All four funds finished green, and Monday was most of it
Space tech had the biggest move, ZEQT the biggest contribution, and a single Monday session put in more than the week did. Only one all-in-one fund finished ahead of us.
Régis Holstein and Anthony Holsteinweek of 21 to 25 September 2026
Every one of our four holdings rose. That doesn't happen often, and REQT ended the week +1.91%, which is the sort of number that usually hides a fight underneath it. Not this time.
Innovation was the loudest sleeve again, +4.63% on a 20% slice, and ORBX carried it at +5.32%. After a summer of writing about space tech being the blackhole, we'll take it. FINN wasn't far off at +3.92%. The biggest single line by contribution was still ZEQT at +0.61%, on a move less than a third the size of what ORBX did. That's what four times the weight does. Same lesson as always: size decides who shows up in the total. Inside ZEQT the S&P 500 piece did most of the lifting at +2.37%, and emerging markets was the strongest tile in there at +2.55%. Canada was the one thing standing still, with ZCN at −0.08% on roughly a quarter of the fund.
Three sessions higher, two lower, and the path was lopsided. Monday alone was +2.21%, more than the whole week's total. Tuesday did nothing, Wednesday took −1.10% back, then Thursday and Friday rebuilt it slowly. So the honest version of this week is one big session and four days of drift around it. If you'd only looked at Tuesday through Friday you'd have had a fairly boring week.
Inside FEQT, our factor fund, momentum was the better side at +1.33% and value the weakest at +0.20%, a gap of +1.13%. It wasn't a clean sweep, though. Quality won Canada at +0.59% while Canadian value was the worst tile in the whole fund at −0.96% and Canadian momentum landed at −0.21%. Every Canadian factor fund except quality finished red while the U.S. and International ones were all green. We hold momentum, value, quality and low volatility at roughly equal weight inside each region, no lean toward any of them, so a split like this mostly washes out of our number. It tells you what the market paid for. It doesn't tell you much about what we earned.
| Region | Momentum | Quality | Low volatility | Value |
|---|---|---|---|---|
| U.S. | +1.87% | +1.55% | +0.75% | +0.53% |
| Canada | −0.21% | +0.59% | −0.47% | −0.96% |
| International | +1.71% | +0.43% | +0.58% | +0.71% |
| All regions | +1.33% | +1.04% | +0.40% | +0.20% |
We finished ahead of seven of the eight all-in-one funds, with only GEQT past us at +2.38% and CAGE at the back at +0.52%. We own two of the funds in that table, so the gap comes from the innovation sleeve and from holding a cap-weighted core next to a multi-factor one. This week the innovation sleeve was the whole difference. Total absolute contribution across the four was +1.91%, and with nothing red anywhere that matches the headline exactly, which is a strange sheet to look at.
| Fund | This week |
|---|---|
| REQT this model portfolio | +1.91% |
| GEQT iShares ESG Equity | +2.38% |
| HEQT Global X All-Equity | +1.79% |
| TEQT TD All-Equity | +1.65% |
| ZEQT BMO All-Equity | +1.59% |
| XEQT iShares Core Equity | +1.46% |
| VEQT Vanguard All-Equity | +1.43% |
| FEQT Fidelity All-in-One Equity | +0.89% |
| CAGE Avantis / CIBC All-Equity | +0.52% |
Year to date REQT sits at +20.55% and the trailing year is +24.56%. Thanks for reading, and we'll see you after next Friday's close.