BMO Managed Portfolio Trust has two distinct share classes: Growth (BMPG) and Income shares (BMPI) each with discrete investment portfolios. Manager Peter Hewitt uses his many years of experience in the market to pick a portfolio of investment companies to suit each objective. Income earned from the growth portfolio can be used to boost the dividend paid to the Income shareholders, which yield 4.6% on an historic basis. This transfer mechanism is discussed under Dividend. BMPG and BMPI are both managed by Peter Hewitt. Peter seeks to identify investment companies where he believes there are strong management processes and identifiable and distinct strategies that lend themselves to long-term outperformance. As discussed under Portfolio, in recent years this has included significant exposure to companies focussed on ‘secular growth’ opportunities, even in the Income portfolio. The manager looks to diversify across investment styles and asset classes within both portfolios, including incorporating protective strategies designed to preserve or even grow capital in market downturns. As discussed under Performance, the tilt towards growth strategies has proven highly beneficial over recent years and especially the past 12 months, and both share classes have outperformed their benchmark. Protective strategies also proved their worth in the Q1 2020 drawdown, whilst the market sell-off gave Peter the opportunity to build positions with high entry yields in companies where he believed income streams to be resilient. Resilience of underlying income and support from the transfer mechanism has ensured that BMPI’s dividend has remained covered this year, as discussed under Dividend. Shareholders are further able to convert shares in either share class to the other once a year without incurring UK capital-gains tax, stamp duty, or dealing charges or ‘spreads’.