The price of admission is $25 million — and how you invest
changes completely once you get there. On this episode of In the
Money with Amber Kanwar, Stephen Harvey, CIO of Sagard Wealth,
breaks down how ultra-high-net-worth investors are positioning
portfolios today — and why it looks nothing like a traditional
60/40. He explains how families are increasingly thinking like
institutions, with heavy allocations to private markets, real
assets, and global opportunities. From the AI capex boom to the
case for commodities, Japan, and even Brazil, Harvey lays out
where he sees the biggest opportunities — and why owning the
“picks and shovels” of major trends may matter more than chasing
headlines.
In the Mailbag, Harvey shares why Japan is a top international
overweight tied to structural economic change and a weaker yen,
while Korea remains on the watchlist. He weighs in on the AI
power trade through names like Talen Energy (TLN) and
Constellation Energy (CEG), and explains why nuclear and grid
infrastructure are key to the next phase of AI. He also makes the
bullish case for copper through Lundin Mining (LUN.TO),
highlighting a growing supply deficit, and discusses uranium
exposure via Denison Mines (DML.TO).
In Pro Picks, Harvey highlights three high-conviction themes the
ultra-rich are leaning into. First, biotech — where he sees a
wave of M&A driven by a looming patent cliff for big pharma,
with names like Abivax (ABVX) and Scholar Rock (SRRK) on his
radar. Second, U.S. regional banks, which he says are poised to
benefit from consolidation, deregulation, and a steeper yield
curve, with exposure available through the SPDR S&P Regional
Banking ETF (KRE). And third, Brazil — a contrarian opportunity
tied to energy and food exports, high real yields, and potential
political change, with broad exposure through the iShares MSCI
Brazil ETF (EWZ).
Timestamps
00:00 Trailer
02:00 Intro
03:00 Outsourcing a family office
04:30 Building a portfolio for the ultra rich
05:40 The power of private markets and alternative
investments
10:40 Thinking about AI & the capex boom
13:10 Hamilton Enhanced Mixed Asset Allocation ETF (TSX:
MIX)
15:20 ITM Mailbag: Japan or South Korea?
21:30: Talen Energy & Constellation Energy
24:20 Lundin Mining
26:30 Denison Mines (DML)
28:20 Stephen’s Pro Picks (Biotech: SRRK,ABVX, U.S. regional
banks: KRE, Brazil: EWZ)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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