Emerging markets took the most out of REQT, space put a bit back
Thirteen of the fifteen holdings fell and the two that didn't both sit in the Innovation sleeve. The factor split went one way in the U.S. and Canada and the other way internationally.
Régis Holstein and Anthony HolsteinThursday, August 6, 2026
Two green out of fifteen, and both of them were in the Innovation sleeve. ORBX rose +1.55% and CIF added +0.19%, which was enough to make Innovation the only sleeve that finished up, at +0.17%. Everything else leaned red. REQT ended −0.18%.
The single worst holding was ZEM, the emerging markets ETF, at −0.96%. It's a small position and it still took −0.05% out of the daily total, more than any other ETF. FCIM alongside it at −0.67% is why International came in worst of the four sleeves at −0.37%. FCUV cost us −0.04% on a 10% weight, which is the other real hole.
| ETF | Weight | Move | Added |
|---|---|---|---|
| ORBX Global X Space Economy | 3% | +1.55% | +0.05% |
| CIF CI Global Infrastructure | 6% | +0.19% | +0.01% |
| ZEA BMO MSCI EAFE | 10% | −0.03% | −0.00% |
| FCMO Fidelity U.S. Momentum | 10% | −0.04% | −0.00% |
| ZCN BMO S&P/TSX Capped | 10% | −0.06% | −0.01% |
| FCCM Fidelity Canada Momentum | 5% | −0.14% | −0.01% |
| FCIV Fidelity International Value | 5% | −0.14% | −0.01% |
| ZMID BMO S&P Mid Cap | 2% | −0.39% | −0.01% |
| FCCV Fidelity Canada Value | 5% | −0.29% | −0.01% |
| ZSML BMO S&P Small Cap | 2% | −0.85% | −0.02% |
| ZSP BMO S&P 500 | 16% | −0.12% | −0.02% |
| FINN Fidelity Global Innovators | 6% | −0.55% | −0.03% |
| FCIM Fidelity International Momentum | 5% | −0.67% | −0.03% |
| FCUV Fidelity U.S. Value | 10% | −0.42% | −0.04% |
| ZEM BMO MSCI Emerging Markets | 5% | −0.96% | −0.05% |
The factor split didn't agree with itself today. Value lost badly in the U.S., where FCUV trailed FCMO by −0.38%, and lost in Canada too. Internationally it went the other way and won by +0.52%. Average across the three regions came to −0.00%, which is basically nothing.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | −0.42% | −0.04% | −0.38% |
| Canada | −0.29% | −0.14% | −0.15% |
| International | −0.14% | −0.67% | +0.52% |
That average is the point of holding the two sides at equal weight in every region. We don't lean momentum and we don't lean value. When one leg beats the other by a mile, the pair mostly cancels and the split tells you what the market was paying for, not what we earned. On a day where the regions disagreed with each other, it doesn't even do that much. We keep going back and forth on how much attention these splits deserve when they scatter like this.
| Fund | Today |
|---|---|
| REQT this model portfolio | −0.18% |
| FEQT Fidelity All-in-One Equity | −0.10% |
| XEQT iShares Core Equity | −0.15% |
| GEQT iShares ESG Equity | −0.15% |
| TEQT TD All-Equity | −0.17% |
| CAGE Avantis / CIBC All-Equity | −0.22% |
| ZEQT BMO All-Equity | −0.25% |
| VEQT Vanguard All-Equity | −0.26% |
| HEQT Global X All-Equity | −0.37% |
We landed in the middle of the all-in-one funds. FEQT was the mildest of them at −0.10% and HEQT the heaviest at −0.37%, and we sat between the two. Innovation is normally the reason we sit apart from that group in either direction, and today it helped, but +0.02% of contribution isn't enough to pull us out of the pack. Year to date REQT sits at +19.27% and the trailing year is +31.36%.
Thanks for reading, and we'll be back tomorrow green news! 🤞