Week of November 25, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: : No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of November 18, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: : No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of November 11, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: : Bought iShares 20+ Year Treasury Bond ETF (TLT); used cash. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of November 4, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: : Added duration by buying iShares 20+ Year Treasury Bond ETF (TLT); sold BMO Money Market Fund ETF Series (ZMMK) and BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of October 28, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: Trimmed duration by selling BMO Money Market Fund ETF Serie (ZMMK) and bought iShares 20+ Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of October 21, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of September 31, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of September 16, 2024
Tactical changes:
- Growth: The portfolio is in the lower-risk end of neutral mode; took profits in the rate-sensitive BMO Equal Weight Utilities Index ETF (ZUT); added to exposure in the Energy Select Sector SPDR Fund (XLE) and the Amplify Alternative Harvest ETF (MJ). Tactical Global Growth ETF Fund
- Balanced: The portfolio is in neutral mode; took profits in the defensive Consumer Staples Select Sector SPDR Fund (XLP), and added to the Energy Select Sector SPDR Fund (XLE) and the Amplify Alternative Harvest ETF (MJ). Tactical Balanced ETF Fund
- Dividend: The portfolio is in risk-off mode; made one trade last week, reducing the BMO Covered Call Utilities ETF (ZWU) due to interest rate sensitivity, and increasing exposure to the BMO Covered Call Energy ETF (ZWEN). Tactical Dividend ETF Fund
Week of September 9, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of August 26, 2024
Tactical changes:
All three mandates remain in “neutral mode,” although Larry added some protection last week.
- Growth: Increased U.S. dollar (USD) exposure; switched the BMO MSCI EAFE Index ETF (ZEA) to the BMO MSCI EAFE Hedged to CAD Index ETF (ZDM); took profits on Gold Miners by selling the VanEck Gold Miners ETF (GDX). Tactical Global Growth ETF Fund
- Balanced: Increased U.S. dollar (USD) exposure; switched the BMO MSCI EAFE Index ETF (ZEA) to the BMO MSCI EAFE Hedged to CAD Index ETF (ZDM); took profits on Gold Miners by selling the VanEck Gold Miners ETF (GDX); cut duration selling the BMO Long-Term US Treasury Bond Index ETF (ZTL) and bought SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). Tactical Balanced ETF Fund
- Dividend: Increased U.S. dollar (USD) exposure; switched the BMO Europe High Dividend Covered Call ETF (ZWP) to the BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE). Tactical Dividend ETF Fund
Week of August 19, 2024
Tactical changes:
All three mandates remain in “neutral mode,” although Larry added some protection last week.
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: Sold the BMO Long-Term US Treasury Bond Index ETF (ZTL) and bought the BMO Money Market Fund ETF Series (ZMMK). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of August 12, 2024
Tactical changes:
All three mandates are now in “neutral mode” with hedges reduced.
- Growth: No significant changes to the underlying holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the underlying holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to the underlying holdings. Tactical Dividend ETF Fund
Week of August 5, 2024
Tactical changes:
All three mandates have protective hedging in place that helps position them for a corrective phase of the markets.
- Growth: No significant changes to the underlying holdings. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the underlying holdings. Tactical Balanced ETF Fund
- Dividend: No significant changes to the underlying holdings. Tactical Dividend ETF Fund
Week of July 29, 2024
Tactical changes:
- Growth: Trimmed international BMO MSCI EAFE Hedged to CAD Index ETF (ZDM). Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: Trimmed BMO Europe High Dividend Covered Call ETF (ZWP). Tactical Dividend ETF Fund
Week of July 22, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of July 15, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: Trimmed Emerging Markets Small Cap Dividend (DGS). Tactical Dividend ETF Fund
Week of July 8, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of July 1, 2024
Tactical changes:
- Growth: Trimmed exposure to BMO S&P 500 Hedged to CAD Index ETF (ZUE) and added to BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: Trimmed BMO Premium Yield ETF (ZPAY). Tactical Dividend ETF Fund
Week of June 24, 2024
Tactical changes:
- Growth: Trimmed BMO S&P 500 Hedged to CAD Index ETF (ZUE) and added BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: Trimmed BMO Premium Yield ETF (ZPAY). Tactical Dividend ETF Fund
Week of June 17, 2024
Tactical changes:
- Growth: Trimmed VanEck Gold Miners ETF (GDX). Tactical Global Growth ETF Fund
- Balanced: Trimmed BMO S&P 500 Hedged to CAD Index ETF (ZUE). Tactical Balanced ETF Fund
- Dividend: Trimmed BMO Premium Yield ETF (ZPAY). Tactical Dividend ETF Fund
Week of June 10, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of May 27, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of May 20, 2024
Tactical changes:
For all three mandates, Larry has added protection and raised the overall cap and long protection. He had previously reduced the hedge, given the sell-off, and is now resetting it near current levels.
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: Further trimmed VanEck Gold Miners ETF (GDX). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of May 13, 2024
Tactical changes:
- Growth: No significant changes to the portfolio; small trim in VanEck Gold Miners ETF (GDX). Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio; small trim in VanEck Gold Miners ETF (GDX). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio; small trim in BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE). Tactical Dividend ETF Fund
Week of May 6, 2024
Tactical changes:
For all three mandates, Larry’s perspective is that we are in the “neutral mode.” While he dialed back his hedges last month, he added a bit last week.
