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Analyst Biographies

BMO Capital Markets Equity Research

BMO Capital Markets Analyst Bios | 1

Equity ResearchAnalyst Bios

Bert was named Director of Canadian and U.K. Equity Research in February 2017. Bert has more than 20 years of equity research experience. He joined BMO Capital Markets Equity Research in 2000 as a software research analyst, after covering the sector for another investment dealer. In 2003, Bert transitioned his coverage to special situations/industrials stocks, and subsequently narrowed his focus to the industrial names over time. During Bert’s tenure in the sector, our industrial products team was consistently ranked #1 in the Brendan Wood International Survey and by Greenwich Associates.

Bert holds a BBA and a BIS (bachelor of information systems) from St. Francis Xavier University, and is a CFA charterholder.

Director of Canadian Equity Research

Bert Powell, CFA

Management

Carl was named Director of U.S. Equity Research in July 2015. He was an analyst with BMO Capital Markets for seven years cov-ering the North American pipeline and energy infrastructure industry. With more than 20 years of equity research experience, prior to joining BMO Carl began covering pipelines in 1993 as an associate at Rauscher Pierce, and subsequently as a senior analyst at Jefferies, Merrill Lynch, and at Credit Suisse Securities. Since joining BMO, Carl has earned the trust and respect of our investor and corporate clients.

Carl has been recognized as a top-ranked analyst in the sector by Institutional Investor’s All-American Research Team (ranked in top five in nearly every year since 2006), The Wall Street Journal’s Best on the Street survey (ranked first for stock-picking for two consecutive years), StarMine (ranked first or second since 2011), and Brendan Wood (Top Gun in 2012).

Carl has a Bachelor of Arts from Rice University in Economics and English, and is a CFA charterholder.

Carl Kirst, CFA Director of US Equity Research



Lana is a senior analyst in BMO Capital Markets Equity Research, covering financial institutions, including regional and small-/mid-cap banks. Prior to joining BMO Capital Markets, Lana worked at Advest, Inc., an affiliate of AXA Financial, and was with another investment dealer for 10 years, where she was part of a team recognized by Institutional Investor as a runner-up for regional banks coverage. She joined BMO Capital Markets in 2005.

Lana holds a bachelor of science in finance and information systems from New York University.

Banks Analyst

Lana Chan

Financials

James joined BMO Capital Markets Equity Research as a senior analyst in 2014, covering large-cap banks, specialty finance, and financial technology. From both the sell side and buy side, James has applied analyses to generate successful investment ideas within the financials sector for over a decade and a half. Together with his team, his investment process considers economic trends and policy responses to macro conditions, in addition to fundamental and detailed company modelling. James started his career as a sell-side research analyst at Goldman Sachs, first covering European banks from London, then U.S. specialty finance and asset managers from New York. His published research first warned of the U.S. mortgage crisis in November 2006. During the Great Recession, James was a global financials analyst at Paulson & Company, a New York-based event-driven hedge fund. As part of a three-person team responsible for $10 billion invested in as many as 70 financials securities, James helped to generate significant P/L on both sides of the financials crisis. Before joining BMO, James was co-founder and portfolio manager at Petrarca Capital, a $60 million global financials sector fund.

Large-Cap Banks & Specialty Finance Analyst

James Fotheringham

Tom joined BMO Capital Markets Equity Research in April 2010. Prior to joining BMO, Tom had 12 years’ experience covering insurance stocks in equity research at Scotia Capital in Toronto. Tom is also an actuary with extensive insurance industry ex-perience and knowledge. He has consistently been a top-ranked insurance analyst in Canada according to the Brendan Wood International surveys.

In the 2018 Brendan Wood International survey, Tom was once again ranked a top gun analyst in insurance. Tom has been ranked a top gun analyst in the Brendan Wood International Survey from 1999 through 2018.

Tom graduated with a bachelor of science (honours) in actuarial science from the University of Western Ontario. He is a Fellow of the Society of Actuaries, a Fellow of the Canadian Institute of Actuaries and Member of the American Academy of Actuaries. Prior to joining Scotia Capital in 1998, Tom spent six years at Tillinghast-Towers Perrin, an actuarial consulting firm, in the firm’s Toronto and New York offices. Prior to that Tom worked at Canada Life as an actuary.

Insurance/Diversified Financials (Canada) Analyst

Tom MacKinnon, FSA, FCIA


Equity ResearchAnalyst BiosEquity ResearchAnalyst Bios Financials

Sohrab joined BMO Capital Markets Equity Research in 2014 as the Canadian banks analyst. Prior to joining BMO, Sohrab was a senior portfolio manager and financials sector head in the Global Corporate Securities group of the Canada Pension Plan Investment Board. Previous to that, Sohrab spent 13 years at CIBC in various senior management roles in risk and finance.

In the 2017 Brendan Wood International Survey, Sohrab was ranked in the top five for the Canadian banks sector.

Sohrab holds a bachelor of engineering science (civil engineering) and bachelor of arts in economics both from Western University (1994), and an MBA from Schulich School of Business (1996).

Nik joined BMO Capital Markets Equity Research in 2013, on the global metals & mining team focused on precious metal equi-ties. He was promoted to analyst in 2016, covering the diversified financial services sector. Prior to joining equity research, Nik worked in investment banking at BMO.

Nik holds a bachelor of business administration degree from Wilfrid Laurier University, where he graduated with high distinc-tion. He is also a CFA charterholder.

Banks & Asset Managers Analyst

Diversified Financials (Canada) Analyst

Sohrab Movahedi

Nik Priebe, CFA


Equity ResearchCoverage Universe

Canadian Western Bank (CWB-TSE)CIBC (CM-TSE)Laurentian Bank (LB-TSE)National Bank (NA-TSE)Royal Bank (RY-TSE)Scotiabank (BNS-TSE)TD Bank (TD-TSE)

Crown Capital Partners (CRWN-TSE)Equitable Group (EQB-TSE)Fiera Capital (FSZ-TSE)First National Financial Corp. (FN-TSE)goeasy (GSY-TSE)Guardian Capital Group (GCG.A-TSE)Home Capital Group (HCG-TSE)Mogo Finance Technology (MOGO-TSE)Onex (ONEX-TSE)Sprott Inc. (SII-TSE)TMX Group (X-TSE)

BankUnited (BKU-NYSE)BB&T (BBT-NYSE)Boston Private Fin. Holdings (BPFH-NSDQ)Cathay General Bancorp (CATY-NSDQ)Citizens Financial Group (CFG-NYSE)Comerica (CMA-NYSE)East West Bancorp (EWBC-NSDQ)Fifth Third Bancorp (FITB-NSDQ)First Republic Bank (FRC-NYSE)Huntington Bancshares (HBAN-NSDQ)Keycorp (KEY-NYSE)PacWest Bancorp (PACW-NSDQ)PNC Financial Services (PNC-NYSE)Signature Bank (SBNY-NSDQ)SunTrust Banks (STI-NYSE)TCF Financial (TCF-NYSE)Westamerica Bancorp (WABC-NSDQ)Zions Bancorporation (ZION-NSDQ)

Lana Chan Tom MacKinnon, FSA, FCIA

Sohrab Movahedi

Nik Priebe, CFA

James Fotheringham

Financials

AGF Management (AGF.B-TSE)CI Financial (CIX-TSE)Echelon Financial Holdings (EFH-TSE)ECN Capital (ECN-TSE)Element Fleet Management (EFN-TSE)Fairfax Financial Holdings (FFH-TSE)Genworth MI Canada (MIC-TSE)Great-West LifeCo (GWO-TSE)IGM Financial (IGM-TSE)Industrial Alliance (IAG-TSE)Intact Financial (IFC-TSE)Manulife Financial (MFC-TSE)Power Corp. (POW-TSE)Power Financial (PWF-TSE)Sun Life Financial (SLF-TSE)

Alliance Data Systems (ADS-NYSE)Ally Financial (ALLY-NYSE)American Express (AXP-NYSE)Apollo Investment (AINV-NSDQ)Ares Capital (ARCC-NSDQ)Athene Holding (ATH-NYSE)Bank of America (BAC-NYSE)Capital One (COF-NYSE)CIT Group (CIT-NYSE)Citigroup (C-NYSE)Credit Acceptance Corp (CACC-NSDQ)Discover Financial Services (DFS-NYSE)Fifth Street Finance Corp (FSC-NSDQ)Goldman Sachs (GS-NYSE)JP Morgan Chase ( JPM-NYSE)Morgan Stanley (MS-NYSE)Navient (NAVI-NSDQ)OneMain Holdings (OMF-NYSE)Prospect Capital (PSEC-NSDQ)Regional Management (RM-NYSE)Sallie Mae (SLM-NSDQ)Santander Consumer USA (SC-NYSE)Synchrony (SYF-NYSE)Wells Fargo (WFC-NYSE)World Acceptance Corp (WRLD-NSDQ)


Equity ResearchCoverage Universe Real Estate

John joined BMO’s U.S. Equity Research team in 2014 as a senior analyst covering REITs. He has deep knowledge of the global real estate industry, having covered REITs as a sell-side analyst since 2002 in New York and Asia, after spending six years in real estate investment banking. Prior to BMO Capital Markets, John was head of Australia property research at CLSA in Sydney (2010-2014), and head of Australia and Asia property research at Bank of America Merrill Lynch (2004-10) in Sydney and Hong Kong. John led his teams to the top ranked position by GlobalCapital AsiaMoney, and was ranked a top 3 real estate analyst in Asia by Brendan Wood International. While at BofA, he was a senior REIT analyst for the #2 ranked team, as measured by the Institutional Investor and Greenwich. John began his career in investment banking at Donaldson, Lufkin & Jenrette, and UBS PaineWebber, and holds a B.A. in economics from the University of Pennsylvania.

U.S. Real Estate Analyst

John P. Kim

Troy is an analyst in BMO Capital Market’s Canadian Real Estate Research team. Prior to joining BMO Capital Markets in 2013, Troy spent six years in REIT equity research at CIBC World Markets.

Troy holds a Bachelor of Commerce from Saint Mary’s University, a Bachelor of Arts in Economics from the University of Waterloo and an MBA from the Richard Ivey School of Business. Troy is also a CFA charterholder and has a Post-Graduate Certificate in Real Property Valuation (PGCV) from the Sauder School of Business, UBC.

Real Estate/REITs Analyst

Troy MacLean, CFA

Ari joined BMO in 2009 as a research associate covering the Communications Equipment and Hardware sectors. Prior to join-ing BMO, Ari spent three years at Banc of America Securities primarily covering software companies. He was promoted to an analyst role in 2018, covering the data center REIT sector. Ari holds a BS in Business Management and Finance from Brooklyn College in New York.

Ari Klein


Equity ResearchCoverage Universe Real Estate

Jenny joined BMO Capital Markets in 2018 as an analyst with the Canadian Real Estate Research team. She has been exclusively focused on sell-side equity research in the real estate sector since 2005, and was formerly an analyst at Canaccord Genuity and Desjardins Capital Markets. Jenny is a Brendan Wood International ranked analyst and was recognized as the #3 earnings estimator amongst Canadian REIT analysts in 2017 (Thomson Reuters Analyst Awards). Her coverage has encompassed small to large cap Canadian-based REITs/REOCs with exposure across almost all asset classes and a number of geographies (primarily Canada and some U.S./global).

Jenny is a CFA charterholder, and also a holds Bachelor of Commerce and Bachelor of Science (both with distinction) from the University of Calgary, where she was a member of the Calgary Portfolio Management Trust.

