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Data from SEC EDGAR filings: company financials and 13F holdings.

Disclaimer: QW Research is provided for informational and educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Data is derived from public SEC 13F filings and may be incomplete, delayed, or inaccurate. Do not make investment decisions based on this content. QW Research does not share in any profits and accepts no liability for any losses or decisions made using this information. Past performance does not predict future results.

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NOA — Fundamentals, Valuation & Ownership | QW Research

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North American Construction Group Ltd. (NOA)

Accumulating

Institutional accumulation: ownership increased +0.96% quarter-over-quarter.

Data as of Q1 2026

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No collected fundamentals to build a valuation model.

No collected fundamentals for a quality & risk analysis.

No collected fundamentals for a dividends & returns analysis.

No collected fundamentals for a capital-allocation analysis.

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Institutional Ownership

58.8%

of shares outstanding · 76 funds hold it

Ownership Change

0.96 pts

institutions added to their stake last quarter

Crowding

85ᵗʰ pctl

more crowded than 85% of tracked stocks

Institutional Value

$200.7M

total position value across all 13F filers

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Institutional Holders

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No collected fundamentals for a debt & leverage analysis.

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Institutional Trends (8 Quarters)

Crowding AnalysisCrowded

Holders76of 5,944

Avg: 68

Uncrowded85th percentileCrowded

Institutional Activity

Buy/Sell Ratio1.21x

66th percentile

46 buying38 selling

+12

New

-15

Closed

+227K

Net shares

Ownership Concentration

Top 5: 51.9%Top 10: 69.4%

BANK OF MONTREAL /CAN/17.1%

Claret Asset Management12.1%

CIBC Asset Management8.6%

NATIONAL BANK OF CANADA8.0%

AEGIS FINANCIAL6.1%

Others (71)48.1%

Crowding AnalysisCrowded

Holders76of 5,944

Avg: 68

Uncrowded85th percentileCrowded

Institutional Activity

Buy/Sell Ratio1.21x

66th percentile

46 buying38 selling

+12

New

-15

Closed

+227K

Net shares

Ownership Concentration

Top 5: 51.9%Top 10: 69.4%

BANK OF MONTREAL /CAN/17.1%

Claret Asset Management12.1%

CIBC Asset Management8.6%

NATIONAL BANK OF CANADA8.0%

AEGIS FINANCIAL6.1%

Others (71)48.1%

Buy / Sell Volume by Quarter

Total shares institutions bought (green) vs sold (red) each quarter across all holders.

Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.

Conviction-Weighted Ownership

Median weight: 0.03%Avg weight: 1.38%Max: 7.97%High conviction (>1%): 3

BANK OF MONTREAL /CAN/

Claret Asset Management

CIBC Asset Management

NATIONAL BANK OF CANADA

AEGIS FINANCIAL

CANNELL CAPITAL

AMERICAN CENTURY COMPANIES

Connor, Clark & Lunn Investment Management

Alberta Investment Management

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

Ownership Map

Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Ownership Map

Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Performance vs. S&P 500

Total return (dividends reinvested) vs the market, from quarter-end prices.

$10,000 invested 2021-06

$9,447

NOA · -6%

$18,666

S&P 500 · +87%

−$9,219

behind the index

Total return (5Y)

-6%

S&P 500

+87%

vs. market

-92%

underperformed

Annualized

-1.1%

mkt 13.3%

Volatility

32%

annualized

Beta

0.93

vs S&P 500

Growth of $10,000

Hover the chart to read any quarter

NOAS&P 500

Year by year

Annual return vs the market

Hover a year to compare.

NOA (solid)S&P 500 (outline)Green = positive year, red = negative. Number = NOA's return.

Beat the market

2 / 6 yrs

33% win rate

Best year

+58%

2023

Worst year

-33%

2025

Worst drawdown

-38%

still -38% below peak

Relative strength

Cumulative lead over the S&P 500

Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.

Downside

Drawdown from peak · max -38%

How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.

Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.

We haven't collected financials for NOA yet, so it can't be scored against its Energy peers.