13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000007

Total Value

$962.8M

Positions

212

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (212)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	955,108	$61.7M	6.41%
2	ROYAL BK CDA MONTREAL QUE	780087102	863,308	$46.3M	4.81%
3	ENCANA CORP	292505104	654,042	$37.8M	3.93%
4	BCE INC	BCPPF	1,265,219	$31.1M	3.23%
5	CDN IMPERIAL BK OF COMMERCE	CNDIF	508,800	$31.0M	3.22%
6	ROGERS COMMUNICATIONS INC	RCIAF	1,088,500	$30.7M	3.19%
7	CANADIAN NATL RY CO	136375102	531,350	$26.1M	2.71%
8	BANK NOVA SCOTIA HALIFAX	064149107	562,583	$25.6M	2.66%
9	CAE INC	CAE	2,735,697	$23.1M	2.40%
10	MANULIFE FINL CORP	56501R106	1,043,200	$21.9M	2.27%
11	SHAW COMMUNICATIONS INC	82028K200	1,201,908	$21.7M	2.26%
12	SUNCOR ENERGY INC NEW	SU	563,790	$19.7M	2.04%
13	JOHNSON & JOHNSON	JNJ	303,730	$18.5M	1.92%
14	ENBRIDGE INC	ENNPF	458,200	$17.8M	1.85%
15	CANADIAN NAT RES LTD	136385101	245,950	$16.6M	1.72%
16	AMERICAN EXPRESS CO	AXP	448,960	$15.2M	1.58%
17	PROCTER & GAMBLE CO	742718109	255,500	$14.8M	1.54%
18	GOLDCORP INC NEW	NVGLF	368,100	$14.8M	1.53%
19	SUN LIFE FINL INC	SUNFF	442,100	$13.8M	1.44%
20	CORUS ENTERTAINMENT INC	220874101	787,500	$13.4M	1.39%
21	BARRICK GOLD CORP	067901108	331,075	$12.5M	1.30%
22	MICROSOFT CORP	MSFT	412,345	$10.7M	1.11%
23	JPMORGAN CHASE & CO	VYLD	228,550	$10.0M	1.04%
24	BANK MONTREAL QUE	063671101	193,600	$9.8M	1.02%
25	INGERSOLL-RAND PLC	IR	313,500	$9.6M	1.00%
26	AGNICO EAGLE MINES LTD	AEM	141,400	$9.5M	0.99%
27	3M CO	MMM	123,300	$9.1M	0.95%
28	TEVA PHARMACEUTICAL INDS LTD	881624209	176,507	$8.9M	0.93%
29	WHOLE FOODS MKT INC	966837106	283,000	$8.6M	0.90%
30	AGRIUM INC	008916108	170,800	$8.5M	0.89%
31	POTASH CORP SASK INC	73755L107	92,100	$8.3M	0.87%
32	PFIZER INC	PFE	484,300	$8.0M	0.83%
33	WESTERN UN CO	WU	393,300	$7.4M	0.77%
34	CONOCOPHILLIPS	COP	162,900	$7.4M	0.76%
35	HEINZ H J CO	423074103	184,710	$7.3M	0.76%
36	NOKIA CORP	NOKBF	497,635	$7.3M	0.76%
37	TARGET CORP	TGT	149,000	$7.0M	0.72%
38	AXA	AXTA	254,630	$6.9M	0.72%
39	MORGAN STANLEY	MS-PQ	217,900	$6.7M	0.70%
40	COMCAST CORP NEW	CCZ	396,230	$6.7M	0.70%
41	EQUIFAX INC	EFX	211,900	$6.2M	0.64%
42	ACCENTURE PLC IRELAND	ACN	158,230	$5.9M	0.61%
43	COVIDIEN PLC	G2554F105	134,320	$5.8M	0.60%
44	WASTE MGMT INC DEL	94106L109	191,450	$5.7M	0.59%
45	WATERS CORP	941848103	100,400	$5.6M	0.58%
46	DELL INC	DELL	365,200	$5.6M	0.58%
47	KIMBERLY CLARK CORP	KMB	93,735	$5.5M	0.57%
48	GOOGLE INC	38259P508	10,880	$5.4M	0.56%
49	OVERSEAS SHIPHOLDING GROUP I	690368105	139,600	$5.2M	0.54%
50	TIME WARNER INC	887317303	174,466	$5.0M	0.52%
51	SOUTHWEST AIRLS CO	844741108	512,140	$4.9M	0.51%
