Investors are talking about a “sell America” trade — but is the
U.S. really done, or is this just another moment where global
diversification finally pays? On this episode of In the Money
with Amber Kanwar, Amber sits down with Jeff Elliott, Managing
Director and Head of Global Equity at BMO Global Asset
Management, to break down how a bottom-up stock picker is
navigating today’s volatile, policy-driven markets.
Jeff explains why last year’s global outperformance wasn’t about
abandoning the U.S., but about fundamentals — earnings growth,
valuation discipline, and avoiding crowded trades. He shares how
his team broadens exposure to Europe, emerging markets, and
Canada without making top-down regional bets, and why portfolio
construction matters just as much as finding the right stocks.
Healthcare takes centre stage as Jeff draws on his deep sector
expertise to unpack one of the most politically exposed — and
misunderstood — areas of the market. He explains why policy noise
can create sharp dislocations without permanently damaging
businesses, and how active managers look for mispriced
opportunities across pharma, biotech, and med-tech while others
retreat from the sector.
In the Mailbag, Jeff cuts through policy-driven volatility across
several heavily debated names. He explains why Medicare Advantage
headlines have punished UnitedHealth (UNH), why a low valuation
and big dividend aren’t enough for Pfizer (PFE), and why Eli
Lilly (LLY) still stands out for durable growth. He also weighs
in on Moderna (MRNA), NVIDIA (NVDA), Samsung Electronics
(005930.KS), and Western Alliance Bancorporation (WAL), showing
how fundamentals — not headlines — ultimately determine where
volatility creates opportunity.
In Pro Picks, Jeff highlights three high-conviction healthcare
ideas where he sees durable growth despite policy noise. He
starts with Boston Scientific (BSX), explaining why its
leadership in atrial fibrillation treatment and med-tech
innovation continues to drive long-term opportunity. He also
revisits Eli Lilly (LLY), outlining why its depth in GLP-1s and
next-generation therapies gives it a stronger growth runway than
peers. Rounding out the picks is UCB (UCB.BR), a lesser-known
European biotech where Jeff sees a transformative drug pipeline
that could meaningfully change the company’s growth profile over
the coming years.
If you’re trying to understand how to invest globally without
chasing headlines — and how active stock picking really works
when policy risk and volatility dominate — this is a conversation
worth watching.
Timestamps
00:00 Show trailer
02:10 intro
04:10 Everyone wants global exposure now
06:00 How geography matters to a bottoms up approach
08:00 What about Europe?
10:30 Follow the fundamentals
12:20 What does policy volatility mean for Jeff’s approach?
14:30 The TACO trade & healthcare
17:30 ITM Mailbag: UnitedHealth stock (UNH)
25:00 Pfizer stock (PFE)
29:30 Moderna stock (MNRA)
35:50 Nvidia stock (NVDA) & big tech
38:55 Samsung stock
41:30 Bank stocks & Western Alliance Bank (WAL)
44:15 Jeff’s Pro Picks (BSX, LLY, UCB)
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
This episode is brought to you by BMO ETFs. Find out more about
the BMO Global Equity Fund ETF here:
https://bmogam.com/ca-en/products/exchange-traded-fund/bmo-global-equity-fund-active-etf-series-bgeq/
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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. In this episode we discuss
United Health, Pfizer and Eli Lilly which are all stocks Amber
owns.
In the Money delivers expert stock picks, market analysis, and
timely investing insights. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers and financial experts. Covering everything from ETFs and
Canadian stocks to global investing trends, dividend strategies,
and risk management, this show is made for DIY investors, stock
market enthusiasts, and anyone looking to sharpen their financial
strategy.
Contact: questions@inthemoneypod.com
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#FinancialNews
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