Fidelity Covington Trust (FESM) Hedge Fund Ownership (Q2 2026)

Fidelity Covington Trust (FESM)

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

Smart Money Signals — FESM

Based on 256 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 7 quarters in a row

last 6Q

For 7 consecutive quarters, more hedge funds added FESM 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

256 hedge funds hold FESM right now — the highest count in 2.8 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 — +117% more funds vs a year ago

fund count last 6Q

+138 new funds entered over the past year (+117% 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 — 78% buying

192 buying55 selling

Last quarter: 192 funds were net buyers (62 opened a brand new position + 130 added to an existing one). Only 55 were sellers (43 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.

📈

More new buyers each quarter (+16 vs last Q)

new funds entering per quarter

Funds opening a new FESM position: 35 → 49 → 46 → 62. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.

🔄

Mostly new holders — 51% entered in last year

■ 12% conviction (2yr+) ■ 38% medium ■ 51% new

Only 30 funds (12%) 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.

💰

Value +42% but shares only +11% — price-driven

Value

+41%

+11%

Last quarter: the total dollar value of institutional holdings rose +42%, but actual share count only changed +11%. 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.

📈

Growing discovery — still being found

42 → 35 → 49 → 46 → 62 new funds/Q

New funds entering each quarter: 35 → 49 → 46 → 62. A growing number of institutions are discovering FESM each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.

🌱

Early stage — 72% of holders entered in last year

■ 12% veterans ■ 16% 1-2yr ■ 72% new

Of 256 current holders: 185 (72%) entered in the past year, only 30 (12%) 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 — 59% AUM from top-100 funds

59% from top-100 AUM funds

21 of 256 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in FESM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

5.4

out of 10

Moderate Exit Risk

Exit risk score 5.4/10 — 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.

Metric	All 13F Filers (2026 Q2)	Prior (2026 Q1)	Change
Funds Holding	256	206	24.27%
13F Shares	95M	85M	11.07%
Total Value	$4.50B	$3.18B	41.65%
New Positions	62	46	+16
Increased Positions	130	113	+17
Closed Positions	12	22	-10
Reduced Positions	43	33	+10
Total Calls	0	0	-
Total Puts	0	0	-
PUT/CALL Ratio	0.0	0.0	Bullish

Metric

All 13F Filers (2026 Q2)

Prior (2026 Q1)

Change

Funds Holding

256

206

24.27%

13F Shares

95M

85M

11.07%

Total Value

$4.50B

$3.18B

41.65%

New Positions

+16

Increased Positions

130

113

+17

Closed Positions

-10

Reduced Positions

+10

Total Calls

Total Puts

PUT/CALL Ratio

0.0

Bullish

Institutional Holders (2026 Q2)

256 + investors

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

QUARTER:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 FESM holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	Dahring \| Cusmano LLC	8.12%	319,007	$15.4M
2	American National Bank of Texas	6.81%	154,613	$7.5M
3	Petra Financial Advisors Inc	4.81%	214,717	$10.4M
4	Salus Financial Advisors, LLC	4.77%	200,250	$9.7M
5	Mayfair Advisory Group, LLC	4.19%	297,644	$13.9M
6	Summit Investment Advisory Services, LLC	3.76%	309,901	$15.0M
7	Little House Capital LLC	3.64%	335,887	$16.2M
8	Landing Point Financial Group, LLC	3.32%	202,070	$9.8M
9	Systelligence, LLC	3.23%	400,481	$19.3M
10	Holos Integrated Wealth LLC	3.14%	141,895	$6.7M
11	Aurdan Capital Management, LLC	2.87%	234,665	$11.3M
12	FMA Wealth Management, LLC	2.68%	86,794	$4.2M
13	tru Independence LLC	2.59%	122,579	$5.9M
14	Kfg Wealth Management, LLC	2.46%	451,959	$21.8M
15	Hicks Capital Management LLC	2.38%	60,222	$2.9M
16	Modus Advisors, LLC	2.11%	176,654	$8.5M
17	Envision Financial LLC	2.09%	94,116	$4.5M
18	Carolina Wealth Advisors, LLC	2.07%	109,366	$5.3M
19	Richard W. Paul & Associates, LLC	2.05%	139,079	$6.7M
20	Parkside Investments, LLC	2.05%	382,383	$18.5M
21	Integrated Capital Management, LLC	2.04%	117,377	$5.7M
22	Quotient Wealth Partners, LLC	1.99%	1,742,429	$84.1M
23	Clearwave Capital, LLC	1.95%	73,128	$3.5M
24	Armor Investment Advisors, LLC	1.93%	124,642	$6.0M
25	Milestone Investment Advisors LLC	1.77%	169,703	$8.2M

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 (FESM)

What does the Smart Money Trend signal show for FESM?

Buying streak — 7 quarters in a row: For 7 consecutive quarters, more hedge funds added FESM 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 FESM?

More buyers than sellers — 78% buying: Last quarter: 192 funds were net buyers (62 opened a brand new position + 130 added to an existing one). Only 55 were sellers (43 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FESM holders?

Elite ownership — 59% AUM from top-100 funds: 21 of 256 holders are among the 100 largest funds by AUM, controlling 59% of total institutional value in FESM. 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 FESM?

Mostly new holders — 51% entered in last year: Only 30 funds (12%) 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.

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.

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Fidelity Covington Trust (FESM)

Smart Money Signals — FESM

Buying streak — 7 quarters in a row

At the ownership peak (100% of max)

Fast accumulation — +117% more funds vs a year ago

More buyers than sellers — 78% buying

More new buyers each quarter (+16 vs last Q)

Mostly new holders — 51% entered in last year

Value +42% but shares only +11% — price-driven

Growing discovery — still being found

Early stage — 72% of holders entered in last year

Elite ownership — 59% AUM from top-100 funds

Institutional Sentiment Summary — FESM

Hedge Fund Ownership: FESM

Market Analysis: FESM

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: FESM

Hedge Fund Positioning: FESM

Statistics: FESM

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q2)

Frequently Asked Questions — Fidelity Covington Trust (FESM)

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