 to the 3200 level, with a cap 4600.
- Growth: Took profits on BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ), added BMO MSCI Emerging Markets Index ETF (ZEM) VanEck Gold Miners ETF (GDX), BMO EW Glbl Base Metals Hgd To CAD Idx ETF (ZMT) KraneShares Bosera MSCI China A 50 Connect Idx ETF (KBA) and ETFMG Alternative Harvest ETF (MJ). Tactical Global Growth ETF Fund
- Balanced: Took profits on BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ), added BMO MSCI Emerging Markets Index ETF (ZEM) VanEck Gold Miners ETF (GDX), BMO EW Glbl Base Metals Hgd To CAD Idx ETF (ZMT) KraneShares Bosera MSCI China A 50 Connect Idx ETF (KBA) and ETFMG Alternative Harvest ETF (MJ). Tactical Balanced ETF Fund
- Dividend: Took profits on BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ) & BMO Premium Yield ETF Hedged to CAD (ZPAY.F), added BMO Covered Call Utilities ETF (ZWU) and BMO US High Dividend Covered Call ETF (ZWH) boosting the gross yield to 5.63%. Tactical Dividend ETF Fund
Week of July 25, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Trimmed iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of July 18, 2022
Tactical changes:
- Participation/Protection for All Three Mandates: For all three mandates, no changes in the calls/hedging.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: The recent bounce in global equities was led by Technology, and hence, we added a sleeve of BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ticker: ZQQ), given the lack of exposure to dividend-seeking yield plays in the sector. Tactical Dividend ETF Fund
Week of July 11, 2022
Tactical changes:
- Participation/Protection for All Three Mandates: For all three mandates, no changes in the calls/hedging.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: Added to the sleeve of ZQQ. Tactical Dividend ETF Fund
Week of July 4, 2022
Tactical changes:
- Participation/Protection for All Three Mandates: Currently no hedges on, but considering them on strength.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of June 27, 2022
Tactical changes:
- Growth: Added Tech beta to the mandate: Robotics (BOTZ), FinTech (FINX), Cloud (ClOU) and Clean Energy (ZCLN); trimmed EAFE (ZEA) and S&P 500 (ZUE). Tactical Global Growth ETF Fund
- Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
- Dividend: For equities, added Tech beta to the mandate: Robotics (BOTZ), Fin Tech (FINX), Cloud (CLOU) and Clean Energy (ZCLN); trimmed EAFE (ZEA) and S&P 500 (ZUE); for fixed income, added Emerging Markets Local Currency Bond (EMLC). Tactical Dividend ETF Fund
Week of June 20, 2022
Tactical changes:
- Growth: No significant changes to holdings.
- Balanced: No significant changes to holdings.
- Dividend: No significant changes to holdings.
Week of June 13, 2022
Tactical changes:
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Added exposure to Long Treasuries (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of June 6, 2022
Tactical changes:
- No changes to participation/protection, with no hedges on any of the three mandates, as more bounce is expected.
- Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
- Balanced: Small changes in duration. Tactical Balanced ETF Fund
- Dividend: No significant changes to holdings. Tactical Dividend ETF Fund
Week of May 30, 2022
Tactical changes:
- Growth: No significant changes last week; only cash management. Tactical Global Growth ETF Fund
- Balanced: Reduced duration on Fixed Income. Tactical Balanced ETF Fund
- Dividend: No significant changes last week; only cash management. Tactical Dividend ETF Fund
Week of May 23, 2022
Tactical changes:
- Growth: Added a bit more into BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ) from BMO S&P 500 Index ETF (ZSP). Tactical Global Growth ETF Fund
- Balanced: Added a bit more into BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ) from BMO S&P 500 Index ETF (ZSP); trimmed iShares 20 Plus Year Treasury Bond ETF (TLT) for cash. Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of May 16, 2022
Tactical changes:
- Growth: Added Global X Cloud Computing ETF (CLOU) and BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) to benefit from oversold Technology sector, and BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT) to add back exposure that was previously sold a few weeks ago at 20% higher; sold BMO S&P 500 Hedged to CAD Index ETF (ZUE). Tactical Global Growth ETF Fund
- Balanced: Added Global X Cloud Computing ETF (CLOU) and BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) to benefit from oversold Technology sector, and BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT) to add back exposure that was previously sold a few weeks ago at 20% higher; Sold BMO MSCI EAFE Index ETF (ZEA); sees value in trading duration (sold iShares 20 Plus Year Treasury Bond ETF [TLT] into strength and bought back Friday, May 13). Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of May 9, 2022
Tactical changes:
- Growth: Sold S&P 500® Equal Weight (RSP) for S&P 500® Currency Hedged, Market Cap Weighted (ZUE). Tactical Global Growth ETF Fund
- Balanced: Sold S&P 500® Equal Weight (RSP) for S&P 500® Currency Hedged, Market Cap Weighted (ZUE). Tactical Balanced ETF Fund
- Dividend: Sold ZPAY and bought ZQQ, as Tech looks to be oversold. Tactical Dividend ETF Fund
Week of May 2, 2022
Tactical changes:
- Growth: Added base metals exposure (ZMT). Tactical Global Growth ETF Fund
- Balanced: Added base metals exposure (ZMT). Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of April 25, 2022
Tactical changes:
- Growth: Sold exposure to Base Metals (ZMT); some of the proceeds went to the Biotech sector (XBI) and into China A-Shares (KBA). Tactical Global Growth ETF Fund
- Balanced: Sold our longer-term core Base Metals exposure (ZMT); used some of the funds to buy Biotech sector (XBI) and China A-Shares (KBA); also added more duration this week with Treasuries (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of April 18, 2022
Tactical changes:
- Growth: Trimmed GDX (Gold). Tactical Global Growth ETF Fund
- Balanced: Added duration through TLT (Treasuries); trimmed GDX (Gold). Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of April 11, 2022
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: Sold VGK (Europe) and bought TLT (Treasuries). Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of April 4, 2022
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: No significant changes last week. Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of March 28, 2022
Tactical changes:
- Growth: Took profits in CIBR (Cyber Security) and trimmed the positions in FLMX (Mexico) and FLBR (Brazil); this has been repositioned into Europe, Australasia and Far East – EAFE (ZEA) and Emerging Markets (ZEM). Tactical Global Growth ETF Fund
- Balanced: Took profits in CIBR (Cyber Security) and trimmed the positions in FLBR (Brazil); this has been repositioned into Europe, Australasia and Far East – EAFE (ZEA) and Emerging Markets (ZEM); also added TLT (US Treasuries). Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of March 21, 2022
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: No significant changes last week. Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of March 14, 2022
Tactical changes:
- Growth: Cut exposure on the risk-off trade by reducing GDX (Gold); also trimmed ZMT (Materials) to rebalance risks; bought more of ZEA (Developed Markets). Tactical Global Growth ETF Fund
- Balanced: Cut exposure on the risk-off trade by reducing GDX (Gold); also trimmed ZMT (Materials) to rebalance risks; room to reload on the weakness, while also adding to existing themes, i.e., EMLC (Emerging Markets Local Bond), MJ (Alternative Harvest ETF) and KWEB (Chinese Internet). Tactical Balanced ETF Fund
