13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000010

Total Value

$973.0M

Positions

210

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (210)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	969,598	$63.1M	6.48%
2	TELUS CORP	TU	1,054,738	$38.3M	3.94%
3	BCE INC	BCPPF	1,256,812	$36.8M	3.78%
4	THOMSON REUTERS CORP	TMSOF	902,900	$32.4M	3.33%
5	ROGERS COMMUNICATIONS INC	RCIAF	985,700	$32.3M	3.32%
6	CDN IMPERIAL BK OF COMMERCE	CNDIF	505,000	$31.5M	3.24%
7	CANADIAN NATL RY CO	136375102	529,657	$30.5M	3.13%
8	SHAW COMMUNICATIONS INC	82028K200	1,394,508	$25.2M	2.59%
9	ROYAL BK CDA MONTREAL QUE	780087102	518,300	$24.8M	2.55%
10	ENCANA CORP	292505104	763,822	$23.2M	2.39%
11	MANULIFE FINL CORP	56501R106	1,377,100	$20.1M	2.06%
12	CENOVUS ENERGY INC	CVE	763,022	$19.7M	2.03%
13	RESEARCH IN MOTION LTD	760975102	368,470	$18.2M	1.87%
14	SUNCOR ENERGY INC NEW	SU	614,666	$18.2M	1.87%
15	CAE INC	CAE	2,070,770	$18.0M	1.85%
16	JOHNSON & JOHNSON	JNJ	301,800	$17.8M	1.83%
17	GOLDCORP INC NEW	NVGLF	389,600	$17.1M	1.76%
18	ENBRIDGE INC	ENNPF	340,830	$15.9M	1.64%
19	MOLSON COORS BREWING CO	TAP-A	343,426	$14.5M	1.50%
20	CANADIAN NAT RES LTD	136385101	418,660	$13.9M	1.43%
21	GROUPE CGI INC	39945C109	921,810	$13.8M	1.41%
22	TRANSGLOBE ENERGY CORP	893662106	1,868,612	$13.7M	1.41%
23	CORUS ENTERTAINMENT INC	220874101	699,100	$12.4M	1.27%
24	FIRSTSERVICE CORP	FSV	563,800	$11.8M	1.21%
25	SUN LIFE FINL INC	SUNFF	410,870	$10.8M	1.11%
26	POTASH CORP SASK INC	73755L107	123,600	$10.7M	1.10%
27	NEXEN INC	NXTS	536,900	$10.6M	1.09%
28	WHOLE FOODS MKT INC	966837106	271,300	$9.8M	1.00%
29	PROCTER & GAMBLE CO	742718109	160,500	$9.6M	0.99%
30	BROOKFIELD ASSET MGMT INC	112585104	394,475	$9.0M	0.92%
31	INGERSOLL-RAND PLC	IR	248,500	$8.6M	0.88%
32	GENERAL GROWTH PPTYS INC	370021107	620,152	$8.2M	0.85%
33	WASTE MGMT INC DEL	94106L109	257,500	$8.1M	0.83%
34	CONOCOPHILLIPS	COP	159,650	$7.8M	0.81%
35	WESTERN UN CO	WU	525,440	$7.8M	0.81%
36	VODAFONE GROUP PLC NEW	92857W209	364,375	$7.5M	0.77%
37	PFIZER INC	PFE	522,850	$7.5M	0.77%
38	MICROSOFT CORP	MSFT	299,050	$6.9M	0.71%
39	INTERNATIONAL BUSINESS MACHS	INTR	53,915	$6.7M	0.68%
40	GILDAN ACTIVEWEAR INC	GIL	230,599	$6.6M	0.68%
41	TIME WARNER INC	887317303	223,626	$6.5M	0.66%
42	KIMBERLY CLARK CORP	KMB	103,585	$6.3M	0.65%
43	TEVA PHARMACEUTICAL INDS LTD	881624209	118,024	$6.1M	0.63%
44	WATERS CORP	941848103	92,700	$6.0M	0.62%
45	DIRECTV	25490A101	173,250	$5.9M	0.60%
46	NORTHERN TR CORP	NTRSO	122,500	$5.7M	0.59%
47	JPMORGAN CHASE & CO	VYLD	146,200	$5.4M	0.55%
48	ACCENTURE PLC IRELAND	ACN	137,010	$5.3M	0.54%
49	3M CO	MMM	66,100	$5.2M	0.54%
50	KROGER CO	KR	255,640	$5.0M	0.52%
51	METLIFE INC	MET-PF	133,100	$5.0M	0.52%
52	CITIGROUP INC	C-PR	1,322,800	$5.0M	0.51%
