Momentum strong in all three regions, with Canada the only green sleeve

Momentum beat value in the U.S., Canada and International today, and the average spread came in at −0.49%. A clean sweep across all three regions, which is exactly the kind of day why we put those two factors together.

International is where it stretched. FCIM was up +0.29% while FCIV went the other way at −0.59%, a gap of −0.88%. We hold the two at equal weight in every region, so one leg's gain eats most of the other leg's loss and the pair barely shows up in our headline number. And we want to be blunt about that, since it's the easy wrong read: we have no tilt here, not toward momentum and not toward value. Canada had the widest absolute moves of the three, FCCM at +0.91% against FCCV at +0.46%and both were green, so the whole Canadian pair helped no matter which side won.

REQT finished −0.38%, with four of the fifteen holdings up and eleven down.

Canada was the only sleeve in the green at +0.83%, and ZCN did most of that by itself with +0.98% on a 10% weight, worth +0.10%. The hole was Innovation at −1.58%. ORBX printed −4.00%, which is a reminder that a space basket does not sit still in either direction. It's a 3% position, so it took −0.12% out. CIF, the infrastructure holding, fell −1.64% and cost about the same at −0.10% on twice the weight. Those two are most of the sleeve. Total absolute contribution across all fifteen was +0.74%, so nothing here was enormous.

We came out behind six of the eight all-in-one funds, and GEQT at +0.64% was in a different world entirely. Innovation is the reason a gap exists at all, in either direction. None of those funds hold global innovators, listed infrastructure or space technology, and today that was the wrong thing to be different about. We're fine with it. That's the trade we signed up for when we put the sleeve in.

Year to date REQT sits at +19.52% and the trailing year is +33.47%.

Let's see what tomorrow has in store! We'll report it right here, right after market close!