11 Best TSX Stocks to Buy According to Hedge Funds

In this article, we will discuss the 11 Best TSX Stocks to Buy According to Hedge Funds.

Canadian equities produced a standout performance in 2025. The S&P/TSX Composite Index, which tracks the performance of the largest and most liquid companies listed on the Toronto Stock Exchange, or TSX, closed the year with a gain of over 28%. By comparison, the S&P 500 returned 18% as of December 2025. An analysis by John Zechner of J. Zechner Associates shows that this is only the third time in 15 years that the TSX outpaced its American counterpart.

Zechner attributed the outperformance largely to gold stocks, which surged over 90% within the Basic Materials sector and alone accounted for more than one-third of the TSX’s overall 2025 gain, despite representing just 12% of the index’s weight. He noted that while the artificial intelligence craze continued to dominate US markets, price gains for most of the big AI names were “much more muted” as excessive valuations and growing doubts about the sector’s growth trajectory took hold.

An analysis by economists at the National Bank of Canada indicates that the TSX’s resilience has carried into 2026. The S&P/TSX was down just 1.2% year-to-date as of March 20 against the S&P 500’s 5.0% decline over the same period, the analysis shows. In that light, the economists drew a direct parallel to 2022, when the TSX fell 8.7% over twelve months versus 19.4% for the S&P 500, a performance that the TSX owed to its heavier commodity exposure and lighter technology weighting.

“In 2026, that same composition is once again working in Canada’s favor,” the economists wrote. They noted that while Financials and Technology remain drags on the TSX, “their combined weight in the index is not large enough to offset the tailwind from commodities, a dynamic that should persist as long as crude prices remain elevated and gold continues to benefit from global uncertainty.”

Incidentally, Dorian Carrell, head of multi-asset income at Schroders, believes the opportunity set for this year “appears skewed to sectors and regions outside the U.S. market.” For Daniel Casali, Chief Investment Strategist at Evelyn Partners, there has never been a more ideal time to maintain a balanced exposure between US equities and other global markets. Both analysts argue that there is relative weakness in US equities.

Against this backdrop, the following analysis identifies the 11 best TSX stocks to buy according to hedge funds.

Our Methodology

To identify the 11 Best TSX Stocks to Buy According to Hedge Funds, we used the Finviz stock screener to compile a list of companies listed on the Toronto Stock Exchange (TSX) and also listed in the US on either the NYSE or NASDAQ. We then narrowed to stocks that were the most popular among elite hedge funds and that analysts were bullish on (as of April 23). The stocks are ranked in ascending order by the number of hedge funds that hold stakes in them as of Q4 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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

Best TSX Stocks to Buy According to Hedge Funds

11. Orla Mining Ltd. (NYSEAMERICAN:ORLA)

Number of Hedge Fund Holders: 25

Stock Upside: 58.21%

Orla Mining Ltd. (NYSEAMERICAN:ORLA) is one of the best TSX stocks to buy according to hedge funds. On April 13, Orla Mining Ltd. (NYSEAMERICAN:ORLA) said it produced a combined 81,206 ounces of gold across its two operating mines for the first quarter of 2026. The mines are the Musselwhite Mine in Northwestern Ontario, Canada, and the Camino Rojo Mine in Zacatecas, Mexico. This production, the company said, puts it on track to hit its full-year guidance of between 340,000 and 360,000 ounces.

Specifically, the Musselwhite carried the bulk of the output, Orla said. It contributed 62,985 ounces after processing 332,822 tons of ore at a grade of 6.29 g/t gold and achieving a strong recovery rate of nearly 96%. Orla added that beyond production, Musselwhite also advanced its long-term growth agenda during the quarter by completing 3,437 meters of lateral underground development. This includes work on a dedicated exploration drift being used to set up diamond drilling in the PQ Extensions area.

For Camino Rojo, Orla said the mine added 18,221 ounces for the quarter. The mine stacked 1.83 million tons of ore at 0.59 g/t gold through its open-pit heap leach process at a daily rate of roughly 20,300 tons. Still at this mine, Orla said it received the final environmental permit from Mexico’s environmental authority SEMARNAT in March this year. This means the company now has all the approvals it needs to mine the full remaining oxide open-pit, including the previously restricted layback area.

Orla Mining Ltd. (NYSEAMERICAN:ORLA) is a mining company focused on the acquisition, development, and operation of gold projects in the Americas. Its flagship asset is the Camino Rojo oxide gold mine in Zacatecas, Mexico, which produces gold through open-pit, heap leach operations.

10. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders: 36

Stock Upside: 11.08%

Nutrien Ltd. (NYSE:NTR) is one of the best TSX stocks to buy according to hedge funds. On April 20, Scotiabank analyst Ben Isaacson raised his price target on Nutrien Ltd. (NYSE:NTR) to $75 from $70 while keeping the stock at a Sector Perform rating.

Isaacson argued that the conflict in the Middle East has made Nutrien’s nitrogen business worth more than it was before. This is because geopolitical disruptions have effectively lowered the risk-adjusted availability of nitrogen supply globally, which, in turn, benefits North American producers like Nutrien. To this end, the analyst revised his nitrogen price forecast upward. He lifted his mid-cycle estimate for NOLA urea, a key benchmark for US nitrogen prices, to $400 per short ton. Scotiabank estimates this price deck revision alone could add roughly $800 million in run-rate EBITDA across nitrogen producers like Nutrien, which translates to about $600 million in incremental free cash flow.

The analyst also noted that Canpotex, Nutrien’s export marketing arm, is sold out through June with no signs of demand destruction. However, the analyst is not yet convinced that margins have fully followed the recent price increases, with higher freight costs, rather than genuine demand strength, largely responsible for elevated delivered prices.

Scotiabank also flagged that energy-driven cost inflation could weigh on potash cash costs over the next one to two quarters. Isaacson said that the firm is watching for possible volume pressure to emerge in the fall. In other words, the firm made no meaningful changes to its potash price forecasts.

Nutrien Ltd. (NYSE:NTR) is an agricultural inputs company formed through the merger of Potash Corporation and Agrium. It produces and distributes crop nutrients, including potash, nitrogen, and phosphate fertilizers, and operates a large global retail network supplying seeds, crop protection products, and agronomic services to farmers.

9. NexGen Energy Ltd. (NYSE:NXE)

Number of Hedge Fund Holders: 37

Stock Upside: 11.31%

NexGen Energy Ltd. (NYSE:NXE) is one of the best TSX stocks to buy according to hedge funds. On April 22, NexGen Energy Ltd. (NYSE:NXE) announced the results from its 2026 winter drill program at Patterson Corridor East (PCE), a uranium discovery located in Saskatchewan’s Athabasca Basin, in which the company confirmed that the high-grade zone is growing larger and deeper than previously known.

One key finding was that the vertical extent of the high-grade subdomain has expanded by 33% to 550 meters. The subdomain also has a strike length of 210 meters, which builds on the 412-meter vertical extent recorded at the end of the 2025 program, and which itself was a 23% jump from 2024. Put simply, this finding shows that the richest, most concentrated part of the uranium deposit keeps getting bigger with each drill season. Importantly, this zone remains open at depth, meaning future drilling could push it even further.

NexGen detailed that the winter program drilled 13 holes totaling 9,131.7 meters targeting PCE mineralization. There were an additional six holes (3,626.5 meters) for testing a parallel trend nearby, which brings 2026’s total drilled distance so far to 12,758.2 meters out of a planned 42,000 meters for the full year.

Since NexGen first discovered PCE in March 2024, the company has now drilled 115 holes totaling 72,464.7 meters at the site. Of these, 79 intersected mineralization, 54 hit high-grade, and 21 returned off-scale readings. This is an unusually high hit rate for an early-stage discovery.

The company has scheduled a summer drilling that will target about 29,200 meters and will commence in the week of May 25, 2026. This session will incorporate lessons from the winter results and will target additional zones of mineralization beyond PCE’s known footprint.

NexGen Energy Ltd. (NYSE:NXE) is an exploration and development-stage company. It focuses on uranium assets, which it explores and develops primarily through its flagship Rook I project in Saskatchewan’s Athabasca Basin.

8. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 39

Stock Upside: 25.76%

Wheaton Precious Metals Corp. (NYSE:WPM) is one of the best TSX stocks to buy according to hedge funds. On April 1, Wheaton Precious Metals Corp.’s (NYSE:WPM) wholly-owned subsidiary, Wheaton Precious Metals International Ltd. (WPMI), officially closed its silver streaming agreement with a wholly-owned subsidiary of BHP Group Limited. The transaction secured rights to BHP’s share of silver production from the Antamina Mine in Peru. Wheaton first announced this deal on February 16 and described it as the most valuable streaming transaction ever based on upfront consideration.

