In this article, we will look at the 10 Best TSX Stocks to Buy According to Billionaires.
On June 13, the Royal Bank of Canada released its Economic Outlook for Canada, highlighting that 2025 has been a struggling year for the economy. This is because of a combination of trade shocks and weak growth. Moreover, the unemployment rate has been rising, consumer confidence dropped sharply in the spring, and businesses remain cautious. Housing markets are also unstable despite interest rate cuts by the Bank of Canada.
In addition, structural problems also persist, such as low business investment and poor productivity growth. This is further exacerbated by lower immigration rates, meaning population growth won’t boost the economy as before.
Despite these challenges, the report highlights that the outlook has brightened compared to a few months ago as trade tensions with the US have eased to some extent, monetary policies are flexible, and Canada can exercise its resource advantage.
The report highlights five key positive developments, including most Canadian goods being exempted from US tariffs, better consumer data, potential for further rate cuts, the economy’s fiscal capacity, and the country benefiting from the growth in the US.
With that, let’s take a look at the 10 best TSX stocks to buy according to Billionaires.
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Our Methodology
To curate the list, we used the Finviz stock screener to aggregate a list of Canadian (TSX) stocks sorted by market capitalization. Next, we ranked the stocks in ascending order of the number of billionaire investors sourced from Insider Monkey’s database. We have also added the hedge fund sentiment regarding each stock.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10 Best TSX Stocks to Buy According to Billionaires
10. Cenovus Energy Inc. (NYSE:CVE)
Number of Hedge Fund Holders: 41
Number of Billionaire Investors: 13
Value of Billionaire Investment: $881,002,147
Cenovus Energy Inc. (NYSE:CVE) is one of the Best TSX Stocks to Buy According to Billionaires. On September 9, Cenovus Energy Inc. (NYSE:CVE) announced that it will sell a 50% interest in WRB Refining LP to its joint venture partner Phillips 66 for $1.4 billion.
The deal includes the Wood River Refinery in Illinois and the Borger Refinery in Texas. Together, both the refineries process around 495,000 barrels per day, with Cenovus Energy Inc. (NYSE:CVE)’s share being 247,500 barrels per day. Management noted that this sale aligns with the company’s strategy to focus on assets core to its business. After the sale, the company’s downstream operations will comprise five refineries and an upgrader, with a total crude capacity of 472,800 barrels per day.
After the announcement, on September 10, Raymond James analyst Michael Barth, CFA, maintained a Buy rating on Cenovus Energy Inc. (NYSE:CVE) with a price target of C$30. Earlier on September 8, Jefferies analyst Lloyd Byrne had also reiterated a Buy rating on the stock with a price target of C$29.
Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company based in Canada. It produces crude oil and natural gas in Canada and the Asia Pacific region.
9. Royal Bank of Canada (NYSE:RY)
Number of Hedge Fund Holders: 28
Number of Billionaire Investors: 11
Value of Billionaire Investment: $934,985,653
Royal Bank of Canada (NYSE:RY) is one of the Best TSX Stocks to Buy According to Billionaires. On September 5, Paul Holden from CIBC downgraded Royal Bank of Canada (NYSE:RY) from Outperform to Neutral, while keeping the price target unchanged at C$208.
The conservative rating comes despite Royal Bank of Canada (NYSE:RY) beating Wall Street targets for its fiscal third quarter of 2025, on August 27. The company posted a revenue of $12.32 billion, up 13.49% year-over-year and ahead of expectations by $788 million. Moreover, the EPS of $2.78 also topped consensus by $0.42.
Management noted growing its net income by 21% year-over-year to reach $5.4 billion. In addition, the bank saw growth coming from all its business segments. Despite this performance, Royal Bank of Canada (NYSE:RY) was downgraded to Neutral by Holden. He noted the downgrade is due to valuation concerns and an implied return to price target of only 3% after earnings season from the Canadian banks. He noted that the group’s consensus estimates are conservative and believes that Canadian banks can continue to beat expectations.
Royal Bank of Canada (NYSE:RY) is a global financial institution offering banking, wealth management, capital markets, and insurance services.
8. Shopify Inc. (NASDAQ:SHOP)
Number of Hedge Fund Holders: 69
Number of Billionaire Investors: 16
Value of Billionaire Investment: $1,543,302,895
Shopify Inc. (NASDAQ:SHOP) is one of the Best TSX Stocks to Buy According to Billionaires. On September 8, Shopify Inc. (NASDAQ:SHOP) announced a strategic partnership with ESW to help enterprise brands grow their e-commerce business globally.
The partnership allows brands that use Shopify Inc. (NASDAQ:SHOP)’s platform to access ESW’s expertise in managing local regulations, compliance, and revenue across more than 200 markets. Management noted that this allows brands to offer localized shopping experiences with support for fulfillment, returns, and local-language customer service.
