The two momentum funds were most of the green, and ZSP was most of the red
Innovation had the worst sleeve return of the four and still wasn't the biggest hole, since it's the smallest slice we hold. We finished ahead of six of the eight all-in-one funds anyway.
Régis Holstein and Anthony HolsteinFriday, August 14, 2026
Four holdings rose, ten fell, and REQT closed −0.23%.
Canada was the one that held up, and FCCM did it almost alone at +0.47%, worth +0.02%. That was the best single line on the sheet. ZCN barely registered at −0.02% and FCCV about the same at +0.02%, so the whole Canadian result is one fund having a decent session on a 5% slice.
The hole was ZSP. It fell −0.55% and took −0.09% out, which is most of our headline number by itself, and that's what a 16% weight does when it moves. Nothing else on the red side came close in contribution terms. FINN was worse in percentage terms at −0.88% and cost −0.06%, less than two thirds of what ZSP did, on a much smaller position. FCIM was worse again at −0.80%. Same story every time: size decides who shows up in the total, and the funds that move hardest usually aren't the big ones.
Innovation had the worst return of the four sleeves at −0.71%, with FINN and ORBX at −0.36% both going the same way for once. A sleeve can look ugly and still not be the thing that decided your day.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | −0.21% | +0.21% | −0.42% |
| Canada | +0.02% | +0.47% | −0.45% |
| International | +0.04% | −0.80% | +0.84% |
Momentum was the better side in the U.S. and Canada, value internationally, and the average across the three came to −0.01%. Scattered, in other words. The U.S. pair is the one worth looking at: FCMO added +0.02% and FCUV cost −0.02%, the same size to the hundredth, in opposite directions. That's what equal weight in both legs looks like when a gap opens. We hold momentum and value at the same weight inside every region, no lean toward either, so the pair cancels and the split tells you what the market paid for rather than what we earned. International was the wide one at +0.84%, and both those funds still landed on opposite sides of flat.
| Fund | Today |
|---|---|
| REQT this model portfolio | −0.23% |
| CAGE Avantis / CIBC All-Equity | +0.00% |
| FEQT Fidelity All-in-One Equity | −0.15% |
| ZEQT BMO All-Equity | −0.34% |
| VEQT Vanguard All-Equity | −0.36% |
| XEQT iShares Core Equity | −0.39% |
| TEQT TD All-Equity | −0.47% |
| HEQT Global X All-Equity | −0.49% |
| GEQT iShares ESG Equity | −0.87% |
We came out ahead of six of the eight all-in-one funds, behind FEQT at −0.15% and CAGE at +0.00%, with GEQT well back at −0.87%. Odd result given Innovation was our worst sleeve. Total absolute contribution across the sheet was +0.33%, which is a small day by any measure. Year to date REQT sits at +20.57% and the trailing year is +30.11%. Thanks for reading, and we'll be back right after the next close.