- Dividend: Sold out of GDX (Gold); bought more emerging markets (DEM). Tactical Dividend ETF Fund
Week of March 7, 2022
Tactical changes:
- Growth: Took profits in XLE (Energy); swapped the Currency exposure in developed markets, selling ZDM to buy ZEA (MSCI EAFE). Tactical Global Growth ETF Fund
- Balanced: Took profits in XLE (Energy). Swapped the currency exposure in developed markets selling ZDM to buy ZEA (MSCI EAFE); maintaining overweight to Europe and Emerging Markets, as we still believe there is value on a relative basis. Tactical Balanced ETF Fund
- Dividend: Sold out Utilities; swapped the Currency exposure in developed markets (ZDH to ZDI; ZWE to ZWP); maintaining overweight to Europe and Emerging Markets, as we still believe there is value on a relative basis. Tactical Dividend ETF Fund
Week of February 28, 2022
Tactical changes:
- Growth: Trimmed ZMT (Materials). This is a rebalance due to the position growing in value. Tactical Global Growth ETF Fund
- Balanced: No significant changes last week, except for very small exposure to Russia (see comments in PDF). Tactical Balanced ETF Fund
- Dividend: Trimmed ZWU (Utilities), and continuing to add to developed (EAFE) and emerging markets based on the weakness. Tactical Dividend ETF Fund
Week of February 21, 2022
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: No significant changes last week. Tactical Balanced ETF Fund
- Dividend: Reducing exposure to ZWU (Utilities), and continuing to add to developed (EAFE) and emerging markets. Tactical Dividend ETF Fund
Week of February 14, 2022
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: No significant changes last week. Tactical Balanced ETF Fund
- Dividend: No significant changes last week. Tactical Dividend ETF Fund
Week of December 13, 2021
Tactical changes:
- Growth: Rotated position for taxes (MJ/HMMJ). Tactical Global Growth ETF Fund
- Balanced: Rotated position for taxes (MJ/HMMJ) and sold our Real Return Bonds (ZRR); look to reposition on weakness. Tactical Balanced ETF Fund
- Dividend: Trimmed gold and EAFE exposure again last week, and nibbled at Emerging Markets exposure. Tactical Dividend ETF Fund
Week of December 6, 2021
Tactical changes:
- Growth: Protection hedges helped last week, as volatility has picked up; no significant change in positions last week. Tactical Global Growth ETF Fund
- Balanced: Continued to tilt the portfolio to Emerging Markets and EAFE, and will look to start reducing the U.S. exposure. Tactical Balanced ETF Fund
- Dividend: Protection hedges helped last week, as volatility has picked up; continued to add Emerging Markets and reduce gold exposures. Tactical Dividend ETF Fund
Week of November 29, 2021
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: Trimmed U.S. exposure added to Emerging Markets debt. Tactical Balanced ETF Fund
- Dividend: Trimmed U.S. exposure and Gold, then added to Emerging Markets and Europe. Tactical Dividend ETF Fund
Week of November 22, 2021
Tactical changes:
- Growth: No significant changes last week. Tactical Global Growth ETF Fund
- Balanced: Added to EMLC (Emerging Markets Local Currency). Tactical Balanced ETF Fund
- Dividend: Trimmed Gold (GDX) and U.S. Dividends (ZUD); added to Emerging Markets Dividends. Tactical Dividend ETF Fund
Week of November 15, 2021
Tactical changes:
- Growth: Moved to hedge the currency, converting ZSP to ZUE; also added to HMMJ (Marijuana). Tactical Global Growth ETF Fund
- Balanced: Moved to hedge the currency, converting ZSP to ZUE; also added to HMMJ (Marijuana), and added EMLC (Emerging Markets debt). Tactical Balanced ETF Fund
- Dividend: Moved to hedge the currency, converting ZDY and ZPAY to ZUD and ZPAY.F. Trimmed GDX and added more to DVYE/DGS/DEM (Emerging Dividends). Tactical Dividend ETF Fund
Week of November 8, 2021
Tactical changes:
- Growth: Reduced U.S. Large Cap (ZSP) and added to UK (FLBR). Continued to add Emerging Markets (EM) with a purchase to Brazil (FLBR) to complement existing EM exposures. Tactical Global Growth ETF Fund
- Balanced: Reduced U.S. Large Cap (ZSP) and added to UK (FLBR). Continued to add Emerging Markets (EM) with purchases in Brazil (FLBR) to complement existing EM exposures. Tactical Balanced ETF Fund
- Dividend: Reduced U.S. Dividend exposure and Gold (GDX), and increased Emerging Markets (EDIV, DGS) and Developed Markets (ZWP). Tactical Dividend ETF Fund
Week of November 1, 2021
Protection & participation:
- In the past week, Larry extended out the downside protection of the three funds to December 31 (range of 4600 to 4300 of the S&P 500).
