Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

FIDELITY COVINGTON TRUST (FRNW)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +3
Streak
1Q ▲
Buyers last Q
67%

Smart Money Signals — FRNW

Based on 13 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, 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.
📊

High ownership — 76% of 3.0Y peak

76% of all-time peak
13 funds currently hold this stock — 76% of the 3.0-year high of 17 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 24% fewer funds vs a year ago

fund count last 6Q
4 fewer hedge funds hold FRNW compared to a year ago (-24% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟢

More buyers than sellers — 67% buying

8 buying4 selling
Last quarter: 8 funds were net buyers (6 opened a brand new position + 2 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~6 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 1 → 2 → 1 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

46% of holders stayed for 2+ years

■ 46% conviction (2yr+) ■ 15% medium ■ 38% new
6 out of 13 hedge funds have held FRNW 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 — ~6 new funds/quarter

5 → 1 → 2 → 1 → 6 new funds/Q
New funds entering each quarter: 1 → 2 → 1 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 46% of holders stayed 2+ years

■ 46% veterans ■ 0% 1-2yr ■ 54% new
Of 13 current holders: 6 (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.
📋

Smaller funds dominant — 10% AUM from top-100

10% from top-100 AUM funds
3 of 13 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
2.8
out of 10
Low Exit Risk
Exit risk score 2.8/10 — 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 — FRNW

In 2025 Q4, 8 hedge funds were net buyers of FRNW (6 opened a new position, 2 added to an existing one), while 4 reduced or exited (1 trimmed, 3 sold completely) — a 67% buyer ratio, indicating clear institutional accumulation. Net fund flow last quarter: +3 funds (more new holders than closures). Total institutional holders: 13.

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

-- --

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

Is It Too Late to Buy FIDELITY COVINGTON TRUST (FRNW) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much FRNW 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 · 51d ago
FRNW
+30.0%
SPY
+14.0%

FRNW outperformed SPY by +16.0% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 6d ago
FRNW
+1.5%
SPY
+0.3%

Since the filing became public, FRNW outperformed SPY by +1.2% .

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.

1 top-rated funds 0 high-conviction
Consensus
1.3
/ 10
breadth
×
Elite
0.0
/ 10
conviction
Hedge Fund Positioning: FRNW
19 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 19 13 46.15%
13F Shares 129K 34K 282.45%
Total Value $3M $691K 281.46%
New Positions 9 6 +3
Increased Positions 4 2 +2
Closed Positions 3 3 -
Reduced Positions 1 1 -
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FRNW

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

19 + 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 19 institutional holders of FRNW — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Sunbelt Securities, Inc. 0.02% 11,992 $277K
2 VestGen Advisors, LLC 0.02% 23,735 $615K
3 FLOW TRADERS U.S. LLC 0.01% 16,365 —
4 First Pacific Financial 0.01% 3,769 $87K
5 Ritter Daniher Financial Advisory LLC / DE 0.01% 1,970 $46K
6 Brookstone Capital Management 0.01% 26,054 $602K
7 Godfrey Financial Associates, Inc. 0.01% 329 $8K
8 COMMONWEALTH EQUITY SERVICES, LLC 0.00% 21,686 $501K
9 Capital Analysts, LLC 0.00% 778 —
10 HANTZ FINANCIAL SERVICES, INC. 0.00% 483 —
11 SIGNATUREFD, LLC 0.00% 265 $6K
12 OSAIC HOLDINGS, INC. 0.00% 2,127 $49K
13 Farther Finance Advisors, LLC 0.00% 293 $7K
14 Tradewinds Capital Management, LLC 0.00% 10 —
15 JANE STREET GROUP, LLC 0.00% 15,386 $356K
16 PNC FINANCIAL SERVICES GROUP, INC. 0.00% 3,000 $69K
17 CWM, LLC 0.00% 181 $4K
18 FMR LLC 0.00% 297 $7K
19 MORGAN STANLEY 0.00% 1 —
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 — 1 quarter in a row: For 1 consecutive quarter, 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 — 67% buying: Last quarter: 8 funds were net buyers (6 opened a brand new position + 2 added to an existing one). Only 4 were sellers (1 trimmed + 3 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FRNW holders?

Smaller funds dominant — 10% AUM from top-100: 3 of 13 holders rank in the top 100 by AUM, but together hold only 10% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held FRNW?

46% of holders stayed for 2+ years: 6 out of 13 hedge funds have held FRNW 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 (FRNW) following the 2026 Q1 hedge fund 13F filings?

As of today, FRNW has moved +1.5% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.3% for the SPY sector ETF — an outperformance of +1.2%. Since the quarter end (March 31, 2026), FRNW has gained +30.0% vs +14.0% 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.

Full history →