In this article, we will list the 5 Best TSX Stocks to Buy According to Hedge Funds. Please visit 11 Best TSX Stocks to Buy According to Hedge Funds if you would like to see the extended list and the methodology behind it.
5. IAMGOLD Corporation (NYSE:IAG)
Number of Hedge Fund Holders: 41
Stock Upside: 54.59%
IAMGOLD Corporation (NYSE:IAG) is one of the best TSX stocks to buy according to hedge funds. On April 9, Moody’s Ratings upgraded IAMGOLD Corporation’s (NYSE:IAG) corporate family rating to B1 from B2. This call was supported by IAMGOLD’s reduction of its debt load and its successful ramp-up of the Côté Gold mine in Ontario, Canada.
Moody’s lifted IAMGOLD’s probability of default rating to B1-PD from B2-PD and senior unsecured notes to B2 from B3. The firm also improved the Speculative Grade Liquidity Rating to SGL-1 from SGL-2. SGL-1 is the highest tier. Moody’s also changed its outlook for IAMGOLD to stable from positive. In other words, the ratings giant sees the improved credit position as now locked in rather than still developing.
On debt reduction, Moody’s noted that IAMGOLD cut its net debt by approximately $515 million in 2025 alone. The company also fully repaid a $400 million second-lien term loan, which is a significant deleveraging milestone for a mid-tier gold miner that had carried a heavy debt burden since financing the construction of Côté Gold, noted Moody’s.
Speaking of Côté Gold, IAMGOLD controls 70% of the mine, which reached commercial production in August 2024. The mine hit nameplate plant throughput of 36,000 tons per day over 30 consecutive days ahead of schedule in 2025. Moody’s noted that this is a milestone that validated the mine’s operational capability and justified the years of capital investment.
IAMGOLD Corporation (NYSE:IAG) is a mining company engaged in the exploration, development, and production of gold. Its operations include producing assets such as the Essakane mine in Burkina Faso and the Westwood mine in Canada, alongside development projects like the Côté Gold project in Ontario.
4. Brookfield Corporation (NYSE:BN)
Number of Hedge Fund Holders: 46
Stock Upside: 16.91%
Brookfield Corporation (NYSE:BN) is one of the best TSX stocks to buy according to hedge funds. On April 9, Brookfield Wealth Solutions Ltd., a subsidiary of Brookfield Corporation (NYSE:BN), announced that its total group capital reached $19.8 billion at year-end 2025. This is nearly quadruple from $5.7 billion in 2022.
Brookfield Wealth Solutions (BWS) stated that $14.4 billion of the capital position was held within regulated insurance subsidiaries, up from $5.1 billion in 2022. The remaining $5.3 billion was held at the group holding company level, up from $0.7 billion in 2022.
BWS added that the capital growth has been primarily acquisition-driven. It said that most recently, on April 1, the company completed the acquisition of Just Group, a UK-based retirement specialist. The deal allowed BWS to expand its international presence in the life and annuity market.
Separately, on March 3, British Columbia Investment Management Corporation (BCI), Norges Bank Investment Management (NBIM), and Brookfield, a unit of Brookfield Corporation, jointly launched Northview Energy, a privately held renewable energy company. This new unit will acquire and own contracted, operating renewable assets across the US and Canada.
The three partners own Northview equally, and the total enterprise valued at approximately $2.6 billion at launch. Northview’s seed portfolio consists of 22 utility-scale solar and onshore wind assets with a combined operating capacity of 2.3 gigawatts. These were sourced from three Brookfield-managed renewable portfolio companies.
Brookfield Corporation (NYSE:BN) is a global alternative asset manager and owner-operator of real assets. The company’s investments span infrastructure, renewable power, real estate, and private equity. Through its asset management platform and affiliated listed partnerships, the company allocates capital across long-duration assets that generate fee-related earnings and investment income.
3. Suncor Energy Inc. (NYSE:SU)
Number of Hedge Fund Holders: 48
Stock Upside: 13.34%
Suncor Energy Inc. (NYSE:SU) is one of the best TSX stocks to buy according to hedge funds. On April 20, Raymond James analysts published a note arguing that Canadian energy stocks, including Suncor Energy Inc. (NYSE:SU), have meaningfully lagged behind rising oil prices and the broader market since the Iran conflict began. This disconnect, the analysts argued, signals a buying opportunity for investors.
The firm’s analysis covered the period from February 27 to April 17. It tracked how energy equities moved relative to the oil price rally that followed the outbreak of the Iran conflict in late February. They found that despite crude surging, the stocks did not keep pace, which left a visible gap between commodity prices and equity valuations.
