BMO Global Asset Management
The latest research and outlooks in the ProAllocate library
- Private Markets
Private market royalties: Building an asset class from the ground up
Partners Group's Pierre-Yves Cyr explains how the firm built its royalties strategy, a new private-markets asset class spanning music, healthcare, energy and media, emphasising cross-sector diversification and downside-focused structuring over leverage. He argues that long-dated, predictable cash flows from quality assets, rather than structuring alone, underpin attractive risk-adjusted returns.
- Private Markets
Path to exit: Behind the scenes of Partners Group’s sale of atNorth
Partners Group's Ismail Afara describes how the firm scaled Nordic data-centre platform atNorth from a 2022 controlling stake to a $4bn exit to CPP Investments and Equinix in 2026, delivering over 30% annual returns while retaining a 10% reinvestment stake.
- Fixed Income
Fixed income backed by the everyday, real economy
BMO Global Asset Management argues that asset-backed securities and asset-based finance offer diversification, contractual income and structural protections beyond traditional corporate credit, filling capacity left by banks' retreat from balance-sheet lending.
- Private Markets
The real assets behind the digital age
BMO Global Asset Management argues digital infrastructure offers contracted cash flows, scarcity-driven pricing power and inflation protection, but warns of technological obsolescence, stretched valuations and hyperscaler tenant concentration. It recommends treating the asset class as a satellite alternatives allocation rather than a core holding.
- Equities
Chinese equities through an uneven recovery—and beyond
Fullgoal's Aaron Ge and BMO GAM's Sadiq Adatia argue China's near-term equity opportunity is selective—AI supply chains, healthcare and high-dividend value stocks—while technology self-sufficiency and overseas expansion drive a stronger five-year case.
- Portfolio Construction
Trick or treat? Stubborn risks meet market optimism.
A CIO strategy note argues for maintaining an equity overweight and reinstating an Emerging Markets overweight on AI-driven earnings strength, while modestly raising Fixed Income from Cash and using options and gold to hedge lingering rate and geopolitical risks.
- Fixed Income
Assessing the risk and return outlook for non-core credit allocations in a higher rate landscape
Rising AI-driven productivity could push neutral real interest rates higher, boosting long-term yields and the income potential of non-core credit such as CLOs, private credit and emerging-market debt. The analysis argues these assets suit satellite allocations, offering higher expected returns and volatility than core bonds, with modest correlations to diversify portfolios.
- Sustainability
A New Model for Indigenous Participation in Mining?
BMO Global Asset Management's sustainable investment team examines Indigenous equity participation in mining projects, arguing it can strengthen partnerships and project certainty but does not replace consultation and FPIC requirements. Case studies from Canada, Chile and Australia show mixed outcomes shaped by financing, governance and community capacity.
- Private Markets
Winning in private credit takes a team
Carlyle attributes its private credit growth to collaborative culture, scale and specialist distribution teams, while highlighting floating-rate exposure and asset-based finance as growth areas amid higher-for-longer rates. The firm argues recent negative headlines reflect manager-selection failures rather than systemic risk in private credit.