Momentum red in all three regions, with international the worst
Every fund we hold finished red, Thursday was bigger than the rest of the week put together, and we still came out ahead of all eight all-in-one funds.
Régis Holstein and Anthony Holsteinweek of 19 to 23 October 2026
Low volatility was the only style inside the factor fund that didn't lose money, +0.10%, and it finished ahead in all three regions. Momentum was at the back of all three, −2.65% across the fund, +2.74% between the two ends. Second week running that the styles have sorted themselves this cleanly, which we didn't expect.
| Region | Low volatility | Quality | Value | Momentum |
|---|---|---|---|---|
| U.S. | +0.29% | −1.32% | −1.41% | −2.84% |
| Canada | +0.04% | −1.50% | −1.43% | −0.56% |
| International | −0.24% | −0.31% | −1.27% | −4.34% |
| All regions | +0.10% | −1.11% | −1.38% | −2.65% |
International momentum is the line that stops you: −4.34%, the deepest move anywhere on this week's sheet, inside or out. U.S. momentum went −2.84%. Canadian momentum, oddly, was the mildest red of the four Canadian funds at −0.56%, so the sweep held but the margin there was thin. Value and quality landed close together once the regions are combined, −1.38% and −1.11%, nothing to separate them.
Now the part we always have to say. The four styles sit at roughly equal weight inside each region, deliberately, so we hold the winners and the losers in the same size. A gap that wide mostly cancels before it reaches our number. FEQT came out −1.19% for the week, less red than our index fund. A clean style week tells you what the market wanted. It tells you very little about what we were doing.
Nothing we own finished green. All four funds red, which with four holdings happens often enough, and the core index fund was the worst of them at −1.35%. Inside it, ZEM was the soft spot again at −2.16% and ZEA at −1.75%, with ZSP −1.43% and ZCN the shallowest of the big three at −1.03%. The one piece that held was the U.S. small cap sliver, +0.18%, on about a hundredth of that fund. Not worth much, but it was there.
Innovation was the gentlest of the three sleeves this week, −0.51%. ORBX fell −0.79% and FINN only −0.28%. After the summer we've had writing about space eating the portfolio, having it finish as the quiet corner twice in about a month is strange, and we're not reading anything into it yet.
The path was three sessions down, two up, and almost all of it is one day. Monday and Tuesday were both tiny, Wednesday came in at +0.89% and looked like it had set the week up, then Thursday went −1.74% and took that plus more. Friday added a little red on the way out. Take Thursday out and this is a flat week with some wobble. You can't take Thursday out.
We finished ahead of all eight all-in-one funds, which doesn't happen often on a red week. FEQT, our own factor sleeve, was the nearest at −1.19% and CAGE the furthest back at −1.64%. The gap is the innovation sleeve, cheap for once at −0.08%, and none of those funds carry anything like it. REQT ended the week −1.10% with everything priced, 100% of the weight. Total absolute contribution was +1.10%. Year to date +15.63%, trailing year +18.10%.
| Fund | This week |
|---|---|
| REQT this model portfolio | −1.10% |
| FEQT Fidelity All-in-One Equity | −1.19% |
| GEQT iShares ESG Equity | −1.23% |
| HEQT Global X All-Equity | −1.24% |
| ZEQT BMO All-Equity | −1.34% |
| TEQT TD All-Equity | −1.35% |
| VEQT Vanguard All-Equity | −1.39% |
| XEQT iShares Core Equity | −1.39% |
| CAGE Avantis / CIBC All-Equity | −1.64% |
Thanks for reading, and we'll see you after next Friday's close.