Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FENY)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +44
Streak
3Q ▲
Buyers last Q
64%

Smart Money Signals — FENY

Based on 260 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, more hedge funds added FENY 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
260 hedge funds hold FENY 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 — +23% more funds vs a year ago

fund count last 6Q
+48 new funds entered over the past year (+23% 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 — 64% buying

155 buying86 selling
Last quarter: 155 funds were net buyers (68 opened a brand new position + 87 added to an existing one). Only 86 were sellers (62 trimmed + 24 sold completely). A clear majority buying is a strong confirmation signal.
📈

More new buyers each quarter (+34 vs last Q)

new funds entering per quarter
Funds opening a new FENY position: 19 → 31 → 34 → 68. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

53% of holders stayed for 2+ years

■ 53% conviction (2yr+) ■ 23% medium ■ 25% new
137 out of 260 hedge funds have held FENY for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰

Value +95% but shares only +59% — price-driven

Value
+94%
Shares
+59%
Last quarter: the total dollar value of institutional holdings rose +95%, but actual share count only changed +59%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
🚀

Acceleration phase — new buyers rushing in

30 → 19 → 31 → 34 → 68 new funds/Q
New funds entering each quarter: 19 → 31 → 34 → 68. 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.
🏛️

Deep conviction — 54% of holders stayed 2+ years

■ 54% veterans ■ 17% 1-2yr ■ 29% new
Of 262 current holders: 141 (54%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅

Strong quality — 38% AUM from major funds

38% from top-100 AUM funds
26 of 260 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.9
out of 10
Low Exit Risk
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

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 — FENY

In 2026 Q1, 155 hedge funds were net buyers of FENY (68 opened a new position, 87 added to an existing one), while 86 reduced or exited (62 trimmed, 24 sold completely) — a 64% buyer ratio, indicating clear institutional accumulation. This marks 3 consecutive quarters of net institutional buying — a persistent conviction signal. 38% of total institutional value in FENY is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +44 funds (more new holders than closures). Total institutional holders: 260.

Hedge Fund Ownership: FENY

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

Market Analysis: FENY

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FENY

-- --

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

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

Signal Freshness measures how much FENY 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 · 80d ago
FENY
nan%
SPY
+13.9%

FENY outperformed SPY by nan% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 35d ago
FENY
nan%
SPY
+0.2%

Since the filing became public, FENY outperformed SPY by nan% .

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.

15 top-rated funds 1 high-conviction
Consensus
5.2
/ 10
breadth
×
Elite
2.1
/ 10
conviction
Hedge Fund Positioning: FENY
258 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 258 216 19.44%
13F Shares 22M 14M 59.08%
Total Value $755M $388M 94.68%
New Positions 67 34 +33
Increased Positions 87 64 +23
Closed Positions 25 27 -2
Reduced Positions 61 69 -8
Total Calls 2 1 100.0%
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FENY

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Institutional Holders (2026 Q1)

258 + investors

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

QUARTER:
Top 25 FENY holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Independence Financial Advisors, LLC 3.24% 317,691 $10.8M
2 Cutler Capital Management, LLC 2.46% 267,315 $9.1M
3 Vicus Capital 2.01% 803,382 $27.3M
4 Eley Financial Management, Inc 1.81% 175,572 $4.5M
5 Yoder Wealth Management, Inc. 1.75% 112,557 $3.8M
6 Trail Ridge Investment Advisors, LLC 1.64% 110,839 $3.8M
7 Maltin Wealth Management, Inc. 1.62% 124,946 $4.3M
8 Aspetuck Financial Management LLC 1.46% 62,629 $2.1M
9 Wealth Quarterback LLC 1.15% 85,709 $2.9M
10 Bravias Capital Group, LLC 1.13% 50,922 $1.7M
11 SageGuard Financial Group, LLC 0.79% 150,796 $5.1M
12 RFP Financial Group LLC 0.75% 40,655 $1.4M
13 KDK Private Wealth Management, LLC 0.74% 23,857 $812K
14 Roxbury Financial LLC 0.70% 22,947 $781K
15 AssuredPartners Investment Advisors, LLC 0.66% 182,693 $6.1M
16 Bank of Marin 0.65% 26,199 $891K
17 Financial Partners Group, Inc 0.63% 154,213 $5.2M
18 Jacobs Equity LLC 0.58% 18,982 $646K
19 Financial Perspectives, Inc 0.54% 56,920 $1.9M
20 Glass Jacobson Investment Advisors llc 0.49% 41,497 $1.4M
21 Financial Freedom, LLC 0.48% 28,556 $971K
22 Elevation Wealth Management LLC 0.46% 14,646 $498K
23 Penobscot Wealth Management 0.42% 41,466 $1.4M
24 Cedarwood Wealth LLC 0.40% 11,763 $400K
25 Castleview Partners, LLC 0.39% 22,211 $756K
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 (FENY)

What does the Smart Money Trend signal show for FENY?

Buying streak — 3 quarters in a row: For 3 consecutive quarters, more hedge funds added FENY 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 FENY?

More buyers than sellers — 64% buying: Last quarter: 155 funds were net buyers (68 opened a brand new position + 87 added to an existing one). Only 86 were sellers (62 trimmed + 24 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FENY holders?

Strong quality — 38% AUM from major funds: 26 of 260 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held FENY?

53% of holders stayed for 2+ years: 137 out of 260 hedge funds have held FENY for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

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

As of today, FENY has moved nan% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.2% for the SPY sector ETF — an outperformance of nan%. Since the quarter end (March 31, 2026), FENY has gained nan% vs +13.9% 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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