North American Construction
NOA
79 hedge funds and large institutions have $241M invested in North American Construction in 2025 Q4 according to their latest regulatory filings, with 22 funds opening new positions, 30 increasing their positions, 15 reducing their positions, and 15 closing their positions.
46,700% more call options, than puts
Call options by funds: $468K | Put options by funds: $1K
100% more repeat investments, than reductions
Existing positions increased: 30 | Existing positions reduced: 15
47% more first-time investments, than exits
New positions opened: 22 | Existing positions closed: 15
10% more capital invested
Capital invested by funds: $220M → $241M (+$21.8M)
7% more funds holding
Funds holding: 74 → 79 (+5)
6.52% more ownership
Funds ownership: 51.03% → 57.54% (+6.5%)
25% less funds holding in top 10
Funds holding in top 10: 4 → 3 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BAM
Bastion Asset Management
Montreal,
Canada
|
+$8.39M |
| 2 |
Millennium Management
New York
|
+$4.82M |
| 3 |
CIBC Asset Management
Toronto,
Ontario, Canada
|
+$3.74M |
| 4 |
D.E. Shaw & Co
New York
|
+$3.57M |
| 5 |
CP
CenterBook Partners
Greenwich,
Connecticut
|
+$2.99M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
-$5.61M |
| 2 |
Goldman Sachs
New York
|
-$4.4M |
| 3 |
CC
Cannell Capital
Alta,
Wyoming
|
-$3.25M |
| 4 |
NAM
NewGen Asset Management
Toronto,
Ontario, Canada
|
-$3.06M |
| 5 |
KJHP
K.J. Harrison & Partners
Toronto,
Ontario, Canada
|
-$2.36M |
NOA Hedge Fund Activity: Q4 2025 in Review
79 of the 8,227 institutional investors tracked by Wall St. Rank reported a position in North American Construction (NOA) for Q4 2025, worth a combined $241M — up 9.9% from $220M a quarter earlier.
Buyers outnumbered sellers: 22 funds opened new NOA positions and 15 closed out — a net gain of 7 holders — while 30 added to existing stakes and 15 trimmed.
The largest buyer was Bastion Asset Management, opening a new position worth an estimated $8.39M. The largest seller was Polar Asset Management Partners, cutting an estimated $5.61M.
- 79 institutional investors held North American Construction (NOA) as of Q4 2025, up from 74 in Q3 2025.
- Funds reported $241M of North American Construction stock for Q4 2025, up 9.9% quarter-over-quarter.
- 22 funds opened new North American Construction positions in Q4 2025 and 15 closed out, a net change of +7 holders.
- The largest North American Construction buyer in Q4 2025 was Bastion Asset Management, an estimated $8.39M added.
- The largest North American Construction seller in Q4 2025 was Polar Asset Management Partners, an estimated $5.61M sold.
Based on aggregated 13F filings for Q4 2025.