Value came second in all three regions and the U.S. pair was the widest
U.S. Value trailed the U.S. momentum fund by more than any other pair on the sheet. Two of our Canadian holdings didn't move at all, which does happen, just not often.
Régis Holstein and Anthony HolsteinTuesday, August 11, 2026
Momentum was the better side of the pair in the U.S., Canada and International, and the average spread came to −0.37%. That's a proper sweep, not a coin flip. REQT ended −0.24%.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | −0.59% | −0.04% | −0.55% |
| Canada | −0.25% | +0.00% | −0.25% |
| International | −0.22% | +0.10% | −0.31% |
The U.S. is where the two legs separated hardest. FCUV, our U.S. value fund, dropped −0.59% while FCMO next to it barely registered at −0.04%, a gap of −0.55%. Canada was the narrowest of the three at −0.25%, and even that only with FCCV down −0.25% against FCCM sitting perfectly still at +0.00%. ZCN didn't move either, at +0.00%. International had the one green momentum fund, FCIM at +0.10%, against FCIV at −0.22%.
Now the part we want to be plain about, given how easy it is to read this the wrong way. We hold momentum and value at equal weight inside every region. No tilt toward either, by design. When one leg loses by roughly what the other one doesn't, the pair mostly cancels inside our number. The sweep tells you which kind of company the market was paying for today.
| ETF | Weight | Move | Added |
|---|---|---|---|
| ZEM BMO MSCI Emerging Markets | 5% | +0.12% | +0.01% |
| FCIM Fidelity International Momentum | 5% | +0.10% | +0.01% |
| ORBX Global X Space Economy | 3% | +0.16% | +0.01% |
| ZSML BMO S&P Small Cap | 2% | +0.17% | +0.00% |
| ZEA BMO MSCI EAFE | 10% | +0.03% | +0.00% |
| ZMID BMO S&P Mid Cap | 2% | +0.05% | +0.00% |
| FCCM Fidelity Canada Momentum | 5% | +0.00% | +0.00% |
| ZCN BMO S&P/TSX Capped | 10% | +0.00% | +0.00% |
| FCMO Fidelity U.S. Momentum | 10% | −0.04% | −0.00% |
| FCIV Fidelity International Value | 5% | −0.22% | −0.01% |
| FCCV Fidelity Canada Value | 5% | −0.25% | −0.01% |
| FINN Fidelity Global Innovators | 6% | −0.76% | −0.05% |
| FCUV Fidelity U.S. Value | 10% | −0.59% | −0.06% |
| ZSP BMO S&P 500 | 16% | −0.70% | −0.12% |
ZSP did most of the work here, and not the good kind. It fell −0.70%, and on a 16% weight that's −0.12% out of the total, more than the other fourteen combined could offset. The U.S. sleeve came in at −0.43% and gave up −0.18%. That's the whole day in one bucket, really.
Innovation had the worst sleeve return of the four at −0.45%, with FINN at −0.76% doing it almost single-handed. ORBX went the other way and rose +0.16%. International was the only sleeve in the green at +0.01%, worth +0.00%, with ZEM up +0.12%. Canada finished at −0.06%. Total absolute contribution across the 14 ETFs was +0.28%. As decisive as the factor split looks, the underlying moves were small.
| Fund | Today |
|---|---|
| REQT this model portfolio | −0.24% |
| GEQT iShares ESG Equity | +0.06% |
| CAGE Avantis / CIBC All-Equity | +0.04% |
| VEQT Vanguard All-Equity | −0.21% |
| FEQT Fidelity All-in-One Equity | −0.21% |
| TEQT TD All-Equity | −0.22% |
| XEQT iShares Core Equity | −0.24% |
| HEQT Global X All-Equity | −0.37% |
| ZEQT BMO All-Equity | −0.80% |
We landed in the middle of the all-in-one funds, effectively level with XEQT at −0.24%. ZEQT was the heaviest of the group at −0.80% and GEQT the only one that finished up, at +0.06%. Innovation is the reason a gap between us and that group exists in either direction. None of those funds hold global innovators, listed infrastructure or space technology, and at −0.04% it worked against us today, though not by enough to push us out of the pack. Year to date REQT sits at +19.53% and the trailing year is +30.70%.
Thanks for reading, and we'll be back with the next one after tomorrow's close.