North American Construction
NOA
70 hedge funds and large institutions have $218M invested in North American Construction in 2026 Q2 according to their latest regulatory filings, with 6 funds opening new positions, 38 increasing their positions, 17 reducing their positions, and 11 closing their positions.
124% more repeat investments, than reductions
Existing positions increased: 38 | Existing positions reduced: 17
83% more call options, than puts
Call options by funds: $295K | Put options by funds: $161K
1.08% less ownership
Funds ownership: 59.53% → 58.45% (-1.1%)
5% less capital invested
Capital invested by funds: $230M → $218M (-$11.7M)
9% less funds holding
Funds holding: 77 → 70 (-7)
33% less funds holding in top 10
Funds holding in top 10: 3 → 2 (-1)
45% less first-time investments, than exits
New positions opened: 6 | Existing positions closed: 11
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$8.11M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$3.81M |
| 3 |
SC
Simcoe Capital
Spokane,
Washington
|
+$3.28M |
| 4 |
Goldman Sachs
New York
|
+$2.69M |
| 5 |
CP
CenterBook Partners
Greenwich,
Connecticut
|
+$1.96M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$20.8M |
| 2 |
AIMCA
Alberta Investment Management Corp (AIMCo)
Edmonton,
Alberta, Canada
|
-$5.7M |
| 3 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
-$4.18M |
| 4 |
BAM
Bastion Asset Management
Montreal,
Canada
|
-$2.65M |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$2.55M |
NOA Hedge Fund Activity: Q2 2026 in Review
70 of the 8,316 institutional investors tracked by Wall St. Rank reported a position in North American Construction (NOA) for Q2 2026, worth a combined $218M — down 5.1% from $230M a quarter earlier.
Sellers outnumbered buyers: 11 funds closed out of NOA and 6 opened new positions — a net loss of 5 holders — while 17 trimmed existing stakes and 38 added.
The largest buyer was Morgan Stanley, adding an estimated $8.11M. The largest seller was Bank of Montreal, cutting an estimated $20.8M.
- 70 institutional investors held North American Construction (NOA) as of Q2 2026, down from 77 in Q1 2026.
- Funds reported $218M of North American Construction stock for Q2 2026, down 5.1% quarter-over-quarter.
- 6 funds opened new North American Construction positions in Q2 2026 and 11 closed out, a net change of -5 holders.
- The largest North American Construction buyer in Q2 2026 was Morgan Stanley, an estimated $8.11M added.
- The largest North American Construction seller in Q2 2026 was Bank of Montreal, an estimated $20.8M sold.
Based on aggregated 13F filings for Q2 2026.