BCV Bulletin - Recent Trading Activity - July 16, 2026
PARTIAL SELL: Bank of Montreal (TSX: BMO)
Bank of Montreal (TSX: BMO) continues to execute effectively, growing organic capital while increasing both its book value by approximately 8% and dividends by roughly 9% over the last five years. BMO remains a high-quality institution with a management team that has earned investors’ trust. In October 2024, we added to our BMO position following a spike in provisions for credit losses. We shared management's view that underperforming loan vintages from the Bank of the West acquisition were contained. As BMO’s share price has since more than doubled since then, we believed it was prudent to trim our exposure at current valuations.
BUY: AtkinsRéalis Group Inc. (TSX: ATRL)
AtkinsRéalis Group Inc. (TSX: ATRL) is a leading diversified engineering services company, one of six nuclear original equipment manufacturers globally, and the exclusive licensee of Canadian developed CANDU nuclear reactor technology. As growing power demand strains global supply chains, governments and corporations are increasingly turning to nuclear solutions. This nuclear renaissance falls against a backdrop of sustained public infrastructure investment, providing a multi-year tailwind for AtkinsRéalis’ core engineering services, along with its nuclear business. Simultaneously, broader investor capital has rotated out of the engineering services industry to chase other trends, which has enabled us to purchase ATRL shares at what we view as an attractive valuation.
This BCV Bulletin is intended for residents of the provinces and territories in which we are registered, is not meant to be a solicitation to any persons not resident in those jurisdictions and does not constitute an offer to buy or sell our products or services. Any opinions expressed are just that and are subject to change. Information is provided on a best-effort basis and its accuracy cannot be guaranteed. Information may also be provided from third party sources which are believed to be reliable, but we do not guarantee its accuracy or completeness. Certain statements may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This BCV Bulletin has been prepared for general informational purposes only, is not intended as investment and/or financial advice on any subject matter and the securities mentioned should not be construed as a recommendation for any specific securities. ©BCV Asset Management Inc. 2026.