52	DISNEY WALT CO	254687106	164,270	$4.5M	0.47%
53	CISCO SYS INC	CSCO	188,100	$4.4M	0.46%
54	CARNIVAL CORP	CUKPF	128,680	$4.3M	0.44%
55	HSBC HLDGS PLC	HBCYF	73,146	$4.2M	0.44%
56	AUTOLIV INC	ALV	124,400	$4.2M	0.43%
57	TRANSGLOBE ENERGY CORP	893662106	1,055,235	$3.7M	0.39%
58	STANTEC INC	STN	148,909	$3.7M	0.39%
59	COMPANHIA DE SANEAMENTO BASI	SBS	98,056	$3.7M	0.39%
60	ALLSTATE CORP	ALL-PJ	119,700	$3.7M	0.38%
61	ING GROEP N V	INGVF	200,000	$3.6M	0.37%
62	HESS CORP	HESM	63,870	$3.4M	0.35%
63	SEI INVESTMENTS CO	784117103	172,320	$3.4M	0.35%
64	ELECTRONIC ARTS INC	EA	177,060	$3.4M	0.35%
65	MCGRAW HILL COS INC	MH	134,000	$3.4M	0.35%
66	APPLE INC	AAPL	18,000	$3.3M	0.35%
67	E M C CORP MASS	268648102	195,330	$3.3M	0.35%
68	PETROLEO BRASILEIRO SA PETRO	71654V408	70,600	$3.2M	0.34%
69	ROBERT HALF INTL INC	RHI	127,100	$3.2M	0.33%
70	KELLOGG CO	BEKE	61,655	$3.0M	0.32%
71	GILDAN ACTIVEWEAR INC	GIL	152,038	$3.0M	0.31%
72	UNILEVER PLC	UNLYF	103,490	$3.0M	0.31%
73	UNITED PARCEL SERVICE INC	UPS	52,540	$3.0M	0.31%
74	BAKER HUGHES INC	BKR	68,120	$2.9M	0.30%
75	CROWN CASTLE INTL CORP	CCI	91,050	$2.9M	0.30%
76	WEATHERFORD INTERNATIONAL LT	WFRD	133,250	$2.8M	0.29%
77	GENERAL MLS INC	370334104	42,180	$2.7M	0.28%
78	SPRINT NEXTEL CORP	852061100	686,100	$2.7M	0.28%
79	RITCHIE BROS AUCTIONEERS	767744105	109,077	$2.7M	0.28%
80	AUTODESK INC	ADSK	112,660	$2.7M	0.28%
81	ICICI BK LTD	IBN	68,450	$2.6M	0.27%
82	PAYCHEX INC	PAYX	90,330	$2.6M	0.27%
83	PROGRESSIVE CORP OHIO	743315103	149,920	$2.5M	0.26%
84	INTERNATIONAL GAME TECHNOLOG	INTR	114,490	$2.5M	0.26%
85	DEAN FOODS CO NEW	242370104	136,050	$2.4M	0.25%
86	FRESENIUS MED CARE AG&CO KGA	FMCQF	48,580	$2.4M	0.25%
87	GOLDMAN SACHS GROUP INC	GSCE	13,100	$2.4M	0.25%
88	FEDEX CORP	FDX	31,790	$2.4M	0.25%
89	BANK OF AMERICA CORPORATION	060505104	137,300	$2.3M	0.24%
90	BECTON DICKINSON & CO	BDX	32,950	$2.3M	0.24%
91	NATIONAL BK GREECE S A	633643408	311,745	$2.2M	0.23%
92	AUTOMATIC DATA PROCESSING IN	ADP	53,940	$2.1M	0.22%
93	THERMO FISHER SCIENTIFIC INC	TMO	48,050	$2.1M	0.22%
94	QUEST DIAGNOSTICS INC	DGX	39,560	$2.1M	0.21%
95	GENZYME CORP	372917104	36,260	$2.1M	0.21%
96	WYNN RESORTS LTD	WYNN	29,000	$2.1M	0.21%
97	AMDOCS LTD	DOX	76,300	$2.1M	0.21%
98	WEYERHAEUSER CO	WY	55,640	$2.0M	0.21%
99	FORTUNE BRANDS INC	349631101	45,890	$2.0M	0.20%
100	INTERNATIONAL ROYALTY CORP	INTR	487,495	$2.0M	0.20%
101	DICKS SPORTING GOODS INC	253393102	86,990	$1.9M	0.20%
102	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	50,000	$1.9M	0.20%
103	KOHLS CORP	KSS	33,790	$1.9M	0.20%
104	CHINA MOBILE LIMITED	16941M109	38,500	$1.9M	0.20%
105	PERKINELMER INC	RVTY	96,960	$1.9M	0.19%
