Global stock funds provide Canadian investors with an efficient way to add a broad range of country exposures within a single investment. We screened for the funds and exchange-traded funds that Morningstar analysts believe have the best chance of outperforming.
Funds in this category must invest in securities domiciled anywhere across the globe, such that their average market capitalization is greater than the small/mid cap threshold, and they must invest more than 10% and less than 90% of their equity holdings in Canada or the United States. Funds that do not meet any of the requirements of other geographic equity categories and have no formal restrictions on where they can invest will be assigned to this category.
The 6 Best Global Equity Funds and ETFs to Buy in 2026
We screened for the lowest-cost primary share classes with a
- RBC Global Equity Index ETF Fund
- Vanguard FTSE Global All Cap ex Canada Index ETF VXC
- Guardian Fundamental Global Equity Fund
- iShares Core MSCI All Country World ex Canada Index ETF XAW
- GQG Partners Global Quality Equity Fund
- BMO Concentrated Global Equity Fund
Because the screen was created with the lowest-cost share class for each fund, some may be listed with share classes that are not accessible to individual investors, or they may be aimed at institutional investors and require large minimum investments. The individual investor versions of those funds may carry higher fees, reducing returns to shareholders. Medalist Ratings may differ among a fund’s share classes.
Morningstar expects the highly rated global equity funds on this list to outperform their peers over a full market cycle. Though all these funds fall into the same category, they may practice different strategies and behave differently. Investors need to do some homework to understand exactly what a particular fund invests in before buying.
Here’s a quick look at each of the best global equity funds and ETFs. Be sure to review a fund’s complete report for more details.
RBC Global Equity Index ETF Fund
- : C$530.6 millionFund Size
- Index Fund: Yes
- MER: 0.51
- : ★★★★Morningstar Rating
This C$530.6 million fund has climbed 32.68% over the past year, outperforming the average fund in its category, which rose 27.14%. The RBC fund, launched in January 2022, has gained 19.73% over the past three years. This fund invests in units of the iShares MSCI World ETF.
iShares MSCI World Index ETF seeks to capture all but the smallest stocks in developed markets globally, but it could be cheaper.
This fund tracks the MSCI World Index, which targets large- and mid-cap stocks across developed markets. Market-cap weighting naturally reduces turnover and trading costs by channeling the market’s collective opinion of a stock’s relative value. This means that stocks that do well take up a greater share of the portfolio, which can sometimes concentrate the fund in expensive stocks or market segments that have done especially well.
Since its 2009 launch, the fund’s US equity allocation rose to over 70% of assets by the end of 2025 from under 50%. This shift reflects the exceptional performance and growth of US large-cap companies relative to the rest of the world. This is not unique to the fund, however, and most peers have also seen their US allocation swell. Market-cap weighting amplifies this effect, bringing large-cap US stocks into sharper focus here. The 10 largest stocks in this portfolio were US-based companies at the end of January 2026.
Excluding emerging-market and small-cap companies results in only modest differences relative to peers, since market-cap weighting already prioritizes the largest global stocks. Most sector weightings mirror the Morningstar Category norm, but the fund still tends to favor technology companies since that sector is home to some of the largest US stocks.
The fund outperformed the global large-stock blend category average by over 2.5 percentage points annualized and delivered stronger risk-adjusted performance for the trailing 10 years through December 2025. Much of this success stems from its emphasis on large-cap and US stocks, as both have dominated global returns for much of the past decade. Still, with roughly 30% invested in international equities, the fund does well when non-US markets outperform, like in 2025.
Brian Paoli, associate analyst
Read Morningstar’s full report on the RBC Global Equity Index ETF Fund.
Vanguard FTSE Global All Cap ex Canada Index ETF
- : C$3.2 billionFund Size
- Index Fund: Yes
- MER: 0.22
- : ★★★★★Morningstar Rating
This C$3.2 billion fund has climbed 35.21% over the past year, outperforming the average fund in its category, which rose 27.14%. The Vanguard fund, launched in June 2014, has climbed 19.84% over the past three years and 11.95% over the past five.
Vanguard FTSE Global All-Cap ex Canada Index ETF captures nearly all markets outside of Canada for a reasonable price.
The fund tracks the FTSE Global All-Cap ex Canada China A Inclusion Index. Its broad portfolio includes stocks of all sizes from developed and emerging markets outside of Canada. It weights its holdings by market cap, which captures the market’s consensus opinion of each stock’s relative value while mitigating turnover. Market-cap weighting can be tough to beat because the market tends to do a good job of pricing stocks over the long run. Occasionally, this overexposes the fund to expensive stocks, but this doesn’t undermine its long-term efficacy.
