Fidelity Covington Trust (FSMD) Hedge Fund Ownership (Q2 2026)

Fidelity Covington Trust (FSMD)

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

Smart Money Signals — FSMD

Based on 188 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 11 quarters in a row

last 6Q

For 11 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

188 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 — +42% more funds vs a year ago

fund count last 6Q

+56 new funds entered over the past year (+42% 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

120 buying66 selling

Last quarter: 120 funds were net buyers (35 opened a brand new position + 85 added to an existing one). Only 66 were sellers (49 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.

➡️

Steady new buyers — ~35 new funds per quarter

new funds entering per quarter

Funds opening this position for the first time: 28 → 26 → 31 → 35. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.

🔄

Mostly new holders — 35% entered in last year

■ 23% conviction (2yr+) ■ 42% medium ■ 35% new

Only 43 funds (23%) 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 +19% but shares only +2% — price-driven

Value

+19%

+1%

Last quarter: the total dollar value of institutional holdings rose +19%, but actual share count only changed +2%. 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.

📈

Growing discovery — still being found

39 → 28 → 26 → 31 → 35 new funds/Q

New funds entering each quarter: 28 → 26 → 31 → 35. A growing number of institutions are discovering FSMD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.

📊

Mixed cohorts — 21% veterans, 53% new entrants

■ 21% veterans ■ 26% 1-2yr ■ 53% new

Of 188 current holders: 40 (21%) held 2+ years, 48 held 1–2 years, 100 (53%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.

🏆

Elite ownership — 53% AUM from top-100 funds

53% from top-100 AUM funds

23 of 188 holders are among the 100 largest funds by AUM, controlling 53% 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.

4.4

out of 10

Moderate Exit Risk

Exit risk score 4.4/10 — 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.

Metric	All 13F Filers (2026 Q2)	Prior (2026 Q1)	Change
Funds Holding	187	170	10.0%
13F Shares	43M	42M	1.48%
Total Value	$2.25B	$1.89B	19.2%
New Positions	35	31	+4
Increased Positions	85	84	+1
Closed Positions	18	19	-1
Reduced Positions	49	38	+11
Total Calls	0	0	-
Total Puts	0	0	-
PUT/CALL Ratio	0.0	0.0	Bullish

Metric

All 13F Filers (2026 Q2)

Prior (2026 Q1)

Change

Funds Holding

187

170

10.0%

13F Shares

43M

42M

1.48%

Total Value

$2.25B

$1.89B

19.2%

New Positions

Increased Positions

Closed Positions

-1

Reduced Positions

+11

Total Calls

Total Puts

PUT/CALL Ratio

0.0

Bullish

Institutional Holders (2026 Q2)

187 + investors

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

QUARTER:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 FSMD holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	GEN Financial Management, INC.	9.41%	297,441	$15.7M
2	Retirement Planning Group, LLC	7.47%	5,565,941	$294.2M
3	Presper Financial Architects, LLC	6.80%	246,489	$13.0M
4	Liberty Square Wealth Partners LLC	4.49%	356,575	$18.8M
5	Fortitude Financial, LLC	3.78%	79,495	$4.2M
6	Bravera Wealth	3.34%	164,967	$8.7M
7	Prasad Wealth Partners, LLC	2.52%	197,968	$10.5M
8	Evergreen Private Wealth LLC	2.48%	126,854	$6.7M
9	Laurel Wealth Planning LLC	2.29%	98,015	$5.2M
10	Provident Wealth Management, LLC	2.22%	163,496	$8.6M
11	Schuylkill Financial LLC	2.17%	44,336	$2.3M
12	Trademark Financial Management, LLC	1.85%	85,635	$4.5M
13	Fsa Wealth Partners, INC.	1.77%	133,818	$7.1M
14	Goldstone Financial Group, LLC	1.71%	353,428	$18.7M
15	Kestra Investment Management, LLC	1.47%	1,439,993	$76.1M
16	Hicks Capital Management LLC	1.27%	29,341	$1.6M
17	AssuredPartners Investment Advisors, LLC	1.27%	248,292	$13.1M
18	Kuhn & Co Investment Counsel	1.19%	38,916	$2.1M
19	Advocacy Wealth Management, LLC	1.18%	616,638	$32.6M
20	Mascagni Wealth Management, Inc.	1.02%	31,137	$1.6M
21	Roxbury Financial LLC	0.99%	23,776	$1.3M
22	BG Investment Services, LLC	0.94%	24,674	$1.3M
23	Riverbend Wealth Management, LLC	0.83%	31,302	$1.7M
24	Nova Wealth Management, Inc.	0.73%	24,957	$1.3M
25	Faithward Advisors, LLC	0.58%	90,309	$4.8M

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 — 11 quarters in a row: For 11 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 — 65% buying: Last quarter: 120 funds were net buyers (35 opened a brand new position + 85 added to an existing one). Only 66 were sellers (49 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for FSMD holders?

Elite ownership — 53% AUM from top-100 funds: 23 of 188 holders are among the 100 largest funds by AUM, controlling 53% 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 — 35% entered in last year: Only 43 funds (23%) 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.

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Fidelity Covington Trust (FSMD)

Smart Money Signals — FSMD

Buying streak — 11 quarters in a row

At the ownership peak (100% of max)

Fast accumulation — +42% more funds vs a year ago

More buyers than sellers — 65% buying

Steady new buyers — ~35 new funds per quarter

Mostly new holders — 35% entered in last year

Value +19% but shares only +2% — price-driven

Growing discovery — still being found

Mixed cohorts — 21% veterans, 53% new entrants

Elite ownership — 53% AUM from top-100 funds

Institutional Sentiment Summary — FSMD

Hedge Fund Ownership: FSMD

Market Analysis: FSMD

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: FSMD

Hedge Fund Positioning: FSMD

Statistics: FSMD

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q2)

Frequently Asked Questions — Fidelity Covington Trust (FSMD)

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