Stock Analysis
Data Source: SEC EDGAR 13F
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Fidelity Covington Trust (FRNW)

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

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Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +14
Streak
3Q ▲
Buyers last Q
82%

Smart Money Signals — FRNW

Based on 33 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, more hedge funds added FRNW 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
33 hedge funds hold FRNW 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 — +154% more funds vs a year ago

fund count last 6Q
+20 new funds entered over the past year (+154% 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.
🟢

More buyers than sellers — 82% buying

27 buying6 selling
Last quarter: 27 funds were net buyers (18 opened a brand new position + 9 added to an existing one). Only 6 were sellers (2 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
📈

More new buyers each quarter (+9 vs last Q)

new funds entering per quarter
Funds opening a new FRNW position: 1 → 6 → 9 → 18. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄

Mostly new holders — 64% entered in last year

21% conviction (2yr+) 15% medium 64% new
Only 7 funds (21%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💰

Value +515% but shares only +418% — price-driven

Value
+515%
Shares
+418%
Last quarter: the total dollar value of institutional holdings rose +515%, but actual share count only changed +418%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
🚀

Acceleration phase — new buyers rushing in

2 → 1 → 6 → 9 → 18 new funds/Q
New funds entering each quarter: 1 → 6 → 9 → 18. 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.
🌱

Early stage — 61% of holders entered in last year

30% veterans 9% 1-2yr 61% new
Of 33 current holders: 20 (61%) entered in the past year, only 10 (30%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.

Strong quality — 34% AUM from major funds

34% from top-100 AUM funds
7 of 33 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
6.6
out of 10
Moderate Exit Risk
Exit risk score 6.6/10 — 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 — FRNW

In 2026 Q2, 27 hedge funds were net buyers of FRNW (18 opened a new position, 9 added to an existing one), while 6 reduced or exited (2 trimmed, 4 sold completely) — a 82% buyer ratio, indicating clear institutional accumulation. This marks 3 consecutive quarters of net institutional buying — a persistent conviction signal. 34% of total institutional value in FRNW is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +14 funds (more new holders than closures). Total institutional holders: 33.

Hedge Fund Ownership: FRNW

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

Market Analysis: FRNW

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FRNW

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

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Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

0 top-rated funds 0 high-conviction
Consensus
0.0
/ 10
breadth
×
Elite
0.3
/ 10
conviction
Hedge Fund Positioning: FRNW
32 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 32 19 68.42%
13F Shares 667K 129K 417.89%
Total Value $16M $3M 514.95%
New Positions 17 9 +8
Increased Positions 9 4 +5
Closed Positions 4 3 +1
Reduced Positions 2 1 +1
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FRNW

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Institutional Holders (2026 Q2)

32 + investors

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

QUARTER:
Top 25 FRNW holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Westview Management dba Westview Investment Advisors 0.85% 71,395 $1.7M
2 VestGen Investment Management 0.30% 23,142 $564K
3 Advisors Preferred, LLC 0.11% 28,840 $683K
4 Global View Capital Management LLC 0.05% 8,960 $218K
5 VestGen Advisors, LLC 0.02% 23,142 $564K
6 Phillip James Consulting Co. 0.01% 550 $19K
7 First Pacific Financial 0.01% 3,790 $92K
8 Brookstone Capital Management 0.01% 34,670 $845K
9 Ritter Daniher Financial Advisory LLC / DE 0.01% 1,970 $48K
10 Godfrey Financial Associates, Inc. 0.00% 199 $5K
11 FIL Ltd 0.00% 132,704 $3.2M
12 Brown, Lisle/Cummings, INC. 0.00% 300 $7K
13 Menora Mivtachim Holdings LTD. 0.00% 16,451 $401K
14 IFP Advisors, Inc 0.00% 2,525 $62K
15 Commonwealth Equity Services, LLC 0.00% 24,588 $599K
16 Jane Street Group, LLC 0.00% 191,964 $4.7M
17 Stone House Investment Management, LLC 0.00% 61 $1K
18 SYM FINANCIAL Corp 0.00% 91 $2K
19 Goldman Sachs Group Inc 0.00% 73,325 $1.8M
20 Assetmark, Inc 0.00% 3,294 $80K
21 Global Retirement Partners, LLC 0.00% 335 $8K
22 Signaturefd, LLC 0.00% 266 $6K
23 Osaic Holdings, INC. 0.00% 2,901 $71K
24 Tradewinds Capital Management, LLC 0.00% 10
25 Citadel Advisors LLC 0.00% 13,404 $327K
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 (FRNW)

What does the Smart Money Trend signal show for FRNW?

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

More buyers than sellers — 82% buying: Last quarter: 27 funds were net buyers (18 opened a brand new position + 9 added to an existing one). Only 6 were sellers (2 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FRNW holders?

Strong quality — 34% AUM from major funds: 7 of 33 holders rank in the top 100 by AUM, accounting for 34% 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 FRNW?

Mostly new holders — 64% entered in last year: Only 7 funds (21%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

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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