Remember the first layer is not intended to be "insulation!" Insulation comes in the second or third layer. The first layer is only intended to be a moisture tranporter to remove moisture away from your body. Where people get into trouble is confusing this or trying to accomplish two things in one layer. It is called "Layering" for a reason!
Layer 1 - moisture transport only - use the best moisture remover for your situation - lighter weight is better to prevent overheating and generation of more moisture to be removed!
Layer 2 - warmth (which can be regulated - let more air in to cool off or to seal up to preserve heat from escaping)
Layer 3 - additional warmth and maybe a wind, or weather barrier in moderate climates
Layer 4 - is your final heavy duty weather barrier (if warrented) (rain, wind, snow, sun, etc)