In this article, we take a look at the 10 Best Canadian Stocks to Buy According to Billionaires.
Against the backdrop of trade war concerns and retaliation against Trump’s tariff hikes on Canadian imports, investors are closely monitoring the impact on cross-border trade. The uncertainties threaten to disrupt economic growth and corporate earnings in both countries. Recently, Trump finalized a 25% hike on the import of goods from Canada and Mexico, causing the US and Canadian stocks to fall and sparking threats of a trade war. The tariffs are expected to affect more than $918 billion worth of US imports from Canada and Mexico. According to Reuters, the move could upend nearly $2.2 trillion in annual U.S. trade with its top three trading partners. Additionally, 20% tariffs against Chinese goods have doubled the levy on China from last month. In retaliation to the tariff hikes, Canadian Prime Minister Justin Trudeau has now announced a 25% tariff on C$30 billion (US$20.7 billion) worth of U.S. imports. BBC has reported that the US tariffs are likely to push up prices for consumers in the US and abroad soon.
Morningstar predicts that the US tariffs now in place indicate that the Bank of Canada may need to implement aggressive interest rate cuts to counter the economic fallout and stabilize the economy. The BoC has been one of the most aggressive central banks in cutting rates. Earlier this year, the Bank trimmed its key policy rate by 25 basis points to 3% and scaled down the country’s economic growth outlook to 1.8% in 2025 from the 2.1% predicted in October in anticipation of the tariffs. In its Monetary Policy Report, the BoC has noted that the Canadian economy showed signs of resilience at the end of 2024, contributing to an increase in household spending and housing activity. While inflation has remained at 2% since August 2024, the uptick in economic growth was fueled by a rapid series of interest-rate cuts, which are now threatened by the uncertainties of trade relations.
For American investors, investing in Canadian stocks listed on U.S. stock exchanges offers the opportunity to diversify their portfolios with companies operating in a resilient economy. However, with the headline index for the Canadian equity market dropping 1.7% to close at 24,570 on March 4 and extending the previous session’s 1.5% decline to reach a seven-week low, investors should brace for continued uncertainty as markets adjust to the new trade dynamics. The best Canadian stocks took a hit, especially in sectors such as transportation and energy, calling for a reassessment of investing strategies. While there is no set formula to benefit from billionaire portfolios and stocks billionaires invest in, the UBS Billionaire Ambitions Report 2024 highlights some key themes of extensive diversification that can be beneficially incorporated into investment strategies for long-term resilience. With this key point in mind, we will take a look at the best Canadian stocks that Billionaires invest in.
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Our Methodology
We analyzed Insider Monkey’s exclusive database of billionaire stock holdings to compile our list of best Canadian stocks to invest in according to billionaires. We selected the 10 best stocks to buy based on the highest number of billionaire investors, updated as of Q4 2024. For the stocks with the same number of billionaire holdings, we have used the total value of billionaire holdings as a secondary metric to rank the stocks. These billionaires are founders or managers of some of the world’s leading hedge funds and companies.
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).
10. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Billionaires: 11
Agnico Eagle Mines Limited (NYSE:AEM) is a prominent Canadian-based gold mining company, recognized as the third-largest gold producer globally. The company operates in Canada, Australia, Finland, and Mexico, focusing on the exploration, development, and production of gold deposits.
Recently, Agnico Eagle Mines Limited (NYSE:AEM) has actively pursued strategic acquisitions to bolster its asset portfolio. In 2022, the company completed its merger with Kirkland Lake Gold. In December 2024, it announced a friendly all-cash offer to acquire O3 Mining and also completed a transaction with ONGold Resources Ltd., acquiring 8.7 million common shares, representing approximately 15% of ONGold’s issued and outstanding shares, in the same month.
Agnico Eagle Mines Limited (NYSE:AEM) is a reliable stock to buy, considering its growth potential. The company boasts an EBITDA CAGR of 35.74%, with sales growth of 12.49% in the current fiscal year.
The gold mining industry has experienced significant shifts, with gold prices surging to record highs, with a surge of over 40% since last February. Goldman Sachs Research has predicted that the rally in gold will continue amid demand from central banks. This surge has positively impacted gold miners, including Agnico Eagle.
Financially, Agnico Eagle Mines Limited (NYSE:AEM) continues to exhibit strength. In 2024, the company reported revenues of $8.29 billion, marking a 25.03% increase from the previous year’s $6.63 billion.
Billionaire investors have shown increased interest in gold mining stocks, considering them undervalued relative to the surge in gold prices. Analysts hold a consensus Buy opinion on the stock, and the average price target represents a 6.91% upside from current levels.
9. Canadian National Railway Company (NYSE:CNI)
Number of Billionaires: 12
Canadian National Railway Company (NYSE:CNI) is a leading North American transportation and logistics provider, offering rail, intermodal, trucking, and supply chain services. Operating a vast network that spans Canada and the United States, CN transports over 300 million tons of natural resources, manufactured products, and finished goods annually, serving a diverse clientele across various industries.
Canadian National Railway Company (NYSE:CNI) and Iowa Northern Railway Company officially joined their operations on March 1, 2025, as previously authorized by the U.S. Surface Transportation Board. With this strategic move, CN and Iowa Northern can begin integrating their two railroads to better serve customers.
Stock-wise Canadian National Railway Company (NYSE:CNI) faced challenges due to recent inflationary tariffs impacting the transportation sector and potential economic recessions in Canada and Mexico that could affect cross-border transportation flows. Despite these challenges, there are positive indicators for CN’s future performance. Analysts have reflected optimism with a Moderate Buy opinion on the stock, indicating potential for recovery. Additionally, the freight recession that has affected the industry over the past three years shows signs of abating, which could benefit companies like CN.
Canadian National Railway Company (NYSE:CNI) expects to deliver 10%-15% EPS Growth in 2025. The average price target for the stock represents a 16.61% upside potential.