Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Fidelity Covington Trust (FNCL)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -15
Streak
1Q ▼
Buyers last Q
49%

Smart Money Signals — FNCL

Based on 248 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 FNCL positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 94% of 3.0Y peak

94% of all-time peak
248 funds currently hold this stock — 94% of the 3.0-year high of 263 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding FNCL is almost the same as a year ago (-8 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 49% buying

115 buying119 selling
Last quarter: 119 funds reduced or exited vs 115 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-8 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 25 → 25 → 34 → 26. 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.
🔒

55% of holders stayed for 2+ years

■ 55% conviction (2yr+) ■ 27% medium ■ 18% new
137 out of 248 hedge funds have held FNCL 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

46 → 25 → 25 → 34 → 26 new funds/Q
New funds entering each quarter: 25 → 25 → 34 → 26. A growing number of institutions are discovering FNCL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 56% veterans vs 28% newcomers

■ 56% veterans ■ 17% 1-2yr ■ 28% new
Entry-cohort mix of 250 holders: 139 (56%) are 2+ year veterans, 42 entered 1–2 years ago, and 69 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 33% AUM from major funds

33% from top-100 AUM funds
25 of 247 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.2
out of 10
Low Exit Risk
Exit risk score 3.2/10 — 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 — FNCL

In 2026 Q1, 115 hedge funds were net buyers of FNCL (26 opened a new position, 89 added to an existing one), while 119 reduced or exited (78 trimmed, 41 sold completely) — a 49% buyer ratio, indicating roughly balanced activity. 33% of total institutional value in FNCL is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -15 funds (more exits than new entries). Total institutional holders: 248.

Hedge Fund Ownership: FNCL

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

Market Analysis: FNCL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FNCL

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

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

16 top-rated funds 4 high-conviction
Consensus
5.3
/ 10
breadth
×
Elite
3.2
/ 10
conviction
Hedge Fund Positioning: FNCL
2026 Q2 Stats Unlock in 1 days 247 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 247 262 -5.73%
13F Shares 12M 12M -2.45%
Total Value $824M $943M -12.59%
New Positions 25 34 -9
Increased Positions 89 103 -14
Closed Positions 40 24 +16
Reduced Positions 77 69 +8
Total Calls 2 1 100.0%
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FNCL

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Institutional Holders (2026 Q2)

247 + investors

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

QUARTER:
2026 Q2 filings are still coming in. Only funds that have filed so far are shown — top holders may not have reported yet. Full 13F data typically settles by ~50 days after quarter-end.
Top 25 FNCL holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Yoder Wealth Management, Inc. 3.13% 104,535 $8.0M
2 Fischer Financial Services, Inc. 2.75% 143,173 $11.0M
3 Strategic Point Investment Advisors, LLC 2.24% 224,324 $17.2M
4 Harbor Asset Planning, Inc. 1.72% 29,865 $2.3M
5 Maxele Advisors, LLC 1.68% 31,463 $2.4M
6 Jacobs Equity LLC 1.64% 30,916 $2.4M
7 KDK Private Wealth Management, LLC 1.52% 23,874 $1.8M
8 Maltin Wealth Management, Inc. 1.40% 54,696 $4.2M
9 Smith Shellnut Wilson LLC /Adv 0.80% 26,815 $2.1M
10 Buska Wealth Management, LLC 0.65% 23,641 $1.8M
11 Lynch & Associates/In 0.56% 41,958 $3.2M
12 Procyon Advisors, LLC 0.56% 169,501 $13.0M
13 Lido Advisors, LLC 0.53% 2,554,511 $195.6M
14 Roxbury Financial LLC 0.50% 8,254 $632K
15 Aspetuck Financial Management LLC 0.50% 10,985 $841K
16 Noble Wealth Partners LLC 0.46% 6,876 $526K
17 Pacific Sun Financial Corp 0.38% 12,063 $924K
18 Nova Wealth Management, Inc. 0.36% 8,474 $649K
19 Bayshore Capital Advisors, LLC 0.34% 9,610 $736K
20 Agf Management Ltd 0.26% 882,402 $67.6M
21 Glass Jacobson Investment Advisors llc 0.24% 10,129 $775K
22 Lifeworks Advisors, LLC 0.24% 30,120 $2.3M
23 Redwood Financial Network Corp 0.24% 5,583 $427K
24 Independence Financial Advisors, LLC 0.23% 11,746 $899K
25 Valley Brook Capital Group, Inc. 0.23% 5,215 $399K
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 (FNCL)

What does the Smart Money Trend signal show for FNCL?

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

More sellers than buyers — 49% buying: Last quarter: 119 funds reduced or exited vs 115 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for FNCL holders?

Strong quality — 33% AUM from major funds: 25 of 247 holders rank in the top 100 by AUM, accounting for 33% 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 FNCL?

55% of holders stayed for 2+ years: 137 out of 248 hedge funds have held FNCL 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.

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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