Friday on its own undid four days of small red
FINN was worth more than our entire week by itself. Inside the factor fund the split ran along regional lines rather than style lines: the American funds all green, the Canadian ones all red.
Régis Holstein and Anthony Holsteinweek of 28 September to 2 October 2026
Four of the five sessions went backwards and REQT still ended the week +0.12%. Friday is the whole story, and we'll get to it, but the shape of the thing is what caught us first.
Monday was the worst of them at −0.66%, and after that the red kept shrinking: Tuesday smaller, Wednesday smaller again, Thursday smaller still. Four straight down sessions that got progressively more boring. Then Friday came in at +1.32%, more than the other four days gave back put together, and the week flipped from mildly annoying to mildly fine in a single close. One up session, four down. We've written before that ending on your best session makes a week feel better than it was, and that's exactly what happened here.
FINN did more than our whole headline number on its own. Up +1.22%, worth +0.12%, on a slice half the size of either big fund. ORBX added a little at +0.18%, which after the summer we've had with space feels almost restful. ZEQT, at four times FINN's weight, moved +0.02% and put in +0.01%. That's our largest position doing essentially nothing, which is less dull than it looks underneath: ZSP was up +0.51% while ZCN fell −0.70% and ZEA −0.51%, and the two American mid cap and small cap slivers were the strongest lines in there at +1.65% and +0.94%. A lot of movement inside a fund that came out flat.
| ETF | Weight | Move | Added |
|---|---|---|---|
| FINN Fidelity Global Innovators | 10% | +1.22% | +0.12% |
| ORBX Global X Space Tech | 10% | +0.18% | +0.03% |
| ZEQT BMO All-Equity | 40% | +0.02% | +0.01% |
| FEQT Fidelity All-in-One Equity | 40% | −0.10% | −0.04% |
FEQT was the only red holding, down −0.10% and costing −0.04%. What's inside it is more interesting than that number. All four American factor funds finished green, led by U.S. momentum at +1.13%. All four Canadian ones finished red, Canadian value worst at −1.40%. International was split wide open, with quality up +0.52% while value went −2.12% and low volatility −2.00%. So yes, momentum came out ahead across the fund at +0.35% and value at the back on −0.77%, a gap of +1.12%. But that's not a week where one style won everywhere. Momentum lost in two of the three regions. The thing that actually sorted these funds was where they invest, not which style they chase. We hold all four styles at roughly equal weight in each region, no lean toward any of them, so a scattered result like this one mostly cancels out of our number anyway.
| Region | Momentum | Quality | Low volatility | Value |
|---|---|---|---|---|
| U.S. | +1.13% | +0.44% | +0.77% | +0.22% |
| Canada | −0.85% | −0.77% | −1.10% | −1.40% |
| International | −0.10% | +0.52% | −2.00% | −2.12% |
| All regions | +0.35% | +0.17% | −0.39% | −0.77% |
We finished ahead of six of the eight all-in-one funds, with GEQT well out front at +0.52% and HEQT the only other one ahead at +0.14%. FEQT was last at −0.11%, and since we own it, that gap is the rest of the portfolio doing the work. Innovation is most of the answer again, at +0.71% on the smallest sleeve we hold and worth +0.15%. None of those funds hold anything like it. Year to date REQT is +20.08% and the trailing year +22.26%.
| Fund | This week |
|---|---|
| REQT this model portfolio | +0.12% |
| GEQT iShares ESG Equity | +0.52% |
| HEQT Global X All-Equity | +0.14% |
| ZEQT BMO All-Equity | +0.01% |
| XEQT iShares Core Equity | −0.04% |
| VEQT Vanguard All-Equity | −0.06% |
| TEQT TD All-Equity | −0.06% |
| CAGE Avantis / CIBC All-Equity | −0.07% |
| FEQT Fidelity All-in-One Equity | −0.11% |
Thanks for reading, and we'll see you after next Friday's close.