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.
Our 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.
9. IAMGOLD Corporation (NYSE:IAG)
Number of Hedge Fund Holders: 39
IAMGOLD Corporation (NYSE:IAG) is one of the best Canadian stocks to buy now. On September 15, IAMGOLD Corporation announced assay results, confirming the extension of mineralized zones at its wholly-owned Nelligan Project and Monster Lake Project in central Quebec, Canada. The two gold exploration projects are only 15 kilometers apart, located ~60 kilometers southwest of Chibougamau.
President and CEO Renaud Adams noted that the combined exploration camp now holds ~9 million ounces of resources, positioning the Nelligan project among the largest gold projects in Canada. The 2025 Nelligan drilling program involved 27 diamond drill holes totaling 11,583 metres, executed between January and April 2025.
For the Monster Lake Project, results from 16 diamond drill holes totaling 10,137.5 metres, drilled between December 2024 and early June 2025, were reported. The drilling confirmed high-grade veins in the Megane Zone (Main Shear Zone), with a top intercept of 9.0 m at 23.37 g/t Au, which included 0.7 m at 191.5 g/t Au, in hole ML-25-292.
IAMGOLD Corporation (NYSE:IAG) operates as a gold producer and developer in Canada and Burkina Faso. The company owns 100% interest in the Westwood project, 60% interest in the Côté gold project, and 90% interest in the Essakane project.
8. Cenovus Energy Inc. (NYSE:CVE)
Number of Hedge Fund Holders: 41
Cenovus Energy Inc. (NYSE:CVE) is one of the best Canadian stocks to buy now. On September 10, National Bank raised the firm’s price target on Cenovus Energy to C$29 from C$28, while keeping an Outperform rating on the shares. Prior to this sentiment, the company had already reported that its upstream production totaled 765,900 barrels of oil equivalent per day (BOE/d) in Q2 2025.
This was a year-over-year decrease from 818,900 BOE/d due to planned maintenance turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities, and the temporary production impact from wildfire activity at Christina Lake.
The company made ~$2.4 billion in cash from operating activities in Q2, $1.5 billion of adjusted funds flow, and $355 million of free funds flow. Net earnings for the quarter were $851 million, which was a decline from $859 million in Q1 2025. The total operating margin was $2.1 billion, compared with $2.8 billion in the prior quarter.
Cenovus Energy Inc. (NYSE:CVE) develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the US, and China.
7. Pan American Silver Corp. (NYSE:PAAS)
Number of Hedge Fund Holders: 41
Pan American Silver Corp. (NYSE:PAAS) is one of the best Canadian stocks to buy now. On September 8, Pan American Silver Corp. reported the discovery of multiple high-grade silver and base metal zones at its La Colorada mine in Zacatecas, Mexico. The results from the exploration program, which drilled ~65,000 metres across 170 holes from November 2024 to June 2025, indicate strong potential for resource expansion and improved economics.
The exploration extended the NC2 and Mariana vein systems eastward. The Mariana vein now has a strike length of ~1,000 metres and a vertical extent over 350 metres, while the NC2 vein system exceeds 2,000 metres on strike with a vertical extent over 500 metres. Significant intercepts highlight the high-grade nature. Furthermore, hole S-10-25 confirmed continuity by intersecting both veins 400 metres east of known mineralization, and identified a new skarn target at depth, 450 metres east of the 903 mineralized body (42.30 m at 48 g/t Ag).
In the southeastern sector, drilling extended the Cristina and San Geronimo vein systems, defining mineralization that spans ~500 metres along strike and 500 metres vertically. Most notably, a new style of high-grade silver and base metal replacement mineralization was discovered at the contact between volcanic and sedimentary rocks in this area, which represents a high-potential exploration target.
Pan American Silver Corp. (NYSE:PAAS) explores, extracts, processes, refines, and reclaims mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. It explores for silver, gold, zinc, lead, and copper deposits.
