Fourteen green, one red, and space did more than our largest holding
ORBX alone was worth more than the entire U.S. sleeve's contribution. CIF was the only holding that finished lower, and it was the one thing holding Innovation back.
Régis Holstein and Anthony HolsteinFriday, August 7, 2026
One red tile on the whole sheet today, and it was CIF, the infrastructure fund, at −0.69%. The other fourteen holdings rose. REQT ended +0.59%.
| ETF | Weight | Move | Added |
|---|---|---|---|
| ORBX Global X Space Economy | 3% | +6.09% | +0.18% |
| FCMO Fidelity U.S. Momentum | 10% | +0.73% | +0.07% |
| ZCN BMO S&P/TSX Capped | 10% | +0.70% | +0.07% |
| ZEA BMO MSCI EAFE | 10% | +0.56% | +0.06% |
| FINN Fidelity Global Innovators | 6% | +0.70% | +0.04% |
| FCCM Fidelity Canada Momentum | 5% | +0.81% | +0.04% |
| FCUV Fidelity U.S. Value | 10% | +0.39% | +0.04% |
| FCCV Fidelity Canada Value | 5% | +0.75% | +0.04% |
| ZEM BMO MSCI Emerging Markets | 5% | +0.61% | +0.03% |
| FCIM Fidelity International Momentum | 5% | +0.48% | +0.02% |
| ZMID BMO S&P Mid Cap | 2% | +0.66% | +0.01% |
| ZSP BMO S&P 500 | 16% | +0.08% | +0.01% |
| ZSML BMO S&P Small Cap | 2% | +0.26% | +0.01% |
| FCIV Fidelity International Value | 5% | +0.09% | +0.00% |
| CIF CI Global Infrastructure | 6% | −0.69% | −0.04% |
ORBX moved +6.09%. It's a 3% position, the smallest sort of slice we hold, and it still put +0.18% into the headline number. That's more than the entire U.S. sleeve managed at +0.14%, and the U.S. sleeve is 40% of the model. Meanwhile ZSP, our single largest holding, barely budged at +0.08% and added +0.01%. We usually say weight beats excitement. Today excitement won, and it took a very big number to get there.
Innovation had the strongest sleeve return of the four at +1.23%, and that's with CIF taking −0.04% back out of it. ORBX and CIF are most of that sleeve and they went opposite ways, which happens more than you'd expect from two funds sitting in the same bucket. Look at the sleeve chart and what strikes us is how tightly the four contributions cluster. Four different sleeve returns, four similar contributions. The U.S. sleeve moved the least of the group at +0.36% and still came within a hair of Canada's +0.15%.
Momentum was the better side in all three regions, though nowhere by a wide margin. The average spread came to −0.27%, with International the widest at −0.39% and Canada almost nothing at −0.06%. Both Canadian funds were green anyway, so which side won there matters less. We hold momentum and value at equal weight inside every region, which means a sweep like this mostly cancels at the portfolio level.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | +0.39% | +0.73% | −0.35% |
| Canada | +0.75% | +0.81% | −0.06% |
| International | +0.09% | +0.48% | −0.39% |
We finished ahead of seven of the eight all-in-one funds, with CAGE at +0.69% the only one in front of us. Innovation is the whole reason a gap exists in either direction. None of those funds hold global innovators, listed infrastructure or space technology. Total absolute contribution across the fifteen was +0.67%, so this was a solid day rather than a loud one. Year to date REQT sits at +19.98% and the trailing year is +31.40%.
| Fund | Today |
|---|---|
| REQT this model portfolio | +0.59% |
| CAGE Avantis / CIBC All-Equity | +0.69% |
| ZEQT BMO All-Equity | +0.47% |
| GEQT iShares ESG Equity | +0.45% |
| XEQT iShares Core Equity | +0.44% |
| FEQT Fidelity All-in-One Equity | +0.44% |
| VEQT Vanguard All-Equity | +0.43% |
| HEQT Global X All-Equity | +0.37% |
| TEQT TD All-Equity | +0.26% |
Thanks for reading, and we'll be back on Monday! Have an amazing weekend!