Green takes over, with space in first position
Fourteen of our fifteen holdings rose and none fell. ORBX moved further than anything else on the sheet, though its small size keeps that in perspective.
Régis Holstein and Anthony HolsteinTuesday, August 4, 2026
REQT closed +2.85%. Fourteen of the fifteen holdings were green, none were red, and ZMID was the lone holding that sat still at +0.00%.
| ETF | Weight | Move | Added |
|---|---|---|---|
| ZSP BMO S&P 500 | 16% | +3.70% | +0.59% |
| ORBX Global X Space Economy | 3% | +12.88% | +0.39% |
| FCMO Fidelity U.S. Momentum | 10% | +3.65% | +0.36% |
| FCUV Fidelity U.S. Value | 10% | +3.12% | +0.31% |
| FINN Fidelity Global Innovators | 6% | +3.65% | +0.22% |
| ZEM BMO MSCI Emerging Markets | 5% | +3.66% | +0.18% |
| ZEA BMO MSCI EAFE | 10% | +1.83% | +0.18% |
| FCIM Fidelity International Momentum | 5% | +3.46% | +0.17% |
| ZCN BMO S&P/TSX Capped | 10% | +1.58% | +0.16% |
| ZSML BMO S&P Small Cap | 2% | +3.83% | +0.08% |
| FCCV Fidelity Canada Value | 5% | +1.48% | +0.07% |
| FCCM Fidelity Canada Momentum | 5% | +1.21% | +0.06% |
| FCIV Fidelity International Value | 5% | +1.00% | +0.05% |
| CIF CI Global Infrastructure | 6% | +0.37% | +0.02% |
| ZMID BMO S&P Mid Cap | 2% | +0.00% | +0.00% |
ORBX, the space economy ETF, printed +12.88%. That's the kind of number we don't see often, and honestly it's the sort of thing we brace for in both directions when we hold a basket like that. It's a 3% position, so what it actually put into the headline number was +0.39%. ZSP, our single largest holding at 16%, moved +3.70% and added more than ORBX did at +0.59%. Weight matters more than excitement.
Innovation had the best sleeve return of the four at +4.18%, and the U.S. sleeve still produced the biggest contribution at +1.34%. That's a size effect. The U.S. sleeve is 40% of the model, so a smaller move has more impact. Canada was the laggard at +1.46%, which on a day where everything else ran hard felt almost sleepy. Nothing unusual about that for us. Our Canadian holdings track a market with a very different mix of companies than the U.S. one.
Momentum was the better side of the trade in the U.S. and International, and value took Canada. The International split was the wide one: FCIV managed +1.00% while FCIM did +3.46%, a gap of −2.46%. We hold both at equal weight in every region, so that gap mostly washes out at the portfolio level. It tells you what the market was paying for today. It tells you almost nothing about our return.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | +3.12% | +3.65% | −0.52% |
| Canada | +1.48% | +1.21% | +0.27% |
| International | +1.00% | +3.46% | −2.46% |
Against the real all-in-one funds we finished ahead of seven of the eight, and behind GEQT, which put up +3.44%. Our Innovation sleeve is the reason we're usually on the other side of that comparison, and at +4.18% it did its part today. It just wasn't enough to catch GEQT.
| Fund | Today |
|---|---|
| REQT this model portfolio | +2.85% |
| GEQT iShares ESG Equity | +3.44% |
| HEQT Global X All-Equity | +2.80% |
| VEQT Vanguard All-Equity | +2.78% |
| TEQT TD All-Equity | +2.75% |
| XEQT iShares Core Equity | +2.70% |
| ZEQT BMO All-Equity | +2.60% |
| CAGE Avantis / CIBC All-Equity | +2.30% |
| FEQT Fidelity All-in-One Equity | +2.23% |
Year to date REQT sits at +19.96% and the trailing year is +32.16%.
Thanks for reading, and we'll be back tomorrow with the next one.