Raymond James found that current share prices imply a long-term WTI oil price of just $60 to $65 per barrel. The firm views this as far too conservative given the geopolitical backdrop. At the time, WTI was trading well above that range. The disconnect, in Raymond James’s view, creates an attractive entry point. As a result, the firm maintained its overweight recommendation on energy equities, which in simple terms means the firm is confident that stock prices need to catch up to where commodities are trading.
Independent of the analyst action, on April 15, Petro-Canada, a retail fuel business owned by Suncor, and WestJet announced a new loyalty program partnership that will allow Canadians to link their WestJet Rewards and Petro-Points accounts. The goal is to enable customers to earn and redeem rewards across both fuel and air travel.
Suncor said this partnership will be accessible at more than 1,500 Petro-Canada locations across Canada. It added that the partnership will give WestJet Rewards members a new everyday earning channel beyond flying, and that Petro-Points members will get a pathway into travel rewards.
Suncor Energy Inc. (NYSE:SU) is an integrated energy company. It focuses on the development and production of oil sands resources, along with offshore oil production, refining, and petroleum marketing. It extracts and upgrades bitumen into synthetic crude oil.
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 56
Stock Upside: 25.47%
Agnico Eagle Mines Limited (NYSE:AEM) is one of the best TSX stocks to buy according to hedge funds. On April 20, Rupert Resources Ltd. announced that Agnico Eagle Mines Limited (NYSE:AEM) will acquire all of its outstanding shares. Rupert valued that transaction at about C$2.9 billion, or $2.12 billion.
Agnico already holds roughly 13.9% of Rupert’s shares, so the transaction effectively consolidates the remaining. As a result, Rupert’s Ikkari gold project in Finland, which is one of Europe’s largest undeveloped gold deposits, will fall fully under Agnico’s roof.
Rupert said in the press release that its shares will be exchanged for 0.0401 of an Agnico Eagle share. This is equivalent to approximately C$12.00 per share based on Agnico’s five-day volume weighted average price as of April 17, 2026. It also represents a 67% premium to Rupert’s last closing price on the TSX.
On top of the share consideration, Rupert shareholders will receive contingent value rights (CVRs) worth up to C$3.00 per share in cash. Agnico will pay the CVRs out in three C$1.00 tranches tied to specific milestones at the Ikkari project. The first one will be activated when mineral reserves reach 5 million ounces, and the second when the project hits commercial production alongside 7.5 million ounces in aggregate reserves and production. The third tranche will be unlocked when the project reaches commercial production, with 10 million ounces reached.
Agnico Eagle Mines Limited (NYSE:AEM) is a gold mining company. It engages in the exploration, development, and production of gold, with operations concentrated in Canada, Finland, and Mexico. Its portfolio includes long-life assets such as the Canadian Malartic complex and Detour Lake mine.
1. Cameco Corporation (NYSE:CCJ)
Number of Hedge Fund Holders: 82
Stock Upside: 2.92%
Cameco Corporation (NYSE:CCJ) is one of the best TSX stocks to buy according to hedge funds. On April 20, William Blair analyst Jed Dorsheimer initiated coverage on Cameco Corporation (NYSE:CCJ) with an Outperform rating.
According to Dorsheimer, Cameco is not just a uranium miner but also refines and converts uranium. The analyst also noted that the company owns 49% of Westinghouse Electric Company, the world’s leading nuclear reactor technology firm. This structure, noted Dorsheimer, gives Cameco a stake in every stage of the nuclear fuel cycle. He added that the Westinghouse stake is particularly strategic because each new reactor built using Westinghouse’s AP1000 technology creates demand for Cameco’s fuel products. This essentially makes the two businesses mutually reinforcing.
The analyst also highlighted what he called a favorable pricing power environment tied to an undercontracted existing fleet. This means many utilities have not yet locked in long-term uranium supply contracts, which positions Cameco to negotiate from a position of strength as demand for nuclear fuel accelerates.
An example of this pricing power is already playing out in the case where Cameco signed a uranium supply agreement with India’s Department of Atomic Energy. In the deal, Cameco will supply about 22 million pounds of uranium concentrate between 2027 and 2035, and the company will earn about C$2.6 billion. Dorsheimer noted that this is a long-term contract that underpins revenue visibility well into the next decade.
Cameco Corporation (NYSE:CCJ) explores, mines, mills, and markets uranium. Its key operations include high-grade uranium mines such as Cigar Lake and McArthur River in Saskatchewan, along with fuel services that convert and refine uranium for utility customers worldwide.
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