The combined solution aims to provide flexibility and control for brands while protecting their profit margins and driving higher conversion rates. The company’s scalable e-commerce platform, along with ESW’s international capabilities, will make it easier for enterprises to expand globally.
Shopify Inc. (NASDAQ:SHOP) is a global commerce platform that helps businesses of all sizes sell products online, in stores, and across multiple channels like social media and marketplaces.
7. Canadian Natural Resources Limited (NYSE:CNQ)
Number of Hedge Fund Holders: 44
Number of Billionaire Investors: 14
Value of Billionaire Investment: $1,675,360,123
Canadian Natural Resources Limited (NYSE:CNQ) is one of the Best TSX Stocks to Buy According to Billionaires. Wall Street remains bullish on the stock after the company posted mixed results for its fiscal second quarter of 2025. The company posted a revenue of $6.33 billion, which decreased 3% year-over-year and fell short of expectations by $98.58 million. However, the EPS of $0.52 topped consensus by $0.02.
Canadian Natural Resources Limited (NYSE:CNQ) achieved some notable business developments during the quarter. Management noted completing the planned turnaround at its Athabasca Oil Sands Project five days early and on budget. The turnaround activities led to a reduced quarterly production by about 120,000 barrels per day. However, despite this, the company achieved quarterly production volumes totaling approximately 1,420 MBOE/d, up around 135,000 BOE/d from the prior year.
Several analysts have reiterated their bullish sentiment on the stock after the release. On August 7, Gregory Pardy from RBC Capital reiterated a Buy rating on the stock, while reducing the price target from C$64 to C$62. However, Michael Barth from Raymond James raised the price target on Canadian Natural Resources Limited (NYSE:CNQ) from C$41.82 to C$54, while reiterating a Buy rating on the stock.
Canadian Natural Resources Limited (NYSE:CNQ) is an oil and natural gas producer operating mainly in Western Canada, the UK North Sea, and Offshore Africa.
6. Restaurant Brands International Inc. (NYSE:QSR)
Number of Hedge Fund Holders: 29
Number of Billionaire Investors: 10
Value of Billionaire Investment: $1,942,632,463
Restaurant Brands International Inc. (NYSE:QSR) is one of the Best TSX Stocks to Buy According to Billionaires. The company reported results for its fiscal second quarter of 2025 on August 7, with revenue topping Wall Street estimates, while the EPS slightly fell short. Several analysts have expressed their bullish sentiment after the release.
Restaurant Brands International Inc. (NYSE:QSR) reported a revenue of $2.41 billion, up 15.87% year-over-year and ahead of expectations by $71.97 million. The EPS of $0.94 fell slightly short, missing Wall Street estimates by $0.03. Management noted that the system-wide sales grew 5.3% year-over-year, while international sales remained robust by growing 9.8%. It remains confident of achieving its full-year goal of over 8% organic growth in Adjusted Operating Income for 2025.
On August 11, Jake Barlett from Truist Financial reiterated a Buy rating on Restaurant Brands International Inc. (NYSE:QSR) with a price target of $81. More recently, on August 13, Gregory Francfort from Guggenheim also reiterated a Buy rating on the stock, while raising the price target from $77 to $78.
Restaurant Brands International Inc. (NYSE:QSR) is a global quick-service restaurant company. It owns and franchises several well-known brands, including Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
5. Suncor Energy Inc. (NYSE:SU)
Number of Hedge Fund Holders: 42
Number of Billionaire Investors: 11
Value of Billionaire Investment: $2,229,888,190
Suncor Energy Inc. (NYSE:SU) is one of the Best TSX Stocks to Buy According to Billionaires. Wall Street is bullish on Suncor Energy Inc. (NYSE:SU) after its fiscal second quarter 2025 results. The company topped revenue estimates by $592.07 million, while the EPS of $0.52 fell slightly short by $0.01.
Management noted achieving record upstream production of 808,000 barrels per day during the quarter, along with a record refinery throughput of 442,000 bbls/d. Moreover, Suncor Energy Inc. (NYSE:SU) generated $2.7 billion in adjusted funds from operations and $1.0 billion in free funds flow.
Several analysts have raised their price targets on the stock after the release. On August 7, Chris MacCulloch from Desjardins raised the firm’s price target on the stock from $46.37 to $47.09, while reiterating a Buy rating. More recently, on August 18, Lloyd Byrne from Jefferies also raised the firm’s price target on Suncor Energy Inc. (NYSE:SU) from $38.4 to $41.3, while keeping a Hold rating.
Suncor Energy Inc. (NYSE:SU) is a Canadian integrated energy company involved in oil sands development, offshore oil production, and petroleum refining.