Broad diversification mitigates the impact of the worst performers on the fund’s overall performance. The target index holds more than 10,000 stocks, and the managers nearly replicate its portfolio through the use of four exchange-traded funds. Diversification benefits extend to the fund’s regional exposures. It captures nearly all of the global market cap outside of Canada, with US stocks collecting around 65% of the portfolio by the end of December 2025.
The fund has consistently beaten its peers. It beat the Canada global equity Morningstar Category average by 2.56 percentage points annualized from its June 2014 inception through December 2025. Its 0.22% management expense ratio was among the lowest decile of its peers and provides the fund a durable edge.
Brian Paoli, associate analyst
Read Morningstar’s full report on the Vanguard FTSE Global All Cap ex Canada Index ETF.
Guardian Fundamental Global Equity Fund
- : C$471.4 millionFund Size
- Index Fund: No
- MER: 0.78
- : ★★Morningstar Rating
Over the past year, the Guardian Capital fund fell 5.67%, while the average fund in its category rose 27.14%. The fund, launched in April 2020, has climbed 1.92% over the past three years and 3.32% over the past five.
GuardCap Global Equity continues to benefit from a talented, cohesive team and an impressively rigorous bottom-up process, though a few areas warrant monitoring. It retains a High Pillar rating for both People and Process.
Led by Michael Boyd and Giles Warren—partners for more than 25 years and together at GuardCap since 2014—the strategy has served investors well. The duo is supported by portfolio managers Orlaith O’Connor and Bojana Bidovec, who joined in 2015 and 2016, respectively. The team combines extensive investment experience, strong stability, and meaningful co-investment in the strategy, and stands out for its intense collaboration, long-term investment horizon, and deep commitment to its research process.
While the team continues to exhibit many strengths, a few aspects warrant ongoing scrutiny. At times, the managers have held onto long-standing positions despite deteriorating fundamentals, underscoring the behavioral risks of a high-conviction, long-term approach.
Another consideration is succession planning for the strategy’s architect, Boyd. The departure of a short-tenured analyst, who had been hired as part of a future succession plan, is disappointing and introduces some uncertainty around the team’s future structure and allocation of responsibilities.
The strategy continues to benefit from its well-engineered, intensive, and thorough bottom-up research process. The philosophy adheres to strict quality and growth criteria but is also mindful of valuations. To help sweep through such a large investment universe, the team relies on a quantitative filter complemented by deep, long-term secular trend research. A small number of companies are eventually meticulously and patiently analyzed. The intensity of the due diligence increases as a firm progresses through the stages of the process. The research is documented in detailed reports, which are heavily debated and challenged, even after a stock enters the portfolio. Throughout the process, all portfolio managers vote on whether a stock should progress to the next stage. The two lead managers finally select the stocks from a limited pool of companies that meet their stringent investment criteria. The team’s sound investment philosophy, refined process, and commitment to in-depth research on a focused set of companies can provide a durable edge, provided behavioral discipline is maintained, and execution remains consistent.
The concentrated portfolio of 20–25 stocks reflects the managers’ highest convictions, but its growth and quality profile has weakened since 2024 and trails the category index and average peer as of March 2026. As fundamentals deteriorated across several long-held positions, share prices declined and valuations compressed. Accordingly, exposure to momentum collapsed, and the portfolio moved through the Morningstar Style Box, out of growth territory and firmly into blend. The evolving style profile and execution discipline bear watching.
Recent style headwinds, narrow market leadership, and uneven stock selection have materially weighed on the strategy’s long-term track record. While it has generally delivered the expected downside resilience, participation in rising markets has proved challenging over the past three years. Given the strategy’s concentrated nature, periods of underperformance are not unusual, and patience is required to fully realize the benefits of this distinctive approach.
Jeffrey Schumacher, director
Read Morningstar’s full report on the Guardian Fundamental Global Equity Fund.
iShares Core MSCI All Country World ex Canada Index ETF
- : C$3.9 billionFund Size
- Index Fund: Yes
- MER: 0.22
- : ★★★★★Morningstar Rating
This C$3.9 billion fund has gained 35.24% over the past year, while the average fund in its category is up 27.14%. The iShares fund, launched in February 2015, has climbed 19.76% over the past three years and 12.30% over the past five.