- Growth: Trimmed VanEck Gold Miners ETF (GDX) on strength. Tactical Global Growth ETF Fund
- Balanced: Trimmed VanEck Gold Miners ETF (GDX) on strength. Tactical Balanced ETF Fund
- Dividend: BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) on strength. Tactical Dividend ETF Fund
Week of April 29, 2024
Tactical changes:
For all three mandates, Larry updated his market view to neutral in April and adjusted the hedges to reflect this view.
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of April 22, 2024
Tactical changes:
All three mandates are in risk-off mode.
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: Increased duration, adding BMO Long-Term US Treasury Bond Index ETF (ZTL) and trimming BMO Money Market Fund ETF Series (ZMMK). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of April 15, 2024
Tactical changes:
All three mandates are in risk-off mode.
- Growth: Trimmed VanEck Gold Miners ETF (GDX). Tactical Global Growth ETF Fund
- Balanced: Trimmed VanEck Gold Miners ETF (GDX). Tactical Balanced ETF Fund
- Dividend: Trimmed WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). Tactical Dividend ETF Fund
Week of April 8, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of April 1, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of March 18, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of March 11, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of February 26, 2024
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: Some rebalancing to the portfolio, mostly trimming the BMO S&P 500 Hedged to CAD Index ETF (ZUE). Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of February 12, 2024
Tactical changes:
- Growth: No trades last week. Portfolio is in risk-off mode. Tactical Global Growth ETF Fund
- Balanced: Trimmed Global X Uranium ETF (URA), First Trust NASDAQ Cybersecurity ETF (CIBR) and Invesco S&P 500 Equal Weight ETF (RSP); added to VanEck Gold Miners ETF (GDX) and Energy Select Sector SPDR Fund (XLE); will extend duration to the maximum again. Tactical Balanced ETF Fund
- Dividend: No trades last week. Looking to trim BMO Covered Call Utilities ETF (ZWU) and add to BMO Covered Call Technology ETF (ZWT), BMO Covered Call Energy Units ETF (ZWEN), BMO Covered Call Canadian Banks ETF (ZWB) and BMO Covered Call Health Care Units ETF (ZWHC). Tactical Dividend ETF Fund
Week of February 5, 2024
Tactical changes:
- Growth: Trimmed BMO MSCI EAFE Hedged to CAD Index ETF (ZDM). Tactical Global Growth ETF Fund
- Balanced: Sold BMO Long-Term US Treasury Bond Index ETF (ZTL) and bought BMO Money Market Fund ETF Series (ZMMK). Tactical Balanced ETF Fund
- Dividend: Trimmed SPDR S&P Emerging Markets Dividend ETF (EDIV) for cash. Tactical Dividend ETF Fund
Week of January 29, 2023
Tactical changes:
All three mandates continue to have a buffer to manage market risk.
- Growth: Trimmed Invesco S&P 500 Eql Wght ETF (RSP) and First Trust NASDAQ Cybersecurity ETF (CIBR) to buy Energy Select Sector SPDR Fund (XLE) and VanEck Gold Miners ETF (GDX). Tactical Global Growth ETF Fund
- Balanced: Trimmed Invesco S&P 500 Eql Wght ETF (RSP), First Trust NASDAQ Cybersecurity ETF (CIBR), and Global X Uranium ETF (URA) to buy Energy Select Sector SPDR Fund (XLE) and VanEck Gold Miners ETF (GDX). Tactical Balanced ETF Fund
- Dividend: Trimmed BMO Premium Yield ETF (ZPAY) and bought BMO Covered Call Energy Units ETF (ZWEN). Tactical Dividend ETF Fund
Week of January 22, 2023
Tactical changes:
All three mandates continue to have a buffered protection against equity exposure.
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of January 15, 2023
Tactical changes:
- Growth: No significant changes to the portfolio. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio. Tactical Dividend ETF Fund
Week of January 8, 2023
Tactical changes:
For all mandates, Larry has a defensive position with the option overlays.
- Growth: No significant changes to the portfolio since the end of 2023. Tactical Global Growth ETF Fund
- Balanced: No significant changes to the portfolio since the end of 2023. Tactical Balanced ETF Fund
- Dividend: No significant changes to the portfolio since the end of 2023. Tactical Dividend ETF Fund
Week of December 18, 2023
Tactical changes:
For all mandates, Larry has rolled the portfolio protection for 2024 with a weighted average cap at 5200, weighted average collar at 4700 and a weighted average floor of 0 on the S&P.
- Growth: Bought BMO MSCI EAFE Index ETF (ZEA) and sold BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) for the currency. Tactical Global Growth ETF Fund
- Balanced: Bought BMO MSCI EAFE Index ETF (ZEA) and sold BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) for the currency. Tactical Balanced ETF Fund
- Dividend: Added BMO Covered Call Canadian Banks ETF (ZWB), BMO Covered Call Energy ETF (ZWEN) and BMO Covered Call Health Care ETF (ZWHC); trimmed SPDR S&P Emerging Markets Dividend ETF (EDIV); also bought BMO Europe High Dividend Covered Call ETF (ZWP) and sold BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) for the currency, as both are the covered calls on Europe. Tactical Dividend ETF Fund
Week of December 11, 2023
Tactical changes:
- Growth: No significant changes. Tactical Global Growth ETF Fund
- Balanced: Continued to trade duration by selling long treasuries and buying BMO Money Market Fund ETF Series (ZMMK). Tactical Balanced ETF Fund
- Dividend: No significant changes. Tactical Dividend ETF Fund
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
* Weekly commentary provided by Portfolio Management BMO Highlights
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