Jeremy joined BMO Capital Markets Equity Research in 2017 as a senior analyst covering the U.S. Real Estate sector (REITs) along with John Kim. Previously, Jeremy worked at UBS, where he was a director on their #4 Institutional Investor-ranked U.S. REIT team, covering the retail, storage and industrial sub-sectors. Prior to that, he was vice president of Deutsche Bank’s Global Markets Research focusing on apartment, office, healthcare and storage REIT sectors. Jeremy also held positions at Louis Dreyfus Investment Group, where he was co-head of real estate acquisitions, and J.P. Morgan Asset Management, where he was vice president, real estate acquisitions and asset management for seven years. Jeremy holds a B.A. in business economics from Brown University.

Real Estate/REITs Analyst

U.S. Real Estate Analyst

Jenny Ma, CFA

R. Jeremy Metz



Jenny Ma

Jeremy Metz

Real Estate

Allied Properties REIT (AP.UN-TSE)Artis REIT (AX.UN-TSE)Choice Properties REIT (CHP.UN-TSE)Cominar REIT (CUF.UN-TSE)Crombie REIT (CRR.UN-TSE)CT REIT (CRT.UN-TSE)Dream Office REIT (D.UN-TSE)First Capital Realty (FCR-TSE)H&R REIT (HR.UN-TSE)Melcor REIT (MR.UN-TSE)Morguard REIT (MRT.UN-TSE)Plaza Retail REIT (PLZ.UN-TSE)PRO REIT (PRV.UN-TSE)RioCan REIT (REI.UN-TSE)Slate Office REIT (SOT.UN-TSE)Slate Retail REIT (SRT.U-TSE)SmartCentres REIT (SRU.UN-TSE)

Troy MacLean, CFA

American Hotel Inc. Prop REIT (HOT.U-TSE)Automotive Properties (APR.UN-TSE)Boardwalk REIT (BEI.UN-TSE)BSR REIT (HOM.U-TSE)CAP REIT (CAR.UN-TSE)Chartwell Retirement Residence (CSH.UN-TSE)Granite REIT (GRT.UN-TSE)Inovalis REIT (INO.UN-TSE)InterRent REIT (IIP.UN-TSE)Invesque Inc. (IVQ.U-TSE)Killam Apartment REIT (KMP.UN-TSE)Minto Apartment REIT (MI.UN-TSE)Northview Apartment REIT (NVU.UN-TSE)NorthWest Healthcare Prop REIT (NWH.UN-TSE)Pure Multi-Family REIT (RUF.U-TSE)Sienna Senior Living (SIA-TSE)Summit Industrial Income REIT (SMU.UN-TSE)WPT Industrial REIT (WIR.U-TSE)

American Finance Trust (AFIN-NSDQ)Brixmor Property Group (BRX-NYSE)CubeSmart (CUBE-NYSE)Duke Realty (DRE-NYSE)Extra Space Storage (EXR-NYSE)Federal Realty Investment (FRT-NYSE)KIMCO Realty (KIM-NYSE)Life Storage (LSI-NYSE)Macerich (MAC-NYSE)Monmouth RE Investment (MNR-NYSE)National Storage Affiliates Tr (NSA-NYSE)Postal Realty Trust (PSTL-NYSE)Prologis (PLD-NYSE)Public Storage (PSA-NYSE)Regency Centers (REG-NYSE)Retail Opportunity Investments (ROIC-NSDQ)Simon Property Group (SPG-NYSE)STORE Capital (STOR-NYSE)Taubman Centers (TCO-NYSE)

John P. Kim

Ari Klein

Aimco (AIV-NYSE)AvalonBay Communities (AVB-NYSE)Boston Properties (BXP-NYSE)Camden Property (CPT-NYSE)CareTrust REIT (CTRE-NSDQ)Columbia Property Trust (CXP-NYSE)CoreSite Realty (COR-NYSE)CyrusOne (CONE-NSDQ)Digital Realty Trust (DLR-NYSE)Douglas Emmett (DEI-NYSE)Empire State Realty Trust (ESRT-NYSE)Equinix (EQIX-NSDQ)Equity Lifestyle Properties (ELS-NYSE)Equity Residential (EQR-NYSE)Essex Property (ESS-NYSE)Franklin Street Properties (FSP-NYSE)HCP (HCP-NYSE)Healthcare Realty (HR-NYSE)Healthcare Trust of America (HTA-NYSE)Investors Real Estate Trust (IRET-NYSE)Kilroy Realty (KRC-NYSE)LTC Properties (LTC-NYSE)MAA (MAA-NYSE)National Health Investors (NHI-NYSE)Physicians Realty Trust (DOC-NYSE)QTS Realty Trust (QTS-NYSE)SABRA Health Care REIT (SBRA-NSDQ)SL Green Realty (SLG-NYSE)Sun Communities (SUI-NYSE)UDR (UDR-NYSE)Ventas (VTR-NYSE)Vornado Realty (VNO-NYSE)Welltower (WELL-NYSE)

CoreSite Realty (COR-NYSE)CyrusOne (CONE-NSDQ)Digital Realty Trust (DLR-NYSE)Equinix (EQIX-NSDQ)QTS Realty Trust (QTS-NYSE)Switch (SWCH-NYSE)



Kelly is an analyst in BMO Capital Markets Equity Research covering food retailers, including traditional supermarkets; natural, organic & specialty food retailers; convenience stores; and food distributors. Prior to joining BMO in 2013, Kelly spent nine years at another large U.S. investment dealer, where she spent five years in equity research as part of an Institutional Investor-ranked team, with lead coverage in the U.S. food retailing sector. Prior to that, she spent four years in Bank of America’s invest-ment banking division specializing in public finance. Additionally, Kelly held a role in finance at Morgan Stanley. Kelly earned a bachelor of arts in economics from the University of San Diego, with a double minor in business administration and French.

Food Retailers Analyst

Kelly Bania

Consumer

Gerrick is an analyst in BMO Capital Markets Equity Research covering the toy, video game, and leisure sectors. Before being promoted to an analyst role in 2006, Gerrick was an associate in the equity research department covering the toy industry and specialty retail companies from 2001 to 2006. Prior to joining BMO in 2001, he worked at Bankers Trust from 1995 to 2001 in the portfolio management division. In the StarMine survey, Gerrick was ranked first for stock picking for leisure equipment & products in 2012, 2013 and 2014; and for earnings estimates was ranked second in 2016, 2015 and 2014, and third in 2013. In 2013, Gerrick was ranked third for stock picking for leisure goods & services in the WSJ "Best on the Street" Awards.

Gerrick holds an MBA in finance from New York University’s Stern School of Business and earned a bachelor of arts in econom-ics from Wake Forest University.

Toys & Leisure Analyst

Gerrick L. Johnson


Tamy joined BMO Capital Markets in 2015, as an associate on the consumer/retailing research team. She was promoted to an analyst role in 2018, covering the Canadian cannabis sector. Prior to joining Equity Research, Tamy worked in investment bank-ing at another Canadian financial institution. Tamy holds a bachelor of business administration from York University’s Schulich School of Business, where she graduated on the Dean’s Roll. She is also a CFA charterholder.

Cannabis Analyst

Tamy Chen, CFA



Stephen joined BMO Capital Markets Equity Research in 2004 as a research associate in the retail and consumer products group. He was promoted to analyst in 2008, covering discretionary retail stocks. He previously worked in R&D for a medical high tech company and as a financial services consultant. Over time, Stephen has diversified his coverage list, and he now covers a number of special situations stocks across several industries.

In the 2017 Thomson Reuters StarMine Analyst Awards, Stephen was ranked first overall as a Top Earnings Estimator across all sectors. In the 2013 Thomson Reuters StarMine Analyst Awards, Stephen was ranked third as a stock picker for the retail industry and ninth as an overall stock picker across all industries.

Stephen holds a B.Sc. (Honours) from Queen’s University and an MBA from the Rotman School of Management at the University of Toronto, and is a CFA charterholder.

Special Situations Analyst

Stephen MacLeod, CFA

Jonathan covers special situation stocks in the industrial, consumer discretionary, and forest product sectors. Jonathan joined BMO Capital Markets Equity Research in 2011 as a research associate covering stocks in the automotive, retail, and staples sectors. He was promoted to an analyst role in 2015. Prior to joining BMO Capital Markets, Jonathan was a credit analyst for a major Canadian bank.

In the 2013 and 2015, StarMine Analyst awards, the research analyst supported by Jonathan was ranked top earnings estimator for the auto components industry.

Jonathan holds a bachelor of mathematics from the University of Waterloo, an MBA from Wilfrid Laurier University, and is a CFA charterholder.

Special Situations Analyst

Jonathan Lamers, CFA

Consumer

Amit is an analyst in BMO Capital Markets Equity Research, covering the food & beverages sector. Amit was named among the “All-America Research Team Rising Stars” by the Institutional Investor magazine for food coverage and was ranked third as a stock picker in food & tobacco by WSJ’s "Best on the Street" Awards in 2013. Previously, Amit was a research associate in equity research’s consumer group, covering the food sector, including packaged food, agribusiness, and protein companies. He joined BMO Capital Markets in July 2006, after completing his MBA in finance and investments at the Zicklin School of Business at Baruch College. Prior to BMO Capital Markets, Amit worked at Allianz Global Investors of America as a financial services IT team manager while pursuing his MBA studies. He previously held IT consultancy positions with General Motors Asset Management and Pfizer Pharmaceuticals. Amit is a CFA charterholder and also holds a bachelor of science in computer science.

Food & Beverage Analyst

Amit Sharma, CFA


Equity ResearchAnalyst Bios Consumer

Consumer Analyst

Peter Sklar, CPA, CA

Peter joined BMO Capital Markets Equity Research in 1993, as a special situations analyst, after three years as a vice president of Canada Development Investment Corporation (CDIC). Prior to joining CDIC, he was vice president in the investment banking department of a major Canadian investment dealer.

Peter covers the Canadian publicly traded retailing, consumer, grocery, and cannabis stocks, and a number of automotive and special situation stocks.

In the 2018 Brendan Wood International survey, Peter was ranked second in small cap/special sits for the second year in a row, and third in consumer products & merchandising. In 2014, he was ranked second in small cap/special sits and fifth in consumer products & merchandising. In 2010, Brendan Woods amalgamated the auto parts sector with industrial products, and Peter was ranked an all-star analyst, and again in 2011. For 2002-2009, Peter was ranked first in auto parts by the Brendan Wood International Survey.

In the 2015 and 2013 StarMine Analyst Awards, Peter was ranked first as an earnings estimator in auto components; in 2014, first as a stock picker in auto components; and in 2011, second as a stock picker in auto components. Peter was also named a top earnings estimator by industry (industrial products) by the 2006 National Post / StarMine Analyst Awards.

Peter holds a bachelor of commerce from the University of Toronto, a Chartered Accountant designation, and an MBA from the Wharton School, University of Pennsylvania.

Business Services, Industrial Services and Education Analyst

Jeffrey M. Silber

Jeff is a senior analyst in BMO Capital Markets Equity Research, covering the business services, industrial services and educa-tion sectors, including the staffing, waste services, information services, payroll services and tax preparation industries. Jeff publishes two periodic industry reports: an annual overview of the Education and Training industry (referred to in the industry as "The Bible") and the Staffing Indicator, on staffing services. Jeff serves as the host and moderator for the firm's annual Back to School Education Conference, considered the premier investor event for the industry.

Jeff's research has been recognized by many industry surveys, including the Refinitiv (formerly Thomson Reuters)/StarMine top analysts list, Institutional Investor's All-American Research team, The Wall Street Journal's "Best on the Street" Analysts Survey, the Reuters survey of small- and mid-cap fund managers, and the Zacks.com All-Star Analyst team. Jeff has won a StarMine Analyst Award for nine straight years (2011-2019), including being named the #1 Stockpicker in the Diversified Consumer Services sector for the last three years in a row (2017-2019).

