Space was the black hole again, only Canadian momentum escaped
Friday put a little back after three straight losing sessions, and it wasn't nearly enough. We finished behind seven of the eight all-in-one funds.
Régis Holstein and Anthony Holsteinweek of 17 to 21 August 2026
Twelve of our thirteen holdings fell this week. The one that didn't was FCCM, up +0.75%, and REQT ended the week −1.80%.
The week didn't arrive all at once. Monday was a nothing session, dead flat, and then Tuesday took −1.06% out in one go. Wednesday and Thursday kept going the same direction. Friday finally went the other way at +0.43%, which was pleasant and didn't change much. One session up, three down, one that may as well not have happened. That's a slow bleed rather than a shock, and it's the harder kind of week to look at.
ORBX is the number that jumps off the sheet. It fell −7.05% over the five sessions and took −0.67% out of our week, which is more than a third of the whole thing from one of the smaller slices we hold. FINN went the same way at −2.81%, so the Innovation sleeve returned −4.93% with both halves pulling in the same direction. No cancelling this time. And yet the U.S. sleeve cost us almost exactly as much, −0.68% against Innovation's −0.94%, on a return of only −1.75%. That's weight doing what weight does. ZSP fell −2.13% and that alone was −0.34%. We've written some version of this sentence most weeks now and it keeps being true. Canada was the only sleeve that didn't lose money, and barely: +0.05% on the sleeve, +0.02% of contribution. FCCM did all of it, with ZCN at −0.26% and FCCV at −0.00% both doing essentially nothing, which is its own kind of achievement in a week like this one.
Value was the better side in one of the three regions. International, where FCIV beat FCIM by +1.11%, both of them red anyway. The U.S. went the other way at −0.79% and Canada similarly. Average across the three came to −0.14%, so nothing decisive at all. We hold momentum and value at equal weight inside every region, no lean toward either one, which means a scattered split like this washes out and tells you very little about our number. It tells you the market wasn't paying for one style over the other. That's about all we'd take from it.
| Fund | This week |
|---|---|
| REQT this model portfolio | −1.80% |
| FEQT Fidelity All-in-One Equity | −0.57% |
| CAGE Avantis / CIBC All-Equity | −1.05% |
| VEQT Vanguard All-Equity | −1.27% |
| ZEQT BMO All-Equity | −1.31% |
| XEQT iShares Core Equity | −1.33% |
| HEQT Global X All-Equity | −1.37% |
| TEQT TD All-Equity | −1.44% |
| GEQT iShares ESG Equity | −2.58% |
Only GEQT finished behind us, at −2.58%, and FEQT was well out in front of the group at −0.57%. The rest of them clustered together in a way we didn't. Innovation is the reason, same as it always is: none of those funds hold global innovators or space technology, so when that sleeve drops the way it did this week, the gap opens against us. We knew that when we built it. Doesn't make the week fun. Total absolute contribution across the thirteen was +1.89%, a real week of movement rather than a quiet one, and the year to date figure of +17.89% plus a trailing year at +27.53% still look fine with this dent in them.
Thanks for reading, and we'll see you after next Friday's close.