On September 4, Stephanie Hughes of Bloomberg reported that, according to Vanguard Group chief economist and head of investment strategy Joe Davis, US stocks are expected to outperform Canadian stocks for the next 5 to 7 years. This trend is tied to the evolution of AI. Davis believes that as AI enters its next phase, investors will shift their focus from the highly valued firms that provide the tech to the companies that successfully adopt it. In this scenario, he stated, markets outside of the US, including Canada, are favored. He argued that the more bullish one is on AI, the less they should weight their portfolio toward tech. The vast valuation gap between the two markets supports this view. The current strength of the Canadian stock market is largely driven by a rally in gold prices amid high trade and geopolitical uncertainty.
Earlier on July 10, Brian Belski, Chief Investment Strategist at BMO, joined BNN Bloomberg to suggest that Canada is well-positioned to outperform the US this year. For 13 years, BMO’s predominant theme has been “as America goes, so goes Canada.” Belski believed that this is based on the fundamental relationship between the two countries and his firm’s belief in a 25-year secular bull market for the US stock market. He noted that Canada has been outperforming the US this year, a call his firm first published in May 2024. However, he believed this outperformance would wane in the latter half of the year, even while remaining very positive. He explained that from a value and cyclicality basis, Canada remains an excellent place for global investors, particularly North Americans who can complement their US holdings with Canadian stocks. Belski also clarified that while Canada may still outperform the US in local currency by the end of the year, the US market is playing catch-up and will likely outperform during the second half of the year. He attributed this to investors making decisions based on emotion and fear, rather than fundamental merit, which led many to leave the US market. He emphasized that using emotions in investing is a mistake.
That being said, we’re here with a list of the 11 best Canadian stocks to buy now.
Methodology
We sifted through the Finviz stock screener to compile a list of the top Canadian stocks. We then selected the 11 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q2 2025. The hedge fund data was sourced from Insider Monkey’s database.
Note: All Data was Sourced on September 16.
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).
11 Best Canadian Stocks to Buy Now
11. Equinox Gold Corp. (NYSE:EQX)
Number of Hedge Fund Holders: 32
Equinox Gold Corp. (NYSE:EQX) is one of the best Canadian stocks to buy now. On September 15, Equinox Gold announced its first gold pour at the Valentine Gold Mine, located in Newfoundland and Labrador, Canada. The gold pour occurred earlier than anticipated, on September 14.
CEO Darren Hall noted that the commissioning of the Valentine process plant is progressing well, with mill throughput averaging 47% of the nameplate capacity during the first 15 days of operation. Equinox Gold expects that the Valentine mine will ramp up to its full nameplate capacity of 2.5 million tonnes per year in Q2 2026. Hall also stated that with both Valentine and the Greenstone mine now ramping up, Equinox Gold is poised to become the second-largest producer of Canadian gold.
Once fully operational, Valentine will be Equinox Gold’s second-largest mine and the largest gold mine in Atlantic Canada. It is a conventional crush-grind carbon-in-leach operation designed to operate at 2.5 million tonnes per year. Over its 14-year reserve life, the mine is expected to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years.
Equinox Gold Corp. (NYSE:EQX) acquires, explores, develops, and operates mineral properties in the Americas. The company primarily explores gold and silver deposits.
10. Nutrien Ltd. (NYSE:NTR)
Number of Hedge Fund Holders: 36
Nutrien Ltd. (NYSE:NTR) is one of the best Canadian stocks to buy now. On September 5, Jefferies lowered the price target on Nutrien to $60 from $61, while maintaining a Hold rating on the shares after the company announced the sale of its 50% stake in Argentine nitrogen producer Profertil for $600 million. Jefferies also expects Nutrien to make more asset sale announcements, likely in South America.
The announcement that Nutrien agreed to sell its 50% equity position in the Argentina-based nitrogen producer Profertil S.A. came earlier on September 8. The sale is a joint acquisition by Adecoagro S.A. and Asociacion de Cooperativas Argentinas Coop Ltda. The expected pre-tax purchase price for Nutrien’s shares in Profertil is ~$600 million.
The sale aligns with Nutrien’s strategy to focus on assets and geographies core to its long-term vision. The company intends to allocate the sale proceeds towards initiatives consistent with its capital allocation priorities, including targeted growth investments, share repurchases, and debt reduction. Nutrien’s proportionate share of Profertil earnings recorded in its Nitrogen operating segment totaled ~$60 million over the previous four quarters.
Nutrien Ltd. (NYSE:NTR) provides crop inputs and services. The company operates through four segments: Nutrien Ag Solutions, Potash, Nitrogen, and Phosphate.