4. Brookfield Corporation (NYSE:BN)
Number of Hedge Fund Holders: 37
Number of Billionaire Investors: 9
Value of Billionaire Investment: $2,428,806,001
Brookfield Corporation (NYSE:BN) is one of the Best TSX Stocks to Buy According to Billionaires. On September 2, Alexander Blostein from Goldman Sachs initiated coverage of Brookfield Corporation (NYSE:BN) with a Buy rating and a price target of C$92.
The analyst noted that the company has a large and diverse asset portfolio, including real estate, infrastructure, and renewable energy. Blostein believes that this diversification reduces the risk while supporting growth. Moreover, the company also owns a significant stake in Brookfield Asset Management, which adds expertise and stability. Blostein points out that Brookfield Corporation (NYSE:BN) is expected to generate increasing excess capital in the coming years, which should drive growth in book value and improve returns on equity.
Similarly, cash flow from the Real Estate segment is also forecasted to grow, along with performance fees and insurance income. As a result, Blostein sees this as an opportunity to buy undervalued shares with strong growth potential.
Brookfield Corporation (NYSE:BN) is a Canadian investment firm that focuses on building long-term wealth for institutions and individuals.
3. Enbridge Inc. (NYSE:ENB)
Number of Hedge Fund Holders: 30
Number of Billionaire Investors: 7
Value of Billionaire Investment: $3,166,686,545
Enbridge Inc. (NYSE:ENB) is one of the Best TSX Stocks to Buy According to Billionaires. On September 2, Enbridge Inc. (NYSE:ENB) announced its final investment decisions on two major gas transmission projects in the United States.
Firstly, the Algonquin Reliable Affordable Resilient Enhancement project will increase gas deliveries on the Algonquin pipeline to local distribution companies in the US Northeast. The project is expected to add about 75 million cubic feet per day of natural gas under long-term contracts, improving supply reliability and lowering price volatility during winters. Management plans to invest $300 million and aims to complete it by 2029.
The second project is the Eiger Express Pipeline through the Matterhorn joint venture. This pipeline is expected to transport up to 2.5 billion cubic feet per day of natural gas from the Permian Basin in West Texas to the Katy area near the US Gulf Coast and is scheduled for completion in 2028.
Enbridge Inc. (NYSE:ENB) is a North American energy infrastructure company that transports and distributes oil, natural gas, and liquids through pipelines.
2. Canadian Pacific Kansas City Limited (NYSE:CP)
Number of Hedge Fund Holders: 60
Number of Billionaire Investors: 15
Value of Billionaire Investment: $6,022,849,580
Canadian Pacific Kansas City Limited (NYSE:CP) is one of the Best TSX Stocks to Buy According to Billionaires. Wall Street has a mixed opinion on the stock after the company missed revenue and EPS estimates for the fiscal second quarter of 2025. The company posted a revenue of $2.78 billion, 2.78% year-over-year, but below the consensus by $83.17 million. Moreover, the EPS of $0.81 also fell slightly short by $0.01.
Management noted that volume, which is measured by Revenue Ton-Miles, grew 7% year-over-year. Moreover, the operating ratio improved by 110 basis points to 63.7%, showing better efficiency.
On August 5, Ken Hoexter from Bank of America Securities reiterated a Buy rating on the stock with a price target of $90. However, more recently, on August 29, David Vernon from Bernstein reiterated a Hold rating on the stock while keeping the price target steady at $86.75.
Canadian Pacific Kansas City Limited (NYSE:CP) is a transnational railway connecting Canada, the US, and Mexico. It operates over 20,000 miles of track, offering freight transportation and logistics across North America.
1. Canadian National Railway Company (NYSE:CNI)
Number of Hedge Fund Holders: 43
Number of Billionaire Investors: 12
Value of Billionaire Investment: $9,047,607,042
Canadian National Railway Company (NYSE:CNI) is one of the Best TSX Stocks to Buy According to Billionaires. On September 8, Canadian National Railway Company (NYSE:CNI) announced expanding its firefighting capabilities. The company introduced two new firefighting railcars named Oceanus and Amphitrite. Each railcar has the capacity to hold 25,000 gallons of water and is equipped with cannons, pumps, and hose support.
Management noted that each railcar can be quickly deployed and work either alone or with other trains. In addition, the company has also started a pilot program using smaller fire trailers, where each trailer carries 350 gallons of water and has a fixed water cannon to fight small wildfires near the rail tracks.
Moreover, Canadian National Railway Company (NYSE:CNI) has also upgraded its existing Neptune, Trident, and Poseidon firefighting trains, increasing their water capacity by more than double. Management noted that these upgrades improve the company’s ability to assist firefighters, especially near rail infrastructure and in hard-to-reach fire zones.
Canadian National Railway Company (NYSE:CNI) is a major transportation and logistics firm that offers rail, intermodal, trucking, and supply chain services across North America.
While we acknowledge the potential of CNI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CNI and that has 100x upside potential, check out our report about this cheapest AI stock.
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