RBC Capital Markets research team has released its top 30 global stock ideas for 2025, emphasizing high-conviction, long-term investments with quarterly updates to reflect dynamic market shifts. The list highlights stocks with attractive positioning in the current environment. The report also analyzes the performance of the Top 30 list in 2024 and since its inception in 2019, comparing it to the MSCI World Index. The analysis includes additions, deletions, and maintained stocks on the list.
“This list remains one of high-conviction, long-term ideas with quarterly updates that enable dynamic changes into names where we see higher-conviction upside potential. The Top 30 list is built around bottom- up best ideas that we also view as offering attractive positioning in the current environment. In Q4/24 the Top 30 delivered a total return of -1.0% in USD terms vs. the MSCI World Index at -0.
“You would have to squint to see it, but the Canadian bank index total return of ~21.8% in calendar 2024 bettered the S&P/TSX. The ~10bps ‘outperformance’ meant the bank index avoided underperforming the composites for three years in a row. Four out of the “Big 6” banks outperformed S&P/TSX in 2024 — CM was the best performing bank, outperforming TD, the worst, by ~5,600bps.
“USD/CAD has maintained its upward momentum in 2025, primarily driven by a stronger USD rather than CAD weakness. In fact, the Canadian dollar has shown relative strength against other G10 currencies in recent weeks. This resilience against non-USD G10 currencies stems from CAD’s tendency to benefit from USD strength. Consequently, we continue to recommend a short AUD/CAD position in 2025, targeting 0.88 by Q1 2025 .
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