RBC Capital Markets analyst Bish Koziol made six changes to the firm’s quantitatively driven QuaDS Score Top 40 list of top picks. Gone are Exchange Income Corp., Western Forest Products and First Quantum Minerals. In are Quebecor Inc., Canadian National Railway and Tourmaline Oil Corp. The proprietary stock selection method combines valuation, price momentum, profit growth and predictability.

The other 37 stocks on the list are Pembina Pipeline, Gibson Energy, Pason Systems, Keyera Corp., PrairieSky Royalty, Canadian Natural Resources, Cenovus Energy, CES Energy Solutions Corp., Parex Resources Inc., Enerplus Corp., Stella-Jones Inc., Major Drilling Group International, Labrador Iron Ore Royalty Corp., Richelieu Hardware Ltd., Toromont Industries Ltd., Finning International Inc., Canadian Tire Corp., Restaurant Brands International, Loblaw Companies Ltd., Metro Inc., North West Co. Inc., Empire Co. Ltd., Bank of Montreal, National Bank, TMX Group Ltd., Bank of Nova Scotia, Great-West Lifeco Inc., Equitable Group Inc., TD Bank, CGI Inc., Open Text Corp., Celestica Inc., Cogeco Communications Inc., Rogers Communications Inc., Quebecor Inc., BCE Inc., Shaw Communications Inc. and Fortis Inc.