Cougar Global is a global tactical ETF strategist who uses macroeconomic multiple scenario analysis and an advanced statistical process to model over 20 global asset class categories and minimizes downside risk using exclusively ETF’s. Cougar Global combines in a proprietary fashion “postmodern portfolio theory,” “rational beliefs” understanding of the behavior of global capital markets, “bootstrapping” statistical simulation techniques, and multiple macroeconomic scenario analysis.  Cougar Global has been using the same investment philosophy since 1993, since which time Cougar Global has constantly refined its investment process.  The emergence of ETFs in recent years has enabled Cougar Global to fully implement its investment expertise.


Cougar Global models the following asset class categories:

  • U.S. large cap equities
  • U.S. mid cap equities
  • U.S. small cap equities
  • Canadian equities
  • European equities
  • UK equities
  • Emerging market equities
  • Pacific equities – Japan/Australia etc.
  • Canadian bonds
  • U.S. Short-term bonds
  • U.S. Mid-term bonds
  • U.S. Long-term bonds
  • U.S. Investment grade corporate bonds
  • U.S. High yield bonds
  • Agency-backed
  • Global bonds ex U.S.
  • Emerging markets bonds
  • Cash
  • Gold Bullion
  • National Municipal bond


ETFs are baskets of securities that trade under a symbol on a public stock exchange.  Cougar Global uses ETFs based on broad indices which provide comprehensive exposure to the underlying index modeled.  Modeled indices include the Russell 2000, S&P/TSX Composite and MSCI Europe.

Cougar Global strives to use ETFs which meet the following criteria:

  • Cost-effective way to gain access to an entire asset class in a single security
  • Exact replica of the indices Cougar Global uses in its quantitative model – there are no “Manager Surprises”
  • Reduction in the number of “trading events” that generate transaction costs


Cougar Global offers four managed ETF portfolio mandates, ranging from the most conservative to the most aggressive: Global Tactical Strategy – Conservative (MAR 6); Global Tactical Strategy – Conservative Growth (MAR 8); Global Tactical Strategy – Moderate Growth (MAR 10); and Global Tactical Strategy – Growth (MAR 12). Each mandate is constrained to have exposure at a specific level of downside risk.


Cougar Global may recommend the Global Tactical Strategy – Conservative (MAR 6) mandate for clients who require regular income withdrawals from their account (according to their investment horizons and risk tolerances which depend upon their age, employment status, marital status, etc.) Keep in mind that the rate and timing of withdrawals will have an impact on returns. Therefore, ideally, some growth is desired before withdrawals begin.


Cougar Global is not subject to, nor has set any, restrictions on investing in any particular asset classes.  This also applies to each individual mandate.


No, Cougar Global aims to achieve total returns not tax efficiency.


Cougar Global may rebalance more often than monthly if a change in the current outlook for global capital markets occured, such as a chaos scenario.


No, short or inverse ETFs are not used.  Cougar Global is a long-only ETF strategist.


No, Cougar Global’s process is based on market behavior under various macroeconomic scenarios and not on market timing.