106	GLAXOSMITHKLINE PLC	GLAXF	47,050	$1.9M	0.19%
107	INTERNATIONAL BUSINESS MACHS	INTR	15,290	$1.8M	0.19%
108	ENI S P A	26874R108	36,000	$1.8M	0.19%
109	NORDSTROM INC	655664100	58,080	$1.8M	0.18%
110	ECLIPSYS CORP	278856109	91,240	$1.8M	0.18%
111	YRC WORLDWIDE INC	984249102	393,100	$1.7M	0.18%
112	NORTHERN TR CORP	NTRSO	29,610	$1.7M	0.18%
113	BRASIL TELECOM PARTICIPACOES	105530109	32,200	$1.7M	0.18%
114	CERNER CORP	156782104	22,600	$1.7M	0.18%
115	BARCLAYS PLC	BCLYF	70,000	$1.7M	0.17%
116	SAKS INC	79377W108	242,300	$1.7M	0.17%
117	ORIENT-EXPRESS HOTELS LTD	G67743107	142,800	$1.6M	0.17%
118	BANK OF NEW YORK MELLON CORP	064058100	56,230	$1.6M	0.17%
119	SHERWIN WILLIAMS CO	SHW	25,910	$1.6M	0.16%
120	STATOILHYDRO ASA	85771P102	68,000	$1.5M	0.16%
121	CVS CAREMARK CORPORATION	CVS	42,650	$1.5M	0.16%
122	MILLIPORE CORP	601073109	21,640	$1.5M	0.16%
123	HEWLETT PACKARD CO	HPE-PC	32,140	$1.5M	0.16%
124	WPP PLC	WPPGF	34,600	$1.5M	0.15%
125	FRANCE TELECOM	35177Q105	54,910	$1.5M	0.15%
126	TIME WARNER CABLE INC	88732J207	33,922	$1.5M	0.15%
127	WEBSTER FINL CORP CONN	947890109	116,900	$1.5M	0.15%
128	YAMANA GOLD INC	98462Y100	134,426	$1.4M	0.15%
129	EASTMAN KODAK CO	KODK	301,600	$1.4M	0.15%
130	CNOOC LTD	126132109	10,384	$1.4M	0.15%
131	AMERICAN TOWER CORP	AMT	38,440	$1.4M	0.15%
132	GRUPO TELEVISA SA DE CV	GRPFF	73,040	$1.4M	0.14%
133	ARCHER DANIELS MIDLAND CO	ADM	42,000	$1.2M	0.13%
134	VODAFONE GROUP PLC NEW	92857W209	54,475	$1.2M	0.13%
135	MCDONALDS CORP	MCD	20,960	$1.2M	0.12%
136	SK TELECOM LTD	SKM	65,880	$1.1M	0.12%
137	ARCELORMITTAL SA LUXEMBOURG	ARCXF	29,900	$1.1M	0.12%
138	SAP AG	SAPGF	22,690	$1.1M	0.12%
139	REED ELSEVIER P L C	758205207	35,650	$1.1M	0.11%
140	HUNT J B TRANS SVCS INC	445658107	33,300	$1.1M	0.11%
141	SANOFI AVENTIS	SNYNF	28,505	$1.1M	0.11%
142	JUNIPER NETWORKS INC	48203R104	37,465	$1.0M	0.11%
143	HOME DEPOT INC	HD	37,690	$1.0M	0.10%
144	LOWES COS INC	548661107	45,410	$950,883	0.10%
145	LAM RESEARCH CORP	LRCX	27,540	$940,763	0.10%
146	WESTERN DIGITAL CORP	WDC	25,000	$913,249	0.09%
147	KLA-TENCOR CORP	KLAC	23,730	$850,955	0.09%
148	UNILEVER N V	UNLYF	25,925	$748,194	0.08%
149	NOVARTIS A G	NVSEF	13,580	$684,159	0.07%
150	KT CORP	KT	39,218	$681,608	0.07%
151	OFFICE DEPOT INC	676220106	99,800	$660,675	0.07%
152	RYANAIR HLDGS PLC	RYAOF	22,610	$656,593	0.07%
153	VERIZON COMMUNICATIONS INC	VZ	21,585	$653,377	0.07%
154	KNIGHT TRANSN INC	499064103	35,740	$599,716	0.06%
155	HEARTLAND EXPRESS INC	HTLD	39,950	$575,278	0.06%
156	TJX COS INC NEW	872540109	15,000	$557,249	0.06%
157	SHANDA INTERACTIVE ENTMT LTD	81941Q203	10,300	$527,359	0.05%
158	CANON INC	CAJFF	13,000	$519,869	0.05%
159	MAKITA CORP	560877300	16,200	$505,763	0.05%
