In this article, we will look at the 10 Best Non-US Stocks to Buy According to Hedge Funds.

On December 9, Michelle Gibley, Director of International Equity Research and Strategy at the Schwab Center for Financial Research, released her 2026 Outlook for International Stocks and Economy. She sees international markets as well-positioned for another strong year, driven by robust earnings, economic growth, and attractive valuations compared to the S&P 500. Gibley notes 2026 to be the year of broadening out and diversification. In this context, she believes that international stocks offer an attractive alternative to investors seeking to diversify away from the tech-heavy S&P 500.

In addition to this, several international economies are also expected to provide massive fiscal stimulus, which will also boost the stock market performance. She noted German and Japanese companies to be among the beneficiaries of these stimuli. Gibley added that fiscal spending in Germany is likely to pick up as the country’s multi-year spending priorities include a 500 billion euro infrastructure fund and an increase in defense spending to 3.5% of GDP from 1% by 2029.

On the other hand, the administration in Japan has also announced its largest stimulus package since the pandemic. The package totals 21.3 trillion yen, around $136 billion, targeting inflation relief measures for key industries including AI, semiconductors, and shipbuilding.

Now that we have looked at the international setup, let’s take a look at the 10 Best Non-US Stocks to Buy According to Hedge Funds.

​Our Methodology

To curate the list of 10 Best Non-US Stocks to Buy According to Hedge Funds, we used the Finviz stock screener, WSJ, and Insider Monkey’s Q3 2025 database. Using the screener, we aggregated a list of ex-US stocks. Next, we ranked these stocks based on the number of hedge fund holders sourced from Insider Monkey’s database. We have also added the market capitalization of each stock sourced from the Wall Street Journal.

​Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

​10 Best Non-US Stocks to Buy According to Hedge Funds

​10. Shell plc (NYSE:SHEL)

Market Capitalization: $204.91 billion

Number of Hedge Fund Holders: 48

​Shell plc (NYSE:SHEL) is one of the Best Non-US Stocks to Buy According to Hedge Funds. On December 16, Shell plc (NYSE:SHEL) announced the final investment decision on its waterflood project at Kaikias field in the US Gulf of America by its subsidiary Shell Offshore Inc.

​Management noted that the project will use the waterflood method, which entails injecting water physically to displace oil into adjacent production wells. At Kaikias field, a waterflood method will be used to displace more oil to the company’s Ursa platform in the Mars Corridor. The first injection for this project is expected by 2028. The Kaikias waterflood project is estimated to increase recoverable resource volumes by around 60 million metric barrels of oil equivalent. Moreover, management anticipates that it will add several years to the production lifecycle of Ursa.

​This strategic investment decision follows Shell plc’s (NYSE:SHEL) earlier decision to increase its stake in Ursa. The company currently holds 61.3484% ownership in the asset, along with BP Exploration & Production Inc. and ECP GOM III.

​That said, Wall Street also remains bullish on the stock. Recently, on December 12, Michele Della Vigna from Goldman Sachs maintained a Buy rating on the stock with a price target of p2,686.5. On the same day, Lydia Rainforth from Barclays also maintained a Buy rating on Shell plc (NYSE:SHEL) with a price target of p2,686.5.

​Shell plc (NYSE:SHEL) is a global energy and petrochemical company, providing fuel for transport, aviation,‍ and industry, as well as lubricants, chemicals, and a wide range of other energy solutions.

​9. Novo Nordisk A/S (NYSE:NVO)

Market Capitalization: $224.04 billion

Number of Hedge Fund Holders: 50

​Novo Nordisk A/S (NYSE:NVO) is one of the Best Non-US Stocks to Buy According to Hedge Funds. On December 12, Novo Nordisk A/S (NYSE:NVO) announced receiving a positive opinion by the European Medicines Agency’s Committee for Medicinal Products for Human Use for a higher dosage of Wegovy.

​The positive opinion is based on improved weight loss results of around 20.7% at 72 weeks in people without diabetes. Management noted that the STEP UP and STEP UP T2D clinical trial program showed that one in three obese people without diabetes in the trial achieved 25% or more weight loss at 72 weeks using Wegovy. Moreover, these results also complement the already proven benefits of the drug, which include significant reduction in cardiovascular risks and reduction in knee pain from osteoarthritis.

​That said, Novo Nordisk A/S (NYSE:NVO) has also applied for a single-dose device to deliver Wegovy 7.2 mg at the European Medicines Agency. Moreover, the company’s Semaglutide 7.2 mg is also under review in the United States, the United Kingdom, and several other countries, with decisions expected in the next few months.

​Wall Street has a cautious outlook on the stock. Recently, on December 10, Rajesh Kumar from HSBC reiterated a Hold rating on the stock and raised the price target from $47 to $54. However, earlier on December 5, Jasper Hellweg from Argus Research downgraded the stock from Buy to Hold, without disclosing any price target.

Novo Nordisk A/S (NYSE:NVO) is a global healthcare company focused mainly on diabetes and obesity care.