RBC Capital Top 30 Global Stock Ideas – 2026 Update

RBC Capital released its quarterly update of the Top 30 Global Stock Ideas for 2026, a high‑conviction, long‑term equity list compiled by the firm’s Co‑Heads of Global Research, Graeme Pearson and Mark Odendahl. The update adds three securities – Canadian National Railway (CNR), Apotex Health (APTX) and Lonza (LONN) – and removes Alcon, Boston Scientific and DuPont de Nemours, leaving 27 unchanged positions from the prior quarter.

During the quarter the Top 30 generated a total return of 11.1% in USD, compared with the MSCI World Index’s 12.8% return over the same period. Since the list’s inception at the end of 2019, it has delivered a compound annual growth rate (CAGR) of 13.9%, marginally outperforming the benchmark’s 13.4% CAGR.

New Additions

1. Canadian National Railway (CNR) – The railroad operator trades at a discount to peers despite improving network fundamentals. Car velocity is accelerating in the first half of the year, supported by record grain volumes, intermodal share gains and pricing that outpaces inflation, underpinning a solid earnings‑growth outlook. Capacity investments are expected to provide operating leverage as freight volumes recover. In its second‑quarter 2026 results, CNR reported adjusted earnings of C$2.08 per share on revenue of $4.75 billion, beating estimates and prompting the company to raise its full‑year guidance. Following the release, Evercore ISI lifted its price target, while Benchmark reiterated a Hold rating.

2. Apotex Health (APTX) – Apotex holds a 23% share of the Canadian generic‑drug market and ranks among the top‑10 generic players in the United States. The firm’s strong first‑to‑market capabilities are expected to capture disproportionate economic value from industry trends such as increasing brand‑drug loss‑of‑exclusivity. Management anticipates maintaining industry‑high return on invested capital and strong financial metrics relative to competitors.

3. Lonza (LONN) – Lonza is positioned as an earnings‑per‑share compounder trading at an attractive valuation relative to its growth profile. RBC Capital believes the market continues to price in historical concerns around capital intensity and returns, which the firm assesses as resolved or analytically misframed. The lack of near‑term catalysts is viewed as an entry point for investors with longer horizons.

Removals

Alcon, Boston Scientific and DuPont de Nemours were taken off the list to make room for higher‑conviction selections.