Five Canadian Stocks Hedge Funds Like

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Hedge funds grew less bullish on Canadian Pacific Railway Limited (USA) (NYSE:CP) during the second quarter. A total of 36 hedge funds in our database were long $3.02 billion worth of the company’s shares at the end of March, which fell to 31 funds holding $2.13 billion in Canadian Pacific Railway positions by the end of June. The funds held 11% of the company’s outstanding shares in aggregate at the end of the June quarter. Canadian Pacific Railway Limited (USA) (NYSE:CP) recently announced the departure of its Executive Vice President and Chief Financial Officer Mark Erceg, who stepped down on September 9. The company has appointed Nadeem Velani as Interim Chief Financial Officer. Velani joined the company in March 2013 and most recently served as its Vice President of Investor Relations.

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Barrick Gold Corporation (USA) (NYSE:ABX) has been one of the best performing stocks this year, much to the pleasure of the 53 hedge funds that we track which were Barrick shareholders on June 30, holding approximately $3.83 billion worth of its shares. Barrick’s good performance comes as no surprise, given that gold mining stocks had been virtually written off at the end of last year. However, Barrick Gold Corporation (USA) (NYSE:ABX) has gained more than 140% this year, driven by a bounceback in gold prices. Gold mining companies are now enjoying stronger margins as a result of the gold price fall and bounceback, as they had to cut their costs significantly during the downturn.

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It has been a tough 52-week stretch for Valeant Pharmaceuticals International Inc. (NYSE:VRX), which has led many hedge funds to throw in the towel on the stock. At the end of the March quarter, 71 of the hedge funds that we track held $3.15 billion worth of Valeant shares, which fell to 60 hedge funds holding $2.11 billion in shares at the end of June. Nonetheless, hedge funds are overweight Valeant, holding 30.80% of its outstanding shares. The stock has lost nearly 90% of its value in the last year amid allegations of accounting impropriety and questions over the company’s drug pricing policy. Valeant Pharmaceuticals International Inc. (NYSE:VRX) has also seen the departure of its long-time CEO as a result. Under its new CEO, Joseph Papa, Valeant has been focusing on restructuring its operations, including the sale of some of its non-core assets.

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Disclosure: None

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