In this article, we will look at the 11 Best Performing Canadian Stocks So Far in 2025.
On June 13, Royal Bank of Canada released its Canadian Outlook 2025. The report notes that, while structural challenges persist for the Canadian economy, the outlook is significantly brighter than it was a few months ago. Ongoing challenges include weak business investment, trade shocks, persistent uncertainty, and an unstable housing market. However, the future appears less bleak, with positives such as a limited tariff impact, strategic resource benefits, adaptable monetary policy, and improving fiscal conditions.
The report emphasized that the Canadian economy shifted from being the main target of US tariffs in February and March to having the lowest tariff rates in April. While steel, aluminum, and vehicles face major US tariffs, other imports largely remain tariff-free under the CUSMA free trade agreement. Additionally, the report indicated that although Canadian consumer confidence dropped sharply in March due to trade tensions, real spending data declined only slightly. On the other hand, manufacturing jobs weakened, but the job postings stabilized, signaling some economic resilience despite weaker sentiment.
The report presents an optimistic outlook for the Canadian economy, with the CUSMA agreement providing substantial protection.
With that, let’s take a look at the 11 best performing Canadian stocks so far in 2025.
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Our Methodology
To curate the list of the 11 best performing Canadian stocks so far in 2025, we used the Finviz stock screener and Insider Monkey’s Q1 2025 database. Using the screener, we aggregated a list of Canadian Stocks that have gained more than 30% on a year-to-date basis. Next, we cross-checked the performance and ranked the stocks in ascending order of the number of hedge fund holders. Please note that the data was recorded on August 10, 2025.
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 Performing Canadian Stocks So Far in 2025
11. Triple Flag Precious Metals Corp. (NYSE:TFPM)
YTD Performance: 65.23%
Number of Hedge Fund Holders: 24
Triple Flag Precious Metals Corp. (NYSE:TFPM) is one of the Best Performing Canadian Stocks So Far in 2025. On August 6, Triple Flag Precious Metals Corp. (NYSE:TFPM) released its fiscal second quarter update and announced a 5% annual increase to its quarterly dividend.
Triple Flag Precious Metals Corp. (NYSE:TFPM) reported $94.1 million in revenue for the quarter, up from $63.6 million in Q2 2024. Management maintained its 2025 gold equivalent ounces guidance of 105,000 to 115,000 ounces and its 2029 outlook of 135,000 to 145,000 ounces. Moreover, the Board of Directors declared a quarterly cash dividend of $0.0575 per common share, payable on September 15, 2025, representing a 5% increase from the previous annualized dividend of $0.22.
Management also highlighted the acquisition of Orogen Royalties Inc., which it completed in July 2025, securing a 1.0% net smelter return royalty on the Arthur gold project in Nevada. Moreover, Triple Flag Precious Metals Corp. (NYSE:TFPM) also acquired a 1.5% gross revenue royalty on the Johnson Camp Mine in Arizona. This, combined with the pre-existing 1.5% gross revenue royalty, takes the company’s royalty to 3% for the mine. The Johnson Camp Mine began copper leaching in July 2025, with first copper sales expected in September 2025.
Triple Flag Precious Metals Corp. (NYSE:TFPM) is a streaming and royalty company that provides investors with exposure to gold, silver, and other metals through royalties and streams on mining assets.
10. The Toronto-Dominion Bank (NYSE:TD)
YTD Performance: 31.71%
Number of Hedge Fund Holders: 25
The Toronto-Dominion Bank (NYSE:TD) is one of the Best Performing Canadian Stocks So Far in 2025. On July 23, The Toronto-Dominion Bank (NYSE:TD) announced its strategic partnership with Fiserv to improve the client experience for the company’s Merchant Solutions business in Canada.
The Merchant Solutions business will offer Fiserv’s Clover product, which includes advanced payment processing and servicing. Moreover, the company’s clients will continue to have seamless access to merchant solutions to accept credit and debit payments without disruption. In addition, as part of the partnership, Fiserv will buy a segment of The Toronto-Dominion Bank’s (NYSE:TD) merchant processing business, which includes about 3,400 merchant contracts covering 30,000 merchant locations. The sale is expected to close in late 2025, and management expects that it will not have a significant impact on the company’s business.
The Toronto-Dominion Bank (NYSE:TD) is a major bank operating mainly in North America. It offers personal banking, commercial banking, wealth management, insurance, and wholesale banking services.
9. Pan American Silver Corp. (NYSE:PAAS)
YTD Performance: 49.51%
Number of Hedge Fund Holders: 32
Pan American Silver Corp. (NYSE:PAAS) is one of the Best Performing Canadian Stocks So Far in 2025. On August 7, Ovais Habib from Scotiabank maintained a Buy rating on Pan American Silver Corp. (NYSE:PAAS) with a price target of $36.50.
The reiterated bullish sentiment follows the company’s unaudited second-quarter 2025 results announcement. During the quarter, the company achieved a record free cash flow of $233 million, boosting its cash reserves to $1.1 billion. Management noted that it plans to invest $500 million to acquire MAG Silver Corp., adding the high-margin Juanicipio mine in Mexico to increase silver production by about 35% annually.