Tactical changes:
- Growth: Trimmed gold equities (GDX). Looking at the weakness in emerging markets as a buying opportunity. Tactical Global Growth ETF Fund
- Balanced: Trimmed gold equities (GDX) and added to emerging markets local currency (EMLC). Tactical Balanced ETF Fund
- Dividend: Trimmed gold equities (GDX) and US Dividend (ZDY). Looking at the weakness in emerging markets as a buying opportunity. Tactical Dividend ETF Fund
Week of October 25, 2021
Tactical changes:
- Growth: No trades last week. Tactical Global Growth ETF Fund
- Balanced: No trades last week. Tactical Balanced ETF Fund
- Dividend: No trades last week. Tactical Dividend ETF Fund
Week of October 18, 2021
Tactical changes:
- Growth: No trades last week. Tactical Global Growth ETF Fund
- Balanced: No trades last week. Tactical Balanced ETF Fund
- Dividend: Trimmed Gold equities on the bounce. Tactical Dividend ETF Fund
Week of October 11, 2021
Protection & participation:
- In the past week, Larry rolled the downside protection to put in place a range from 4325 to 4100 (S&P) for October month end. No covered call options set at this time.
Tactical changes:
- Growth: No trades last week. Tactical Global Growth ETF Fund
- Balanced: No trades last week. Tactical Balanced ETF Fund
- Dividend: No trades last week. Tactical Dividend ETF Fund
Week of October 4, 2021
Tactical changes:
- Growth: Rolled the gold miners trade from ZGD (BMO Equal Weight Global Gold Index ETF) to GDX (VanEck Gold Miners ETF/USA). Tactical Global Growth ETF Fund
- Balanced: Added EMLC (Emerging Markets Fixed Income) Also rolled the gold miners trade from ZGD to GDX. Tactical Balanced ETF Fund
- Dividend: Trimmed ZDY (US dividends) vs. ZDI (International Dividends); also took profits in ZWK (US banks). Also rolled the gold miners trade from ZGD to GDX. Tactical Dividend ETF Fund
Week of September 27, 2021
Tactical changes:
- Growth: Added KBA (China). Tactical Global Growth ETF Fund
- Balanced: Added EMLC (Emerging Markets). Tactical Balanced ETF Fund
- Dividend: Continued to trim ZDY (U.S. dividends) vs. ZDI (International Dividends). Tactical Dividend ETF Fund
Week of September 20, 2021
Tactical changes:
- Growth: Trimmed Uranium (URA) on the rally. Tactical Global Growth ETF Fund
- Balanced: Trimmed Uranium (URA) on the rally. Tactical Balanced ETF Fund
- Dividend: Trimmed ZDY (U.S. dividends) vs. ZDI (International Dividends). Tactical Dividend ETF Fund
Week of September 13, 2021
Tactical changes:
- Growth: Move smaller, country-specific holdings to a broader range of stocks in mid and smaller caps; FLBR (Brazil) replaces EWZ (Brazil) and BRF (Argentina); FLGB (UK) replaces EWU (UK) and EWUS (UK Small Cap); and FLMX (Mexico) replaces EWW (Mexico). Tactical Global Growth ETF Fund
- Balanced: Move smaller, country-specific holdings to a broader range of stocks in mid and smaller caps (not listed in the top 20 holdings); FLBR (Brazil) replaces EWZ (Brazil) and BRF (Argentina), and FLGB (UK) replaces EWU (UK) and EWUS (UK Small Cap). Tactical Balanced ETF Fund
- Dividend: No trades last week. Tactical Dividend ETF Fund
Week of September 6, 2021
Tactical changes:
- Growth: Trimmed ZSP (S&P 500) and URA (Uranium) as it moved to new highs. Bought HMMJ (Marijuana) and PAVE (Infrastructure). Tactical Global Growth ETF Fund
- Balanced: Trimmed ZSP (S&P 500) and URA (Uranium) as it moved to new highs. Bought HMMJ (Marijuana) and PAVE (Infrastructure). Tactical Balanced ETF Fund
- Dividend: Increased USD currency exposure. Tactical Dividend ETF Fund
Week of August 30, 2021
Tactical changes:
- Growth: Changed to USD currency exposure (sold hedged ZUE; added unhedged ZSP). Tactical Global Growth ETF Fund
- Balanced: Changed to USD currency exposure (sold hedged ZUE; bought unhedged ZSP). Tactical Balanced ETF Fund
- Dividend: Changed to USD currency exposure (sold hedged ZPAY.F and ZUD; added unhedged ZPAY and ZDY). Tactical Dividend ETF Fund
Week of August 23, 2021
Tactical changes:
- Growth: Added XLE (Energy), KWEB (China) and URA (Uranium). Tactical Global Growth ETF Fund
- Balanced: Added KWEB (China) and EMLC (Emerging Markets Local Debt). Tactical Balanced ETF Fund
- Dividend: Hedged the currency by selling BMO Premium Yield ETF (ZPAY) and buying BMO Premium Yield ETF – Hedged Units (ZPAY.F). Tactical Dividend ETF Fund
Week of August 16, 2021
Market Insights:
- There were no trades last week for the tactical mandates managed by Larry Berman.
Tactical changes:
Week of August 9, 2021
Tactical changes:
- Growth: Added Emerging Markets regional by buying THD (Thailand) – position is 0.5%. Tactical Global Growth ETF Fund
- Balanced: Continues to trade Emerging Markets Local Currency by adding EMLC – position is 1.6%; added Emerging Markets regional by buying THD (Thailand) – position is 0.3%. Tactical Balanced ETF Fund
- Dividend: No trades last week. Tactical Dividend ETF Fund
Week of August 2, 2021
Tactical changes:
- Growth: Unhedged some US dollar exposure, selling BMO S&P 500 Hedged to CAD Index ETF (ticker: ZUE) and buying BMO S&P 500 Index ETF (ticker: ZSP). Tactical Global Growth ETF Fund
- Balanced: Emerging Markets local currency (ticker: EMLC) bought and sold. Unhedged some US dollar exposure, selling BMO S&P 500 Hedged to CAD Index ETF (ticker: ZUE) and buying BMO S&P 500 Index ETF (ticker: ZSP). Tactical Balanced ETF Fund
- Dividend: Unhedged some US dollar exposure, selling BMO Premium Yield ETF (ticker: ZPAY) and buying BMO Premium Yield ETF (Hedged Units) (ticker: ZPAY-F). Tactical Dividend ETF Fund
Week of July 26, 2021
Tactical changes:
- Growth: Added to longer-term thematic exposure (Chinese Internet) KWEB and hedged all US dollar exposure. Tactical Global Growth ETF Fund
- Balanced: Added thematic holding (emerging markets local currency) EMLC, added to longer-term thematic exposure (Chinese Internet) KWEB and hedged all US dollar exposure. Tactical Balanced ETF Fund
- Dividend: Added thematic holding (emerging markets dividend) DEM and hedged all US dollar exposure. Tactical Dividend ETF Fund
Week of July 19, 2021
Tactical changes:
- Growth: Added thematic holding (uranium) UAR on rumours that a leveraged fund needed to unwind exposure in the sector. Tactical Global Growth ETF Fund
- Balanced: Added thematic holding (uranium) UAR on rumours that a leveraged fund needed to unwind exposure in the sector. Tactical Balanced ETF Fund
- Dividend: No major trades last week. Tactical Dividend ETF Fund
Week of July 12, 2021
Tactical changes:
- Growth: Hedged US$ exposure selling ZSP for ZUE ( S&P 500). Added longer-term thematic trade (Chinese Internet) KWEB after it hit capitulation oversold levels last week. Tactical Global Growth ETF Fund
- Balanced: Hedged US$ exposure selling ZSP for ZUE ( S&P 500). Added longer-term thematic trade (Chinese Internet) KWEB after it hit capitulation oversold levels last week. Tactical Balanced ETF Fund
- Dividend: Reduced US$ exposure selling ZPAY for ZPAY/F (Alt income). Opportunity to add to ZWK (US Banks covered call) on the recent dip. Tactical Dividend ETF Fund
Week of July 5, 2021
Market Insights:
- There were no trades last week for the tactical mandates managed by Larry Berman.