160	SILICONWARE PRECISION INDS L	827084864	70,000	$502,599	0.05%
161	BANCO BILBAO VIZCAYA ARGENTA	BBVXF	22,100	$394,263	0.04%
162	MERCADOLIBRE INC	MELI	10,120	$389,214	0.04%
163	EXXON MOBIL CORP	XOM	5,500	$377,354	0.04%
164	TOYOTA MOTOR CORP	TOYOF	4,700	$369,278	0.04%
165	INTERNATIONAL FLAVORS&FRAGRA	459506101	9,575	$363,179	0.04%
166	TOTAL S A	TTE	5,900	$349,633	0.04%
167	WAL MART STORES INC	WMT	6,600	$323,993	0.03%
168	AXIS CAPITAL HOLDINGS	G0692U109	10,200	$307,835	0.03%
169	ROYAL DUTCH SHELL PLC	780259107	5,500	$306,734	0.03%
170	HONDA MOTOR LTD	HNDAF	9,800	$297,037	0.03%
171	GOLD FIELDS LTD NEW	GFIOF	20,600	$283,867	0.03%
172	TELEFONICA S A	TELFY	3,300	$273,602	0.03%
173	KOREA ELECTRIC PWR	500631106	17,900	$272,795	0.03%
174	KB FINANCIAL GROUP INC	48241A105	5,251	$270,268	0.03%
175	BOEING CO	BA-PA	4,900	$265,334	0.03%
176	INTEL CORP	INTC	12,500	$244,624	0.03%
177	COACH INC	189754104	6,900	$227,147	0.02%
178	MARSH & MCLENNAN COS INC	571748102	9,100	$225,042	0.02%
179	CHUBB CORP	CB	4,400	$221,803	0.02%
180	TRANSOCEAN LTD	RIG	2,500	$213,824	0.02%
181	NABORS INDUSTRIES LTD	NBRWF	9,600	$200,639	0.02%
182	CIGNA CORP	CI	7,100	$199,438	0.02%
183	BRISTOL MYERS SQUIBB CO	CELG-RI	8,700	$195,923	0.02%
184	ALLIANZ SE	018805101	15,200	$189,695	0.02%
185	IESI BFC LTD	IESC	14,500	$187,707	0.02%
186	POSCO	PKX	1,800	$187,091	0.02%
187	FOREST LABS INC	345838106	6,200	$182,527	0.02%
188	DONNELLEY R R & SONS CO	257867101	8,400	$178,583	0.02%
189	AMGEN INC	AMGN	2,900	$174,666	0.02%
190	TOMKINS PLC	890030208	13,700	$164,262	0.02%
191	LAS VEGAS SANDS CORP	LVS	9,200	$154,927	0.02%
192	VALE S A	VALE	6,500	$150,344	0.02%
193	SAFEWAY INC	786514208	7,500	$147,899	0.02%
194	PETROCHINA CO LTD	PTCCY	1,300	$147,874	0.02%
195	CATERPILLAR INC DEL	CAT	2,800	$143,723	0.01%
196	WELLS FARGO & CO NEW	949746101	5,100	$143,717	0.01%
197	REPSOL YPF S A	76026T205	5,200	$141,231	0.01%
198	VALERO ENERGY CORP NEW	VLO	7,200	$139,607	0.01%
199	EATON CORP	ETN	2,360	$133,552	0.01%
200	DOW CHEM CO	DOW	5,100	$132,956	0.01%
201	TELECOM CORP NEW ZEALAND LTD	879278208	13,300	$127,413	0.01%
202	AEGON N V	AEFC	14,800	$125,207	0.01%
203	WILLIAMS COS INC DEL	969457100	6,500	$116,154	0.01%
204	NEWMONT MINING CORP	NEMCL	2,600	$114,451	0.01%
205	GERDAU S A	GGB	8,200	$110,207	0.01%
206	GENERAL ELECTRIC CO	GE	6,300	$103,445	0.01%
207	BP PLC	BPPFF	1,900	$101,136	0.01%
208	CHESAPEAKE ENERGY CORP	165167107	3,400	$96,559	0.01%
209	AMERICA MOVIL SAB DE CV	AMXOF	2,000	$88,079	0.01%
210	ALCOA INC	AA	6,000	$78,719	0.01%
211	UNITEDHEALTH GROUP INC	UNH	2,900	$72,615	0.01%
212	CONTINENTAL AIRLS INC	210795308	3,900	$64,115	0.01%