Behind the Ticker: FITZ One Bar Ahead

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The philosophy driving the Fitz-Gerald Must Have Portfolio ETF (FITZ) comes out of more than two decades of research suggesting that only about 4% of publicly listed U.S. companies have generated essentially all the wealth created in the stock market over the last century. That means traditional diversification that entails spreading money across hundreds or thousands of names, actually works against investors by diluting exposure to the handful of companies that truly matter. He points to concentrated investors like Buffett, Ron Baron, and Steve Cohen as proof this approach has quietly worked for the best in the business, even as it runs against decades of conventional asset-allocation orthodoxy. Fitz-Gerald also argues that structural market changes since the late 1980s have eroded the non-correlated behavior diversification was originally built to capture, so when markets get stressed, everything tends to fall together anyway.

FITZ, sub-advised by David Nicholas's Nicholas Wealth, launched in May 2026 as a concentrated, actively managed portfolio of 20 to 30 companies selected through Fitz-Gerald's "5D" framework, with digitalization as the dominant theme. It's a theme broad enough, in his view, to reframe companies like Walmart as tech plays rather than simple retailers. Selection emphasizes doing the work upfront so exits stay rare, guided by Ron Baron's hold-through-thick-and-thin philosophy; Intel's dividend cut is his go-to example of a thesis breaking down enough to warrant selling. The fund rebalances three times a year rather than quarterly to sidestep the liquidity drag from everyone trading on the same schedule, and Fitz-Gerald pitches it not as a satellite holding but as a potential core equity position, one built to hold the names that matter so investors don't need thousands of others around it. Fitz-Gerland is candid that the fund launched near a market peak, but points to early performance, including a day when FITZ fell far less than the S&P 500, as an encouraging signal for the lower-drawdown approach the strategy aims for.

You can learn more about Keith Fitz-Gerald here , as well as One Bar Ahead , and the FITZ ETF via Nicholas X .

Disclaimer: The market insights, projections, and investment strategies expressed in this article are solely those of the contributor and do not necessarily reflect the views or opinions of ETF.com. This content is provided for informational purposes only and does not constitute financial, investment, or legal advice.

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