Prior to joining BMO Capital Markets, Jeff was a director of Deloitte & Touche PeerScape Services. Prior to that, he worked at Deloitte Consulting and was an accountant with KPMG Peat Marwick. Jeff joined BMO Capital Markets in 1996.

Jeff holds an MBA in marketing and finance from the Wharton Business School and a bachelor of science in accounting from Yeshiva University. He is also a CPA.



Andrew is a senior analyst in BMO Capital Markets Equity Research, covering restaurants. In 2015, 2016 and 2017, Andrew was named an “All-America Research Team Rising Star” by Institutional Investor. Andrew joined BMO Capital Markets in 2008 as an equity research associate on the consumer team, where he covered the food sector, including packaged food, protein, and agribusiness companies. Specializing in the protein and agribusiness companies for six years prior to 2014 when he was pro-moted to analyst, Andrew developed extensive knowledge of the commodities markets, which he now leverages to provide investors with a differentiated view on restaurants. Andrew holds a bachelor of arts in political economy from The Murphy Institute at Tulane University.

Restaurant Analyst

Andrew Strelzik

Consumer

Ken is a senior analyst in BMO Capital Markets Equity Research, covering the agribusiness, packaged food, and protein sec-tors. In 2012, StarMine ranked Ken third in estimating earnings for the food products industry. In 2005, Institutional Investor named Ken the best up-and-coming analyst in the food industry, while StarMine ranked him second in estimating earnings for the food products industry. Previously, he had been a research analyst at Morgan Stanley, covering the agribusiness and food service sectors. His prior experience also includes First Manhattan Consulting Group, where he consulted on business strategy and risk analysis for large financial institutions. Ken began his career at Morgan Stanley as an analyst in its risk management/credit division. Ken joined BMO Capital Markets in 2004.

Ken holds an MA in international economics and finance, and a bachelor of arts from Brandeis University. Ken is also a CFA charterholder

Food & Agribusiness Analyst

Kenneth B. Zaslow, CFA

Equity ResearchAnalyst Bios Consumer



Casey's General Stores (CASY-NSDQ)Chefs' Warehouse (CHEF-NSDQ)Core-Mark Holding Company (CORE-NSDQ)Costco Wholesale (COST-NSDQ)Dollar General (DG-NYSE)Dollar Tree (DLTR-NSDQ)Kroger (KR-NYSE)Performance Food Group (PFGC-NYSE)SpartanNash (SPTN-NSDQ)Sprouts Farmers Market (SFM-NSDQ)Sysco (SYY-NYSE)Target (TGT-NYSE)United Natural Foods (UNFI-NSDQ)US Foods (USFD-NYSE)Walmart Inc. (WMT-NYSE)

Altus Group (AIF-TSE)Aritzia (ATZ-TSE)BMTC Group (GBT-TSE)CCL Industries (CCL.B-TSE)Colliers (CIGI-NSDQ)Dorel Industries (DII.B-TSE)FirstService (FSV-NSDQ)Gildan Activewear (GIL-NYSE)Intertape Polymer Group (ITP-TSE)Leon's Furniture (LNF-TSE)North West Company (NWC-TSE)Premium Brands Holdings (PBH-TSE)Rogers Sugar (RSI-TSE)Roots (ROOT-TSE)Sleep Country Canada (ZZZ-TSE)Tricon Capital Group (TCN-TSE)Winpak Ltd. (WPK-TSE)

Badger Daylighting (BAD-TSE)Boyd Group Income Fund (BYD.UN-TSE)Clearwater Seafoods (CLR-TSE)High Liner Foods (HLF-TSE)NFI Group (NFI-TSE)Pinnacle Renewable Energy (PL-TSE)Uni-Select (UNS-TSE)

Aphria (APHA-TSE)Aurora Cannabis (ACB-TSE)CannTrust (TRST-TSE)Canopy Growth (WEED-TSE)Cronos Group Inc. (CRON-TSE)HEXO (HEXO-TSE)OrganiGram (OGI-VSX)The Green Organic Dutchman (TGOD-TSE)The Supreme Cannabis Company (FIRE-TSE)Tilray (TLRY-NSDQ)

Activision Blizzard (ATVI-NSDQ)BRP (DOO-TSE)Brunswick (BC-NYSE)Camping World Holdings (CWH-NYSE)EA (EA-NSDQ)Funko (FNKO-NSDQ)Harley-Davidson (HOG-NYSE)Hasbro (HAS-NSDQ)JAKKS Pacific ( JAKK-NSDQ)Malibu Boats (MBUU-NSDQ)Mattel (MAT-NSDQ)Polaris Industries (PII-NYSE)Spin Master (TOY-TSE)Take-Two Interactive (TTWO-NSDQ)Thor Industries (THO-NYSE)Winnebago Industries (WGO-NYSE)

2U (TWOU-NSDQ)Adtalem Global Education (ATGE-NYSE)American Public Education (APEI-NSDQ)AMN Healthcare Services (AMN-NYSE)ASGN Incorporated (ASGN-NYSE)Automatic Data Processing (ADP-NSDQ)Bright Horizons (BFAM-NYSE)Chegg (CHGG-NYSE)Clean Harbors (CLH-NYSE)Covanta Holding (CVA-NYSE)Cross Country Healthcare (CCRN-NSDQ)Gartner (IT-NYSE)Grand Canyon Education (LOPE-NSDQ)H&R Block (HRB-NYSE)Houghton Mifflin Harcourt (HMHC-NSDQ)IHS Markit (INFO-NSDQ)K12 (LRN-NYSE)Laureate Education (LAUR-NSDQ)ManpowerGroup (MAN-NYSE)Moody's Corporation (MCO-NYSE)MSCI (MSCI-NYSE)Paychex (PAYX-NSDQ)Republic Services (RSG-NYSE)Robert Half International (RHI-NYSE)S&P Global (SPGI-NYSE)Stericycle (SRCL-NSDQ)Strategic Education (STRA-NSDQ)TrueBlue (TBI-NYSE)US Ecology (ECOL-NSDQ)Verisk Analytics (VRSK-NSDQ)Waste Connections (WCN-NYSE)Waste Management (WM-NYSE)

Boston Beer (SAM-NYSE)Brown-Forman (BF.B-NYSE)Coca-Cola (KO-NYSE)Constellation Brands (STZ-NYSE)Cott (COT-NYSE)Craft Brew Alliance (BREW-NSDQ)Dean Foods (DF-NYSE)Flowers Foods (FLO-NYSE)Hain Celestial Group (HAIN-NSDQ)Keurig Dr Pepper (KDP-NYSE)Molson Coors Brewing (TAP-NYSE)Monster Beverages (MNST-NSDQ)PepsiCo (PEP-NYSE)Primo Water (PRMW-NSDQ)SunOpta (STKL-NSDQ)TreeHouse Foods (THS-NYSE)

Bloomin' Brands (BLMN-NSDQ)Brinker International (EAT-NYSE)Chipotle Mexican Grill (CMG-NYSE)Chuy's Holdings (CHUY-NSDQ)Darden Restaurants (DRI-NYSE)Dave & Buster's (PLAY-NSDQ)Dunkin' Brands Group (DNKN-NSDQ)McDonald's (MCD-NYSE)Noodles & Co (NDLS-NSDQ)Starbucks (SBUX-OTC)Texas Roadhouse (TXRH-NSDQ)Wendy's Company (WEN-NSDQ)Wingstop, Inc. (WING-NSDQ)Yum! Brands (YUM-NYSE)

Archer Daniels Midland (ADM-NYSE)B&G Foods (BGS-NYSE)Bunge (BG-NYSE)Calyxt (CLXT-NSDQ)Darling Ingredients (DAR-NYSE)General Mills (GIS-NYSE)Green Plains (GPRE-NSDQ)Hershey (HSY-NYSE)Hormel Foods (HRL-NYSE)Ingredion (INGR-NYSE)Kellogg (K-NYSE)Kraft Heinz Company (KHC-NSDQ)Mondelez International (MDLZ-NSDQ)Pilgrims Pride (PPC-NSDQ)Post Holdings (POST-NYSE)Sanderson Farms (SAFM-NSDQ)The Andersons (ANDE-NSDQ)Tyson Foods (TSN-NYSE)

Alimentation Couche-Tard (ATD.B-TSE)Aurora Cannabis (ACB-TSE)Canadian Tire (CTC.A-TSE)CannTrust (TRST-TSE)Canopy Growth (WEED-TSE)Cronos Group Inc. (CRON-TSE)Dollarama (DOL-TSE)Empire Company (EMP.A-TSE)Exco Technologies (XTC-TSE)George Weston (WN-TSE)HEXO (HEXO-TSE)Jamieson Wellness ( JWEL-TSE)Linamar (LNR-TSE)Loblaw Companies (L-TSE)Magna International (MGA-NYSE)Maple Leaf Foods (MFI-TSE)Martinrea International (MRE-TSE)Metro Inc. (MRU-TSE)OrganiGram (OGI-VSX)Parkland Fuel (PKI-TSE)Recipe Unlimited (RECP-TSE)Restaurant Brands Intl (QSR-NYSE)Saputo (SAP-TSE)The Green Organic Dutchman (TGOD-TSE)The Supreme Cannabis Company (FIRE-TSE)Tilray (TLRY-NSDQ)

Peter Sklar, CPA, CA

Amit Sharma, CFA

Andrew Strelzik

Kenneth B. Zaslow, CFA

Gerrick L. Johnson

Jonathan Lamers, CFA

Tamy Chen, CFA

Jeffrey M. Silber

Stephen MacLeod, CFA

Kelly Bania

Equity ResearchCoverage Universe Consumer


Equity ResearchAnalyst BiosEquity ResearchAnalyst Bios Materials

David is a senior analyst in BMO Capital Markets Equity Research, primarily focusing on the U.S. Metals & Mining sector, as well as helping coordinate the base/bulks Global Metals & Mining team.

David has covered the sector on the sell side for 18 years. He has been recognized by the Institutional Investor survey as an All-America Research team member (top three or runner up) in each of the last 11 years. Prior to joining BMO Capital Markets in 2014, David was with Barclays (2011-2014) and Credit Suisse (2005-2011) in New York, and with Credit Suisse in Canada (2002-2005). He began his investment banking career at Merrill Lynch (1995-2002).

David has a B.A. from Georgetown University, an MBA from Vanderbilt, and is a CFA charterholder.

Colin Hamilton is a commodities analyst for BMO Capital Markets. Based in London and with over 15 years of experience in commodity markets, he leads BMO’s market intelligence and price forecasting efforts across base metals, bulk commodities, precious metals, and battery raw materials. With a background as a metallurgist, strong focus on China and global trade flows, and deep subject knowledge, Colin’s publications offer value-added insight on industry developments. He is also a regular presenter at leading industry conferences.

Metals & Mining Analyst

Commodities Analyst

David Gagliano, CFA

Colin Hamilton

Joel is a senior analyst in BMO Capital Markets Equity Research, covering the chemicals and fertilizer/ag sectors. Joel joined BMO in 2006, and has been a publishing analyst since 2008 with differentiated views on the global fertilizer/ag vertical, and also has unique views on a number of commodities including lithium. In the 2017 and 2018 Brendan Wood International Survey, Joel ranked first in agriculture, chemicals and fertilizers, and has ranked in the top three in the survey consecutively for many years. Joel has also been recognized by Institutional Investor in its rankings in the U.S. chemicals sector for a number of years, and has won multiple StarMine awards for his accuracy of earnings estimates. Joel’s earlier experience includes more than five years as a design engineer at Nortel Networks. Joel holds a B.Sc. (electrical engineering) from Queen’s University and an MBA from York University, and is also a CFA charterholder. He is a professional engineer licensed by Professional Engineers Ontario.

