Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FDEM)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +6
Streak
5Q ▲
Buyers last Q
55%

Smart Money Signals — FDEM

Based on 82 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 5 quarters in a row

last 6Q
For 5 consecutive quarters, more hedge funds added FDEM 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
82 hedge funds hold FDEM 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 — +78% more funds vs a year ago

fund count last 6Q
+36 new funds entered over the past year (+78% 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.
🟡

Slight buying edge — 55% buying

44 buying36 selling
Last quarter: 44 funds bought or added vs 36 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.
➡️

Steady new buyers — ~14 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 11 → 26 → 14 → 14. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄

Mostly new holders — 45% entered in last year

■ 22% conviction (2yr+) ■ 33% medium ■ 45% new
Only 18 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.
💰

Value +44% but shares only +22% — price-driven

Value
+43%
Shares
+21%
Last quarter: the total dollar value of institutional holdings rose +44%, but actual share count only changed +22%. 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.
📊

Peak discovery — momentum slowing

14 → 11 → 26 → 14 → 14 new funds/Q
New funds entering each quarter: 11 → 26 → 14 → 14. FDEM 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 — 59% of holders entered in last year

■ 22% veterans ■ 20% 1-2yr ■ 59% new
Of 82 current holders: 48 (59%) entered in the past year, only 18 (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.
📋

Smaller funds dominant — 8% AUM from top-100

8% from top-100 AUM funds
11 of 79 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.0
out of 10
Moderate Exit Risk
Exit risk score 5.0/10 — 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 — FDEM

In 2026 Q2, 44 hedge funds were net buyers of FDEM (14 opened a new position, 30 added to an existing one), while 36 reduced or exited (28 trimmed, 8 sold completely) — a 55% buyer ratio, indicating a slight buying edge. This marks 5 consecutive quarters of net institutional buying — a persistent conviction signal. Net fund flow last quarter: +6 funds (more new holders than closures). Total institutional holders: 82.

Hedge Fund Ownership: FDEM

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

Market Analysis: FDEM

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FDEM

-- --

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

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

Signal Freshness measures how much FDEM has moved relative to its sector benchmark (SPY) since the 2026 Q2 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 June 30, 2026 · 54d ago
FDEM
-0.7%
SPY
+21.1%

FDEM outperformed SPY by -21.8% since June 30, 2026.

Since 13F Filing Date August 14, 2026 · 9d ago
FDEM
+0.1%
SPY
+3.0%

Since the filing became public, FDEM outperformed SPY by -2.9% .

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 5 high-conviction
Consensus
1.3
/ 10
breadth
×
Elite
3.2
/ 10
conviction
Hedge Fund Positioning: FDEM
79 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 79 76 3.95%
13F Shares 9M 8M 21.92%
Total Value $339M $235M 43.87%
New Positions 14 14 -
Increased Positions 30 40 -10
Closed Positions 8 8 -
Reduced Positions 28 17 +11
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FDEM

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Financial Highlights

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Institutional Holders (2026 Q2)

79 + investors

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

QUARTER:
Top 25 FDEM holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Clarity Retirement & Wealth, LLC 6.38% 254,398 $9.2M
2 Storgate, LLC 6.09% 808,490 $29.4M
3 Salus Financial Advisors, LLC 4.72% 263,360 $9.6M
4 McAdam, LLC 3.15% 2,247,221 $81.6M
5 S Harris Financial Group, LLC 2.46% 87,529 $3.2M
6 Landing Point Financial Group, LLC 2.45% 198,585 $7.2M
7 Payne Capital LLC 1.95% 64,361 $2.3M
8 Mayfair Advisory Group, LLC 1.73% 167,150 $5.7M
9 New Insight Wealth Advisors 1.06% 98,842 $3.6M
10 REDW Wealth LLC 0.84% 64,653 $2.3M
11 Cassilly Financial Group LLC 0.81% 30,705 $1.1M
12 BG Investment Services, LLC 0.76% 29,235 $1.1M
13 Advyzon Investment Management, LLC 0.67% 253,436 $9.2M
14 Investmark Advisory Group LLC 0.41% 29,667 $1.1M
15 Whipplewood Advisors, LLC 0.33% 13,674 $497K
16 Dahring | Cusmano LLC 0.29% 15,275 $555K
17 Consultiva Wealth Management, CORP. 0.21% 2,535 $92K
18 Smartleaf Asset Management LLC 0.19% 160,405 $5.8M
19 Archer Investment Management, LLC 0.16% 13,233 $481K
20 Arkadios Wealth Advisors 0.11% 195,868 $7.1M
21 Smith, Moore & CO. 0.08% 34,954 $1.3M
22 Odyssey Group, LLC 0.07% 7,383 $268K
23 Intergy Private Wealth, LLC 0.06% 7,104 $258K
24 Schmidt P J Investment Management Inc 0.06% 10,272 $373K
25 Stratos Wealth Advisors, LLC 0.06% 28,899 $1.0M
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 (FDEM)

What does the Smart Money Trend signal show for FDEM?

Buying streak — 5 quarters in a row: For 5 consecutive quarters, more hedge funds added FDEM 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 FDEM?

Slight buying edge — 55% buying: Last quarter: 44 funds bought or added vs 36 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 FDEM holders?

Smaller funds dominant — 8% AUM from top-100: 11 of 79 holders rank in the top 100 by AUM, but together hold only 8% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held FDEM?

Mostly new holders — 45% entered in last year: Only 18 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.

Is it too late to buy Fidelity Covington Trust (FDEM) following the 2026 Q2 hedge fund 13F filings?

As of today, FDEM has moved +0.1% since the 2026 Q2 13F filing date (August 14, 2026), compared to +3.0% for the SPY sector ETF — an outperformance of -2.9%. Since the quarter end (June 30, 2026), FDEM has gained -0.7% vs +21.1% 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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