North American Construction
NOA
74 hedge funds and large institutions have $220M invested in North American Construction in 2025 Q3 according to their latest regulatory filings, with 10 funds opening new positions, 17 increasing their positions, 30 reducing their positions, and 14 closing their positions.
183% more call options, than puts
Call options by funds: $116K | Put options by funds: $41K
33% more funds holding in top 10
Funds holding in top 10: 3 → 4 (+1)
3.35% less ownership
Funds ownership: 54.37% → 51.03% (-3.3%)
5% less funds holding
Funds holding: 78 → 74 (-4)
17% less capital invested
Capital invested by funds: $265M → $220M (-$45.1M)
29% less first-time investments, than exits
New positions opened: 10 | Existing positions closed: 14
43% less repeat investments, than reductions
Existing positions increased: 17 | Existing positions reduced: 30
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AF
Aegis Financial
Mc Lean,
Virginia
|
+$12.3M |
| 2 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$6.7M |
| 3 |
CIBC Asset Management
Toronto,
Ontario, Canada
|
+$5.73M |
| 4 |
NAM
NewGen Asset Management
Toronto,
Ontario, Canada
|
+$4.41M |
| 5 |
NELSF
NewGen Equity Long/Short Fund
Grand Cayman,
Cayman Islands
|
+$4.41M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
-$11.4M |
| 2 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
-$10.9M |
| 3 |
CIBC World Market
Toronto,
Ontario, Canada
|
-$5.2M |
| 4 |
ACA
AYAL Capital Advisors
Toronto,
Ontario, Canada
|
-$4.99M |
| 5 |
Stifel Financial
St. Louis,
Missouri
|
-$4.13M |
NOA Hedge Fund Activity: Q3 2025 in Review
74 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in North American Construction (NOA) for Q3 2025, worth a combined $220M — down 17% from $265M a quarter earlier.
Sellers outnumbered buyers: 14 funds closed out of NOA and 10 opened new positions — a net loss of 4 holders — while 30 trimmed existing stakes and 17 added.
The largest buyer was Aegis Financial, opening a new position worth an estimated $12.3M. The largest seller was Mackenzie Financial, cutting an estimated $11.4M.
- 74 institutional investors held North American Construction (NOA) as of Q3 2025, down from 78 in Q2 2025.
- Funds reported $220M of North American Construction stock for Q3 2025, down 17% quarter-over-quarter.
- 10 funds opened new North American Construction positions in Q3 2025 and 14 closed out, a net change of -4 holders.
- The largest North American Construction buyer in Q3 2025 was Aegis Financial, an estimated $12.3M added.
- The largest North American Construction seller in Q3 2025 was Mackenzie Financial, an estimated $11.4M sold.
Based on aggregated 13F filings for Q3 2025.