Fertilizer and Chemicals Analyst

Joel Jackson, P.Eng., CFA


Equity ResearchAnalyst BiosEquity ResearchAnalyst Bios Materials

Andrew joined BMO Capital Markets Equity Research in 2009, covering silver mining companies as well as exploration and emerging producers in the precious metals sector. Andrew initiated coverage of the senior gold producers and royalty/stream-ing companies in 2015. Prior to joining BMO Capital Markets, he had five years’ experience in equity research with the last three years as a mining analyst covering gold and silver junior exploration and mining companies. Prior to this, he had over 10 years’ experience as a project and consulting geologist in Canada and internationally. Since 2011, Andrew has been ranked a top gun analyst in the Brendan Wood International Survey in precious metals – small/mid cap. In 2011, Andrew also ranked third of 93 analysts for mining & minerals in the 19th Wall Street Journal "Best on the Street" Survey. Andrew holds a B.Sc. in geology from Carleton University (1992) and an M.Sc. in economic geology from the University of British Columbia (1997). He is a professional geologist.

John McNulty is a Managing Director and senior research analyst for BMO Capital Markets covering the chemicals space. John was previously at Credit Suisse, where he was a senior equity analyst, covering chemicals and various packaging and industrial names from 1999 to 2016. He was recognized by Institutional Investor as top 3 or runner-up in the chemical space from 2010 to 2015. In addition to being a covering analyst, John has held the positions of co-Director of Americas Research at Credit Suisse from 2015 to 2017, and US Sector Head, Basic Materials Team from 2006 to 2015. He is a CFA charterholder and graduated Magna Cum Laude from Lehigh University with bachelor degrees in both management and international relations.

Andrew joined BMO Capital Markets Equity Research in mid-2016 covering explorers and developers in the mining sector. Prior to joining BMO Capital Markets, he worked in mining equities research at several independent dealers since 1999. His coverage has focused primarily on exploration and development-stage names that were identified early before broad coverage was established by the rest of the Street. Andrew was ranked first and third in the Brendan Wood International Survey Corporates' Choice in 2012 and 2010, respectively, in the small/mid cap research coverage category.

Before working in equity research, Andrew worked two years in international exploration in the FSU and Africa. He has a B.Ap.Sc. in geological engineering from the University of Toronto, and is a CFA charterholder.

Precious Metals Analyst

US Chemicals Analyst

Mining Analyst

Andrew Kaip, P.Geo.

John McNulty, CFA

Andrew Mikitchook, P.Eng., CFA

Alex joined BMO Capital Markets in late 2009 as an associate working in the London office, covering the diversified, iron ore and copper sectors. Alex is responsible for coverage of non-precious mining stocks.

Prior to joining BMO Capital Markets, Alex worked in mining consultancy, conducting mining studies and due diligence across multiple commodities, as well as on site mine planning. Alex is a graduate of Camborne School of Mines and holds a Masters in Mining Engineering.

Mining Analyst

Alexander Pearce



Jackie joined BMO Capital Markets in 2018 covering primarily Canadian-listed base metals. Prior to joining BMO, she was Associate Portfolio Manager, Global Metals & Mining at one of Canada’s largest independent mutual fund companies and was named as a Canadian TopGun Investment Mind in 2018/19. Jackie also spent eight years in sell-side research covering the Canadian metals, mining, and bulk commodities sectors. She started her career in industry at Stelco Inc., where she worked as a metallurgist for six and a half years.

Jackie holds a bachelor of applied science and master of engineering, both in metallurgy and materials engineering, from the University of Toronto. She also holds a master of business administration from the Rotman School of Management at the University of Toronto. She is a licensed professional engineer with Professional Engineers Ontario and holds the Chartered Financial Analyst designation.

Metals & Mining AnalystJackie Przybylowski, P.Eng., CFA

Materials

Ed joined BMO Capital Markets Equity Research in 2007, and is focused on the large cap diversified mining companies as well as European-listed copper producers and the diamond sector. Prior to joining BMO, he was a mining analyst at Hargreave Hale, specializing in uranium and diamonds. Before working in mining research, Ed spent five years trading government bond fu-tures on a proprietary basis. Ed holds a bachelor of science (hon.) in geology from the Royal School of Mines, Imperial College London, and is a fellow of the Geological Society.

Metals & Mining AnalystEdward Sterck

Brian joined BMO Capital Markets Equity Research as a precious metals analyst in 2012. Brian has nearly two decades of experi-ence in metallurgical engineering. Prior to joining BMO, he was an equity analyst with another Canadian bank-owned dealer. In 2011 and 2016, Brian was ranked a top gun analyst for precious metals & diamonds - small/mid cap in the Brendan Wood International Survey.

Brian is a licensed professional engineer (Ontario) and holds a JD/MBA from Osgoode Hall Law School and the Schulich School of Business at York University, as well as an undergraduate degree in metallurgical engineering from the University of South Australia.


Brian Quast, P.Eng., JD.

Ryan joined BMO Capital Markets in 2015, as an associate on the global metals & mining research team focusing on precious metals equities. He was promoted to an analyst role in 2017, covering the precious metals sector. Prior to joining Equity Research, Ryan worked in the capital markets rotation program at Scotiabank. Ryan holds an MBA from McMaster University and a Bachelor of Science, Honours Computer Science from Wilfrid Laurier University. He is also a CFA charterholder.


Ryan Thompson, CFA



Ketan joined BMO Capital Markets Equity Research in April 2014 as a research associate covering the North American packag-ing & forest products sector. He was promoted to an analyst role in 2016, covering the packaging and forest products sector. In 2017 and 2018, Ketan was named among the "All-America Research Team Rising Stars" by Institutional Investor magazine. Ketan has worked with Mark Wilde, the senior analyst on the team, for over eight years. The team has been a regular member of the Institutional Investor’s All-America Research Team, and was ranked #1 for the sector in the 2014 Greenwich Survey. Prior to joining BMO, Ketan worked at Deutsche Bank alongside Mark Wilde. Ketan holds an MBA (finance) degree.

Mark joined BMO Capital Markets Equity Research as senior analyst in June 2014 covering packaging & forest products. Mark has a deep knowledge of the industry, covering the space on the sell side for more than 20 years. Known by many as “Dr. Paper,” Mark has for several years been identified by key industry consultants and sources as one of the most globally influential people in the paper and forest products sector. Mark brings with him outstanding coverage of the U.S. sector and has added further Canadian paper & forest products to his research coverage at BMO.

For more than two decades, Mark has repeatedly been recognized as one of the sector’s best stock pickers and a frequently quoted sector expert. He garners top rankings in Institutional Investor (including a top-four position in each of the last seven years) and the Greenwich surveys (including #1 in 2014). In addition, Mark continues to be strongly recognized for stock recom-mendations and earnings accuracy in WSJ’s “Best on the Street” and Thomson Reuters’ StarMine surveys. Mark spent 25 years at Deutsche Bank and predecessor firms, including Deutsche Bank (1999-2014); BT Alex Brown (1997-1999), and as a partner at Banker’s Trust (1988-1996). Mark began his career as a senior economist at Wharton Econometrics (WEFA Group). He has a B.A. from Alma College and a Ph.D. in economic history from the University of Delaware.

Packaging & Forest Products Analyst

Packaging & Forest Products Analyst

Ketan Mamtora

Mark Wilde, Ph.D.

Materials


Equity ResearchCoverage Universe Materials

Albemarle (ALB-NYSE)CF Industries Holdings (CF-NYSE)Chemtrade Logistics Inc. Fund (CHE.UN-TSE)Compass Minerals (CMP-NYSE)Corteva Agriscience (CTVA-NYSE)FMC (FMC-NYSE)ICL Group (ICL-NYSE)Intrepid Potash (IPI-NYSE)K+S Aktiengesellschaft (SDF-XE)Lithium Americas Corp. (LAC-TSE)Livent Corporation (LTHM-NYSE)Methanex (MEOH-NSDQ)Mosaic Company (MOS-NYSE)Nemaska Lithium (NMX-TSE)Nutrien (NTR-NYSE)Orocobre Limited (ORE-ASX)PJSC PhosAgro (PHOR-LSE)SQM (SQM-NYSE)Superior Plus (SPB-TSE)Yara (YAR-OL)

Agnico Eagle Mines (AEM-NYSE)AngloGold Ashanti (AU-NYSE)Barrick Gold (GOLD-NYSE)Eldorado Gold (ELD-TSE)Franco-Nevada (FNV-TSE)Fresnillo (FRES-LSE)Gold Fields (GFI-NYSE)IAMGOLD (IAG-NYSE)Kinross Gold (KGC-NYSE)Newcrest Mining (NCM-ASX)Newmont Goldcorp (NEM-NYSE)Osisko Gold Royalties (OR-TSE)Pretium Resources (PVG-TSE)Royal Gold (RGLD-NSDQ)Sabina Gold & Silver (SBB-TSE)Sandstorm Gold (SAND-NYSE)Wheaton Precious Metals (WPM-NYSE)Yamana Gold (AUY-NYSE)

Atlantic Gold (AGB-TSE)Barkerville Gold Mines (BGM-VSX)Clean TeQ (CLQ-TSE)Cobalt 27 (KBLT-TSE)Equinox Gold (EQX-VSX)Falco Resources (FPC-TSE)Gold Standard Ventures (GSV-TSE)INV Metals (INV-TSE)Ivanhoe Mines (IVN-TSE)Northern Dynasty Minerals (NDM-TSE)Orla Mining (OLA-VSX)Osisko Mining (OSK-TSE)Premier Gold (PG-TSE)Probe Metals (PRB-VSX)Rubicon Minerals (RMX-TSE)Victoria Gold (VIT-TSE)Wesdome Gold Mines (WDO-TSE)

Air Products & Chemicals (APD-NYSE)Ashland Global Holdings (ASH-NYSE)Avery Dennison (AVY-NYSE)Axalta Coating Systems (AXTA-NYSE)Celanese (CE-NYSE)Chemours (CC-NYSE)Dow Holdings Inc. (DOW-NYSE)DuPont (DD-NYSE)Ecolab (ECL-NYSE)Ferro (FOE-NYSE)Hexcel (HXL-NYSE)Ingevity Corporation (NGVT-NYSE)Linde Plc (LIN-NYSE)LyondellBasell Industries (LYB-NYSE)PPG Industries (PPG-NYSE)PQ Group Holdings (PQG-NYSE)RPM International (RPM-NYSE)Sherwin Williams (SHW-NYSE)Tronox (TROX-NYSE)Venator Materials PLC (VNTR-NYSE)Westlake Chemical (WLK-NYSE)WR Grace (GRA-NYSE)

Alacer Gold (ASR-TSE)Alamos Gold (AGI-TSE)Alio Gold (ALO-TSE)Argonaut Gold (AR-TSE)B2Gold (BTO-TSE)Belo Sun Mining (BSX-TSE)Continental Gold (CNL-TSE)Detour Gold (DGC-TSE)Evolution Mining (EVN-ASX)Kirkland Lake Gold (KL-TSE)Lundin Gold (LUG-TSE)Mandalay Resources (MND-TSE)New Gold (NGD-TSE)Northern Star Resources (NST-ASX)OceanaGold (OGC-TSE)Saracen Mineral Holdings (SAR-ASX)Superior Gold (SGI-VSE)TMAC Resources (TMR-TSE)

AK Steel (AKS-NYSE)Alcoa Corp. (AA-NYSE)Arch Coal (ARCH-NYSE)Century Aluminum (CENX-NSDQ)Constellium (CSTM-NYSE)Freeport-McMoRan (FCX-NYSE)GrafTech (EAF-NYSE)Nucor (NUE-NYSE)Peabody Energy (BTU-NYSE)Ramaco Resources (METC-NSDQ)Steel Dynamics (STLD-NSDQ)Stelco (STLC-TSE)United States Steel (X-NYSE)Warrior Met Coal (HCC-NYSE)

