Canada dug the hole and Innovation, for once, wasn't the problem
A four-session week with nothing green anywhere on the sheet, and we still came out ahead of seven of the eight all-in-one funds. Friday did most of the repair work.
Régis Holstein and Anthony Holsteinweek of 8 to 11 September 2026
Not one holding finished the week green. REQT ended the week −0.93%, on four sessions rather than the usual five, since the market was closed for one of them. Worth remembering if you're lining this week up against the others.
Three sessions down, one up. The first was small, then Wednesday and Thursday went the same direction and Thursday was the worst of them at −0.91%. Friday turned around hard, +1.03%, the single best session in the week and enough to undo most of what Thursday took. Ending on your best day makes a week feel better than the total says, which is the exact mirror of what we wrote a couple of weeks back.
Canada is where this one was decided, and that's unusual, since it's half the weight of our U.S. holdings. The sleeve returned −1.95% and cost −0.39%, the largest hole of the four despite the U.S. carrying double the weight at 40%. ZCN did most of it: down −2.19%, worth −0.22%, roughly a quarter of our whole week from one position. FCCV wasn't far behind in percentage terms at −1.85%. Both Canadian funds were among the four worst moves on the sheet, and there was nothing in that bucket going the other way to soften it.
Innovation was the mildest of the four sleeves at −0.68%. We've spent most of this summer writing about ORBX being the black hole, so it's strange to type that space was one of the steadier things we held this week at −0.59%. FINN was worse at −0.80%. Still red, both of them, just not dramatically.
| ETF | Weight | Move | Added |
|---|---|---|---|
| FCIM Fidelity International Momentum | 5% | −0.48% | −0.02% |
| FCMO Fidelity U.S. Momentum | 10% | −0.30% | −0.03% |
| ZMID BMO S&P Mid Cap | 2% | −1.55% | −0.03% |
| ZSML BMO S&P Small Cap | 2% | −1.77% | −0.04% |
| FCIV Fidelity International Value | 5% | −0.78% | −0.04% |
| FCUV Fidelity U.S. Value | 10% | −0.47% | −0.05% |
| ORBX Global X Space Economy | 10% | −0.59% | −0.05% |
| ZEM ZEM | 5% | −1.02% | −0.05% |
| ZEA BMO MSCI EAFE | 5% | −1.25% | −0.06% |
| FCCM Fidelity Canada Momentum | 5% | −1.58% | −0.08% |
| FINN Fidelity Global Innovators | 10% | −0.80% | −0.08% |
| ZSP BMO S&P 500 | 16% | −0.55% | −0.09% |
| FCCV Fidelity Canada Value | 5% | −1.85% | −0.09% |
| ZCN BMO S&P/TSX Capped | 10% | −2.19% | −0.22% |
Momentum was the better side in all three regions this week, which is tidier than we usually get. It also wasn't wide anywhere: International was the largest gap at −0.30% and the average across the three came to −0.25%. Every one of those six funds was red regardless, so momentum winning here means losing slightly less. We hold momentum and value at equal weight inside every region, no lean toward either, so a clean sweep this narrow mostly cancels out of our number.
| Fund | This week |
|---|---|
| REQT this model portfolio | −0.93% |
| GEQT iShares ESG Equity | −0.89% |
| TEQT TD All-Equity | −1.00% |
| HEQT Global X All-Equity | −1.06% |
| FEQT Fidelity All-in-One Equity | −1.08% |
| ZEQT BMO All-Equity | −1.11% |
| VEQT Vanguard All-Equity | −1.18% |
| XEQT iShares Core Equity | −1.24% |
| CAGE Avantis / CIBC All-Equity | −1.24% |
Seven of the eight all-in-one funds finished behind us, with XEQT and CAGE both back at −1.24% and only GEQT ahead at −0.89%. Innovation is the reason, same as always, only pointing the other way for once: none of those funds hold global innovators or space technology, and this week that sleeve was the softest landing we had. Total absolute contribution across the sheet was +0.93%, so there was genuine movement here rather than a sleepy short week. The down-week count sits at one and this ranks 2nd of the last six. Year to date REQT is at +17.25%, the trailing year +23.29%.
Thanks for reading, and we'll see you after next Friday's close.