Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FREL)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +9
Streak
1Q ▲
Buyers last Q
58%

Smart Money Signals — FREL

Based on 210 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds added FREL 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 (99% of max)

99% of all-time peak
210 hedge funds hold FREL 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 FREL is almost the same as a year ago (+4 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡

Slight buying edge — 58% buying

122 buying87 selling
Last quarter: 122 funds bought or added vs 87 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.
📈

More new buyers each quarter (+18 vs last Q)

new funds entering per quarter
Funds opening a new FREL position: 24 → 32 → 19 → 37. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

63% of holders stayed for 2+ years

■ 63% conviction (2yr+) ■ 19% medium ■ 19% new
132 out of 210 hedge funds have held FREL 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 — ~37 new funds/quarter

24 → 24 → 32 → 19 → 37 new funds/Q
New funds entering each quarter: 24 → 32 → 19 → 37. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 65% veterans vs 23% newcomers

■ 65% veterans ■ 12% 1-2yr ■ 23% new
Entry-cohort mix of 210 holders: 137 (65%) are 2+ year veterans, 25 entered 1–2 years ago, and 48 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 50% AUM from top-100 funds

50% from top-100 AUM funds
20 of 210 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in FREL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.4
out of 10
Low Exit Risk
Exit risk score 3.4/10 — 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 — FREL

In 2026 Q2, 122 hedge funds were net buyers of FREL (37 opened a new position, 85 added to an existing one), while 87 reduced or exited (59 trimmed, 28 sold completely) — a 58% buyer ratio, indicating a slight buying edge. 50% of total institutional value in FREL is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +9 funds (more new holders than closures). Total institutional holders: 210.

Hedge Fund Ownership: FREL

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

Market Analysis: FREL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FREL

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

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

7 top-rated funds 5 high-conviction
Consensus
3.9
/ 10
breadth
×
Elite
3.2
/ 10
conviction
Hedge Fund Positioning: FREL
208 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 208 201 3.48%
13F Shares 29M 29M 0.9%
Total Value $838M $763M 9.81%
New Positions 36 19 +17
Increased Positions 85 91 -6
Closed Positions 29 30 -1
Reduced Positions 58 51 +7
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FREL

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Institutional Holders (2026 Q2)

208 + investors

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

QUARTER:
Top 25 FREL holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Citizens & Northern Corp 6.38% 953,634 $27.9M
2 Truefg, LLC 4.84% 707,277 $20.7M
3 Townsend Financial Planning, LLC 4.38% 171,682 $5.0M
4 Riverpoint Wealth Management Holdings, LLC 3.09% 574,099 $16.8M
5 Prospect Financial Group LLC 2.94% 124,636 $3.7M
6 American Financial & Tax Strategies Inc 2.64% 199,554 $5.8M
7 Payne Capital Management, LLC 2.55% 326,406 $9.6M
8 Black Diamond Financial, LLC 2.32% 897,336 $26.3M
9 Livet Wealth, LLC 1.52% 89,667 $2.6M
10 Eagle Bay Advisors LLC 1.49% 68,053 $2.0M
11 Marotta Asset Management 1.33% 271,595 $8.0M
12 Sachetta, LLC 1.16% 81,586 $2.4M
13 Essential Planning, LLC. 1.12% 135,769 $4.0M
14 21 West Wealth Management LLC 1.12% 44,741 $1.3M
15 Pasadena Private Wealth, LLC 1.08% 290,004 $8.5M
16 Beckerman Institutional, LLC 1.08% 77,119 $2.3M
17 Life Planning Partners, Inc 0.81% 37,232 $1.1M
18 Birchcreek Wealth Management, LLC 0.69% 60,592 $1.8M
19 Integrated Capital Management, INC. 0.68% 33,324 $976K
20 Blue Jean Financial LLC 0.68% 33,203 $973K
21 Northwest Wealth Advisors, LLC 0.60% 35,685 $1.0M
22 Physician Wealth Advisors, Inc. 0.56% 159,503 $4.7M
23 HF Advisory Group, LLC 0.50% 55,036 $1.6M
24 Sachem Hill LLC 0.47% 91,098 $2.7M
25 Global View Capital Management LLC 0.46% 76,656 $2.2M
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 (FREL)

What does the Smart Money Trend signal show for FREL?

Buying streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds added FREL 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 FREL?

Slight buying edge — 58% buying: Last quarter: 122 funds bought or added vs 87 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 FREL holders?

Elite ownership — 50% AUM from top-100 funds: 20 of 210 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in FREL. 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 FREL?

63% of holders stayed for 2+ years: 132 out of 210 hedge funds have held FREL 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.

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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