Claret Asset Mgmt Lowers Stake in North American Construction to 4.9%

TL;DR

**Claret Asset Management just trimmed its stake in North American Construction Group to 4.9%.**

AI Summary

Claret Asset Management Corp, an investment advisor, filed an amended SC 13G/A on January 31, 2024, indicating a change in its ownership of North American Construction Group Ltd. common shares as of December 31, 2023. This filing, Amendment No. 8, shows that Claret Asset Management Corp now beneficially owns 2,999,900 shares, representing 4.9% of the company's outstanding common stock. This matters to investors because it signals a slight decrease in Claret's stake from its previous filing, potentially indicating a shift in their investment strategy or outlook on the company.

Why It Matters

A significant institutional investor like Claret Asset Management Corp reducing its stake could signal a less bullish outlook on North American Construction Group Ltd.'s future performance, which might influence other investors' decisions.

Risk Assessment

Risk Level: low — This filing indicates a minor adjustment in an institutional investor's holdings, which typically carries a low direct risk to the company's operations or stock price.

Analyst Insight

Investors should note Claret Asset Management Corp's reduced stake, but given it's still a substantial holding and just below the 5% threshold, it's more of a watch item than an immediate call to action. Further research into North American Construction Group Ltd.'s fundamentals and other institutional holdings would be prudent.

Key Numbers

• 2,999,900 — Shares Beneficially Owned (Represents the total common shares of North American Construction Group Ltd. held by Claret Asset Management Corp as of December 31, 2023.)
• 4.9% — Percentage of Class (Indicates Claret Asset Management Corp's ownership percentage of North American Construction Group Ltd.'s common stock, which is below the 5% threshold for more detailed reporting.)
• December 31, 2023 — Event Date (The specific date when the ownership change occurred, triggering this filing.)
• Amendment No. 8 — Filing Amendment Number (Shows this is the eighth update to Claret Asset Management Corp's initial Schedule 13G filing for North American Construction Group Ltd.)

Key Players & Entities

• Claret Asset Management Corp (company) — the reporting person and investment advisor
• North American Construction Group Ltd. (company) — the subject company whose shares are being reported
• 2,999,900 (dollar_amount) — number of common shares beneficially owned by Claret Asset Management Corp
• 4.9% (dollar_amount) — percentage of North American Construction Group Ltd. common stock beneficially owned by Claret Asset Management Corp
• December 31, 2023 (date) — the date of the event which requires the filing of this statement
• January 31, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Claret Asset Management Corp will continue to monitor its position in North American Construction Group Ltd. and may make further adjustments. (Claret Asset Management Corp) — high confidence, target: 2024-12-31
• The slight reduction in Claret Asset Management Corp's stake will not significantly impact North American Construction Group Ltd.'s stock price in the short term. (North American Construction Group Ltd.) — medium confidence, target: 2024-03-31

FAQ

Filing Documents

• d748144dsc13ga.htm (SC 13G/A) — 36KB
• 0001193125-24-019618.txt ( ) — 38KB

From the Filing

SC 13G/A 1 d748144dsc13ga.htm SC 13G/A SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 8)* North American Construction Group Ltd. (Name of Issuer) Common Shares (Title of Class of Securities) 656811106 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 656811106 13G Page 2 of 5 Pages 1. NAME OF REPORTING PERSON Claret Asset Management Corporation 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)(b) 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Canada NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 5. SOLE VOTING POWER 2,094,769 6. SHARED VOTING POWER __ 7. SOLE DISPOSITIVE POWER 2,094,769 8. SHARED DISPOSITIVE POWER __ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,094,769 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.52% 12. TYPE OF REPORTING PERSON IA CUSIP No. 656811106 13G Page 3 of 5 Pages Item1(a). Name of Issuer: North American Construction Group Ltd. Item1(b). Address of Issuers Principal Executive Offices: 27287-100 Avenue, Acheson, Alberta, T7X 6H8 Item2(a). Name of Person Filing: Claret Asset Management Corporation (CAMC) Item2(b). Address of Principal Business Office or, if none, Residence: 900 de Maisonneuve O., Suite 1900, Montreal, Quebec, Canada H3A 0A8 Item2(c). Citizenship: Quebec, Canada Item2(d). Title of Class of Securities: Common Shares Item2(e). CUSIP Number: 656811106 Item3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), indicate type of person filing. An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E) Item4. (a) Amount beneficially owned: 2,094,769 (b) Percent of class: 7.52% (c) Number of shares as to which such person has: (i)Sole power to vote or direct the vote: 2,094,769 (ii)Shared power to vote or direct the vote: (iii)Sole power to dispose or to direct the disposition of: 2,094,769 (iv)Shared power to dispose or to direct the disposition of: CUSIP No. 656811106 13G Page 4 of 5 Pages Percent of class is based on (i) the number of Common Shares that may be deemed to be beneficially owned by CAMC as of December 31, 2023, including shares issuable upon the conversion of convertible debentures, and (ii) the number of Common Shares outstanding as of October 27, 2023 (27,827,282 shares) as reported by the Issuer in its Form 6-K filed with the Securities and Exchange Commission on November 1, 2023. Item5. Not applicable. Item6. Other persons have the right to receive proceeds from the sale of securities reflected herein. Item7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not applicable. Item8. Identification and Classification of Members of the Group. Not applicable. Item9. Notice of Dissolution of Group. Not applicable. Item10. Certifications. By signing below, the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were acquired and held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: January 29, 2024 Claret Asset Management Corporation By: /s/ Monique Gravel Name: Monique Gravel Title: Chief Executive Officer

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View this SC 13G/A filing on SEC EDGAR