Anglo American (AAL-LSE)Antofagasta (ANTO-LSE)BHP (BHP-LSE)Gem Diamonds (GEMD-LSE)Glencore (GLEN-LSE)KAZ Minerals (KAZ-LSE)KGHM Polska Miedz (KGH-WSE)Lucara Diamond (LUC-TSE)Mountain Province Diamonds (MPVD-TSE)Petra Diamonds (PDL-LSE)Platinum Group Metals (PTM-TSE)Rio Tinto (RIO-LSE)South32 (S32-LSE)Stornoway Diamond (SWY-TSE)Vale S.A. (VALE-NYSE)

Bear Creek Mining (BCM-VSE)Coeur Mining (CDE-NYSE)Endeavour Silver (EDR-TSE)First Majestic Silver (FR-TSE)Fortuna Silver Mines (FVI-TSE)Hecla Mining (HL-NYSE)Hochschild Mining (HOC-LSE)MAG Silver (MAG-TSE)North American Palladium (PDL-TSE)Pan American Silver (PAAS-NSDQ)Silvercorp Metals (SVM-TSE)SilverCrest Metals (SIL-VSX)SSR Mining (SSRM-NSDQ)

Anglo Pacific Group (APF-LSE)Atalaya Mining (ATYM-LSE)Bushveld Minerals (BMN-LSE)Cameco (CCO-TSE)Central Asia Metals (CAML-LSE)Denison Mines (DML-TSE)Energy Resources Australia (ERA-ASX)Fission Uranium (FCU-TSE)Kazatomprom (KAP-LSE)Labrador Iron Ore Royalty (LIF-TSE)NexGen Energy (NXE-TSE)Peninsula Energy (PEN-ASX)Tharisa (THS-LSE)

Capstone Mining (CS-TSE)Copper Mountain Mining (CMMC-TSE)Ero Copper (ERO-TSE)First Quantum Minerals (FM-TSE)Hudbay Minerals (HBM-TSE)Lundin Mining (LUN-TSE)Nexa Resources (NEXA-NYSE)Taseko Mines (TKO-TSE)Teck Resources (TECK.B-TSE)Trevali Mining (TV-TSE)

Louisiana-Pacific (LPX-NYSE)Norbord (OSB-NYSE)PotlatchDeltic (PCH-NSDQ)Universal Forest Products (UFPI-NSDQ)

AptarGroup (ATR-NYSE)Ardagh Group (ARD-NYSE)Avery Dennison (AVY-NYSE)Ball Corp. (BLL-NYSE)Berry Global Group (BERY-NYSE)Boise Cascade (BCC-NYSE)Canfor (CFP-TSE)Crown Holdings (CCK-NYSE)Domtar (UFS-NYSE)Graphic Packaging Holding (GPK-NYSE)Greif Inc. (GEF-NYSE)Interfor (IFP-TSE)International Paper (IP-NYSE)IPL Plastics (IPLP-TSE)Louisiana-Pacific (LPX-NYSE)Norbord (OSB-NYSE)Owens-Illinois (OI-NYSE)P. H. Glatfelter (GLT-NYSE)Packaging Corp. of America (PKG-NYSE)PotlatchDeltic (PCH-NSDQ)Rayonier (RYN-NYSE)Sealed Air (SEE-NYSE)Silgan Holdings (SLGN-NSDQ)Sonoco Products (SON-NYSE)Universal Forest Products (UFPI-NSDQ)West Fraser Timber (WFT-TSE)WestRock (WRK-NYSE)Weyerhaeuser (WY-NYSE)

Edward Sterck

Ryan Thompson, CFA

Alexander Pearce

Jackie Przybylowski, P.Eng., CFA

Mark Wilde, Ph.D.

David Gagliano, CFA

Andrew Mikitchook, P.Eng., CFA

John McNulty, CFA

Andrew Kaip, P.Geo.

Brian Quast, P.Eng., JD.

Joel Jackson, P.Eng., CFA

Ketan Mamtora



Fadi joined BMO Capital Markets Equity Research in 2010. Prior to that, Fadi had 10 years’ experience in equity research at another investment dealer in Toronto covering a variety of Canadian large cap companies in the transportation, aerospace, auto parts and industrial sectors. Fadi has consistently been a highly ranked analyst in the Brendan Wood International Survey in the auto parts, industrial products and transportation sectors. In 2008 and 2007, Fadi achieved all-star rankings (top three position or higher) in all three of these sectors. Prior to equity research, Fadi spent two years in risk management at National Bank of Canada.

Fadi was ranked a top gun analyst in the 2017 Brendan Wood International Survey in transportation for the sixth year in a row. In the 2014 Brendan Wood survey, Fadi was ranked a top gun analyst in the industrials sector.

Fadi graduated with a bachelor of commerce and masters in finance from Ecoles des Hautes Etudes Commercialles in Montreal, and is a CFA charterholder.

Transportation Analyst

Fadi Chamoun, CFA

Devin joined BMO Capital Markets Equity Research in 2007 as a research associate, and has covered stocks in the retail, indus-trial, and transportation industries. He was promoted to an analyst role in 2016, with a focus on the Canadian industrial sector. Prior to joining BMO Capital Markets, Devin worked at a Canada-based automation company and held positions in systems integration, project management, and sales.

Devin holds a bachelor of engineering science from Western University, an MBA from the Rotman School of Management at the University of Toronto, and is a CFA charterholder.

Industrials Analyst

Devin Dodge, CFA

Industrials

Joel G. Tiss is a senior research analyst for BMO Capital Markets Equity Research, covering machinery stocks. He joined BMO Capital Markets in July 2012 from Buckingham Research, where he covered machinery stocks for four years. Previously, he worked at Lehman Brothers for more than 23 years covering the multi-industry sector, packaging industry, and capital goods/machinery companies. In his last 11 years at Lehman, he placed nine times in the Institutional Investor annual survey.

Joel holds a B.A. in economics from S.U.N.Y. at Cortland.

Machinery AnalystJoel G. Tiss



Air Canada (AC-TSE)Bombardier (BBD.B-TSE)C.H. Robinson (CHRW-NSDQ)CAE (CAE-TSE)Canadian Pacific Railway (CP-TSE)CN Railway (CNR-TSE)CSX (CSX-NSDQ)FedEx (FDX-NYSE)Hub Group (HUBG-NSDQ)J.B. Hunt Transport Services ( JBHT-NSDQ)Kansas City Southern (KSU-NYSE)Norfolk Southern (NSC-NYSE)TFI International (TFII-TSE)Union Pacific (UNP-NYSE)United Parcel Service (UPS-NYSE)WestJet Airlines (WJA-TSE)Westshore Terminals (WTE-TSE)

AGCO (AGCO-NYSE)Carlisle (CSL-NYSE)Caterpillar (CAT-NYSE)Cummins (CMI-NYSE)Deere (DE-NYSE)Illinois Tool Works (ITW-NYSE)Ingersoll-Rand (IR-NYSE)John Bean Technologies ( JBT-NYSE)Kennametal (KMT-NYSE)Middleby (MIDD-NSDQ)Navistar International (NAV-NYSE)PACCAR (PCAR-NSDQ)Parker Hannifin (PH-NYSE)REV Group (REVG-NYSE)Rush Enterprises (RUSHA-NSDQ)Ryerson Holding Corp. (RYI-NYSE)Terex (TEX-NYSE)Wabash National (WNC-NYSE)WABCO (WBC-NYSE)

Fadi Chamoun, CFA Joel G. Tiss

Industrials

Brookfield Business Partners (BBU-NYSE)Brookfield Infrastructure (BIP-NYSE)Finning International (FTT-TSE)Russel Metals (RUS-TSE)SNC-Lavalin (SNC-TSE)Stantec (STN-TSE)Toromont Industries (TIH-TSE)Wajax (WJX-TSE)Waste Connections (WCN-NYSE)WSP Global (WSP-TSE)

Devin Dodge, CFA

Equity ResearchAnalyst BiosEquity ResearchAnalyst Bios

Keith is a senior research analyst in BMO Capital Markets Equity Research, covering software & IT services. Keith has worked as an analyst at several buy side and sell side firms, including Bank of America. Earlier in his career, Keith worked in strategic planning for both Hewlett-Packard and Morrison Knudsen.

Keith earned a B.A. from Princeton University and an MBA from the University of Virginia’s Darden School of Business, and is a CFA charterholder.

Tim joined BMO Capital Markets Equity Research in 1992, and is responsible for the telecom, cable and media sectors, includ-ing the wireless, broadcasting, publishing, gaming and entertainment industries. In addition to securities research, Tim has provided analysis for various industry and regulatory associations, as well as The Copyright Board of Canada and The Senate of Canada.

In the 2018 and 2017 Brendan Wood International survey, Tim was ranked third in media. Tim also achieved all-star rankings in the 2009 and 2010 Brendan Wood International surveys in media. In the StarMine Analyst Awards, Tim was ranked number one in 2014 for earnings estimates in telecommunication services, number two in 2012 for stock picking in media and number one in 2011 for earnings estimates in media.

Tim holds a bachelor of administration, specializing in finance, from Brock University and is a CFA charterholder.

Software & IT Services Analyst

Telecom/Media/Cable Analyst

Keith Bachman, CFA

Tim Casey, CFA

Tech/Media/Telecom



Dan Salmon is a managing director and equity research analyst with BMO Capital Markets covering internet and media. Starting with a focus on digital marketing in 2008, he added coverage of entertainment/paid content in 2013 and eCommerce in 2016.

Dan joined BMO in 2004 as an associate on the broadcasting team and helped launch the firm’s internet media coverage in 2005. He began his career in equity research at Citigroup covering lodging and gaming before joining Jeffries’ media and en-tertainment team prior to joining BMO.

Dan grew up with a broadcast tower in his backyard in Huntsville, Ontario, Canada and graduated from Princeton University in 1999 with a bachelor’s degree in political economy.

Tech/Media/Telecom

Information Technology Analyst

Thanos Moschopoulos, CFA

Internet & Media Analyst

Daniel Salmon

Ambrish is a senior research analyst in BMO Capital Markets Equity Research, based in the San Francisco office, covering the semiconductor industry as part of the firm's technology team. Ambrish returned to BMO in July 2009 from Criterion Capital Management, where he was a senior analyst focused on the fund’s research and investments in technology companies across multiple sectors in semiconductors and hardware from 2007. Prior to that, Ambrish was the semiconductor analyst for BMO Capital Markets and predecessor firm Gerard Klauer Mattison, as well as for ABN AMRO. Ambrish’s prior work experience includes working as a manager for Pittiglio Rabin Todd & McGrath, a management consulting firm, where he led a number of projects for large technology companies. He began his career at International Specialty Products, where he led the develop-ment and implementation of the company’s new product commercialization process.

Ambrish earned his MBA from Cornell University’s Johnson School of Management, his Ph.D. in chemical engineering from Rensselaer Polytechnic Institute, and his bachelor of technology from the Institute of Technology, BHU, in India.

Semiconductors Analyst

Ambrish Srivastava, Ph.D.

Thanos joined BMO Capital Markets Equity Research in 2003, and has since covered technology stocks across a number of sec-tors. Prior to joining BMO Capital Markets, Thanos was a co-founder and CFO of Coradiant, a privately held web performance monitoring company (subsequently acquired by BMC Software), and led the company through several rounds of cross-border venture financing. Prior to that he was a senior equity analyst at Bimcor, the pension management subsidiary of Bell Canada. Thanos has been ranked a top-three analyst for the Canadian technology sector in the 2013-2018 Brendan Wood surveys of institutional investors, as well as a top-three analyst for Canadian software & IT services in the Greenwich Associates 2015-2018 surveys (#1 for both surveys in 2017-2018).

