North American Construction
NOA
78 hedge funds and large institutions have $265M invested in North American Construction in 2025 Q2 according to their latest regulatory filings, with 9 funds opening new positions, 25 increasing their positions, 28 reducing their positions, and 15 closing their positions.
95% more call options, than puts
Call options by funds: $39K | Put options by funds: $20K
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
7.23% less ownership
Funds ownership: 61.6% → 54.37% (-7.2%)
8% less capital invested
Capital invested by funds: $289M → $265M (-$24.1M)
9% less funds holding
Funds holding: 86 → 78 (-8)
11% less repeat investments, than reductions
Existing positions increased: 25 | Existing positions reduced: 28
40% less first-time investments, than exits
New positions opened: 9 | Existing positions closed: 15
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Stifel Financial
St. Louis,
Missouri
|
+$4.85M |
| 2 |
TWC
TD Waterhouse Canada
Toronto,
Ontario, Canada
|
+$4.52M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$3.66M |
| 4 |
Bank of America
Charlotte,
North Carolina
|
+$2.37M |
| 5 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$1.61M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AIMCA
Alberta Investment Management Corp (AIMCo)
Edmonton,
Alberta, Canada
|
-$12.8M |
| 2 |
CIBC Asset Management
Toronto,
Ontario, Canada
|
-$7.78M |
| 3 |
CC
Cannell Capital
Alta,
Wyoming
|
-$4.08M |
| 4 |
OCM
Orchard Capital Management
Chicago,
Illinois
|
-$3.26M |
| 5 |
HIM
Hillsdale Investment Management
Toronto,
Ontario, Canada
|
-$3.23M |
NOA Hedge Fund Activity: Q2 2025 in Review
78 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in North American Construction (NOA) for Q2 2025, worth a combined $265M — down 8.3% from $289M a quarter earlier.
Sellers outnumbered buyers: 15 funds closed out of NOA and 9 opened new positions — a net loss of 6 holders — while 28 trimmed existing stakes and 25 added.
The largest buyer was Stifel Financial, adding an estimated $4.85M. The largest seller was Alberta Investment Management Corp (AIMCo), cutting an estimated $12.8M.
- 78 institutional investors held North American Construction (NOA) as of Q2 2025, down from 86 in Q1 2025.
- Funds reported $265M of North American Construction stock for Q2 2025, down 8.3% quarter-over-quarter.
- 9 funds opened new North American Construction positions in Q2 2025 and 15 closed out, a net change of -6 holders.
- The largest North American Construction buyer in Q2 2025 was Stifel Financial, an estimated $4.85M added.
- The largest North American Construction seller in Q2 2025 was Alberta Investment Management Corp (AIMCo), an estimated $12.8M sold.
Based on aggregated 13F filings for Q2 2025.