During the last yr, a quiet “not America” investing method has crept again into investor pondering. U.S. markets saved grabbing headlines, but in addition felt crowded, costly, and dominated by a handful of mega-cap names. In the meantime, traders began paying extra consideration to locations that look much less stretched and extra diversified by sector. Canada sits in a candy spot in that dialog as a result of it affords real-economy publicity, a stronger dividend tradition, and a market that doesn’t hinge on a single theme staying sizzling without end.
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Something however
Being “not America” helps Canadian shares proper now because the TSX doesn’t dwell or die by the identical slim management. U.S. indexes can really feel like a referendum on a small group of tech giants. Canada spreads its weight throughout banks, power infrastructure, utilities, industrials, and supplies. That blend can dampen the harm when one crowded commerce unwinds, and the Canadian portfolio can nonetheless take part if world progress holds up.
It additionally helps that Canada tends to look extra moderately priced when U.S. valuations get lofty. You don’t want Canada to outperform yearly for this to matter. You simply want a place to begin that doesn’t demand perfection. If you purchase a market with extra cash-flow companies and fewer hype multiples, your return path can rely extra on earnings, dividends, and buybacks, and fewer available on the market handing you a richer valuation.
There’s additionally a sensible geopolitical edge to being “not America.” Canada can profit from provide chain shifts, useful resource safety, and a world push for essential minerals with out sitting on the centre of each commerce struggle. It nonetheless feels the splash when the U.S. adjustments coverage, however it isn’t all the time the goal. In an surroundings the place corporations and governments need secure suppliers, Canada’s repute as a dependable producer of commodities, energy, and infrastructure can matter greater than it did a number of years in the past. So, how can traders get in on the motion?
TECK
Teck Assets (TSX:TECK.B) reveals how this “not America” benefit can translate into an actual funding case. The Canadian inventory is a serious Canadian miner with a rising copper focus, plus zinc and different by-products. The final yr of reports round Teck has largely revolved round operational execution and copper leverage. Copper costs strengthened, and Teck’s outcomes rapidly mirrored that.
It additionally gave traders a clearer roadmap heading into 2026. Teck reaffirmed a large however significant copper manufacturing outlook for 2026 of 455,000 to 530,000 tonnes. Teck additionally printed unit value steering that traders ought to watch intently, with copper web money unit prices guided at about US$1.85 to US$2.20 per pound. Moreover, within the fourth quarter of 2025, Teck reported adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of $1.5 billion, which rose by $678 million from the prior-year quarter. Adjusted revenue from persevering with operations attributable to shareholders got here in at $671 million, or $1.37 per share.
If you need a mid-cycle check-in, the second quarter of 2025 confirmed the enterprise can nonetheless earn via much less thrilling pricing. Teck reported adjusted EBITDA of $722 million in Q2 2025, barely increased than the identical quarter a yr earlier, and revenue from persevering with operations earlier than taxes of $125 million. The Canadian inventory highlighted improved profitability at its Path Operations as assist, whilst copper and zinc costs ran decrease than the yr earlier than.
Backside line
Being “not America” will not be about anti-U.S. pondering, however about stability. Canada affords a distinct combine, usually a distinct valuation start line, and actual publicity to the supplies and infrastructure the world nonetheless wants. Teck captures that concept in a single Canadian inventory. It provides you copper torque, a clearer 2026 manufacturing roadmap, and earnings energy that may broaden quick when the cycle cooperates. If you need a sensible method to diversify away from crowded U.S. positioning with out wandering into the unknown, that is the form of Canadian identify that may make the “not America” case really feel very actual.