Everything green except space
Two midweek sessions in the red, a strong Friday, and one holding that took out more than the other three put together.
Régis Holstein and Anthony Holsteinweek of 5 to 9 October 2026
REQT ended the week −0.08%, which is close enough to nothing that we almost didn't have anything to write. Then we looked at the days. Monday and Tuesday were quietly green, Wednesday went −0.89% and Thursday nearly matched it, and Friday came back +0.97%. Three sessions up, two down.
ORBX is the reason the week isn't green. It fell −5.68% and took −0.57% out of the portfolio, on a slice half the size of either of the big funds. Everything else we hold rose. FEQT put in +0.25%, ZEQT +0.19%, and FINN added +0.04% on a move of +0.37%. Add those three up and space still ate them. We've typed some version of this sentence more times this year than we'd like, and we keep going back and forth on how much it bothers us. The sleeve is a fifth of the portfolio by design, it's the thing none of the all-in-one funds have, and the price of that is weeks like this one where a single ticker decides the sign.
| ETF | Weight | Move | Added |
|---|---|---|---|
| FEQT Fidelity All-in-One Equity | 40% | +0.63% | +0.25% |
| ZEQT BMO All-Equity | 40% | +0.49% | +0.19% |
| FINN Fidelity Global Innovators | 10% | +0.37% | +0.04% |
| ORBX Global X Space Tech | 10% | −5.68% | −0.57% |
The other side was dull in a good way. Our largest position moved +0.49% with ZSP doing the lifting at +1.26% and ZCN behind it at +0.48%, while ZEA went −0.60% and ZEM −1.04%. American up, everything outside it down. That same split shows up in the factor fund, FEQT.
| Region | Value | Low volatility | Quality | Momentum |
|---|---|---|---|---|
| U.S. | +2.33% | +2.76% | +1.48% | +0.08% |
| Canada | +0.04% | −0.17% | +1.15% | +0.14% |
| International | +0.60% | −0.03% | +0.51% | −1.30% |
| All regions | +1.33% | +1.33% | +1.16% | −0.23% |
Across the whole factor fund, value finished at +1.33% and momentum at −0.23%, a gap of +1.56%. That looks like a clean style week and it wasn't. The American funds carried all of it, low volatility at +2.76% and value at +2.33%, while Canadian low volatility went −0.17% and international momentum fell −1.30%. Region sorted these funds, not style, same as a couple of weeks ago. We hold the four styles at roughly equal weight in each region, no lean toward any of them, so a result spread out like this mostly cancels before it reaches our number anyway.
We finished behind all eight of the all-in-one funds, including the two we own. CAGE was out front at +0.77% and GEQT the nearest to us at −0.08%, the only other one that didn't finish green. The whole gap is the innovation sleeve, which returned −2.67% and cost −0.53%. Total absolute contribution came to +1.05%, so there was more going on than the headline admits. Year to date REQT is +19.39% and the trailing year +20.59%.
| Fund | This week |
|---|---|
| REQT this model portfolio | −0.08% |
| CAGE Avantis / CIBC All-Equity | +0.77% |
| TEQT TD All-Equity | +0.73% |
| FEQT Fidelity All-in-One Equity | +0.61% |
| ZEQT BMO All-Equity | +0.49% |
| VEQT Vanguard All-Equity | +0.48% |
| XEQT iShares Core Equity | +0.44% |
| HEQT Global X All-Equity | +0.34% |
| GEQT iShares ESG Equity | −0.08% |
Thanks for reading, and we'll see you after next Friday's close.