Finding that mix of great TSX stocks to buy now can help push your portfolio to new highs in the future. Fortunately, the market is full of great options that can cater to any investor’s delight, even with just $300 to start.
Here’s a look at three top TSX stocks to buy today with that $300 limit in mind.
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Start with an income–stability mix
For new investors, starting with a REIT is an excellent way to stack growth over longer periods of time. And one great option to consider right now is RioCan Real Estate (TSX:REI.UN).
RioCan is one of the largest REITs in Canada, with a portfolio of both commercial retail and residential properties. Those properties are located across the country, with a focus on metro markets.
In recent years, RioCan has shifted the needle more towards mixed-use residential properties. The properties are situated along major metro markets and transit corridors where demand remains high.
And because the properties comprise residential towers that sit atop several floors of retail, traffic remains high.
The result is a high-occupancy, high-demand offering that generates reliable and recurring revenue, and by extension, distributions for investors.
As of the time of writing, that distribution pays an impressive 6.2% yield. For investors with $300 to start, that initial investment will be enough to generate a share each year through reinvestments.
Add in a defensive titan
Building a portfolio is like assembling a team, and every team needs a good defensive line. That’s where the next of the TSX stocks to buy comes into view: Fortis (TSX:FTS).
Fortis is a utility stock. Utilities generate a solid revenue stream backed by regulated contracts that span decades. This makes them incredibly stable investments that can (and do) weather market downturns better than most other stocks.
In the case of Fortis, the company’s massive footprint adds some geographic diversification into the mix. Fortis has operations in Canada, the U.S., and in several Caribbean countries.
Unlike the stereotype view that utilities are boring investments without growth, Fortis continues to invest in growth. The company’s latest investment from its multi-year capital plan has it upgrading facilities and transitioning facilities over to renewables.
That steady revenue stream also allows Fortis to pay out a handsome dividend. As of the time of writing, Fortis offers investors a quarterly dividend that pays out a respectable 3.5% yield.
Dropping $300 into Fortis won’t give you much income, but it will cement a good foundation from which investors can continue to add.
And speaking of adding to that investment, Fortis has amassed an incredible 53 consecutive years of increases to its dividend. That makes the stock one of just two with the label of Dividend Kings in Canada.
That fact alone makes this one of the top TSX stocks for any portfolio.
Power up your portfolio
The final pick of top TSX stocks for any portfolio is Enbridge (TSX:ENB).
For those unfamiliar with the stock, Enbridge is one of the largest energy infrastructure companies on the planet.
The company’s diversified offerings include a massive pipeline operation with both natural gas and crude elements, as well as a renewable energy business and natural gas utility.
Collectively, each of those segments operates in a defensive niche, generating cash for the company that allows it to invest in growth and payout a handsome dividend.
That growth includes a multi-billion-dollar backlog of projects across all segments.
Turning to dividends, Enbridge offers a robust 5.6% yield backed by three decades of consecutive annual upticks.
In other words, this is one of the top TSX stocks every portfolio needs.
What are your Top TSX stocks to buy?
Building a portfolio takes time, the right investments, and some patience. While you won’t retire on $300, it can provide a baseline from which to grow your portfolio.
Given an initial $300 for three stocks, the trio mentioned above can provide income, defensive growth, and energy sector upside to rival even the largest portfolios.
Each stock is easily one of the top TSX stocks and should be a core holding in your diversified portfolio. Buy them, hold them, and watch your portfolio grow.