In addition to this, the company’s silver production reached 5.1 million ounces, and gold production was 178,700 ounces. As a result, Pan American Silver Corp.’s (NYSE:PAAS) revenue reached $811.9 million, reflecting an 18.30% increase year-over-year and ahead of estimates by $39.53 million. Management has also raised its dividend by 20%, from $0.10 to $0.12 per share, and remains on track with its 2025 production and cost outlook.
Pan American Silver Corp. (NYSE:PAAS) is a mining company that produces silver, gold, copper, lead, and zinc.
8. Wheaton Precious Metals Corp. (NYSE:WPM)
YTD Performance: 73.39%
Number of Hedge Fund Holders: 35
Precious Metals Corp. (NYSE:WPM) is one of the Best Performing Canadian Stocks So Far in 2025. On August 7, BMO Capital raised the firm’s price target on Wheaton Precious Metals Corp. (NYSE:WPM) from C$151 from C$139 while keeping an Overweight rating on the stock.
The increased price target from BMO Capital follows the company’s release of second-quarter 2025 results. Wheaton Precious Metals Corp. (NYSE:WPM) achieved record revenue of $503 million and record adjusted net earnings of $286 million. The revenue grew 68.26% year-over-year to beat expectations by $28.36 million, and the EPS of $0.63 also exceeded consensus by $0.04. Management noted that they also made significant progress in their near-term growth strategy as the Blackwater mine started commercial production, and the Goose project had its first gold pour.
The company also declared a quarterly dividend of $0.165 per share and paid $150 million in dividends during the quarter. The financial position of Wheaton Precious Metals Corp. (NYSE:WPM) remains strong with $1 billion in cash, no debt, and a $2 billion revolving credit facility, extended to mature in 2030.
Wheaton Precious Metals Corp. (NYSE:WPM) is a Canadian company that partners with mining companies through streaming agreements to buy a portion of their future precious metal production.
7. Franco-Nevada Corporation (NYSE:FNV)
YTD Performance: 41.66%
Number of Hedge Fund Holders: 36
Franco-Nevada Corporation (NYSE:FNV) is one of the Best Performing Canadian Stocks So Far in 2025. On August 11, Franco-Nevada Corporation (NYSE:FNV) reported results for its fiscal second quarter of 2025.
The company reported record revenue of $369.4 million, reflecting a 42% increase year-over-year. The operating cash flow and net income also reached new records after growing 121% and 65% year-over-year, respectively. Management noted that higher gold prices helped achieve these record figures.
In addition, Franco-Nevada Corporation (NYSE:FNV) also made strategic progress by acquiring a royalty on IAMGOLD’s Côté Gold Mine, which is one of Canada’s newest large-scale gold mines, and also secured a royalty on AngloGold’s Arthur Project, one of the largest gold discoveries in Nevada. Management updated the 2025 guidance and now expects Precious Metal GEO sales in the range of 385,000 GEO to 425,000 GEO.
Franco-Nevada Corporation (NYSE:FNV) is a Canadian company that focuses on gold royalties and streaming. It owns a diverse portfolio of mining assets across precious metals, other mining resources, and energy across multiple regions in the Americas.
6. Kinross Gold Corporation (NYSE:KGC)
YTD Performance: 92.11%
Number of Hedge Fund Holders: 39
Kinross Gold Corporation (NYSE:KGC) is one of the Best Performing Canadian Stocks So Far in 2025. On August 7, Canaccord raised the firm’s price target on Kinross Gold Corporation (NYSE:KGC) from $28 to $29.50, while keeping a Buy rating on the stock.
The increased price target for the company comes after it announced its second-quarter results on July 30. The company delivered $1.73 billion in revenue, up 41.74% year-over-year and ahead of expectations by $167.1 million. The EPS of $0.44 also came in ahead of expectations by $0.10. This was driven by production of 512,574 gold equivalent ounces, which was produced at a cost of $1,080 per ounce sold.
As a result of improved operational efficiency, the company reached a record free cash flow of $646.6 million. Moreover, margins also improved 68% compared to Q2 2024, outpacing gold price increases. Management noted that the company remains on track to meet its full-year guidance, expecting to produce 2 million gold equivalent ounces.
Kinross Gold Corporation (NYSE:KGC) is a global gold mining company involved in exploring, extracting, and processing gold from various mining sites.
5. Agnico Eagle Mines Limited (NYSE:AEM)
YTD Performance: 65.40%
Number of Hedge Fund Holders: 50
Agnico Eagle Mines Limited (NYSE:AEM) is one of the Best Performing Canadian Stocks So Far in 2025. On July 31, Canaccord raised the firm’s price target on Agnico Eagle Mines Limited (NYSE:AEM) from C$210 to C$215, while maintaining a Buy rating on the stock.
Canaccord raised the firm’s price target on the stock after the company reported its second-quarter results for 2025. Agnico Eagle Mines Limited (NYSE:AEM) delivered $2.82 billion in revenue, up 35.61% and ahead of expectations by $115.07 million. Moreover, the EPS of $1.94 also exceeded expectations by $0.14. Management noted that its high-quality assets generated record free cash flow, which more than doubled when compared to the previous quarter.
