Waste Connections

WCN • NYSE

Waste Connections is a waste management company in the industrials sector on NYSE, led by Ronald J. Mittelstaedt, with a market cap of $44.4B. As of Q3 2025, 82% of shares are held by 723 institutional investors, with VANGUARD GROUP INC as the largest holder at 12.28%.

President and Chief Executive OfficerRonald J. Mittelstaedt

Market Cap$44.4B

Waste Management

Industrials

Employees22.5K

Websitewasteconnections.com

Country

United States of America

Overview

Overview of institutional ownership in WCN as of Q3 2025 with a market cap of $45.2B

All Institutions

Institutions: 723
Value Held: $36.9B
Shares Held: 210.2M
Avg Position: $51.1M
Median Position: $1.3M

Hedge Funds

Hedge Funds: 51
Value Held: $1.7B
Shares Held: 9.9M
Avg Position: $34.3M
Median Position: $6.7M

Ownership Breakdown

Institutional (non-HF)

77.86%

$35.2B

Hedge Funds

3.87%

$1.7B

Retail & Other

18.27%

$8.3B

Based on market cap of $45.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in WCN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$5.6B 0.08% of portfolio	12.28% 31.6M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
R ROYAL BANK OF CANADA Institution	-	$1.9B 0.35% of portfolio	4.19% 10.8M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
FMR LLC Institution	-	$1.8B 0.09% of portfolio	4.04% 10.4M shares	Q1 2016 Held for 9y 8m	$1.92T
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$1.6B 0.66% of portfolio	3.45% 8.9M shares	≤ Q2 2013 Held for 12y 5m+	$235.55B
B BlackRock, Inc. Institution	-	$1.2B 0.02% of portfolio	2.59% 6.7M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
WCM INVESTMENT MANAGEMENT/CA Long Only Manager	Mike Brady Trigg CEO	$1.1B 2.34% of portfolio	2.51% 6.5M shares	Q2 2022 Held for 3y 5m	$48.1B
MACKENZIE FINANCIAL CORP Long Only Manager	Joseph Luke Gregoire Gould CEO	$1.1B 1.30% of portfolio	2.39% 6.1M shares	≤ Q2 2013 Held for 12y 5m+	$82.7B
C Capital International Investors Institution	-	$887.0M 0.14% of portfolio	1.96% 5.0M shares	Q3 2014 Held for 11y 2m	$615.90B
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Edmund Wellington Iii President	$783.2M 0.14% of portfolio	1.73% 4.5M shares	≤ Q2 2013 Held for 12y 5m+	$571.21B
G GCIC Ltd. Institution	-	$755.7M 1.29% of portfolio	1.67% 4.3M shares	Q2 2016 Held for 9y 5m	$58.8B

Net Capital Flow

Institutional buying and selling activity for WCN in Q3 2025

Net Flow: −$1.1B
Buyers: 271
Sellers: 341
Total Bought: +$2.8B
Total Sold: −$3.9B
Avg Position: $49.7M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$856.3M +4.9M shares	$1.8B 10.4M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$222.2M +1.3M shares	$783.2M 4.5M shares
MACKENZIE FINANCIAL CORP Long Only Manager	+$161.4M +918.2K shares	$1.1B 6.1M shares
VANGUARD GROUP INC Institution	+$126.1M +717.4K shares	$5.6B 31.6M shares
CIBC Global Asset Management Inc Long Only Manager	+$125.4M +712.0K shares	$350.6M 2.0M shares
BANK OF MONTREAL /CAN/ Institution	+$96.3M +548.0K shares	$1.6B 8.9M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$85.1M +484.2K shares	$268.6M 1.5M shares
MORGAN STANLEY RIA/Wealth	+$72.5M +412.5K shares	$539.1M 3.1M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$61.4M +349.0K shares	$62.0M 352.5K shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$61.2M +347.9K shares	$490.8M 2.8M shares

Biggest Sellers

Institution	Net Sold	Current Position
A Alphinity Investment Management Pty Ltd Institution	−$569.7M −3.1M shares	Sold Off 0 shares
F FIL Ltd Institution	−$490.4M −2.8M shares	$595.2M 3.4M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$266.7M −1.5M shares	$1.0M 5.9K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$175.7M −999.4K shares	$591.5M 3.4M shares
C Capital International Investors Institution	−$168.4M −958.5K shares	$887.0M 5.0M shares
N Nuveen, LLC Institution	−$145.4M −826.9K shares	$262.5M 1.5M shares
B BlackRock, Inc. Institution	−$138.2M −786.1K shares	$1.2B 6.7M shares
Pictet Asset Management Holding SA Long Only Manager	−$135.8M −772.4K shares	$583.3M 3.3M shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$132.9M −756.2K shares	$223.8M 1.3M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	−$132.3M −709.0K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited WCN in Q3 2025

