Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FENI)

380 + Investors. Track Smart Money conviction in FENI. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +68
Streak
10Q ▲
Buyers last Q
80%

Smart Money Signals — FENI

Based on 384 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 10 quarters in a row

last 6Q
For 10 consecutive quarters, more hedge funds added FENI than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
384 hedge funds hold FENI right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +131% more funds vs a year ago

fund count last 6Q
+218 new funds entered over the past year (+131% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢

More buyers than sellers — 80% buying

301 buying76 selling
Last quarter: 301 funds were net buyers (96 opened a brand new position + 205 added to an existing one). Only 76 were sellers (48 trimmed + 28 sold completely). A clear majority buying is a strong confirmation signal.
📈

More new buyers each quarter (+10 vs last Q)

new funds entering per quarter
Funds opening a new FENI position: 48 → 55 → 86 → 96. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄

Mostly new holders — 52% entered in last year

■ 16% conviction (2yr+) ■ 33% medium ■ 52% new
Only 60 funds (16%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
🚀

Acceleration phase — new buyers rushing in

41 → 48 → 55 → 86 → 96 new funds/Q
New funds entering each quarter: 48 → 55 → 86 → 96. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🌱

Early stage — 70% of holders entered in last year

■ 13% veterans ■ 16% 1-2yr ■ 70% new
Of 384 current holders: 270 (70%) entered in the past year, only 51 (13%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆

Elite ownership — 49% AUM from top-100 funds

49% from top-100 AUM funds
17 of 384 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in FENI. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.7
out of 10
Moderate Exit Risk
Exit risk score 5.7/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — FENI

In 2026 Q1, 301 hedge funds were net buyers of FENI (96 opened a new position, 205 added to an existing one), while 76 reduced or exited (48 trimmed, 28 sold completely) — a 80% buyer ratio, indicating clear institutional accumulation. This marks 10 consecutive quarters of net institutional buying — a persistent conviction signal. 49% of total institutional value in FENI is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +68 funds (more new holders than closures). Total institutional holders: 384.

Hedge Fund Ownership: FENI

How many hedge funds hold FENI — quarterly history vs. share price
Quarterly hedge fund ownership of FENI vs. share price

Market Analysis: FENI

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FENI

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Fidelity Covington Trust (FENI) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much FENI has moved relative to its sector benchmark (SPY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 81d ago
FENI
+8.4%
SPY
+15.1%

FENI outperformed SPY by -6.7% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 36d ago
FENI
+3.2%
SPY
+1.3%

Since the filing became public, FENI outperformed SPY by +1.9% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

16 top-rated funds 31 high-conviction
Consensus
5.3
/ 10
breadth
×
Elite
4.6
/ 10
conviction
Hedge Fund Positioning: FENI
380 + Investors

Track Smart Money conviction in FENI. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 380 316 20.25%
13F Shares 156M 108M 44.03%
Total Value $5.71B $4.02B 41.98%
New Positions 95 86 +9
Increased Positions 203 168 +35
Closed Positions 31 18 +13
Reduced Positions 48 37 +11
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FENI

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Institutional Holders (2026 Q1)

380 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in FENI. Verified SEC 13F-HR filings.

QUARTER:
Top 25 FENI holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Syntegra Private Wealth Group, LLC 12.85% 3,637,188 $135.3M
2 CGC Financial Services, LLC 12.71% 1,182,571 $44.0M
3 Reston Wealth Management LLC 11.74% 1,030,071 $38.3M
4 Clarity Retirement & Wealth, LLC 10.64% 354,530 $13.2M
5 Durante & Waters, LLC 10.14% 376,535 $14.0M
6 Hicks Capital Management LLC 10.00% 268,744 $10.0M
7 Orrstown Financial Services Inc 9.44% 1,515,603 $56.4M
8 Cornerstone Planning Group LLC 9.39% 1,798,727 $70.4M
9 Gerber, LLC 8.80% 423,859 $15.8M
10 Anderson Financial Strategies, LLC 8.65% 401,971 $15.7M
11 Financial Strategies Group, Inc. 7.81% 1,200,853 $46.7M
12 Tableaux LLC 7.80% 433,107 $16.1M
13 Wealth Alliance Advisory Group, LLC 7.79% 1,321,950 $49.2M
14 Tepp RIA, LLC 7.39% 253,799 $9.4M
15 S Harris Financial Group, LLC 7.09% 208,974 $7.8M
16 Valley Financial Group, Inc. 6.97% 347,249 $12.9M
17 Kfg Wealth Management, LLC 6.77% 1,407,460 $52.4M
18 Mayfair Advisory Group, LLC 6.71% 516,768 $19.2M
19 Forbes Financial Planning, Inc. 6.32% 293,928 $10.9M
20 Advantage Trust Co 6.22% 372,794 $13.9M
21 Armor Investment Advisors, LLC 5.85% 436,059 $16.2M
22 FinArc Investments, Inc. 5.84% 163,082 $6.1M
23 Fragasso Financial Advisors Inc 5.70% 2,500,523 $94.5M
24 BG Investment Services, LLC 5.27% 170,727 $6.4M
25 Dahring | Cusmano LLC 5.12% 223,827 $8.3M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Fidelity Covington Trust (FENI)

What does the Smart Money Trend signal show for FENI?

Buying streak — 10 quarters in a row: For 10 consecutive quarters, more hedge funds added FENI than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for FENI?

More buyers than sellers — 80% buying: Last quarter: 301 funds were net buyers (96 opened a brand new position + 205 added to an existing one). Only 76 were sellers (48 trimmed + 28 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FENI holders?

Elite ownership — 49% AUM from top-100 funds: 17 of 384 holders are among the 100 largest funds by AUM, controlling 49% of total institutional value in FENI. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held FENI?

Mostly new holders — 52% entered in last year: Only 60 funds (16%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

Is it too late to buy Fidelity Covington Trust (FENI) following the 2026 Q1 hedge fund 13F filings?

As of today, FENI has moved +3.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.3% for the SPY sector ETF — an outperformance of +1.9%. Since the quarter end (March 31, 2026), FENI has gained +8.4% vs +15.1% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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