Three sleeves finished green and International still decided the day
ZEA and FCIM between them took out more than the U.S. and Canada put in. The Canadian sleeve had the best return of the four on half the U.S. weight.
Régis Holstein and Anthony HolsteinMonday, August 10, 2026
REQT ended −0.08%, which is close enough to nothing that you'd forgive someone for skipping the rest. Three of the four sleeves finished up.
International is the whole reason. The sleeve returned −0.65% and pulled −0.17% out of the headline number, and at 25% of the model there's enough of it that the rest of the portfolio had to work just to get back to flat. ZEA, the developed-markets fund, fell −0.49% and cost us −0.05%, the biggest single hole on the sheet. FCIM was worse in percentage terms at −0.95% and cost nearly the same on half the weight. ZEM added −0.04% to the damage at −0.82%. All three of our international holdings, all three red, no argument anywhere in that bucket.
Canada had the best sleeve return of the four at +0.20%, mostly ZCN doing it at +0.25%, and that's on 20% of the model. The U.S. sleeve moved less at +0.11% and still contributed a shade more at +0.05%, since it's 40%. Same story we keep pointing at. Size decides who shows up in the total. ZSP put up +0.17% and FCMO +0.26%, and neither is a number anyone will remember tomorrow. Innovation came in at +0.07% with its two halves disagreeing: FINN rose +0.36% while ORBX dropped −0.53%. On a day when International was falling this hard, we'll take a sleeve that barely moved.
Value was the better side in Canada and International, momentum in the U.S., average spread +0.11%. Nothing decisive. The International gap was the wide one at +0.47%, and the U.S. went the other way at −0.19%. We hold momentum and value at equal weight inside every region, no tilt toward either, so when the regions disagree like this the pairs mostly cancel and there's not much in it for us either way. Some days the split is the story. This wasn't one.
| Fund | Today |
|---|---|
| REQT this model portfolio | −0.08% |
| ZEQT BMO All-Equity | +0.46% |
| VEQT Vanguard All-Equity | +0.06% |
| TEQT TD All-Equity | +0.04% |
| HEQT Global X All-Equity | +0.00% |
| XEQT iShares Core Equity | −0.11% |
| FEQT Fidelity All-in-One Equity | −0.23% |
| GEQT iShares ESG Equity | −0.25% |
| CAGE Avantis / CIBC All-Equity | −0.26% |
Against the eight all-in-one funds we landed in the middle of the pack, with ZEQT well clear of everyone at +0.46% and CAGE at the back with −0.26%. Our Innovation sleeve is normally what puts distance between us and that group in either direction, and today it was too quiet to do it. Total absolute contribution across the fifteen was +0.34%, so this was a small day by any measure. Year to date REQT sits at +19.81% and the trailing year is +31.79%. Thanks for reading, and we'll be back with the next one right after tomorrow's close.