6. Canadian National Railway Company (NYSE:CNI)
Number of Hedge Fund Holders: 43
Canadian National Railway Company (NYSE:CNI) is one of the best Canadian stocks to buy now. On September 9, Canadian National Railway Company and CSX Corp. (NASDAQ:CSX) announced that they signed a Memorandum of Understanding/MOU to create a new intermodal rail service into Nashville, Tennessee.
The new service is designed to provide a seamless and all-rail alternative for international containers originating from Canada’s West Coast gateways. The route will travel through Memphis and continue directly into Nashville. By replacing the current final-leg trucking segment with an all-rail steel-wheel interchange, Canadian National Railway and CSX aim to deliver faster and more sustainable supply chain solutions for their customers.
The collaboration is based on a successful history of interline agreements between the two companies. Their existing partnership on the East Coast, which serves the ports of New York, New Jersey, and Philadelphia, began in 2019.
Canadian National Railway Company (NYSE:CNI) engages in the rail, intermodal, trucking, and related transportation businesses in Canada and the US.
5. Teck Resources Limited (NYSE:TECK)
Number of Hedge Fund Holders: 52
Teck Resources Limited (NYSE:TECK) is one of the best Canadian stocks to buy now. On September 10, Scotiabank raised the firm’s price target on Teck Resources to C$70 from C$55, while keeping an Outperform rating on the shares. Previously, the company reported that for Q2 2025, Teck Resources maintained $8.9 billion in liquidity, which included $4.8 billion in cash.
The company continued to return cash to shareholders in the said quarter, with $487 million in share buybacks and $61 million in base dividends, which brought the year-to-date total to over $1.1 billion returned.
The company’s Zinc segment particularly saw a strong performance in Q2, with gross profit before depreciation and amortization increasing by 137% to $159 million. Net cash unit costs for Zinc improved to $0.49 per pound. However, challenges were noted at the QB operation, where ongoing Tailings Management Facility development work has limited mill online time and led to a revised production outlook.
Teck Resources Limited (NYSE:TECK) researches, explores, develops, processes, smelts, refines, and reclaims mineral properties in Asia, the Americas, and Europe. It operates through the Copper and Zinc segments.
4. Barrick Mining Corporation (NYSE:B)
Number of Hedge Fund Holders: 53
Barrick Mining Corporation (NYSE:B) is one of the best Canadian stocks to buy now. On September 12, Raymond James raised the firm’s price target on Barrick Mining to $30 from $28.50, while keeping an Outperform rating on the shares. This announcement came after Barrick announced that it has reached an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp. The firm says that the creation of the Nevada JV with Newmont consolidated management at the world’s largest gold complex and provided the opportunity to create meaningful synergies.
Barrick announced a definitive agreement to divest its Hemlo Gold Mine located in Ontario, Canada, earlier on September 10. The transaction is valued at ~$1.09 billion. The acquiring company is Carcetti Capital Corp., which plans to rename itself Hemlo Mining Corp. upon the sale’s closing. The total consideration for the sale includes an upfront cash payment of $875 million, equity in the acquiring firm valued at $50 million, and additional contingent payments tied to the price of gold, which could reach up to $165 million and are scheduled to commence in 2027.
The proceeds from the sale will be used to support Barrick’s balance sheet. This divestiture is part of Barrick’s broader plan to streamline its portfolio, with The total proceeds from recent asset divestments are expected to surpass $2 billion this year. The deal is anticipated to close in Q4 2025.
Barrick Mining Corporation (NYSE:B) explores, develops, produces, and sells mineral properties. The company explores for gold, copper, silver, and energy materials.
3. Lululemon Athletica Inc. (NASDAQ:LULU)
Number of Hedge Fund Holders: 55
Lululemon Athletica Inc. (NASDAQ:LULU) is one of the best Canadian stocks to buy now. On September 12, BofA analyst Lorraine Hutchinson lowered the firm’s price target on Lululemon to $185 from $210, while keeping a Neutral rating on the shares to reflect slower China growth and better tariff mitigation. While BofA is raising its FY2026 EPS estimate by 1% to $13.15, it is reducing its price target to reflect a lower sales growth rate.
