Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FNCL)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -14
Streak
1Q ▼
Buyers last Q
49%

Smart Money Signals — FNCL

Based on 248 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their FNCL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (95% of max)

95% of all-time peak
248 hedge funds hold FNCL 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.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding FNCL is almost the same as a year ago (-8 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 49% buying

115 buying118 selling
Last quarter: 118 funds reduced or exited vs 115 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.
⚠️

Fewer new buyers each quarter (-8 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 24 → 25 → 34 → 26. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

55% of holders stayed for 2+ years

■ 55% conviction (2yr+) ■ 27% medium ■ 18% new
137 out of 248 hedge funds have held FNCL 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.
📈

Growing discovery — still being found

46 → 24 → 25 → 34 → 26 new funds/Q
New funds entering each quarter: 24 → 25 → 34 → 26. A growing number of institutions are discovering FNCL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 56% veterans vs 28% newcomers

■ 56% veterans ■ 17% 1-2yr ■ 28% new
Entry-cohort mix of 250 holders: 139 (56%) are 2+ year veterans, 42 entered 1–2 years ago, and 69 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 32% AUM from major funds

32% from top-100 AUM funds
23 of 247 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.3
out of 10
Low Exit Risk
Exit risk score 3.3/10 — 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 — FNCL

In 2026 Q1, 115 hedge funds were net buyers of FNCL (26 opened a new position, 89 added to an existing one), while 118 reduced or exited (78 trimmed, 40 sold completely) — a 49% buyer ratio, indicating roughly balanced activity. 32% of total institutional value in FNCL is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -14 funds (more exits than new entries). Total institutional holders: 248.

Hedge Fund Ownership: FNCL

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

Market Analysis: FNCL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FNCL

-- --

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

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

Signal Freshness measures how much FNCL 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
FNCL
nan%
SPY
+15.1%

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

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

Since the filing became public, FNCL 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.

16 top-rated funds 4 high-conviction
Consensus
5.3
/ 10
breadth
×
Elite
3.2
/ 10
conviction
Hedge Fund Positioning: FNCL
247 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 247 262 -5.73%
13F Shares 12M 12M -2.45%
Total Value $824M $943M -12.59%
New Positions 25 34 -9
Increased Positions 89 103 -14
Closed Positions 40 24 +16
Reduced Positions 77 69 +8
Total Calls 2 1 100.0%
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FNCL

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Financial Highlights

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Institutional Holders (2026 Q1)

247 + investors

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

QUARTER:
Top 25 FNCL holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Sava Penzisko Drushtvo A.D. Skopje 7.33% 341,872 $24.0M
2 Independence Financial Advisors, LLC 3.43% 162,602 $11.4M
3 Fischer Financial Services, Inc. 3.31% 140,049 $9.8M
4 Yoder Wealth Management, Inc. 3.00% 93,649 $6.6M
5 Strategic Point Investment Advisors, LLC 2.23% 218,273 $15.3M
6 Harbor Asset Planning, Inc. 1.79% 30,253 $2.1M
7 Jacobs Equity LLC 1.76% 27,968 $2.0M
8 KDK Private Wealth Management, LLC 1.56% 24,302 $1.7M
9 Maltin Wealth Management, Inc. 1.43% 53,263 $3.7M
10 Buska Wealth Management, LLC 1.15% 40,712 $2.9M
11 Aspetuck Financial Management LLC 0.64% 13,329 $936K
12 Blue Jean Financial LLC 0.62% 10,658 $748K
13 Nova Wealth Management, Inc. 0.58% 12,775 $897K
14 Lido Advisors, LLC 0.57% 2,670,135 $187.4M
15 Procyon Advisors, LLC 0.54% 155,754 $10.9M
16 Athena Wealth Management, LLC 0.53% 7,072 $550K
17 Roxbury Financial LLC 0.52% 8,179 $574K
18 Lynch & Associates/In 0.49% 37,303 $2.6M
19 Birchcreek Wealth Management, LLC 0.48% 14,314 $1.0M
20 Variant Private Wealth, LLC 0.42% 4,950 $348K
21 Pacific Sun Financial Corp 0.39% 11,402 $800K
22 Bayshore Capital Advisors, LLC 0.28% 9,610 $675K
23 Agf Management Ltd 0.27% 867,448 $60.9M
24 Glass Jacobson Investment Advisors llc 0.27% 11,111 $780K
25 Lifeworks Advisors, LLC 0.26% 29,023 $2.0M
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 (FNCL)

What does the Smart Money Trend signal show for FNCL?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their FNCL 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 FNCL?

More sellers than buyers — 49% buying: Last quarter: 118 funds reduced or exited vs 115 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 FNCL holders?

Strong quality — 32% AUM from major funds: 23 of 247 holders rank in the top 100 by AUM, accounting for 32% 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 FNCL?

55% of holders stayed for 2+ years: 137 out of 248 hedge funds have held FNCL 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 (FNCL) following the 2026 Q1 hedge fund 13F filings?

As of today, FNCL has moved nan% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.3% for the SPY sector ETF — an outperformance of nan%. Since the quarter end (March 31, 2026), FNCL has gained nan% 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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