Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

FIDELITY COVINGTON TRUST (FSMD)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +11
Streak
9Q ▲
Buyers last Q
68%

Smart Money Signals — FSMD

Based on 147 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 9 quarters in a row

last 6Q
For 9 consecutive quarters, more hedge funds added FSMD 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 FSMD 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 — +81% more funds vs a year ago

fund count last 6Q
+66 new funds entered over the past year (+81% 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 — 68% buying

98 buying46 selling
Last quarter: 98 funds were net buyers (23 opened a brand new position + 75 added to an existing one). Only 46 were sellers (34 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~23 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 24 → 35 → 27 → 23. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄

Mostly new holders — 43% entered in last year

■ 22% conviction (2yr+) ■ 35% medium ■ 43% new
Only 32 funds (22%) 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.
📊

Peak discovery — momentum slowing

27 → 24 → 35 → 27 → 23 new funds/Q
New funds entering each quarter: 24 → 35 → 27 → 23. FSMD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱

Early stage — 61% of holders entered in last year

■ 22% veterans ■ 17% 1-2yr ■ 61% new
Of 148 current holders: 91 (61%) entered in the past year, only 32 (22%) 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.
🏆

Elite ownership — 62% AUM from top-100 funds

62% from top-100 AUM funds
14 of 147 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in FSMD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — 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.

Hedge Fund Ownership: FSMD

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

Market Analysis: FSMD

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FSMD

-- --
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

13 top-rated funds 3 high-conviction
Consensus
5.0
/ 10
breadth
×
Elite
2.7
/ 10
conviction
Hedge Fund Positioning: FSMD
2026 Q1 Stats Unlock in 21 days 148 + Investors

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

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 148 136 8.82%
13F Shares 34M 29M 14.46%
Total Value $1.48B $1.29B 14.91%
New Positions 23 27 -4
Increased Positions 75 74 +1
Closed Positions 12 14 -2
Reduced Positions 34 28 +6
Total Calls 1 1 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FSMD

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

148 + investors

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

Top 25 institutional holders of FSMD — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 GEN Financial Management, INC. 8.40% 303,411 $13.6M
2 Sterling Manor Financial, LLC 2.96% 105,784 $4.7M
3 Bravera Wealth 2.77% 125,093 $5.5M
4 FSA WEALTH PARTNERS, INC. 2.74% 128,779 $5.8M
5 Prasad Wealth Partners, LLC 2.40% 197,268 $8.8M
6 Provident Wealth Management, LLC 2.23% 164,649 $7.4M
7 Laurel Wealth Planning LLC 2.19% 92,930 $4.2M
8 Fortitude Financial, LLC 2.08% 87,852 $3.9M
9 Goldstone Financial Group, LLC 1.74% 357,873 $16.0M
10 Trademark Financial Management, LLC 1.39% 63,303 $2.8M
11 HICKS CAPITAL MANAGEMENT LLC 1.36% 30,409 $1.4M
12 AssuredPartners Investment Advisors, LLC 1.23% 247,373 $11.3M
13 Roxbury Financial LLC 0.90% 22,390 $1.0M
14 Nova Wealth Management, Inc. 0.85% 29,203 $1.3M
15 Riverbend Wealth Management, LLC 0.76% 29,727 $1.3M
16 Global Financial Private Client, LLC 0.43% 29,090 $1.3M
17 Emerald Advisors, LLC 0.31% 56,763 $2.5M
18 NOVEM GROUP 0.30% 58,208 $2.6M
19 Faithward Advisors, LLC 0.25% 39,390 $1.8M
20 COMMONWEALTH EQUITY SERVICES, LLC 0.21% 3,300,116 $147.6M
21 M.E. ALLISON & CO., INC. 0.18% 6,100 $273K
22 SWEENEY & MICHEL, LLC 0.16% 11,497 $549K
23 Mayfair Advisory Group, LLC 0.14% 9,285 $415K
24 High Point Wealth Management, LLC 0.12% 2,698 $121K
25 Portfolio Resources Advisor Group, Inc. 0.10% 2,168 $97K
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 (FSMD)

What does the Smart Money Trend signal show for FSMD?

Buying streak — 9 quarters in a row: For 9 consecutive quarters, more hedge funds added FSMD 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 FSMD?

More buyers than sellers — 68% buying: Last quarter: 98 funds were net buyers (23 opened a brand new position + 75 added to an existing one). Only 46 were sellers (34 trimmed + 12 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FSMD holders?

Elite ownership — 62% AUM from top-100 funds: 14 of 147 holders are among the 100 largest funds by AUM, controlling 62% of total institutional value in FSMD. 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 FSMD?

Mostly new holders — 43% entered in last year: Only 32 funds (22%) 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.