Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

FIDELITY COVINGTON TRUST (FQAL)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +5
Streak
11Q ▲
Buyers last Q
65%

Smart Money Signals — FQAL

Based on 136 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 11 quarters in a row

last 6Q
For 11 consecutive quarters, more hedge funds added FQAL 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
136 hedge funds hold FQAL 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 — +32% more funds vs a year ago

fund count last 6Q
+33 new funds entered over the past year (+32% 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 — 65% buying

84 buying46 selling
Last quarter: 84 funds were net buyers (23 opened a brand new position + 61 added to an existing one). Only 46 were sellers (28 trimmed + 18 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: 14 → 25 → 24 → 23. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

41% of holders stayed for 2+ years

■ 41% conviction (2yr+) ■ 26% medium ■ 32% new
56 out of 136 hedge funds have held FQAL 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

15 → 14 → 25 → 24 → 23 new funds/Q
New funds entering each quarter: 14 → 25 → 24 → 23. A growing number of institutions are discovering FQAL each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 43% of holders stayed 2+ years

■ 43% veterans ■ 17% 1-2yr ■ 40% new
Of 136 current holders: 59 (43%) 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.
🏆

Elite ownership — 67% AUM from top-100 funds

67% from top-100 AUM funds
13 of 136 holders are among the 100 largest funds by AUM, controlling 67% of total institutional value in FQAL. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — 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: FQAL

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

Market Analysis: FQAL

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FQAL

-- --

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

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

12 top-rated funds 2 high-conviction
Consensus
4.8
/ 10
breadth
×
Elite
2.3
/ 10
conviction
Hedge Fund Positioning: FQAL
2026 Q1 Stats Unlock in 9 days 136 + Investors

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

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 136 131 3.82%
13F Shares 13M 11M 13.77%
Total Value $928M $853M 8.78%
New Positions 23 24 -1
Increased Positions 61 50 +11
Closed Positions 18 15 +3
Reduced Positions 28 38 -10
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: FQAL

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)

136 + investors

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

Top 25 institutional holders of FQAL — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 High Probability Advisors, LLC 3.04% 326,720 $23.7M
2 Fullerton Advisors, LLC 2.76% 36,675 $2.7M
3 Great Lakes Retirement, Inc. 1.84% 244,818 $17.8M
4 Orgel Wealth Management, LLC 1.41% 900,088 $65.3M
5 BEACON FINANCIAL GROUP 1.08% 143,201 $10.8M
6 Centerline Wealth Advisors, LLC 0.85% 32,661 $2.4M
7 Flavin Financial Services, Inc. 0.51% 10,446 $758K
8 UNIQUE WEALTH, LLC 0.37% 36,398 $2.6M
9 Kestra Advisory Services, LLC 0.25% 899,808 $65.3M
10 RCS Financial Planning, LLC 0.23% 6,067 $440K
11 Atlas Brown,Inc. 0.17% 7,799 $566K
12 Avise Financial Cooperative, Inc. 0.17% 2,800 $203K
13 SAGESPRING WEALTH PARTNERS, LLC 0.15% 114,532 $8.3M
14 SILVER OAK SECURITIES, INCORPORATED 0.13% 25,198 $1.8M
15 Breakwater Capital Group 0.12% 12,842 $932K
16 Bryant Woods Investment Advisors, LLC 0.10% 3,808 $277K
17 Strategic Blueprint, LLC 0.10% 23,736 $1.7M
18 Stone House Investment Management, LLC 0.09% 7,111 $516K
19 Sovran Advisors, LLC 0.09% 14,518 $1.1M
20 FORONJY FINANCIAL LLC 0.09% 2,947 $214K
21 CRA Financial Services, LLC 0.08% 8,150 $592K
22 True Wealth Design, LLC 0.07% 3,496 $254K
23 SWEENEY & MICHEL, LLC 0.07% 3,049 $231K
24 ALTFEST L J & CO INC 0.06% 8,239 $598K
25 AssuredPartners Investment Advisors, LLC 0.06% 7,868 $579K
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 (FQAL)

What does the Smart Money Trend signal show for FQAL?

Buying streak — 11 quarters in a row: For 11 consecutive quarters, more hedge funds added FQAL 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 FQAL?

More buyers than sellers — 65% buying: Last quarter: 84 funds were net buyers (23 opened a brand new position + 61 added to an existing one). Only 46 were sellers (28 trimmed + 18 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FQAL holders?

Elite ownership — 67% AUM from top-100 funds: 13 of 136 holders are among the 100 largest funds by AUM, controlling 67% of total institutional value in FQAL. 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 FQAL?

41% of holders stayed for 2+ years: 56 out of 136 hedge funds have held FQAL 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.