Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FMAT)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +10
Streak
3Q ▲
Buyers last Q
59%

Smart Money Signals — FMAT

Based on 134 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 FMAT 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
134 hedge funds hold FMAT 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 — +26% more funds vs a year ago

fund count last 6Q
+28 new funds entered over the past year (+26% 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.
🟡

Slight buying edge — 59% buying

74 buying52 selling
Last quarter: 74 funds bought or added vs 52 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~27 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 11 → 19 → 24 → 27. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

49% of holders stayed for 2+ years

■ 49% conviction (2yr+) ■ 28% medium ■ 24% new
65 out of 134 hedge funds have held FMAT 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.
🚀

Acceleration phase — new buyers rushing in

19 → 11 → 19 → 24 → 27 new funds/Q
New funds entering each quarter: 11 → 19 → 24 → 27. 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 — 57% of holders stayed 2+ years

■ 57% veterans ■ 14% 1-2yr ■ 29% new
Of 135 current holders: 77 (57%) 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.
📋

Smaller funds dominant — 16% AUM from top-100

16% from top-100 AUM funds
16 of 134 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — 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 — FMAT

In 2026 Q1, 74 hedge funds were net buyers of FMAT (27 opened a new position, 47 added to an existing one), while 52 reduced or exited (35 trimmed, 17 sold completely) — a 59% buyer ratio, indicating a slight buying edge. This marks 3 consecutive quarters of net institutional buying — a persistent conviction signal. Net fund flow last quarter: +10 funds (more new holders than closures). Total institutional holders: 134.

Hedge Fund Ownership: FMAT

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

Market Analysis: FMAT

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FMAT

-- --

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

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

Signal Freshness measures how much FMAT 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 · 75d ago
FMAT
+4.3%
SPY
+14.1%

FMAT outperformed SPY by -9.8% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 30d ago
FMAT
+3.5%
SPY
+0.3%

Since the filing became public, FMAT outperformed SPY by +3.2% .

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.

9 top-rated funds 0 high-conviction
Consensus
4.3
/ 10
breadth
×
Elite
0.5
/ 10
conviction
Hedge Fund Positioning: FMAT
133 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 133 124 7.26%
13F Shares 4M 4M 3.24%
Total Value $236M $230M 2.68%
New Positions 26 24 +2
Increased Positions 47 41 +6
Closed Positions 17 11 +6
Reduced Positions 35 32 +3
Total Calls 1 0 100%
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FMAT

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Financial Highlights

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Institutional Holders (2026 Q1)

133 + investors

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

QUARTER:
Top 25 FMAT holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Yoder Wealth Management, Inc. 0.66% 24,985 $1.4M
2 Centerline Wealth Advisors, LLC 0.56% 26,784 $1.5M
3 Peak Financial Management, Inc. 0.50% 34,155 $2.0M
4 Trail Ridge Investment Advisors, LLC 0.48% 19,170 $1.1M
5 AE Wealth Management LLC 0.48% 1,524,735 $87.9M
6 Jacobs Equity LLC 0.44% 8,573 $494K
7 Certified Advisory Corp 0.42% 81,285 $4.7M
8 Elevated Capital Advisors, LLC 0.40% 27,682 $1.6M
9 KDK Private Wealth Management, LLC 0.37% 6,993 $403K
10 Tounjian Advisory Partners, LLC 0.30% 14,436 $832K
11 Lifeworks Advisors, LLC 0.29% 38,564 $2.2M
12 Penobscot Wealth Management 0.28% 16,539 $953K
13 Wealth Alliance Advisory Group, LLC 0.26% 29,027 $1.7M
14 Targeted Financial Services LLC 0.23% 4,829 $278K
15 Wealthgarden F.S. LLC 0.19% 4,865 $280K
16 Beaumont Financial Advisors, LLC 0.12% 30,951 $1.8M
17 Lynch & Associates/In 0.12% 11,313 $652K
18 Lido Advisors, LLC 0.12% 654,663 $37.7M
19 Sunbelt Securities, Inc. 0.11% 30,509 $1.8M
20 SeaCrest Wealth Management, LLC 0.10% 16,486 $950K
21 Monte Financial Group, LLC 0.09% 4,221 $243K
22 Centennial Wealth Advisory LLC 0.08% 5,851 $337K
23 Sweeney & Michel, LLC 0.08% 4,490 $272K
24 Strengthening Families & Communities, LLC 0.07% 5,201 $300K
25 Gwn Securities INC. 0.07% 6,506 $375K
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 (FMAT)

What does the Smart Money Trend signal show for FMAT?

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

Slight buying edge — 59% buying: Last quarter: 74 funds bought or added vs 52 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for FMAT holders?

Smaller funds dominant — 16% AUM from top-100: 16 of 134 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held FMAT?

49% of holders stayed for 2+ years: 65 out of 134 hedge funds have held FMAT 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 (FMAT) following the 2026 Q1 hedge fund 13F filings?

As of today, FMAT has moved +3.5% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.3% for the SPY sector ETF — an outperformance of +3.2%. Since the quarter end (March 31, 2026), FMAT has gained +4.3% vs +14.1% 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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