Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FREL)

196 + 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 201 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 FREL 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 (96% of max)

96% of all-time peak
201 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 (+6 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡

Slight buying edge — 58% buying

110 buying79 selling
Last quarter: 110 funds bought or added vs 79 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.
⚠️

Fewer new buyers each quarter (-13 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 23 → 23 → 32 → 19. 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.
🔒

65% of holders stayed for 2+ years

■ 65% conviction (2yr+) ■ 17% medium ■ 18% new
131 out of 201 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.
📈

Growing discovery — still being found

20 → 23 → 23 → 32 → 19 new funds/Q
New funds entering each quarter: 23 → 23 → 32 → 19. A growing number of institutions are discovering FREL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 69% of holders stayed 2+ years

■ 69% veterans ■ 9% 1-2yr ■ 21% new
Of 201 current holders: 139 (69%) 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 — 50% AUM from top-100 funds

50% from top-100 AUM funds
19 of 201 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.
3.3
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 — FREL

In 2026 Q1, 110 hedge funds were net buyers of FREL (19 opened a new position, 91 added to an existing one), while 79 reduced or exited (51 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 exits than new entries). Total institutional holders: 201.

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

-- --

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

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

Signal Freshness measures how much FREL 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
FREL
+11.3%
SPY
+14.1%

FREL outperformed SPY by -2.8% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 30d ago
FREL
+5.1%
SPY
+0.3%

Since the filing became public, FREL outperformed SPY by +4.8% .

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.

10 top-rated funds 3 high-conviction
Consensus
4.5
/ 10
breadth
×
Elite
2.6
/ 10
conviction
Hedge Fund Positioning: FREL
196 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 196 210 -6.67%
13F Shares 29M 19M 51.03%
Total Value $762M $511M 48.96%
New Positions 18 32 -14
Increased Positions 91 95 -4
Closed Positions 32 27 +5
Reduced Positions 50 51 -1
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 Q1)

196 + 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 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Citizens & Northern Corp 7.52% 1,119,933 $30.1M
2 Truefg, LLC 4.93% 691,622 $18.6M
3 Townsend Financial Planning, LLC 4.46% 171,333 $4.6M
4 Riverpoint Wealth Management Holdings, LLC 3.18% 555,858 $15.0M
5 American Financial & Tax Strategies Inc 2.61% 199,741 $5.4M
6 Payne Capital Management, LLC 2.54% 312,330 $8.4M
7 Black Diamond Financial, LLC 2.43% 827,301 $22.3M
8 Livet Wealth, LLC 1.49% 87,202 $2.3M
9 AtlasMark Financial, Inc 1.37% 19,680 $549K
10 Eagle Bay Advisors LLC 1.30% 54,655 $1.5M
11 Marotta Asset Management 1.26% 252,566 $6.8M
12 Essential Planning, LLC. 1.15% 134,920 $3.6M
13 21 West Wealth Management LLC 1.12% 44,714 $1.2M
14 Sachetta, LLC 1.08% 74,220 $2.0M
15 Beckerman Institutional, LLC 1.00% 70,108 $1.9M
16 Life Planning Partners, Inc 0.84% 40,892 $1.1M
17 Pasadena Private Wealth, LLC 0.82% 220,576 $5.9M
18 Birchcreek Wealth Management, LLC 0.74% 57,276 $1.5M
19 Northwest Wealth Advisors, LLC 0.60% 31,361 $844K
20 Physician Wealth Advisors, Inc. 0.60% 159,940 $4.3M
21 Opes Wealth Management LLC 0.59% 133,774 $3.6M
22 Integrated Capital Management, INC. 0.56% 31,264 $841K
23 HF Advisory Group, LLC 0.49% 53,794 $1.4M
24 Sachem Hill LLC 0.47% 90,648 $2.4M
25 Heck Capital Advisors, LLC 0.47% 235,930 $6.3M
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?

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

Slight buying edge — 58% buying: Last quarter: 110 funds bought or added vs 79 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: 19 of 201 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?

65% of holders stayed for 2+ years: 131 out of 201 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.

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

As of today, FREL has moved +5.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.3% for the SPY sector ETF — an outperformance of +4.8%. Since the quarter end (March 31, 2026), FREL has gained +11.3% 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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