For the 2026 second quarter, my tracking spreadsheet showed a total return of just over 5%. My personal Velocity Report account, where I follow the recommendations and rebalancing, gained 4.5%. The S&P 500 gained 14%, driven by tech and semiconductor stocks. However, the Velocity Report portfolio was up 11% for Q1, while the S&P 500 lost 4.5%. By my math, year-to-date, our portfolio is beating the S&P 500 by about 5%.
During June, I replaced Walmart (WMT) in the portfolio with the Fitz-Gerald Must Have Portfolio ETF (FITZ). I cover FITZ in detail in this issue of the newsletter, including my reasons for wanting to own shares.
For the quarter, Copa Holdings (CPA) was the top-performing stock, gaining 38.2%. Farmer Mac (AGM) posted a 36.3% gain, and Kodiak Gas Services (KGS) was up 31.5%.
CME Group (CME) was the worst-performing stock, down 24.5%. Royal Gold (RGLD) was our other decliner of more than 20%, off 20.9% for the quarter.
When I reviewed Walmart, I saw a company with revenue and profits growing by single digits annually. At the same time, the stock traded at a P/E of 40. The overvaluation plus the sharp drop in the share price were my reasons for replacing WMT.
Looking into the third quarter, I expect our energy stocks to post strong earnings due to commodity price spikes throughout the second quarter. Our energy stocks will start reporting results near the end of July.
I will pay close attention to CME Group’s (CME) earnings results. The stock price has come down sharply over the last four months. I haven’t seen any good reasons for the decline. CME reports earnings on July 22.
I realized that my communications in June about the portfolio changes were not up to my usual standards. I will strive to ensure you receive any portfolio changes promptly and through all available communication channels.
I want to highlight again how well the Velocity Report portfolio has performed for the first half of the year (knock on wood). The portfolio is up more than 15% for the six months.
Mark your calendar for July 19th through July 22nd as I’ll be giving presentations at the Las Vegas MoneyShow conference hosted in beautiful Caesars Palace. I’ll share investment ideas in the high-yield space. More details and registration information here.
Fitz-Gerald Must Have Portfolio ETF (FITZ)
The Fitz-Gerald Must Have Portfolio ETF (FITZ) launched on May 27, 2026. The FITZ portfolio strategy reflects Keith Fit-Gerald’s more than 40 years of investment research. The fund webpage gives this description of the investment strategy:
The fund employs a thematic investment process designed to identify companies that we believe are well positioned to benefit from long-term structural changes taking place over multi-year and multi-decade time horizons that may reshape economic activity, competitive dynamics, and corporate profitability.
Keith (I can call him that; we are casual friends) uses the catchphrase: “Buy the best, ignore the rest.”
Here are the Top 10 Holdings as of July 1, 2026—the total number of holdings is 30 stocks:
| Name | CUSIP | Shares | Price | Market Value | Weightings ▼ |
|---|---|---|---|---|---|
| JPMORGAN CHASE & CO. | 46625H100 | 13,530.00 | $330.62 | $4,473,288.60 | 5.53% |
| NVIDIA Corp | 67066G104 | 21,120.00 | $204.12 | $4,311,014.40 | 5.33% |
| Apple Inc | 037833100 | 13,530.00 | $313.39 | $4,240,166.70 | 5.24% |
| Palantir Technologies Inc | 69608A108 | 30,360.00 | $132.22 | $4,014,199.20 | 4.96% |
| Crowdstrike Holdings Inc | 22788C105 | 19,800.00 | $191.12 | $3,784,176.00 | 4.68% |
| Tesla Inc | 88160R101 | 9,570.00 | $394.06 | $3,771,154.20 | 4.66% |
| Advanced Micro Devices Inc | 007903107 | 7,260.00 | $517.41 | $3,756,360.30 | 4.65% |
| Eli Lilly & Co | 532457108 | 2,970.00 | $1215.83 | $3,611,015.10 | 4.47% |
| RTX Corp | 75513E101 | 18,480.00 | $194.91 | $3,601,936.80 | 4.45% |
| AbbVie Inc | 00287Y109 | 13,530.00 | $252.74 | $3,419,572.20 | 4.23% |
Keith regularly, almost daily, makes appearances on the financial news networks to discuss stocks. When I last spoke with him, he had been on TV more than 4,000 times, and that was over a year ago. He reposts his TV clips to his YouTube channel: https://www.youtube.com/@keithfitz-gerald491
Investment Considerations
I am a fan of Keith’s investment approach and his attitude towards what stocks to own. I subscribed to his quite expensive newsletter for a year. In my opinion, you would need a seven-figure portfolio to follow and match his recommendations effectively.
But, when I learned that Keith was launching his own ETF (in the XFunds by Nicholas Wealth ETF family), I knew I would be investing. While FITZ doesn’t really fit into my newsletter strategies, I didn’t want to keep it to myself, and I decided that the Velocity Report portfolio was the most appropriate place to own this new ETF.
Portions of this article were written with the assistance of a large language model (LLM). The article has been vetted and edited by the Investors Alley editorial team. Tim Plaehn wrote the investment analysis.
Editor’s Personal Position: Long FITZ
Fidelity National Financial
Fidelity National Financial, Inc. (FNF) is a leading holding company primarily focused on providing title insurance and related transaction services to the real estate and mortgage industries. Through its title insurance underwriters—including Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York—Fidelity is the largest title insurer in the United States, issuing more policies than any competitor. Its core operations involve underwriting title insurance policies that protect property owners and lenders against losses from defects in title, such as liens, encumbrances, or ownership disputes. Fidelity National Financial operates through direct channels (company-owned offices that handle closings and searches) and a large network of independent agents, serving both residential (purchase and refinance) and commercial real estate transactions across the U.S., with an additional presence in Canada.