Thanos holds a B.Comm. from Concordia University, an MBA from McGill University, and is a CFA charterholder.


Equity ResearchCoverage Universe Tech/Media/Telecom

Accenture Plc (ACN-NYSE)Adobe Systems (ADBE-NSDQ)Atlassian Corp. Plc Class A (TEAM-NSDQ)Check Point Software (CHKP-NSDQ)Cognizant Technology Solutions (CTSH-NSDQ)Conduent (CNDT-NYSE)DXC Technology (DXC-NYSE)FireEye (FEYE-NSDQ)Fortinet (FTNT-NSDQ)Genpact (G-NYSE)Infosys Technologies Limited (INFY-NYSE)Int'l Business Machines (IBM-NYSE)Microsoft (MSFT-OTC)Mimecast (MIME-NSDQ)New Relic (NEWR-NYSE)Oracle (ORCL-NYSE)Palo Alto Networks (PANW-NYSE)salesforce.com (CRM-NYSE)SAP SE (SAP-NYSE)ServiceNow (NOW-NYSE)Splunk (SPLK-NSDQ)Tableau Software (DATA-NYSE)Teradata (TDC-NYSE)VMware (VMW-NYSE)Workday (WDAY-NYSE)

Advanced Micro Devices (AMD-NSDQ)Analog Devices (ADI-NSDQ)Broadcom (AVGO-NSDQ)Cree, Inc. (CREE-NSDQ)Intel Corp. (INTC-NSDQ)Marvell Technology Group (MRVL-NSDQ)Maxim Integrated Products (MXIM-NSDQ)Microchip Technology Incorpora (MCHP-NSDQ)Micron Technology (MU-NSDQ)NVIDIA (NVDA-NSDQ)NXP Semiconductors N.V. (NXPI-NSDQ)ON Semiconductor Corporation (ON-NSDQ)Qorvo (QRVO-NSDQ)Samsung Electronics Co. (005930-KRX)Sensata Technologies (ST-NYSE)Skyworks Solutions (SWKS-NSDQ)Synaptics (SYNA-OTC)Texas Instruments (TXN-NSDQ)Xilinx (XLNX-NSDQ)

Alphabet (GOOGL-NSDQ)Amazon.com (AMZN-OTC)ANGI Homeservices (ANGI-NSDQ)Carvana (CVNA-NYSE)CBS Corporation (CBS-NYSE)Cision (CISN-NYSE)Criteo (CRTO-NSDQ)eBay (EBAY-OTC)Facebook (FB-NSDQ)Fox Corporation (FOXA-NSDQ)IAC Inc. (IAC-NSDQ)Interpublic Group (IPG-NYSE)LiveRamp (RAMP-NYSE)Match Group (MTCH-NSDQ)Netflix (NFLX-NSDQ)Nielsen (NLSN-NYSE)Omnicom Group (OMC-NYSE)Twitter (TWTR-NYSE)Viacom (VIAB-NSDQ)Walt Disney (DIS-NYSE)WPP (WPP-LSE)Yelp (YELP-NYSE)

Aimia (AIM-TSE)BCE (BCE-TSE)Cineplex (CGX-TSE)Cogeco Communications (CCA-TSE)Corus Entertainment (CJR.B-TSE)DHX Media (DHX-TSE)Glacier Media (GVC-TSE)Quebecor (QBR.B-TSE)Rogers Comm. (RCI.B-TSE)Shaw Communications (SJR.B-TSE)Stingray Group Inc. (RAY.A-TSE)TELUS (T-TSE)The Stars Group (TSGI-TSE)Thomson Reuters (TRI-TSE)Torstar (TS.B-TSE)Transcontinental (TCL.A-TSE)

Absolute Software (ABT-TSE)Celestica (CLS-NYSE)CGI (GIB.A-TSE)Constellation Software (CSU-TSE)Descartes Systems (DSGX-NSDQ)Evertz Technologies (ET-TSE)EXFO Inc. (EXFO-OTC)Kinaxis (KXS-TSE)Lightspeed POS (LSPD-TSE)Maxar Technologies (MAXR-NYSE)Open Text (OTEX-OTC)Real Matters (REAL-TSE)Sierra Wireless (SWIR-NSDQ)Tucows (TCX-NSDQ)

Ambrish Srivastava, Ph.D.Keith Bachman, CFA Thanos Moschopoulos, CFA

Daniel Salmon

Tim Casey, CFA



Dan is a senior analyst in BMO Capital Markets Equity Research covering the U.S. oilfield services sector. He brings more than 18 years of investment experience, including 15 years in the energy sector. Prior to joining the firm, Dan was a buy-side analyst with Blue Arrow Capital (a Millennium platform company) and Empyrean Capital. Prior to that, Dan was the senior oil service analyst at Goldman Sachs & Co. (2005-2011). He began his career at two boutique firms, initially in investment banking then as an associate covering E&Ps. Dan earned a bachelor of science in business administration (magna cum laude) from the University of Pittsburgh, and is a CFA charterholder.

Oilfield Services Analyst

Daniel Boyd, CFA

Energy & Utilities

Phillip is an analyst in BMO Capital Markets Equity Research covering the U.S. E&P sector. Prior to joining the firm in 2009, Phillip was a vice president at Merrill Lynch in the global equity research department, focusing on the oilfield services and equipment sector. Prior to that, Phillip worked in the global capital markets group of PricewaterhouseCoopers, advising on SEC registration requirements for cross-border transactions, IPOs, debt issuance, and carve-outs. He began his career at Deloitte & Touche in the audit, assurance, and advisory department.

Phillip earned a bachelor of science in business administration from California Polytechnic University. He is also a CFA charter-holder and CPA.

Danilo is an analyst in BMO Capital Markets Equity Research covering the U.S. pipeline & master limited partnership (MLP) sectors. In 2017, Danilo was named among the “All-America Research Team Rising Stars” by Institutional Investor magazine. Most recently, Danilo worked as a research analyst with Kayne Anderson Fund Advisors, one of the largest MLP mutual funds in the U.S., covering Canadian midstream and small cap U.S. MLPs. Prior to joining Kayne Anderson, Danilo spent over five years as an associate and research analyst at BMO as a critical member of the firm's leading North American pipeline franchise, culminating with his own initiation of MLPs in fall 2014. Before BMO, Danilo was a senior lead financial analyst in the corporate development arm of Entergy, one of the nation’s largest electric utilities.

Danilo earned his MBA from the University of Texas McCombs School of Business, and is a CFA charterholder.

Jared joined BMO Capital Markets Equity Research in 2005 as an associate, primarily covering the Canadian large-cap oil & gas and oil sands sectors since 2006. During this time, the BMO Capital Markets energy team was consistently ranked in the top three for large-cap oil & gas in the Brendan Wood International Survey. Jared was promoted to analyst in 2010 to cover the emerging oil sands sector. In his current role, Jared oversees the evaluation and execution of oil & gas industry thematic research.

Jared graduated from the University of Calgary’s Haskayne School of Business with a B.Comm. in finance (with distinction). He is an alumnus of the Calgary Portfolio Management Trust (CPMT) program, and graduated as a member of The International Honor Society Beta Gamma Sigma. Jared is a CFA charterholder.

Exploration & Production Analyst

US Pipelines & MLPs Analyst

Oil & Gas Market Specialist

Phillip Jungwirth, CFA

Danilo Juvane, CFA

Jared Dziuba, CFA


Equity ResearchAnalyst BiosEquity ResearchAnalyst Bios

Mike is an analyst in BMO Capital Markets Equity Research covering the oil & gas services sector since 2005. His previous ex-perience includes more than three years at Deutsche Bank, in the structured finance group, and three years as controller of Akita Drilling.

Mike holds a B.Comm. (accounting) from the University of Calgary and is a CFA charterholder.

Ray is an analyst in BMO Capital Markets Equity Research covering the Canadian E&P sector. Prior to joining the firm in 2015, Ray was an analyst at another investment dealer where he covered a group of 20 junior and intermediate E&P stocks since 2007. Ray was ranked number one analyst in the 2018 and 2017 Brendan Wood International survey in oil & gas - small/mid cap. In 2018, he also ranked second for oil & gas - high payout. Prior to working on the sell side, he was a production engineer at Petro Canada and a design engineer at Colt Engineering.

Oil & Gas Services Analyst

Oil & Gas Analyst

Michael Mazar, CA, CFA

Ray Kwan, P.Eng.

Energy & Utilities

Mike joined BMO Capital Markets in 2016 as an associate on the global oil & gas research team, focused on Canadian small/mid-cap producers. Prior to joining BMO, he spent two years in equity research at Macquarie Capital Markets and nine years in roles of increasing responsibility at junior oil and gas E&P companies based in Calgary. Mike is a Professional Geologist and holds a Bachelor of Science, Geology from the University of Calgary.

Oil & Gas Analyst

Mike Murphy, P.Geol.


Equity ResearchAnalyst Bios Energy & Utilities

Randy leads BMO Capital Markets’ coverage of the North American oil and gas industry, covering the Canadian integrateds, large cap oil & gas producers and oil sands companies. Randy has been voted #1 in large-cap oil & gas coverage in 11 of the last 12 years in the Brendan Wood International survey, including the most recent 2018 survey. He has been a highly ranked analyst since 2001.

Prior to joining the brokerage business in 1996, Randy worked in the oil and gas industry in Calgary for nine years with PanCanadian Petroleum, the Alberta Petroleum Marketing Commission, and the Canadian Association of Petroleum Producers (CAPP). He has testified as a policy and expert witness before the National Energy Board (NEB), Alberta Energy and Utilities Board (AEUB), and U.S. Federal Energy Regulatory Commission (FERC). Randy holds a B.A. in economics and an M.A. in econom-ics from the University of Saskatchewan.

Oil & Gas Producers Analyst

Randy Ollenberger

Ben is a senior analyst in BMO Capital Markets Equity Research Group, covering power, pipelines, and utilities. Ben joined BMO in 2006 as a research associate, and has been a publishing analyst since 2009, which included three years in the numberone ranked corporate debt research team covering energy infrastructure.

In the 2018 Brendan Wood survey, Ben was ranked second in pipelines & utilities and third in renewables, and has ranked in the top three in the survey consecutively for many years.

Ben was also recognized by Institutional Investor in its rankings in the U.S. pipeline and utility sectors since 2016 and has been recognized by StarMine for his accuracy of earnings estimates (#1 in 2014, and #2 in 2013 and 2016) and stock picking (#2 in 2019). Before joining BMO Capital Markets, Ben worked at a large pension plan following the utility and infrastructure sectors.

Ben holds a B.Comm (accounting) from the University of British Columbia, and an MBA (finance) from Simon Fraser University. He is a Chartered Professional Accountant as well as a CFA charterholder.

Energy Infrastructure Analyst

Ben Pham, CFA

David joined BMO Capital Markets Equity Research in January 2014, prior to which he was an Associate Partner at a brokerage firm based in London and a lead research analyst on the No1 ranked oil & gas team. Before working in oil and gas, David spent six years in a restructuring advisory role at PricewaterhouseCoopers LLP in London.

David is a member of the Institute of Chartered Accountants in England and Wales (ACA) and has an Msc. in Chemistry (honours) from the University of Nottingham.