Tactical changes:
Week of June 28, 2021
Market Insights:
- There were no trades last week for the tactical mandates managed by Larry Berman.
Tactical changes:
Week of June 21, 2021
Market Insights:
- On his approach of participation and protection, Larry maintains a downside hedge between 4200-3750 on the S&P 500, with a covered call at 4400 through September 30, 2021.
Tactical changes:
- Growth: No major moves last week. Tactical Global Growth ETF Fund
- Balanced: Partial currency hedge of the S&P 500 and purchase of Uranium ETF. Tactical Balanced ETF Fund
- Dividend: Partial currency hedge of the S&P 500 and purchase of Uranium ETF. Tactical Dividend ETF Fund
Week of June 14, 2021
Market Insights:
- There were no trades last week for the tactical mandates managed by Larry Berman.
Tactical changes:
Week of June 7, 2021
Market Insights:
- Participation and Protection: Larry maintains the hedge on the S&P 500 in place from 4200-3750 with a covered call at 4400 through Sept 30, 2021. This is a tactical hedge and is actively adjusted as opportunities develop.
Tactical changes:
- Growth: No major moves last week. Tactical Global Growth ETF Fund
- Balanced: No major moves last week. Tactical Balanced ETF Fund
- Dividend: Raised cash last week by taking profits on our gold equity (ZGD) exposure. Tactical Dividend ETF Fund
Week of May 31, 2021
Market Insights:
- The tactical mandates continue to provide a mix of protection and participation. The mandates have a downside hedge range on the S&P 500 in place from 4200-3750, with a covered call at 4400 through September 30, 2021.
Tactical changes:
- Growth: Raised cash last week by taking profits on our gold equity (ZGD) exposure. Tactical Global Growth ETF Fund
- Balanced: Cut duration by selling VanEck Vectors JP Morgan EM Local Currency Bd ETF (EMLC). Tactical Balanced ETF Fund
- Dividend: Raised cash last week by taking profits on our gold equity (ZGD) exposure. Tactical Dividend ETF Fund
Week of May 24, 2021
Market Insights:
- Continue to see the Fed as the swing factor in markets. The Treasury needs to raise another $600B in excess of what the Fed is monetizing. That should add stress to asset prices in the coming quarters.
- Value remains evident in emerging markets, where we look to add exposure as more opportunity develops.
Protection and Participation:
- Downside hedge on the S&P 500 in place from 4200-3750 with a covered call at 4400 through Sept 30th. This is a tactical hedge and is actively adjusted as opportunities develop.
Tactical changes:
- Growth: Shifted the balanced of our S&P 500 exposure back to ZSP from ZUE (hedged). Reduced ZGD (gold equities) exposure from about 15% to 10% with proceeds to cash for now. Tactical Global Growth ETF Fund
- Balanced: Back to market weight US dollars. (sold ZUE and bought ZSP). Reduced exposure from about 10% to 6% as gold rallied and gold stocks moved back towards fair value. Tactical Balanced ETF Fund
- Dividend: Raised cash last week by taking profits on our gold equity (ZGD) exposure. Tactical Dividend ETF Fund
Week of May 17, 2021
Market Insights:
- Continue to see the Fed as the swing factor in markets. We now know that the Treasury needs to raise another $600B in excess of what the Fed is monetizing. That should add stress to asset prices in the coming quarters.
Protection and Participation:
- Downside hedge on the S&P 500 in place from 4200-3750 with a covered call at 4400 through Sept 30th. This is a tactical hedge and is actively adjusted as opportunities develop.
