Waste Connections
770 hedge funds and large institutions have $41.3B invested in Waste Connections in 2025 Q2 according to their latest regulatory filings, with 93 funds opening new positions, 305 increasing their positions, 241 reducing their positions, and 55 closing their positions.
69% more first-time investments, than exits
New positions opened: 93 | Existing positions closed: 55
54% more call options, than puts
Call options by funds: $49.8M | Put options by funds: $32.2M
27% more repeat investments, than reductions
Existing positions increased: 305 | Existing positions reduced: 241
4% more funds holding
Funds holding: 742 → 770 (+28)
0.39% less ownership
Funds ownership: 85.87% → 85.48% (-0.39%)
4% less capital inflows, than outflows
Capital inflows: $2.54B | Capital outflows: $2.65B
32% less funds holding in top 10
Funds holding in top 10: 25 → 17 (-8)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BlackRock
New York
|
+$268M |
| 2 |
Picton Mahoney Asset Management
Toronto,
Ontario, Canada
|
+$146M |
| 3 |
Montrusco Bolton Investments
Montreal,
Quebec, Canada
|
+$141M |
| 4 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
+$124M |
| 5 |
Vanguard Group
Malvern,
Pennsylvania
|
+$120M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$656M |
| 2 |
Fidelity International
Hamilton,
Bermuda
|
-$324M |
| 3 |
Nuveen
Charlotte,
North Carolina
|
-$168M |
| 4 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$164M |
| 5 |
Citadel Advisors
Miami,
Florida
|
-$153M |
WCN Hedge Fund Activity: Q2 2025 in Review
770 of the 7,627 institutional investors tracked by Wall St. Rank reported a position in Waste Connections (WCN) for Q2 2025, worth a combined $41.3B — down 4.6% from $43.2B a quarter earlier.
Buyers outnumbered sellers: 93 funds opened new WCN positions and 55 closed out — a net gain of 38 holders — while 305 added to existing stakes and 241 trimmed.
The largest buyer was BlackRock, adding an estimated $268M. The largest seller was T. Rowe Price Investment Management, cutting an estimated $656M.
- 770 institutional investors held Waste Connections (WCN) as of Q2 2025, up from 742 in Q1 2025.
- Funds reported $41.3B of Waste Connections stock for Q2 2025, down 4.6% quarter-over-quarter.
- 93 funds opened new Waste Connections positions in Q2 2025 and 55 closed out, a net change of +38 holders.
- The largest Waste Connections buyer in Q2 2025 was BlackRock, an estimated $268M added.
- The largest Waste Connections seller in Q2 2025 was T. Rowe Price Investment Management, an estimated $656M sold.
Based on aggregated 13F filings for Q2 2025.