Oil & Gas Analyst

David Round



Baker Hughes (BHGE-NYSE)C&J Energy Services (CJ-NYSE)Diamond Offshore (DO-NYSE)Ensco Rowan Plc (ESV-NYSE)Halliburton (HAL-NYSE)Helmerich & Payne (HP-NYSE)Keane Group (FRAC-NYSE)Nabors Industries (NBR-NYSE)National Oilwell Varco (NOV-NYSE)Noble (NE-NYSE)Oil States International (OIS-NYSE)Patterson - UTI Energy (PTEN-NSDQ)RPC (RES-NYSE)Schlumberger (SLB-NYSE)Superior Energy Services (SPN-NYSE)TechnipFMC (FTI-NYSE)Transocean (RIG-NYSE)

Anadarko Petroleum (APC-NYSE)Antero Resources (AR-NYSE)Apache (APA-NYSE)Berry Petroleum (BRY-NSDQ)Cabot Oil & Gas (COG-NYSE)Callon Petroleum Company (CPE-NYSE)Carrizo Oil & Gas (CRZO-NSDQ)Centennial Resource Dev't (CDEV-NSDQ)Chesapeake Energy (CHK-NYSE)Cimarex Energy (XEC-NYSE)Concho Resources (CXO-NYSE)ConocoPhillips (COP-NYSE)Continental Resources (CLR-NYSE)Denbury Resources (DNR-NYSE)Devon Energy (DVN-NYSE)Diamondback Energy (FANG-NSDQ)EOG Resources (EOG-NYSE)EQT (EQT-NYSE)Extraction Oil and Gas (XOG-NSDQ)Hess Corp. (HES-NYSE)HighPoint Resources Corporatio (HPR-NYSE)Jagged Peak Energy ( JAG-NYSE)Laredo Petroleum Holdings (LPI-NYSE)Marathon Oil (MRO-NYSE)Matador Resources (MTDR-NYSE)Montage Resources (MR-NYSE)Noble Energy (NBL-NYSE)Oasis Petroleum (OAS-NYSE)Occidental Petroleum (OXY-NYSE)Parsley Energy (PE-NYSE)PDC Energy (PDCE-NSDQ)Pioneer Natural Resources (PXD-NYSE)QEP Resources (QEP-NYSE)Range Resources (RRC-NYSE)SM Energy (SM-NYSE)Southwestern Energy (SWN-NYSE)SRC Energy (SRCI-NYSE)Whiting Petroleum (WLL-NYSE)WPX Energy (WPX-NYSE)

Daniel Boyd, CFA

Phillip Jungwirth, CFA

Danilo Juvane, CFA


Advantage Oil & Gas (AAV-TSE)ARC Resources (ARX-TSE)Athabasca Oil (ATH-TSE)Birchcliff Energy (BIR-TSE)Canadian Natural Res. (CNQ-TSE)Cenovus Energy (CVE-TSE)Encana (ECA-NYSE)Husky Energy (HSE-TSE)Imperial Oil (IMO-TSE)MEG Energy (MEG-TSE)Peyto Expl. & Development (PEY-TSE)Suncor Energy (SU-TSE)Tourmaline Oil (TOU-TSE)

Bonavista Energy (BNP-TSE)Crew Energy (CR-TSE)Delphi Energy (DEE-TSE)Painted Pony Energy (PONY-TSE)Pipestone Energy (PIPE-VSX)

Akita Drilling (AKT.A-TSE)Black Diamond Group (BDI-TSE)Calfrac Well Services (CFW-TSE)CES Energy Solutions (CEU-TSE)Computer Modelling Group (CMG-TSE)Enerflex (EFX-TSE)Ensign Energy Services (ESI-TSE)Mullen Group (MTL-TSE)Pason Systems (PSI-TSE)PHX Energy Services (PHX-TSE)Precision Drilling (PD-TSE)Secure Energy Services (SES-TSE)ShawCor (SCL-TSE)Source Energy Services (SHLE-TSE)STEP Energy Services (STEP-TSE)Tervita Corporation (TEV-TSE)Total Energy Services (TOT-TSE)Trican Well Service (TCW-TSE)

Baytex Energy (BTE-TSE)Bonavista Energy (BNP-TSE)Bonterra Energy (BNE-TSE)Cardinal Energy (CJ-TSE)Crescent Point Energy (CPG-TSE)Crew Energy (CR-TSE)Delphi Energy (DEE-TSE)Enerplus (ERF-TSE)Freehold Royalties (FRU-TSE)Kelt Exploration (KEL-TSE)NuVista Energy (NVA-TSE)Obsidian Energy (OBE-TSE)Painted Pony Energy (PONY-TSE)Paramount Resources (POU-TSE)Pengrowth Energy (PGF-TSE)Pipestone Energy (PIPE-VSX)PrairieSky Royalty (PSK-TSE)Seven Generations Energy (VII-TSE)Surge Energy (SGY-TSE)Tamarack Valley Energy (TVE-TSE)TORC Oil & Gas (TOG-TSE)Vermilion Energy (VET-TSE)Whitecap Resources (WCP-TSE)

Algonquin Power & Utilities (AQN-NYSE)AltaGas (ALA-TSE)ATCO (ACO.X-TSE)Boralex (BLX-TSE)Brookfield Renewable Partners (BEP-NYSE)Canadian Utilities (CU-TSE)Capital Power (CPX-TSE)Emera (EMA-TSE)Enbridge (ENB-TSE)Fortis (FTS-TSE)Gibson Energy (GEI-TSE)Hydro One Limited (H-TSE)Innergex Renewable Energy (INE-TSE)Inter Pipeline (IPL-TSE)Keyera (KEY-TSE)Northland Power (NPI-TSE)Pattern Energy Group (PEGI-NSDQ)Pembina Pipeline (PPL-TSE)TC Energy (TRP-TSE)TerraForm Power (TERP-NSDQ)TransAlta (TA-TSE)Valener (VNR-TSE)

Cheniere Energy (LNG-NYSE)Cheniere Energy Partners (CQP-NYSE)Enable Midstream Partners (ENBL-NYSE)Energy Transfer LP (ET-NYSE)Enterprise Products Partners (EPD-NYSE)Kinder Morgan (KMI-NYSE)Kinder Morgan Canada (KML-TSE)Magellan Midstream Partners (MMP-NYSE)MPLX (MPLX-NYSE)ONEOK (OKE-NYSE)Plains All American (PAA-NYSE)Plains GP Holdings LP (PAGP-NYSE)SemGroup Corporation (SEMG-NYSE)Targa Resources (TRGP-NYSE)Williams Companies (WMB-NYSE)

Randy Ollenberger

Michael Mazar, CA, CFA Ben Pham, CFA

Energy & Utilities

Africa Oil (AOI-TSE)Amerisur Resources (AMER-LSE)Cairn Energy (CNE-LSE)EnQuest (ENQ-LSE)Genel Energy (GENL-LSE)Gran Tierra Energy (GTE-TSE)Hurricane Energy (HUR-LSE)IGas Energy (IGAS-LSE)International Petroleum (IPCO-TSE)Jadestone Energy ( JSE-LSE)Jersey Oil and Gas ( JOG-LSE)Kosmos Energy (KOS-NYSE)Lekoil (LEK-LSE)Lundin Petroleum AB (LUPE-OMX)Premier Oil (PMO-LSE)President Energy (PPC-LSE)Providence Resources (PVR-LSE)Rockhopper Exploration (RKH-LSE)SOCO International (SIA-LSE)Tullow Oil (TLW-LSE)

David Round, ACA

Ray Kwan, P.Eng

Mike Murphy, P.Geol.


Equity ResearchAnalyst Bios Healthcare

Do joined BMO Capital Markets Equity Research in November 2015 as a biotech analyst. For the past five years, Do was a biotech analyst with Nomura Securities, and Piper Jaffray. Do has over 10 years of experience covering the biotech industry.

Do earned an MBA, finance and economics from Columbia University-Columbia Business School, and a B.A. biology from the Johns Hopkins University. Do is a CFA charterholder.

George joined BMO Capital Markets Equity Research as an analyst covering Biotechnology in August 2018. Most recently, George was Chief Executive Officer of Cortice Biosciences, Inc., a privately held biotechnology company in New York City, and served as Vice President of Corporate Development at Synta Pharmaceuticals, a publically traded drug development company in Boston. Prior to these positions, George was a Senior Biotechnology Analyst for 12 years, working with Canaccord Genuity, Wachovia Capital Markets, and Fortis Securities. George also completed postdoctoral fellowships at Sloan Kettering Cancer Center and University of California San Francisco after receiving his Ph.D. from Columbia University. He also received a B.A. from Dartmouth College.

Matt Borsch is a Managing Director and senior research analyst for BMO Capital Markets covering managed care, hospitals and service providers. Prior to joining BMO in April 2017, Matt was at Goldman Sachs, where he covered managed care and service providers. With an equity research career spanning 16 years at Goldman, and another 7 years in the healthcare industry prior, Matt brings a wealth of experience and client relationships. Culturally a team player, in addition to previously holding the lead role for healthcare team policy and economic research, he has also played an active role in developing and mentoring junior research talent. Together with his team, Matt developed a comprehensive model of the health insurance underwriting cycle that he used in his published research to predict the 2006-2009 industry downturn. He has been recognized among the top 5 sector analysts by the Greenwich Research Survey, and has ranked #2 overall for healthcare services coverage (Bloomberg/Greenwich 2013). Matt has also served as an adjunct professor at Columbia University, where he taught a graduate-level course on the managed care industry. Matt holds an MBA and Masters in Public Health from Columbia University and he earned his bachelor’s degree in Economics and Mathematical Sciences (double major) from the Johns Hopkins University. Matt is also a Chartered Financial Analyst.

Biotechnology Analyst


Managed Care/Providers Analyst

Do Kim

George Farmer, Ph.D.

Matthew Borsch, CFA



Matthew joined BMO Capital Markets Equity Research in November 2015 as a biotech analyst. For the previous five years, he was a biotech analyst with Nomura Securities and Piper Jaffray. Prior to that, Matthew held various positions within the mar-keting and new product/business development departments of various pharmaceutical companies including Schering-Plough, Sanofi-Aventis and Forest Laboratories.

Matthew earned an MBA, finance and economics from Columbia University-Columbia Business School, and a B.A. from the University of California at Berkeley.


Matthew Luchini

Healthcare

Gary is a senior research analyst in BMO Capital Markets Equity Research covering specialty pharmaceuticals. Prior to join-ing BMO in February 2016, Gary was most recently a senior research analyst at Goldman Sachs covering specialty pharma. With a sell-side career spanning 16 years covering the specialty pharma industry, Gary was also a senior research analyst at Susquehanna Financial Group and Leerink Partners, and began his sell-side career at Morgan Stanley. Before getting into equity research, Gary spent a few years in the pharmaceutical industry at Merck where he was a manager of financial evaluations at Merck-Medco. Gary earned his MBA from Columbia University and his undergraduate degree from Binghamton University.

Joanne is a research analyst in BMO Capital Markets Equity Research covering medical technology and hospital supplies compa-nies, with a focus on the cardiology, diabetes, orthopaedic, ophthalmology, and respiratory sectors. Before joining BMO Capital Markets, she was a research analyst with ABN AMRO (ING Barings) covering medical products and was a research associate in the medical technology group at UBS Securities. Her career in financial services began at J.P. Morgan, where, among other positions, she was an associate in municipal finance investment banking in the healthcare and higher education group. Joanne joined BMO Capital Markets in 2002. In 2013 and 2016, Joanne was ranked second for earnings estimates by StarMine in health care equipment & supplies, and in 2009 was ranked first for earnings estimates in health care equipment & supplies.

Joanne holds an MPA from New York University and a B.A. from the University of Delaware.