Tactical changes:
- Growth: Added back USD some exposure selling ZUE and buying ZSP. Tactical Global Growth ETF Fund
- Balanced: Added back USD some exposure selling ZUE and buying ZSP. Tactical Balanced ETF Fund
- Dividend: Added back some US dollar exposure selling ZUD to buy ZDY and ZPAY/F to ZPAY. Trimmed gold exposure as the sector improves. Tactical Dividend ETF Fund
Week of April 26, 2021
On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). Overall, he still sees one more push further to even higher valuations. The mandates currently have full upside participation as he as not written calls on the portfolio. He is studying them at this time to create a further buffer given the market advances already this year.
- BAL: Added exposure to INDA and rolled half the currency exposure to EAFE by selling ZEA to buy ZDM. Turned over the long-bond position 200% in April. Bond duration closed slightly up from the previous week, but was as low at 7 and as high as 11 during the week. Bond yields dropped significantly and our long duration position was cut accordingly as part of the active focus on duration.
- GRO: Made a currency-based tactical shift from ZEA to ZDM on half our exposure. Added INDA given longer-term growth exposure, and reduced exposure in the more overvalued US large caps (ZSP).
- DIV: Moved from ZDI to ZDH given the weakness in the C$ prior to the BoC announcement to shift currency exposure. Trimmed gold exposure as planned on strength and boosted EM allocation, viewing dividends from EM markets as a good relative growth source.
Week of April 19, 2021
On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio. He is reviewing them at this time to create a further buffer given the market advances already this year.
- BAL: Bond yields dropped significantly last week and our long duration position was cut accordingly as part of the active focus on duration.
- GRO: Added to the energy (reflation) trade by buying XLE and selling ZSP. Trimmed gold equities (ZGD) a bit on the strength; it remains a high conviction risk/return trade.
- DIV: Cut exposure to the US$ above 1.26 as we see another dip below 1.24 in the coming weeks. Trimmed gold exposure as planned on strength, and boosted EM and European exposure.
Week of April 12, 2021
Larry made the following changes to the core of the tactical mandates. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio. He is studying them at this time to create a further buffer, given the market advances already this year.
- BAL: Added to the US$ currency hedge last week rotating ZSP/ZUE. Also added energy XLE and EM exposure as they have hit our relative buy target. Increased duration in fixed income on weakness.
- GRO: Significantly reduced our US$ exposure this week above 1.26 and looked for another move back to 1.23 where US$ exposure is more attractive again (Reduced ZSP and added ZUE). Sold some core S&P 500 to add 1% to energy (XLE that has seen a 15% relative correction in recent weeks).
- DIV: Continued to increase EM exposure relative to other regions. Trimmed gold company exposure last week on improving relative strength. Also, slightly reduced US$ exposure last week with a shift from ZPAY/ZPAY-F.
Week of April 5, 2021
Larry has made a few changes in the core of the tactical mandates last week. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio.
- BAL: Bought and sold duration (TLT) again. Improving the average cost on the position and looking to take advantage of extreme volatility in fixed-income. Hedged currency US equity exposure with a ZSP to ZUE trade.
- GRO: Hedged some of our US equity exposure by shifting some exposure from ZSP to ZUE. Bought back the ZMT exposure we trimmed on the overbought condition.
- DIV: We continue to increase EM exposure relative to other regions.
Week of March 29, 2021
Larry has made a few changes in the core of the tactical mandates last week. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he has not written calls on the portfolio.
- BAL: Trimmed EMLC and then bought it back about 2% lower. Traded duration (TLT) last week several times adding about 5 bps in value. Added to global mining (ZMT) on the dip last week.
- GRO: Added exposure back to global mining (ZMT) as the sector declined about 15% from recent highs. Trimmed exposure to Japan again as they boosted purchases of ETFs.
- DIV: Trimmed ZWU last week and added to US pipelines AMLP on the correction in the US energy sector. Added to global mining (ZMT) on the dip last week.
Week of March 22, 2021
Larry has made a few changes in the core of the tactical mandates last week. On his approach of participation and protection, he continues to hold put protection, between 3875-3500 of the S&P. The mandates currently have full upside participation as he as not written calls on the portfolio.
