3 Canadian Stocks Beginners Can Own With Just $100

For only $100, investors can own this entire basket of top Canadian stocks. These low prices won’t last, so I’d act fast.

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The S&P/TSX Composite Index is on track to end the year up an incredible 20%. It has been years since Canadian investors have witnessed that type of growth in a span of 12 months. But even with the market up big this year, there are plenty of top Canadian stocks trading at a discount

I’ve put together a basket of three Canadian stocks that investors can own in its entirety for just about $100. Some of these low prices may not last long, so I’d act fast if you’re interested in owning any of these top companies. 

Canadian stock #1: Brookfield Asset Management

For anyone new to investing, one of my top recommendations is Brookfield Asset Management (TSX:BAM.A)(NYSE:BAM). Don’t get me wrong, though; this Canadian stock is an excellent choice for even the most seasoned investors as well.

The reason why I’d suggest new investors have a closer look at this company is for the broad diversification it can provide your portfolio. The company is an asset manager with operations not only spread across the globe but a range of different industries, too.

Diversification isn’t the only reason to be interested. Brookfield Asset Management has a very impressive market-beating track record. Shares are up a market-crushing 160% over the past five years and more than 500% over the past decade.

Today, investors can pick up shares of this top Canadian stock for less than $80.

Canadian stock #2: WELL Health Technologies

WELL Health Technologies (TSX:WELL) is the pick with the most growth potential on this list. It will likely have the most volatility, too. 

Shares are down over 30% year to date and are trading at about $5 today. That’s after a year where it was up more than 400%.

The pandemic initially sparked a massive surge for the Canadian stock. Demand for the company’s telemedicine services skyrocketed in early 2020, which resulted in multi-bagger gains in less than a year.

After such a strong year in 2020, it’s not surprising to see the stock cool off this year. And as a huge bull on the long-term growth potential of telemedicine, it’s hard to ignore WELL Health while it’s trading at such a bargain price.

Canadian stock #3: Algonquin Power

Last on my list is a dependable utility stock that all growth investors would be wise to consider. 

If you’re going to own growth stocks with lots of volatility, such as WELL Health, owning shares of a company like Algonquin Power (TSX:AQN)(NYSE:AQN) can help keep your portfolio balanced. 

As a top utility provider in the country, there’s certainly not much about this Canadian stock’s businesses to get excited about. But if you’re looking at the stock’s performance, that’s a different story. Year after year, Algonquin Power has managed to deliver consistent market-beating returns to its shareholders.

Those returns have come in both stock appreciation and passive income. Shares are up a market-beating 60% over the past five years. On top of that, the company’s annual dividend of $0.85 per share yields above 4% at today’s stock price.

At less than $20 a share, there are more reasons than one to own this top utility stock.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Asset Management Inc. CL.A LV.

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