Is it time to rotate back into U.S. equities? Sadiq Adatia, Chief Investment Officer at BMO Global Asset Management, oversees $75 billion in direct assets—and he's making bold moves. In this episode, Sadiq reveals why he’s gone overweight U.S. stocks again, what’s changed in his view on gold, and why Canadian markets might deserve a second look.

We cover everything from tariffs and interest rates to inflation, AI disruption, and whether the resilient U.S. consumer can keep this market rally alive.

In our Pro Picks segment, Sadiq highlights two sectors he's leaning into, and one he’s staying away from: U.S. and international financials for their attractive valuations, strong dividend yields, and improving fundamentals; technology and communication services, which he sees as multi-year structural winners thanks to AI and pricing power; and a move away from consumer staples, which he says have become too expensive and less compelling in the current environment. It's a pro-cyclical tilt aimed at taking advantage of momentum without overpaying for safety.

If you're wondering how one of Canada’s top investors is positioning for the second half of 2025, this conversation is your roadmap.

Timestamps

00:00 Show intro
01:55 Sadiq Adatia’s investment approach
03:40 Why Adatia has changed his view on U.S. equities and gold because what was working isn’t going to work anymore

05:25 Why Adatia recently went back overweight equities
07:30 Adatia’s view on rates
08:30 Why Adatia is neutral on Canada now after being bearish
11:00 Is there anything that can overcome FOMO in markets right now?
12:45 Can long-term investors just ignore geopolitics?
14:15 The inflation question
16:30 What are the biggest risks to the rally?
18:25 Why Adatia is now neutral on gold

20:40 How to insulate for the risk of the U.S. debt problem?
23:40 The AI question and how to position for it transforming different markets and sectors

29:25 Sadiq’s Pro Picks

Sponsors

This episode is sponsored by BMO InvestorLine. Learn more at https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more information.

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DISCLAIMERS

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

BMO DISCLAIMER

Find BMO InvestorLine and GAM disclaimers here: https://www.bmo.com/en-ca/main/personal/investments/direct-investing/investorline/itm-pod-disclaimer/

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