This sentiment was posted after the company announced its FQ2 2026 financial results, with a total net revenue of $2.5 billion, which marked a 7% increase year-over-year. However, revenue fell short of guidance, leading the company to reduce its revenue and earnings expectations for the full year FY2026. The updated full-year revenue guidance is now set between $10.85 and $11 billion, which reflects an expected growth of 2% to 4% relative to 2024. EPS guidance for 2025 is between $12.77 and $12.97.
For Q2, the company’s gross profit was $1.48 billion, or 58.5% of net revenue. Operating income totaled ~$524 million, or 20.7% of net revenue. Net income for the quarter was $371 million, which resulted in an EPS of $3.10 per diluted share. Comparable sales increased by 1%. The store channel saw a 3% sales increase, with 14 net new stores opened during the quarter, bringing the global store count to 784. Digital channel revenue grew by 9%, contributing $1 billion to the top line.
Lululemon Athletica Inc. (NASDAQ:LULU) designs, distributes, and retails technical athletic apparel, footwear, and accessories for women and men under the lululemon brand internationally.
2. Celestica Inc. (NYSE:CLS)
Number of Hedge Fund Holders: 63
Celestica Inc. (NYSE:CLS) is one of the best Canadian stocks to buy now. On September 8, JPMorgan analyst Samik Chatterjee raised the firm’s price target on Celestica to $295 from $225, while keeping an Overweight rating on the shares. Chatterjee believes that the company’s digital native customer OpenAI offers greater visibility. JPMorgan believes that the revenue opportunity for Celestica will be the non-semiconductor content attributable to the $10 billion of rack revenue.
Chatterjee’s sentiment was announced ahead of Celestica’s Q3 2025 earnings report. Earlier for Q2, the company reported a revenue of $2.89 billion, which marked a 21% year-over-year increase compared to $2.39 billion in Q2 2024. Adjusted EPS was $1.39, which was a 54% growth from $0.90 for Q2 2024.
The Q2 performance was driven primarily by the Connectivity & Cloud Solutions/CCS segment at the company, which achieved revenue of $2.07 billion, up 28%. Hardware Platform Solutions revenue within CCS saw a notable increase of 82%, and reached ~$1.2 billion. The ATS segment also posted revenue of $0.82 billion, which was a 7% increase. The better-than-anticipated results were mainly due to stronger-than-expected customer demand, specifically in the Communications end market.
Celestica Inc. (NYSE:CLS) provides supply chain solutions in Asia, North America, and internationally. It operates through 2 segments: Advanced Technology Solutions and Connectivity & Cloud Solutions.
1. Cameco Corporation (NYSE:CCJ)
Number of Hedge Fund Holders: 77
Cameco Corporation (NYSE:CCJ) is one of the best Canadian stocks to buy now. On September 12, Cameco announced that it finalized a new long-term agreement to supply natural uranium hexafluoride/UF6 to Slovenské elektrárne/SE, the largest electricity producer in Slovakia. The confidential contract covers both uranium and conversion services, aiming to provide SE with a diversified and secure source of natural UF6 through 2036.
The material supply is scheduled to begin in 2028 and will support the operation of SE’s Bohunice and Mochovce nuclear facilities. Cameco CEO Tim Gitzel stated that the agreement, celebrated by marketing teams from both companies in London earlier in the month, adds a new market to Cameco’s global commercial portfolio and is expected to enhance energy security in Slovakia and the region.
Branislav Strýček, Chairman and CEO of SE, emphasized the strategic importance of the contract, calling conversion one of the most critical parts of the nuclear fuel cycle. He noted that the deal guarantees a long-term and reliable supply of a significant share of this key raw material until 2036, enabling SE to diversify its suppliers and guarantee the smooth operation of its nuclear power plants.
Cameco Corporation (NYSE:CCJ) provides uranium for the generation of electricity. It operates through 3 segments: Uranium, Fuel Services, and Westinghouse.
While we acknowledge the potential of CCJ 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 CCJ and that has 100x upside potential, check out our report about this cheapest AI stock.
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