Under the agreement, WPMI paid BHP $4.3 billion upfront and will also make ongoing payments equal to 20% of the spot silver price for every ounce delivered. In return, WPMI receives the equivalent of BHP’s 33.75% share of payable silver from Antamina until a cumulative 100 million ounces have been delivered, after which the entitlement steps down to 22.5% for the remaining life of mine.

Wheaton said that the settlement is handled through metal credits rather than physical silver delivery. Put simply, BHP does not ship bars to Wheaton; rather, it transfers value equivalent to the agreed silver volumes.

For BHP, the deal monetizes silver as a by-product while allowing it to retain full exposure to Antamina’s copper, zinc, and lead production. These three are BHP’s primary interest in the mine, where it holds a 33.75% stake in the joint venture company, Compañía Minera Antamina S.A.

Wheaton Precious Metals Corp. (NYSE:WPM) is a precious metals streaming company. It provides upfront financing to mining operators in exchange for the right to purchase a portion of future production at predetermined prices. Its portfolio includes streaming agreements for gold, silver, and other metals across multiple mines globally.

7. Hudbay Minerals Inc. (NYSE:HBM)

Number of Hedge Fund Holders: 40

Stock Upside: 21.34%

Hudbay Minerals Inc. (NYSE:HBM) is one of the best TSX stocks to buy according to hedge funds. On March 27, Hudbay Minerals Inc. (NYSE:HBM) said it expects its copper output over the 2026-2028 period to average 147,000 tons per year, a 24% increase from the 2025 production. The firm forecast that the production will step up further to 159,000 tons per year in 2027 and 2028, a 28% jump. All this will be possible because of optimization work at Copper Mountain and as throughput upgrades at Constancia come online.

The company also expects gold production to average 243,000 ounces per year over the three-year period. This will be anchored by strong output from the Snow Lake operation in Manitoba and a new contribution from the New Ingerbelle deposit in British Columbia beginning in 2028, Hudbay said in the annual mineral reserve and resource update.

Hudbay added that mine life at Constancia in Peru has been extended to 2040. This will be supported by an upgrade in mill throughput to more than 90,000 tons per day. The upgrade was made possible by the installation of two pebble crushers expected in the second half of 2026.

At Snow Lake in Manitoba, Hudbay stated that the reserve update added approximately 330,000 ounces of gold. It also extended mine life by four years to 2041.

Hudbay Minerals Inc. (NYSE:HBM) is a mining company engaged in the exploration, development, and operation of base and precious metal properties. Its core operations include copper-focused mines such as Constancia in Peru and Snow Lake in Manitoba, alongside gold production as a by-product.

6. Franco-Nevada Corporation (NYSE:FNV)

Number of Hedge Fund Holders: 41

Stock Upside: 23.72%

Franco-Nevada Corporation (NYSE:FNV) is one of the best TSX stocks to buy according to hedge funds. On April 7, Franco-Nevada Corporation (NYSE:FNV) said that its partner, First Quantum Minerals Ltd., had received formal approval from the Government of Panama to remove, process, and export stockpiled ore at the Cobre Panamá mine. This ore was mined before operations were suspended in November 2023.

According to First Quantum, the stockpile totals approximately 38 million tons of mineralized ore at varying grades. It also contains around 70,000 tons of recoverable copper. The company added that this approval does not mean the mine has been fully reopened. Instead, it only covers the existing stockpile and will not involve any new drilling, blasting, or reactivation of underground or open-pit mining operations.

Meanwhile, on March 10, Franco-Nevada released its full-year and Q4 2025 financial results, in which the full-year revenue climbed 64% year over year to $1.82 billion, which is a new company record. Adjusted net income rose 74% to $1.08 billion, and the company sold 519,106 gold equivalent ounces (GEOs), up 12% from 2024.

Quarterly revenue jumped 86% year over year to $597.3 million, which management said was the best single quarter in company history. This was driven largely by record gold and silver prices, strong output from Antamina and South Arturo, and contributions from recently acquired assets, including Côté Gold, Western Limb, and Porcupine, noted management.

Franco-Nevada Corporation (NYSE:FNV) is a royalty and streaming company focused primarily on gold, but with additional exposure to silver, platinum group metals, and energy assets. The company provides upfront capital to mining operators in exchange for royalties or streams on future production.

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