Specialty Pharmaceuticals Analyst

Medical Technology & Devices Analyst

Gary Nachman

Joanne K. Wuensch


Equity ResearchCoverage Universe Healthcare

Abbott Laboratories (ABT-NYSE)Alcon (ALC-NYSE)Baxter International (BAX-NYSE)Becton, Dickinson and Company (BDX-NYSE)Boston Scientific (BSX-NYSE)DexCom (DXCM-NSDQ)Edwards Lifesciences (EW-NYSE)Endologix (ELGX-NSDQ)Glaukos (GKOS-NSDQ)Insulet (PODD-NSDQ)iRhythm Technologies (IRTC-NSDQ)Johnson & Johnson ( JNJ-NYSE)Medtronic (MDT-NYSE)Nevro (NVRO-NYSE)Nuvasive (NUVA-NSDQ)Penumbra (PEN-NYSE)ResMed (RMD-NYSE)Silk Road Medical (SILK-NSDQ)Stryker (SYK-NYSE)Tandem Diabetes Care Inc. (TNDM-NSDQ)The Cooper Companies (COO-NYSE)Wright Medical Group (WMGI-NSDQ)Zimmer Biomet (ZBH-NYSE)

Joanne K. Wuensch

George Farmer

Do Kim

Matthew Borsch, CFA Matthew Luchini

Gary Nachman

Biogen (BIIB-NSDQ)Eidos Therapeutics (EIDX-NSDQ)Exelixis (EXEL-NSDQ)MyoKardia (MYOK-NSDQ)Nektar Therapeutics (NKTR-NSDQ)Protagonist Therapeutics (PTGX-NSDQ)

Affimed N.V. (AFMD-NSDQ)Akcea Therapeutics (AKCA-NSDQ)Alnylam Pharmaceuticals (ALNY-NSDQ)Amgen (AMGN-NSDQ)BioXcel Therapeutics (BTAI-NSDQ)Constellation Pharmaceuticals (CNST-NSDQ)Fate Therapeutics (FATE-NSDQ)Halozyme Therapeutics (HALO-NSDQ)Ionis Pharmaceuticals (IONS-OTC)ObsEva (OBSV-NSDQ)Replimune Group (REPL-NSDQ)Retrophin (RTRX-NSDQ)Rigel Pharmaceuticals (RIGL-NSDQ)Scholar Rock (SRRK-NSDQ)TCR2 Therapeutics (TCRR-NSDQ)VBI Vaccines (VBIV-NSDQ)Vertex Pharmaceuticals (VRTX-OTC)

Acadia Healthcare (ACHC-NSDQ)Addus HomeCare (ADUS-NSDQ)Anthem (ANTM-NYSE)Centene (CNC-NYSE)Cigna (CI-NYSE)CVS Health (CVS-NYSE)Encompass Health (EHC-NYSE)HCA Holdings (HCA-NYSE)Humana (HUM-NYSE)MEDNAX (MD-NYSE)Molina Healthcare (MOH-NYSE)UnitedHealth Group (UNH-NYSE)Universal Health Services (UHS-NYSE)WellCare Health Plans (WCG-NYSE)

Aeglea Biotherapeutics (AGLE-NSDQ)Alder Biopharmaceuticals (ALDR-NSDQ)Applied Genetic Technologies (AGTC-NSDQ)Audentes Therapeutics (BOLD-NSDQ)bluebird bio (BLUE-NSDQ)Entasis Therapeutics (ETTX-NSDQ)Evelo Biosciences (EVLO-NSDQ)Gamida Cell (GMDA-NSDQ)Gilead Sciences (GILD-NSDQ)InflaRx (IFRX-NSDQ)Ra Pharma (RARX-NSDQ)Regeneron Pharmaceuticals (REGN-NSDQ)Spark Therapeutics (ONCE-NSDQ)Stealth BioTherapeutics (MITO-NSDQ)

Amneal Pharmaceuticals (AMRX-NSDQ)Amphastar Pharmaceuticals (AMPH-NSDQ)Aptinyx (APTX-NSDQ)Aquestive Therapeutics (AQST-NSDQ)Bausch Health Companies (BHC-NYSE)Endo International (ENDP-NSDQ)Flexion Therapeutics (FLXN-NSDQ)Horizon Pharma (HZNP-NSDQ)Jazz Pharmaceuticals ( JAZZ-NSDQ)Lannett (LCI-NYSE)Mallinckrodt (MNK-NYSE)Mylan (MYL-NSDQ)Neos Therapeutics (NEOS-NSDQ)Optinose (OPTN-NSDQ)Pacira BioSciences (PCRX-NSDQ)SAGE Therapeutics, Inc. (SAGE-NSDQ)scPharmaceuticals (SCPH-NSDQ)Sienna Biopharmaceuticals (SNNA-NSDQ)Sol-Gel Technologies (SLGL-NSDQ)Teva Pharmaceutical (TEVA-NYSE)Trevi Therapeutics (TRVI-NSDQ)



Brian, Chief Investment Strategist and leader of the Investment Strategy Group, provides strategic investment and portfolio management advice to both institutional and private clients. Brian’s group produces several investment strategy publications on a regular basis, with particular focus on both the U.S. and Canadian equity markets.

In his more than 29 years in the investment industry, Brian has held various senior strategy and research roles, including posi-tions at Oppenheimer & Company, Merrill Lynch, and Piper Jaffray.

Brian is frequently quoted in the financial press, including regular appearances on CNBC, Bloomberg, and BNN, and is re-nowned for his accuracy as a strategist.

Brian has been ranked as a Top Gun analyst by Brendan Woods since 2016. He holds a B.Sc. degree from St. Cloud State University and splits his time between the BMO offices in New York and Toronto.

Chief Investment Strategist

Brian G. Belski

Michael is the deputy chief economist on our economics team, as well as the head of U.S. economics and a managing director of BMO Capital Markets. With two decades of experience in Canadian and U.S. economic and financial markets research, he works closely with our capital market traders, sales force and their clients.

Michael is one of the authors of our weekly publication, FOCUS. He also authors the monthly Rates Scenario report that provides clients with the firm’s view on interest rates and foreign exchange rates. Michael regularly appears in the media.

Michael is a graduate of Concordia University in Montreal and the University of Western Ontario in London. Michael also did doctoral studies at Fordham University in New York City. He is also a CFA charterholder.

Ryan, Canadian Investment Strategist, provides strategic and analytical research within the investment strategy group with a focus on Canadian equity markets and portfolio strategy; he is also responsible for the BMO Canadian Small Cap Index.

Ryan has over 15 years of investment industry experience across both equity and fixed income markets, including various research roles at TD Securities, Connor Clark and Lunn Investment Management and Merrill Lynch.

Ryan holds a BA in economics from Wilfrid Laurier University, a MA in financial economics from the University of Toronto and is a CFA charterholder.

Deputy Chief Economist and Head of U.S. Economics

Canadian Investment Strategist

Michael Gregory, CFA

Ryan Bohren, CFA

Macro

Jin covers the ETF sector for BMO Capital Markets. Jin joined BMO in early 2013 as a Research Associate supporting our quantita-tive and technical analyst. Jin focused on providing top-down quantitative analysis and customized equity screening tools for clients. He was promoted to an analyst role in 2016 covering exchange-traded funds. In 2018, Jin expanded his coverage to include quantitative factor research. Jin holds a Bachelor of Computer Science, Business Option from University of Waterloo.

Jin LiExchange Traded Funds & Quantitative



Earl has more than 35 years of experience applying economics to the business planning and strategy development processes at large financial institutions.

He oversees analysis of financial services markets, industry and country risk, and the department’s role in supporting the organization’s stress-testing projects. His group publishes BMO Capital Markets' monthly report, The Goods, which highlights recent developments and forecasts for several commodities. He is particularly responsible for analysis of crude oil and natural gas markets.

Earl received his graduate degree in economics at the London School of Economics (M.Sc.). Prior to joining BMO Financial Group in 1996, he held positions at the University of London, the OECD, the Executive MBA program at Concordia University, and at another Canadian financial services institution. His research interests include, business and credit cycles, risk management, and financial and energy markets.

Head, Economic Risk

Earl Sweet

Macro

Mark joined BMO Capital Markets in 2002, as a quantitative/technical analyst. He has over 25 years’ experience in the invest-ment business.

In 2018, 2017, 2014 and 2013, Mark achieved an all-star ranking in the Brendan Wood International survey in index analysis, quantitative and technical analysis, and has received an all-star-ranking in index analysis for 10 years in a row.

Mark holds a B.Sc. and a Ph.D. in chemistry from the University of Toronto.

Herbert joined BMO Capital Markets Equity Research in 2016, as an associate on the quantitative research team. He was promoted to an analyst role in 2018, covering the quantitative models for Canadian and U.S. markets. Prior to joining equity research, Herbert worked as an information systems analyst at another Canadian financial institution.

Quantitative/Technical Analyst

ETF & Quantitative Analyst

Mark Steele, Ph.D.

Herbert Sun

Chief Economist

Douglas Porter, CFA

Douglas has over 30 years of experience analyzing global economies and financial markets. As chief economist at BMO Financial Group, he oversees the macroeconomic and financial market forecasts and co-authors the firm’s weekly flagship publication, Focus. Douglas manages the team that won the prestigious Lawrence Klein award for forecast accuracy of the U.S. economy, and was named by Bloomberg as top Canadian forecaster. As a respected commentator on economic and financial trends, he is regularly quoted in the national press and often interviewed on radio and television.

Before joining BMO, Douglas held the positions of economist and country risk analyst with other Canadian financial institutions, and also worked at the Bank of Canada.

Douglas has been a member of C.D. Howe’s Monetary Policy Council since 2008 and also serves on the Investment Management Committees of the Bank of Montreal’s Canadian Pension Plan and Western’s Endowment Fund, as well as on the American Bankers Association Economic Advisory Committee.

Douglas has held the CFA designation since 1995 and earned a masters degree in economics from the University of Western Ontario.



Kimberly joined BMO Capital Markets Equity Research as a special projects analyst developing proprietary knowledge around battery chemistry and the power storage market. This industry has significant demands from the extractive industries for specialty inputs to meet the growing demand for lithium ion batteries. In addition to the implications for the metals and min-ing sector, there is an opportunity to leverage this analysis for the auto parts, auto manufacturers, chemicals and oil and gas sectors.

Kimberly is a seasoned research professional and a former sell-side biotech and healthcare analyst. She has an MA in in-ternational economics and finance, a B.Sc in applied chemistry and biology, and a BA in political economics focusing on sustainability.

Brandon Cheatham is the Consumer Special Projects Analyst for BMO Capital Markets Equity Research. He joined BMO Capital Markets in 2015 as a research associate covering the Retail Apparel sector. Prior to joining BMO, Brandon spent over 6 years on the sell-side and has experience in Energy and Real Estate. Earlier in his career, Brandon helped launch TD Ameritrade’s Amerivest portfolios.

Brandon holds a bachelor of science in business from American University (2008), and an MBA from NYU’s Stern School of Business (2015). He is also a CFA charterholder.

Special Projects Analyst

Consumer Special Projects Analyst

Kimberly Berman

Brandon Cheatham, CFA

Special Projects


Equity ResearchAnalyst BiosEquity ResearchAnalyst Bios Associate Directors of Research

Todd joined BMO in 2011 as the US Equity Research Product Manager and was appointed US Associate Director of Research in 2014. Todd offers two decades of equity research and investment experience. Prior to joining BMO, he worked as a buy-side analyst for both Lazard Asset Management and Mutual Series, a subsidiary of Franklin Resources focused on value investing. His coverage responsibilities spanned global insurance and US financials, GSEs, homebuilders, and select consumer products companies, and he managed the Franklin Mutual Financial Services Fund (TEFAX) from 2003 to 2006. In the mid-to-late 1990s, he worked on the sell-side in equity research at Donaldson, Lufkin, & Jenrette (DLJ). As a US Naval Officer in the early 1990s, Todd served aboard the USS Oliver Hazard Perry (FFG-7), an Atlantic-based guided missile frigate. During his final year of ser-vice, he was awarded a Navy Achievement Medal (NAM) for actions during operations in the Baltic Sea. Todd earned his MBA from Columbia University and his BA from Harvard.

Todd Jonasz

Hari joined BMO Capital Markets Equity Research in May 2011.

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