Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FQAL)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +5
Streak
11Q ▲
Buyers last Q
58%

Smart Money Signals — FQAL

Based on 147 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 11 quarters in a row

last 6Q
For 11 consecutive quarters, more hedge funds added FQAL 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
147 hedge funds hold FQAL 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 — +37% more funds vs a year ago

fund count last 6Q
+40 new funds entered over the past year (+37% 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 — 58% buying

86 buying62 selling
Last quarter: 86 funds bought or added vs 62 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: 25 → 24 → 26 → 27. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

41% of holders stayed for 2+ years

■ 41% conviction (2yr+) ■ 28% medium ■ 31% new
60 out of 147 hedge funds have held FQAL 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.
➡️

Steady discovery — ~27 new funds/quarter

15 → 25 → 24 → 26 → 27 new funds/Q
New funds entering each quarter: 25 → 24 → 26 → 27. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 46% of holders stayed 2+ years

■ 46% veterans ■ 16% 1-2yr ■ 38% new
Of 147 current holders: 67 (46%) 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.
🏆

Elite ownership — 66% AUM from top-100 funds

66% from top-100 AUM funds
18 of 147 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in FQAL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — 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 — FQAL

In 2026 Q1, 86 hedge funds were net buyers of FQAL (27 opened a new position, 59 added to an existing one), while 62 reduced or exited (40 trimmed, 22 sold completely) — a 58% buyer ratio, indicating a slight buying edge. This marks 11 consecutive quarters of net institutional buying — a persistent conviction signal. 66% of total institutional value in FQAL is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +5 funds (more new holders than closures). Total institutional holders: 147.

Hedge Fund Ownership: FQAL

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

Market Analysis: FQAL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FQAL

-- --

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

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

Signal Freshness measures how much FQAL 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 · 77d ago
FQAL
+12.3%
SPY
+15.9%

FQAL outperformed SPY by -3.6% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 32d ago
FQAL
+2.4%
SPY
+2.0%

Since the filing became public, FQAL outperformed SPY by +0.4% .

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.

6 top-rated funds 3 high-conviction
Consensus
3.7
/ 10
breadth
×
Elite
2.8
/ 10
conviction
Hedge Fund Positioning: FQAL
146 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 146 142 2.82%
13F Shares 13M 13M 1.55%
Total Value $969M $943M 2.75%
New Positions 26 26 -
Increased Positions 59 63 -4
Closed Positions 22 18 +4
Reduced Positions 40 29 +11
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FQAL

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Institutional Holders (2026 Q1)

146 + investors

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

QUARTER:
Top 25 FQAL holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 High Probability Advisors, LLC 3.04% 326,720 $23.7M
2 Fullerton Advisors, LLC 2.76% 36,675 $2.7M
3 OmniStar Financial Group, Inc. 1.87% 49,770 $3.6M
4 Great Lakes Retirement, Inc. 1.84% 244,818 $17.8M
5 Orgel Wealth Management, LLC 1.41% 900,088 $65.3M
6 Madden Advisory Services, Inc. 1.21% 42,270 $3.1M
7 Beacon Financial Group 1.08% 143,201 $10.8M
8 Centerline Wealth Advisors, LLC 0.85% 32,661 $2.4M
9 Keystone Wealth Services, LLC 0.80% 51,742 $3.8M
10 Smith Chas P & Associates Pa Cpas 0.71% 180,306 $13.1M
11 Flavin Financial Services, Inc. 0.51% 10,446 $758K
12 IFG Advisory, LLC 0.40% 1,933 $140K
13 Unique Wealth, LLC 0.37% 36,398 $2.6M
14 PKS Advisory Services, LLC 0.35% 20,575 $1.5M
15 Sunbelt Securities, Inc. 0.33% 72,163 $5.2M
16 Midwest Financial Network, LLC 0.32% 5,618 $408K
17 Hobbs Group Advisors, LLC 0.25% 11,616 $843K
18 Kestra Advisory Services, LLC 0.25% 899,808 $65.3M
19 Biondo Investment Advisors, LLC 0.24% 25,478 $1.8M
20 RCS Financial Planning, LLC 0.23% 6,067 $440K
21 Atlas Brown,Inc. 0.17% 7,799 $566K
22 Avise Financial Cooperative, Inc. 0.17% 2,800 $203K
23 Sagespring Wealth Partners, LLC 0.15% 114,532 $8.3M
24 Silver Oak Securities, Incorporated 0.13% 25,198 $1.8M
25 Breakwater Capital Group 0.12% 12,842 $932K
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 (FQAL)

What does the Smart Money Trend signal show for FQAL?

Buying streak — 11 quarters in a row: For 11 consecutive quarters, more hedge funds added FQAL 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 FQAL?

Slight buying edge — 58% buying: Last quarter: 86 funds bought or added vs 62 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 FQAL holders?

Elite ownership — 66% AUM from top-100 funds: 18 of 147 holders are among the 100 largest funds by AUM, controlling 66% of total institutional value in FQAL. 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 FQAL?

41% of holders stayed for 2+ years: 60 out of 147 hedge funds have held FQAL 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 (FQAL) following the 2026 Q1 hedge fund 13F filings?

As of today, FQAL has moved +2.4% since the 2026 Q1 13F filing date (May 15, 2026), compared to +2.0% for the SPY sector ETF — an outperformance of +0.4%. Since the quarter end (March 31, 2026), FQAL has gained +12.3% vs +15.9% 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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