The company produced 866,029 ounces of payable gold at production costs of $911 per ounce. Management noted that this production was led by key mines including Canadian Malartic, LaRonde, Macassa, and Fosterville. The company has maintained its guidance of 3.3 to 3.5 million ounces of gold production, with total cash costs expected between $915 and $965 per ounce.
Agnico Eagle Mines Limited (NYSE:AEM) is a senior gold mining company headquartered in Canada, with operations in Canada, Australia, Finland, and Mexico.
4. Alamos Gold Inc (NYSE:AGI)
YTD Performance: 35.93%
Number of Hedge Fund Holders: 50
Alamos Gold Inc (NYSE:AGI) is one of the Best Performing Canadian Stocks So Far in 2025. On August 5, National Bank raised the firm’s price target on Alamos Gold Inc (NYSE:AGI) from C$51 to C$53.50, while maintaining an Outperform rating on the stock.
The rating follows the company’s second quarter 2025 results. Alamos Gold Inc (NYSE:AGI) reported robust results with production increasing 10% from the previous quarter and meeting company guidance. In addition to a production increase, the all-in sustaining cost also dropped by 18% leading to a record free cash flow generation of $85 million.
Management continues to expect further production growth in the second half of the year due to higher ore grades and increased milling rates.
Alamos Gold Inc. (NYSE:AGI) is a Canadian gold mining company that produces gold from three main mines in North America, including Island Gold and Young-Davidson in Ontario, Canada, and Mulatos in Mexico.
3. Cameco Corporation (NYSE:CCJ)
YTD Performance: 47.47%
Number of Hedge Fund Holders: 58
Cameco Corporation (NYSE:CCJ) is one of the Best Performing Canadian Stocks So Far in 2025. On August 5, Gordon Johnson from GLJ Research raised the firm’s price target on Cameco Corporation (NYSE:CCJ) from $75.27 to $80.7, while maintaining a Buy rating on the stock.
The analyst noted that the company posted a strong earnings beat during the fiscal second quarter of 2025, surpassing both the firm’s and Wall Street’s estimates. Cameco Corporation (NYSE:CCJ) posted a revenue of $632.95 million, reflecting a 46% increase year-over-year and ahead of estimates by $50.31 million. Despite this, the market reacted negatively to the report as the company reported a decline in contracted volumes of uranium, which is a core market for Cameco Corporation (NYSE:CCJ).
Johnson highlighted that a surge in gas turbine orders in the US is boosting the broader power derivatives market, supporting the company’s prospects.
Cameco Corporation (NYSE:CCJ) is a leading supplier of uranium fuel used to generate electricity worldwide.
2. Celestica Inc. (NYSE:CLS)
YTD Performance: 123.12%
Number of Hedge Fund Holders: 62
Celestica Inc. (NYSE:CLS) is one of the Best Performing Canadian Stocks So Far in 2025. On July 29, BMO Capital analyst Thanos Moschopoulos increased the price target on Celestica Inc. (NYSE:CLS) from $130 to $230, while maintaining a Buy rating on the stock.
The analyst noted the company’s financial performance and strategic positioning as one of the key factors behind his bullish sentiment. Moschopoulos highlighted that Celestica Inc. (NYSE:CLS) reported significant year-over-year growth in its communication business, a segment that is a key driver of margins. In addition, the company is also witnessing growth within its largest customers.
Celestica Inc. (NYSE:CLS) reported its fiscal second-quarter results for 2025 on July 28, where both revenue and EPS surpassed expectations. The company posted a revenue of $2.89 billion, reflecting 20.97% year-over-year growth and ahead of consensus by $224.6 million. The EPS of $1.39 also exceeded expectations by $0.16. The analyst noted that management has also raised revenue and EPS guidance for 2025, thereby backing his improved price rating.
Celestica Inc. (NYSE:CLS) provides hardware design, manufacturing, and supply chain solutions. It operates through two segments, including Advanced Technology Solutions and Connectivity & Cloud Solutions.
1. Shopify Inc. (NASDAQ:SHOP)
YTD Performance: 39.13%
Number of Hedge Fund Holders: 77
Shopify Inc. (NASDAQ:SHOP) is one of the Best Performing Canadian Stocks So Far in 2025. On August 8, Bradley Sills from Bank of America Securities raised the firm’s price target on Shopify Inc. (NASDAQ:SHOP) from $110 to $185, while maintaining a Buy rating on the stock.
The analyst noted that the company’s key growth initiatives are showing significant results. The company, in its latest fiscal second quarter 2025 earnings release, exceeded revenue and EPS estimates. The company posted $2.68 billion in revenue, up 31% year-over-year and ahead of expectations by $132.64 million. The EPS of $0.35 also surpassed estimates by $0.06.
The analyst noted that the company’s merchant solutions contributed significantly to revenue growth, and the company is also winning new enterprise clients, which is good for its long-term growth.
Shopify Inc. (NASDAQ:SHOP) is a global commerce company that provides tools and software for businesses to sell products online, in stores, and through social media or marketplaces.
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