Portfolio changed mid-week, Thursday paid for everything before it

Five of the sixteen ETFs on this week's sheet rose and eleven fell, and REQT still ended the week +0.49%. The sheet runs long this time: the first three sessions ran on our old lineup of fourteen regional ETFs, the last two on the four funds we hold now. So the contributors below come from both sides of the switch, and the regional ETFs you'll see in the red aren't holdings anymore.

Thursday is the week. It came in at +1.45%, more than the whole week's total on its own, and without it there's nothing here but a slow bleed. Three sessions down, two up. Monday was the worst at −0.59%, Tuesday went the same way smaller, Wednesday nudged back up, then Thursday, then Friday gave a bit back.

What makes the path odd is that the two halves of the week belong to two different portfolios. Under the old regional structure, all three buckets were red: International the worst at −1.43%, costing −0.28%, with the U.S. taking out −0.21% and Canada −0.11%. Under the new one, all three sleeves were green. We're not going to pretend that's a verdict on the change. Two sessions is two sessions, and one of them happened to be the best day of the week.

On the current side, Innovation had the strongest sleeve return at +1.98%, and FINN did most of it: +3.05% over the sessions we held it, worth +0.30%. That's the best single line on the sheet by move, though not by contribution, since ZEQT carries four times the weight and put in +0.40%. FEQT added +0.29% on a return of +0.74%, the mildest of the three sleeves. Inside FEQT the momentum, value, quality and low volatility funds sit at roughly equal weight in each region, so nothing about that number reflects a bet on one style. We don't have one.

The red is all from the earlier part of the week, and it sits where it usually sits. ZEM fell −2.15% and took −0.11% out, the deepest hole on the sheet, with FCIM right behind at −2.08%. FCMO cost about the same at −0.10% on a much smaller move, which is what a bigger slice does. All three of those were positions under the old allocation.

Seven of the eight all-in-one funds finished behind us, CAGE out front at +0.63%, TEQT the nearest of the rest at +0.43%, and FEQT at the back at +0.21%. We own two of the funds in that table now, so whatever separates us from them comes from the innovation sleeve and from how the core and factor pieces sit side by side. Total absolute contribution across the sheet was +1.71%, more movement than the headline suggests, and part of that is having sixteen tickers in play instead of the usual handful. Year to date REQT is +19.30% and the trailing year +24.97%. Thanks for reading, and we'll see you after next Friday's close.