The U.S. sleeve did almost all of it, and space was the black hole
ZSP by itself accounted for roughly half the day. ORBX fell far enough to cancel out what our global innovators fund put in, which left Innovation doing nothing at all.
Régis Holstein and Anthony HolsteinThursday, August 13, 2026
| ETF | Weight | Move | Added |
|---|---|---|---|
| ZSP BMO S&P 500 | 16% | +0.57% | +0.10% |
| FCUV Fidelity U.S. Value | 10% | +0.35% | +0.04% |
| FINN Fidelity Global Innovators | 6% | +0.46% | +0.03% |
| ZCN BMO S&P/TSX Capped | 10% | +0.22% | +0.02% |
| FCMO Fidelity U.S. Momentum | 10% | +0.13% | +0.01% |
| FCIM Fidelity International Momentum | 5% | +0.19% | +0.01% |
| ZEA BMO MSCI EAFE | 10% | +0.09% | +0.01% |
| ZMID BMO S&P Mid Cap | 2% | +0.22% | +0.00% |
| ZSML BMO S&P Small Cap | 2% | +0.22% | +0.00% |
| FCCV Fidelity Canada Value | 5% | +0.08% | +0.00% |
| FCIV Fidelity International Value | 5% | +0.04% | +0.00% |
| ZEM BMO MSCI Emerging Markets | 5% | +0.00% | +0.00% |
| FCCM Fidelity Canada Momentum | 5% | −0.19% | −0.01% |
| ORBX Global X Space Economy | 3% | −0.82% | −0.03% |
REQT closed +0.20%. Eleven of the fourteen holdings rose, two fell, and ZEM sat exactly still at +0.00%.
The U.S. holdings did the heavy lifting and it wasn't close. That sleeve returned +0.37% and put +0.16% into the headline number, which is most of what we got. ZSP alone was +0.10% of it, on a move of +0.57% and a weight of 16%. FCUV came second at +0.35%, worth +0.04%. Take those two out and there's essentially no day here.
Canada had a slightly better sleeve return than International, +0.09% against +0.08%, and still contributed less. Size decides that: International is 25% of the model against Canada's 20%. ZCN did the Canadian work at +0.22% while FCCM went the other way at −0.19% and cost −0.01%. Innovation is the one that annoyed us. FINN rose +0.46% and added +0.03%, one of the better single lines on the sheet, and ORBX fell −0.82% and took −0.03% straight back out. The sleeve landed at +0.03%, contributing +0.00%. Two funds in the same bucket cancelling each other almost exactly. It happens, and it's still strange to look at.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | +0.35% | +0.13% | +0.22% |
| Canada | +0.08% | −0.19% | +0.27% |
| International | +0.04% | +0.19% | −0.15% |
Value was the better side in the U.S. and Canada, momentum internationally, average spread +0.11%. Canada was the widest at +0.27%, with the momentum fund there one of only two red tiles on the sheet. International went the other way at −0.15%. We hold momentum and value at equal weight inside every region, no lean toward either one, so when the regions disagree like this the pairs mostly wash out and there's very little of it in our number. Worth saying plainly since it's the easy wrong read.
| Fund | Today |
|---|---|
| REQT this model portfolio | +0.20% |
| GEQT iShares ESG Equity | +0.57% |
| HEQT Global X All-Equity | +0.49% |
| TEQT TD All-Equity | +0.43% |
| XEQT iShares Core Equity | +0.39% |
| VEQT Vanguard All-Equity | +0.37% |
| ZEQT BMO All-Equity | +0.34% |
| CAGE Avantis / CIBC All-Equity | +0.30% |
| FEQT Fidelity All-in-One Equity | +0.16% |
We finished behind seven of the eight all-in-one funds, ahead of FEQT at +0.16%, with GEQT out front at +0.57%. Innovation is usually what puts space between us and that group, in either direction, since none of them hold global innovators, listed infrastructure or space technology. Today the sleeve did nothing, so there was nothing to separate us with. Total absolute contribution across the fourteen was +0.27%, a quiet day. Year to date REQT sits at +21.31% and the trailing year is +31.40%. The archive here is still short, so we're not going to pretend today fits a pattern yet. Thanks for reading, and we'll be back right after the next close.