Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FMAG)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -2
Streak
2Q ▼
Buyers last Q
44%

Smart Money Signals — FMAG

Based on 31 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their FMAG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 91% of 3.0Y peak

91% of all-time peak
31 funds currently hold this stock — 91% of the 3.0-year high of 34 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶

Steady growth — +11% more funds vs a year ago

fund count last 6Q
+3 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠

More sellers than buyers — 44% buying

14 buying18 selling
Last quarter: 18 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️

Steady new buyers — ~3 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 6 → 7 → 6 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌

Mixed — 32% long-term, 23% new

■ 32% conviction (2yr+) ■ 45% medium ■ 23% new
Of the 31 current holders: 10 (32%) held >2 years, 14 held 1–2 years, and 7 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
📊

Peak discovery — momentum slowing

5 → 6 → 7 → 6 → 3 new funds/Q
New funds entering each quarter: 6 → 7 → 6 → 3. FMAG is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊

Mixed cohorts — 32% veterans, 26% new entrants

■ 32% veterans ■ 42% 1-2yr ■ 26% new
Of 31 current holders: 10 (32%) held 2+ years, 13 held 1–2 years, 8 (26%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
🏆

Elite ownership — 83% AUM from top-100 funds

83% from top-100 AUM funds
12 of 31 holders are among the 100 largest funds by AUM, controlling 83% of total institutional value in FMAG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.5
out of 10
Low Exit Risk
Exit risk score 3.5/10 — 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 — FMAG

In 2026 Q1, 14 hedge funds were net buyers of FMAG (3 opened a new position, 11 added to an existing one), while 18 reduced or exited (13 trimmed, 5 sold completely) — a 44% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 83% of total institutional value in FMAG is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -2 funds (more exits than new entries). Total institutional holders: 31.

Hedge Fund Ownership: FMAG

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

Market Analysis: FMAG

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FMAG

-- --

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

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

Signal Freshness measures how much FMAG 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 · 89d ago
FMAG
+12.4%
SPY
+12.4%

FMAG outperformed SPY by +0.0% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 44d ago
FMAG
-1.4%
SPY
-1.1%

Since the filing became public, FMAG outperformed SPY by -0.3% .

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.

2 top-rated funds 0 high-conviction
Consensus
2.1
/ 10
breadth
×
Elite
0.5
/ 10
conviction
Hedge Fund Positioning: FMAG
31 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 31 33 -6.06%
13F Shares 4M 4M -7.84%
Total Value $112M $130M -14.21%
New Positions 3 6 -3
Increased Positions 11 10 +1
Closed Positions 5 7 -2
Reduced Positions 13 9 +4
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FMAG

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Financial Highlights

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Institutional Holders (2026 Q1)

31 + investors

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

QUARTER:
Top 25 FMAG holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Anson Capital, Inc. 2.19% 101,403 $3.2M
2 Beam Wealth Advisors, INC. 0.60% 75,728 $2.4M
3 Arkadios Wealth Advisors 0.11% 220,450 $7.0M
4 Sigma Planning Corp 0.04% 47,198 $1.5M
5 FIL Ltd 0.04% 1,508,628 $47.7M
6 Wells Fargo & Company/Mn 0.01% 942,820 $29.8M
7 Kestra Advisory Services, LLC 0.00% 40,172 $1.3M
8 Jones Financial Companies Lllp 0.00% 162,014 $5.0M
9 Hurley Capital, LLC 0.00% 136 $4K
10 PNC Financial Services Group, INC. 0.00% 105,111 $3.3M
11 Sunbelt Securities, Inc. 0.00% 935 $30K
12 Thurston, Springer, Miller, Herd & Titak, INC. 0.00% 100 $3K
13 Commonwealth Equity Services, LLC 0.00% 28,912 $914K
14 Cetera Investment Advisers 0.00% 28,808 $911K
15 Envestnet Asset Management Inc 0.00% 97,592 $3.1M
16 Two Sigma Investments, LP 0.00% 26,400 $835K
17 UBS Group AG 0.00% 57,768 $1.8M
18 Salem Investment Counselors Inc 0.00% 115 $4K
19 Susquehanna International Group, LLP 0.00% 23,326 $738K
20 Arax Advisory Partners 0.00% 45 $3K
21 Goldman Sachs Group Inc 0.00% 21,671 $685K
22 LPL Financial LLC 0.00% 7,043 $223K
23 Royal Bank of Canada 0.00% 8,501 $269K
24 Cwm, LLC 0.00% 471 $15K
25 Osaic Holdings, INC. 0.00% 580 $18K
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 (FMAG)

What does the Smart Money Trend signal show for FMAG?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their FMAG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for FMAG?

More sellers than buyers — 44% buying: Last quarter: 18 funds reduced or exited vs 14 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for FMAG holders?

Elite ownership — 83% AUM from top-100 funds: 12 of 31 holders are among the 100 largest funds by AUM, controlling 83% of total institutional value in FMAG. 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 FMAG?

Mixed — 32% long-term, 23% new: Of the 31 current holders: 10 (32%) held >2 years, 14 held 1–2 years, and 7 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

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

As of today, FMAG has moved -1.4% since the 2026 Q1 13F filing date (May 15, 2026), compared to -1.1% for the SPY sector ETF — an outperformance of -0.3%. Since the quarter end (March 31, 2026), FMAG has gained +12.4% vs +12.4% 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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