New Positions: 30
New Value: $19.0M
Exited Positions: 79
Exited Value: $1.1B

New Positions

Institution	Position Value
Jain Global LLC Hedge Fund•Multi-Strategy	$7.4M 41.9K shares
A ALLIANZ SE Institution	$6.9M 39.0K shares
ClearAlpha Technologies LP Hedge Fund•Multi-Strategy	$1.6M 9.1K shares
P PenderFund Capital Management Ltd. Institution	$527.4K 3.0K shares
Numerai GP LLC Hedge Fund•Quant	$508.1K 2.9K shares
Fifth Third Wealth Advisors LLC RIA/Wealth	$338.6K 1.9K shares
Point72 Europe LLP Digital Asset Manager	$279.2K 1.6K shares
A4 Wealth Advisors LLC RIA/Wealth	$268.1K 1.5K shares
Chevy Chase Trust Holdings, Inc. RIA/Wealth	$262.1K 1.5K shares
1 111 Capital Institution	$235.1K 1.3K shares

Exited Positions

Institution	Previous Position
A Alphinity Investment Management Pty Ltd Institution	$569.7M 3.1M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	$132.3M 709.0K shares
B BNP Paribas Investment Partners S.A. Institution	$126.0M 675.0K shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	$63.4M 339.5K shares
Q Quadrature Capital Ltd Institution	$39.5M 212.4K shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	$16.8M 90.0K shares
A AXA Institution	$16.7M 89.3K shares
S SCOPUS ASSET MANAGEMENT, L.P. Hedge Fund•Long/Short	$10.8M 58.0K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$8.7M 46.3K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	$8.3M 44.5K shares

Options Activity

Institutions with the largest Call and Put options positions in WCN as of Q3 2025

Call Positions: 13
Call Value: $91.4M
Put Positions: 10
Put Value: $12.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$34.9M 2.0K contracts
J JANE STREET GROUP, LLC Institution	$18.6M 1.1K contracts
W WOLVERINE TRADING, LLC Institution	$11.6M 665.0 contracts
C CIBC World Markets Inc. Institution	$10.5M 600.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.1M 289.0 contracts
R ROYAL BANK OF CANADA Institution	$4.5M 254.0 contracts
S SIG North Trading, ULC Institution	$2.4M 137.0 contracts
BANK OF MONTREAL /CAN/ Institution	$2.1M 120.0 contracts
UBS Group AG Institution	$1.2M 68.0 contracts
Walleye Trading LLC RIA/Wealth	$439.5K 25.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.7M 212.0 contracts
C CIBC World Markets Inc. Institution	$3.5M 200.0 contracts
S SIG North Trading, ULC Institution	$2.3M 129.0 contracts
J JANE STREET GROUP, LLC Institution	$1.1M 65.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.1M 62.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$263.7K 15.0 contracts
TORONTO DOMINION BANK Institution	$263.6K 15.0 contracts
BANK OF MONTREAL /CAN/ Institution	$105.5K 6.0 contracts
Walleye Trading LLC RIA/Wealth	$87.9K 5.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with WCN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Visualize Group LP Hedge Fund•Multi-Strategy	Chukudi Melvin Ike Managing Partner	13.43% $40.1M	0.09% 228.1K shares	Q4 2024 Held for 11 months	$298.6M
Stockbridge Partners LLC Hedge Fund•Long/Short	Joshua Adam Lutzker Managing Partner	7.60% $392.8M	0.87% 2.2M shares	Q4 2023 Held for 1y 11m	$5.2B
O OAKMONT CORP Family Office	Peter Weldon Carlton President	5.11% $28.6M	0.06% 162.7K shares	Q2 2025 Held for 5 months	$559.5M
MONTRUSCO BOLTON INVESTMENTS INC. Long Only Manager	Sylvain Boule CEO	4.48% $384.2M	0.88% 2.3M shares	Q3 2021 Held for 4y 2m	$8.6B
ClearAlpha Technologies LP Hedge Fund•Multi-Strategy	Brian Keith Hurst CEO	4.34% $1.6M	0.00% 9.1K shares	Q3 2025 Held for 2 months	$36.9M
B Baskin Financial Services Inc. Institution	-	3.89% $51.2M	0.11% 291.3K shares	Q2 2016 Held for 9y 5m	$1.3B
M Mirabaud Asset Management Ltd Real Assets	Fernando Javier Moncholobo Managing Partner	3.71% $7.7M	0.02% 43.9K shares	Q1 2024 Held for 1y 8m	$206.2M
H Harvey Partners, LLC Institution	-	3.58% $39.4M	0.09% 224.0K shares	Q4 2022 Held for 2y 11m	$1.1B
E EDENTREE ASSET MANAGEMENT Ltd Institution	-	3.46% $14.4M	0.03% 81.7K shares	Q4 2024 Held for 11 months	$414.8M
BRASADA CAPITAL MANAGEMENT, LP Real Assets	Mark Edward Mcmeans CEO	3.27% $19.2M	0.04% 111.2K shares	Q4 2017 Held for 7y 11m	$588.1M

Hedge Fund Spotlight

Discover hedge funds investing in WCN

Numerai GP LLC

Hedge Fund • Quant

Portfolio ManagerRichard Malone Craib

Portfolio Value: $707.9M
Positions: 545
Last Reported: Q3 2025

Sector Allocation

Position in Waste Connections

Market Value: $508.1K
Shares Held: 2.9K
Portfolio Weight: 0.07%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Costco Wholesale COST	Discount Stores Consumer Defensive	$11.8M	1.66%
2 Manulife Financial MFC	Insurance - Life Financial Services	$10.2M	1.44%
3 IDEX IEX	Industrial - Machinery Industrials	$10.1M	1.43%