Low volatility swept all three regions and space still decided the week
The widest style gap we've seen in months, and it barely moved our number. A single holding did more damage than the other three combined, on four sessions instead of five.
Régis Holstein and Anthony Holsteinweek of 13 to 16 October 2026
| Region | Low volatility | Value | Quality | Momentum |
|---|---|---|---|---|
| U.S. | +0.62% | −1.85% | −1.73% | −4.45% |
| Canada | +3.90% | +2.19% | +1.42% | +1.61% |
| International | +1.50% | +0.51% | −0.06% | −4.39% |
| All regions | +1.67% | −0.25% | −0.55% | −2.96% |
Low volatility was the only one of the four styles that finished green inside the factor fund, at +1.67%, and it led in every region. Momentum was at the back everywhere it could be, −2.96% across the fund, a gap of +4.63% between the two. That's about as clean as these things get. U.S. momentum fell −4.45% and international momentum −4.39%, while Canada was green top to bottom with low volatility best at +3.90%. Quality landed −0.55% and value −0.25%, both close to nothing once the regions are combined. Now the part we always have to say, and this week it's the whole point: the four styles sit at roughly equal weight inside each region, on purpose, so none of that is a bet on one style. A sweep this wide still leaves FEQT at −0.47% for the week and a contribution of −0.18%, the smallest line on our sheet. The winners paid for the losers almost exactly. That tells you something real about what the market wanted. It tells you close to nothing about us.
All four of our funds were red, and REQT came out −2.83% on four sessions rather than the usual five, since the market was closed for one of them. Worth holding onto if you're lining this week up against the others.
| ETF | Weight | Move | Added |
|---|---|---|---|
| FEQT Fidelity All-in-One Equity | 40% | −0.47% | −0.18% |
| FINN Fidelity Global Innovators | 10% | −5.98% | −0.60% |
| ZEQT BMO All-Equity | 40% | −1.87% | −0.74% |
| ORBX Global X Space Tech | 10% | −12.50% | −1.30% |
ORBX fell −12.50% and took −1.30% out, roughly half our week from a tenth of the portfolio. FINN went −5.98% and cost −0.60%, so both sides of the innovation sleeve pointed the same way for once, and the sleeve returned −9.28%. We've written some version of the ORBX paragraph all summer and we're a bit tired of it, honestly. The sleeve is a fifth of the portfolio since we wanted something none of the all-in-one funds carry, and weeks like this are the price. ZEQT was the second hole at −1.87%, worth −0.74% on our largest position. Inside it, ZSP went −2.76% and ZEM was far worse at −6.87%, the deepest line under the hood anywhere this week, while ZCN was the one piece holding the other way at +1.47%. Canada was the good place to be and it wasn't close.
Three sessions down, one up. Monday opened red, Tuesday was the worst of them at −1.25%, Wednesday came back +0.27% and then Thursday gave more than that back and ended the week on the second-worst session. No single day was frightening on its own. It just kept going the same direction, and a short week has one fewer chance to repair it.
We finished behind all eight of the all-in-one funds, including the two we own. GEQT was the nearest at −3.01%, and FEQT, which we hold as our whole factor sleeve, was out front of the entire table at −0.46%. The gap between us and the rest is the innovation sleeve again, which cost −1.90%. Total absolute contribution came to +2.83%. Year to date REQT is +16.99% and the trailing year +18.01%.
| Fund | This week |
|---|---|
| REQT this model portfolio | −2.83% |
| FEQT Fidelity All-in-One Equity | −0.46% |
| TEQT TD All-Equity | −1.51% |
| XEQT iShares Core Equity | −1.52% |
| VEQT Vanguard All-Equity | −1.60% |
| CAGE Avantis / CIBC All-Equity | −1.65% |
| ZEQT BMO All-Equity | −1.87% |
| HEQT Global X All-Equity | −1.98% |
| GEQT iShares ESG Equity | −3.01% |
Thanks for reading, and we'll see you after next Friday's close.