- BAL: Sold some EMLC and added to TLT last week against the important technical support. Sold S&P 500 and added exposure to China A-Shares.
- GRO: Sold S&P 500 to add an initial 1% to China, now boosting the overall EM weight.
- DIV: Trimmed the gold sector a bit last week on the bounce (targeting 20% for now). Also adding EM given the relative weakness.
Week of March 15, 2021
Larry has made a few changes in the core of the three tactical mandates, which are in defense mode, with an overlay of participation and protection. He continues to hold a level of protection (downside between 3875-3500, i.e., 10% of the S&P 500).
- BAL: Equities - Bought ZEM. Core equity exposure now above 60%. Fixed Income - Active on our duration management. Sold ZPR to add duration in TLT.
- GRO: Equity - Added 5% to emerging markets (ZEM) this week and sold the US market (ZSP). Reduced small cap UK (EWUS) to add to large cap UK (EWU).
- DIV: No trades last week. ZEM is already positioned in the mandate.
Week of March 8, 2021
Larry has made a number of changes in the three tactical mandates. He continues to maintain a level of protection (holding downside, between 3875-3500, i.e., 10% of the S&P 500).
- BAL: Equity - Added S&P 500 (by 5%); clean energy (ZCLN); medical marijuana (HMMJ); global base metals (ZMT); Brazil (EWZ). Core US/EAFE equity is now at target weight of 55. Fixed Income - Active on duration management; extended it as yields tested key support (trimmed ZPR to add duration with TLT). Bought global emerging market debt (EMLC).
- GRO: Added ZMT; energy and mining (EWZ); clean energy (ZCLN); medical marijuana (HMMJ); new position in cybersecurity (CIBR). Took half profit on our equal weight US exposure (RSP) and rolled that back to market cap weight S&P (locked in more than 500bps of alpha relating to that trade).
- DIV: Sold part of ZWU, added ZUD for more growth potential, while maintaining dividend yield. OPEC+ surprised the market this week; mandate had lightened up in the sector expecting more supply. The C$ benefited, and that hurt this week with the euro falling versus the US$ on a flight to safety.
Week of March 1, 2021
Larry has made a few changes in the core of the mandate last week. Mostly related to bond markets and the potential that rising yields will push the FOMC into yield curve control later this year. See below for changes. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). This will help mitigate the risk of the bond market to stress the stock market. The mandates currently have full upside participation as he as not written calls on the portfolio.
- BAL: Sold ZCB to buy ZST. Reduce credit risk and duration, but added to TLT to offset. Shifted all long bonds into TLT for more active duration management.
- GRO: Tactically sold half of ZMT as reflation trade getting crowded. Proceeds back to RSP (equal weight S&P 500 ETF). Equal weight S&P has outperformed the market weight S&P by over 350 bps this year.
- DIV: No trades.
Week of February 22, 2021
Larry has made a number of changes in the mandates last week – He increased the core beta in all three mandates. In addition, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio. He continues to tactically manage his holdings and degree of participation and protection.
- BAL: Sold ZPAY, ZWP, ZWC, ZWU, bought ZSP, ZEA
- GRO: Sold ZPAY, ZWP, bought ZSP, ZEA
- DIV: Sold ZWP, bought ZDI
Week of February 15, 2021
Larry continues his participation and protection.
- For participation, the core beta is inline with last week: Tactical Global Growth core beta is 71%, Tactical Dividend core beta is 62%, Tactical Balanced core beta is 26%.
- For protection, the portfolio is partially hedged between 3875 and 3500.
Trading for the week included tweaks in the three tactical mandates:
- Tactical Balanced: a bit more ZPR and TLT.
- Tactical Growth: increasingly adding to EM and Asian exposures.
- Tactical Dividend: Starting to reduce ZWU exposure to fund more global (EM) dividend.
Click below for the updates:
* Weekly commentary provided by Portfolio Management BMO Highlights
Advisor/Broker use only