North American Construction
NOA
86 hedge funds and large institutions have $289M invested in North American Construction in 2025 Q1 according to their latest regulatory filings, with 11 funds opening new positions, 26 increasing their positions, 30 reducing their positions, and 13 closing their positions.
72% more call options, than puts
Call options by funds: $74K | Put options by funds: $43K
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
2% less funds holding
Funds holding: 88 → 86 (-2)
3.11% less ownership
Funds ownership: 64.72% → 61.6% (-3.1%)
13% less repeat investments, than reductions
Existing positions increased: 26 | Existing positions reduced: 30
15% less first-time investments, than exits
New positions opened: 11 | Existing positions closed: 13
23% less capital invested
Capital invested by funds: $374M → $289M (-$85.6M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
+$13.3M |
| 2 |
OCM
Orchard Capital Management
Chicago,
Illinois
|
+$5.87M |
| 3 |
CIBC Asset Management
Toronto,
Ontario, Canada
|
+$3.74M |
| 4 |
NAM
NewGen Asset Management
Toronto,
Ontario, Canada
|
+$2.78M |
| 5 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$1.86M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$4.69M |
| 2 |
AIMCA
Alberta Investment Management Corp (AIMCo)
Edmonton,
Alberta, Canada
|
-$4.05M |
| 3 |
HIM
Hillsdale Investment Management
Toronto,
Ontario, Canada
|
-$3.2M |
| 4 |
Two Sigma Investments
New York
|
-$2.19M |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$1.98M |
NOA Hedge Fund Activity: Q1 2025 in Review
86 of the 7,472 institutional investors tracked by Wall St. Rank reported a position in North American Construction (NOA) for Q1 2025, worth a combined $289M — down 23% from $374M a quarter earlier.
Sellers outnumbered buyers: 13 funds closed out of NOA and 11 opened new positions — a net loss of 2 holders — while 30 trimmed existing stakes and 26 added.
The largest buyer was Polar Asset Management Partners, adding an estimated $13.3M. The largest seller was Bank of America, cutting an estimated $4.69M.
- 86 institutional investors held North American Construction (NOA) as of Q1 2025, down from 88 in Q4 2024.
- Funds reported $289M of North American Construction stock for Q1 2025, down 23% quarter-over-quarter.
- 11 funds opened new North American Construction positions in Q1 2025 and 13 closed out, a net change of -2 holders.
- The largest North American Construction buyer in Q1 2025 was Polar Asset Management Partners, an estimated $13.3M added.
- The largest North American Construction seller in Q1 2025 was Bank of America, an estimated $4.69M sold.
Based on aggregated 13F filings for Q1 2025.