IShares Core MSCI All Country World ex Canada Index ETF covers nearly the entire global equity market outside Canada at a fair price.
The fund tracks the MSCI ACWI ex Canada Investable Market Index. Its broad portfolio includes stocks of all sizes from developed and emerging markets outside of Canada. It weights its holdings by market capitalization, which captures the market’s consensus opinion of each stock’s relative value while mitigating turnover. Market-cap weighting can be tough to beat because the market tends to do a good job of pricing stocks over the long run. Occasionally, this overexposes the fund to expensive stocks, but this doesn’t undermine its long-term efficacy.
Broad diversification mitigates the impact of the worst performers on the fund’s overall performance. The target index contains almost 8,000 stocks, and the managers nearly fully replicate its holdings through the use of six exchange-traded funds. Diversification benefits extend to its regional exposures. It captures nearly all of the global market cap outside of Canada, with US stocks accounting for 64% of the portfolio by the end of December 2025.
The fund has consistently beaten its peers. It beat the Canada global equity Morningstar Category average by 2.46 percentage points annualized from its February 2015 inception through December 2025. Its 0.22% management expense ratio was among the lowest of its peers and provides the fund a durable edge.
Brian Paoli, associate analyst
Read Morningstar’s full report on the iShares Core MSCI All Country World ex Canada Index ETF.
GQG Partners Global Quality Equity Fund
- : C$3.1 billionFund Size
- Index Fund: No
- MER: 1.11
- : ★★★★★Morningstar Rating
The C$3.1 billion fund has gained 8.33% over the past year, while the average fund in its category is up 27.14%. The Brandes fund, launched in September 2020, has climbed 15.14% over the past three years and 11.53% over the past five.
It would be an exaggeration to call the recent roller-coaster ride of GQG Partners Global Quality Equity a feature, not a bug. But that formulation does capture an important aspect of its time-tested approach. (Outside the US the strategy is labeled GQG Partners Global Equity.)
Up until about a year ago, this strategy—launched in Australia in June 2017 and in Europe and the US in early 2019—had flourished. Its return through March 2025 had crushed its MSCI All Country World Index prospectus benchmark and that index’s growth version, as well as the global large-stock blend and global large-stock growth Morningstar Categories for US-domiciled funds. Then, investors’ frenzy to tap into the growth of artificial intelligence took precedence in the markets. That put this strategy at a distinct disadvantage, for manager Rajiv Jain and his team considered most of these plays overpriced and vulnerable to steep declines. In 2025, the US-domiciled mutual fund’s institutional shares rose a mere 0.9%, 21 percentage points less than both of the indexes and far behind both category averages as well.
Soon the tide turned again, though, rewarding Jain’s 2025 caution. Widespread concerns that AI would sink the business models of many software companies, along with worries about the massive spending plans of the tech giants, sent many of these stocks reeling. In 2026, the institutional shares’ 6.6% gain through March 24 topped the indexes and category averages by margins ranging from 9 to 13 percentage points.
This brief period could be downplayed, except that making bold, contrarian portfolio shifts in order to protect against potentially deep losses has been a key to Jain’s long-term success. One example took place in 2022’s dismal market. The institutional shares lost only 3.7% that year, while the MSCI ACWI dropped 18.4% and the global large-stock growth average plunged 27.9%. Then, too, the GQG team avoided most of the carnage by making a drastic shift away from what they considered to be overly expensive technology stocks, instead loading up on energy firms.
As 2025 illustrated, such decisive moves can backfire. Investors must be willing to accept that possibility and ride out such times. Confidence springs not only from the fact that Jain’s gambits have eventually worked out well, but that they result from both deep research steeped in data analysis and inquiries into less-quantifiable topics by former investigative reporters.
This strategy remains an appealing choice for long-term investors who understand and can stick with its unconventional approach.
Gregg Wolper, senior analyst
Read Morningstar’s full report on the GQG Partners Global Quality Equity Fund.
BMO Concentrated Global Equity Fund
- : C$1.3 billionFund Size
- Index Fund: No
- MER: 0.92
- : ★★Morningstar Rating
Over the past year, the BMO fund rose 2.42%, while the average fund in its category rose 27.14%. The fund, launched in May 2018, has climbed 4.29% over the past three years and 4.68% over the past five.
Read Morningstar’s full report on the BMO Concentrated Global Equity Fund.