Beyond title insurance, Fidelity offers a comprehensive suite of settlement and transaction services, including escrow, closing services, title searches, document preparation, and other real estate-related solutions. Subsidiaries and divisions like ServiceLink provide mortgage and real estate services, such as loan processing support, while others handle home warranties, flood insurance, and specialized products. These ancillary offerings support the full lifecycle of property transactions, helping lenders, builders, developers, attorneys, and real estate professionals navigate the complexities of buying, selling, and financing properties. The company’s business is highly cyclical, tied to mortgage origination volumes, interest rates, and housing market activity, with a significant emphasis on higher-margin purchase transactions versus refinances.
Additionally, Fidelity National Financial maintains a substantial stake (approximately 70%) in F&G Annuities & Life, Inc. (NYSE: FG), which expands its footprint into insurance solutions. F&G serves retail customers with annuities (fixed, fixed-indexed, and immediate) and indexed universal life insurance products, as well as serving institutional clients. This diversified insurance exposure complements Fidelity’s real estate focus, contributing to overall revenue stability through investment income and premium earnings. Overall, Fidelity National Financial leverages its scale, operational efficiency, and nationwide network to dominate its markets while adapting to evolving real estate and financial landscapes.
Investment Considerations
Fidelity National Financial fits the description of a “classic” dividend growth stock. Over the last five years, dividend increases averaged 9.1%. The current yield of 4.4% gives a hypothetical compound annual growth rate (CAGR) of 13% to 14%.
The actual results have come up short of the yield-plus-dividend growth potential. Over the last five years, the FNF share price has risen 20%, and the total return is 43%. Returns were quite a bit better until the most recent 12 months, during which the stock has lost 10%. The most recent share price peak was on April 2, 2025.
In November 2025, the company announced a 4% dividend increase, well below its historical growth rate. Fidelity explained: “The company’s business is highly cyclical, tied to mortgage origination volumes, interest rates, and housing market activity.”
The passage of the 21st Century ROAD to Housing Act should benefit Fidelity National Financial. The stock price is up 7% since the bill was sent to the President for his signature.
I hope that the U.S. housing market starts to improve. That would be great for the FNF share price. I will closely monitor the quarterly earnings results. The Wall Street earnings estimate for the second quarter is $1.37 per share. That’s compared to $0.93 earned in the first quarter.
Portions of this article were written with the assistance of a large language model (LLM). The article has been vetted and edited by the Investors Alley editorial team. Tim Plaehn wrote the investment analysis.
Editor’s Personal Position: Long FNF
Portfolio Update
Dividend Changes
On June 26, InfraCap Small Cap Income ETF (SCAP) declared a $0.25/share quarterly dividend, a 2% increase from the prior dividend of $0.245. This dividend was paid on June 30; ex-dividend was June 29.
Here is a rundown on the current dividend status for each of the Velocity Report portfolio stocks:
Abbvie Inc. (ABBV) declared a $1.73 dividend on June 18. Payment is August 14; ex-dividend is July 15. The current yield is 2.73%.
American Financial Group (AFG) declared a $0.88 dividend on April 1. Payment was April 24. The current yield is 5.04%.
Federal Agricultural Mortgage Corp. (AGM) declared a $1.60 dividend on May 14. Payment was June 30; ex-dividend was June 15. The current yield is 3.28%.
Antero Midstream (AM) declared a $0.225 dividend on April 15. Payment was May 13. The current yield is 3.88%.
CME Group Inc. (CME) declared a $1.30 dividend on May 7. Payment was June 25; ex-dividend was June 9. The current yield is 5.14%.
EQT Corporation (EQT) declared a $0.165 dividend on April 14. Payment was June 1. The current yield is 1.25%.
Diamond Back Energy, Inc (FANG) declared a $1.10 dividend on May 4. Payment was May 24. The current yield is 2.45%.
Fidelity National Financial (FNF) declared a $0.52 dividend on May 7. Payment was June 30; ex-dividend was June 16. The current yield is 4.45%.
Kodiak Gas Services (KGS) announced a $0.49 dividend on May 8. Payment was May 28. The current yield is 2.57%.
Liberty Energy (LBRT) announced a $0.09 dividend on April 23. Payment was June 18; ex-dividend was June 4. The current yield is 1.34%.
Marathon Petroleum Corp (MPC) declared a $1.00-per-share dividend on April 29. Payment was June 10. The current yield is 1.57%.
Bank OZK (OZK) announced a $0.47 dividend on April 1. Payment was April 20. The current yield is 3.61%.
Royal Gold, Inc (RGLD) declared a $0.475-per-share dividend on May 21. Payment is July 16; ex-dividend is July 2. The current yield is 0.91%.
InfraCap Small Cap Income ETF (SCAP) declared a $0.25 monthly dividend on June 26. Payment was June 30; ex-dividend was June 29. The current yield is 6.93%.
Simon Property Group (SPG) announced a $2.25 dividend on May 12. Payment was June 30; ex-dividend was June 9. The current yield is 3.97%.
VICI Properties Inc. (VICI) announced a $0.45 dividend on June 4. Payment is July 9; ex-dividend was June 18. The current yield is 6.62%.