53	COMCAST CORP NEW	CCZ	282,200	$4.9M	0.50%
54	NOKIA CORP	NOKBF	584,475	$4.8M	0.49%
55	JAGUAR MNG INC	47009M103	497,353	$4.4M	0.46%
56	OVERSEAS SHIPHOLDING GROUP I	690368105	118,100	$4.4M	0.45%
57	CANADIAN PAC RY LTD	13645T100	79,200	$4.3M	0.44%
58	DELL INC	DELL	338,600	$4.1M	0.42%
59	CISCO SYS INC	CSCO	178,860	$3.8M	0.39%
60	SXC HEALTH SOLUTIONS CORP	78505P100	50,839	$3.8M	0.39%
61	COMPANHIA DE SANEAMENTO BASI	SBS	89,356	$3.7M	0.38%
62	MORGAN STANLEY	MS-PQ	157,400	$3.7M	0.38%
63	HESS CORP	HESM	69,640	$3.5M	0.36%
64	E M C CORP MASS	268648102	187,360	$3.4M	0.35%
65	UNITED PARCEL SERVICE INC	UPS	54,730	$3.1M	0.32%
66	DISNEY WALT CO	254687106	93,080	$2.9M	0.30%
67	CROWN CASTLE INTL CORP	CCI	77,480	$2.9M	0.30%
68	PROGRESSIVE CORP OHIO	743315103	150,940	$2.8M	0.29%
69	SPRINT NEXTEL CORP	852061100	644,100	$2.7M	0.28%
70	ROBERT HALF INTL INC	RHI	114,500	$2.7M	0.28%
71	GENZYME CORP	372917104	52,830	$2.7M	0.28%
72	GEN-PROBE INC NEW	36866T103	58,120	$2.6M	0.27%
73	AMDOCS LTD	DOX	97,680	$2.6M	0.27%
74	FRESENIUS MED CARE AG&CO KGA	FMCQF	48,580	$2.6M	0.27%
75	ENI S P A	26874R108	70,950	$2.6M	0.27%
76	MANPOWER INC	MAN	58,330	$2.5M	0.26%
77	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	50,000	$2.5M	0.26%
78	TIM HORTONS INC	88706M103	76,800	$2.5M	0.25%
79	WEATHERFORD INTERNATIONAL LT	WFRD	184,690	$2.4M	0.25%
80	THERMO FISHER SCIENTIFIC INC	TMO	49,270	$2.4M	0.25%
81	PAYCHEX INC	PAYX	91,940	$2.4M	0.25%
82	SOUTHWEST AIRLS CO	844741108	214,640	$2.4M	0.25%
83	GLAXOSMITHKLINE PLC	GLAXF	63,500	$2.2M	0.22%
84	BOSTON SCIENTIFIC CORP	BSX	365,520	$2.1M	0.22%
85	WYNN RESORTS LTD	WYNN	27,200	$2.1M	0.21%
86	RITCHIE BROS AUCTIONEERS	767744105	112,752	$2.1M	0.21%
87	PALL CORP	PDYNW	59,820	$2.1M	0.21%
88	FIFTH THIRD BANCORP	FITBM	166,300	$2.0M	0.21%
89	WEBSTER FINL CORP CONN	947890109	113,300	$2.0M	0.21%
90	COCA COLA CO	KO	40,150	$2.0M	0.21%
91	CARNIVAL CORP	CUKPF	66,130	$2.0M	0.21%
92	CERNER CORP	156782104	26,110	$2.0M	0.20%
93	SANDISK CORP	SNDK	46,200	$1.9M	0.20%
94	FEDEX CORP	FDX	26,710	$1.9M	0.19%
95	INFOSYS TECHNOLOGIES LTD	INFY	30,800	$1.8M	0.19%
96	VERIZON COMMUNICATIONS INC	VZ	65,485	$1.8M	0.19%
97	SHERWIN WILLIAMS CO	SHW	25,960	$1.8M	0.18%
98	OPEN TEXT CORP	OTEX	46,087	$1.7M	0.18%
99	DISCOVERY COMMUNICATNS NEW	25470F104	48,020	$1.7M	0.18%
100	KOHLS CORP	KSS	35,100	$1.7M	0.17%
101	JOY GLOBAL INC	481165108	33,000	$1.7M	0.17%
102	WPP PLC	WPPGF	34,600	$1.6M	0.17%
103	M & T BK CORP	55261F104	19,000	$1.6M	0.17%
104	MACERICH CO	MAC	42,400	$1.6M	0.16%
105	WASHINGTON POST CO	939640108	3,800	$1.6M	0.16%
106	ICICI BK LTD	IBN	43,000	$1.6M	0.16%
107	NORDSTROM INC	655664100	48,240	$1.6M	0.16%
108	RYANAIR HLDGS PLC	RYAOF	56,920	$1.5M	0.16%
109	SAFEWAY INC	786514208	77,060	$1.5M	0.16%
110	REED ELSEVIER P L C	758205207	50,925	$1.5M	0.15%
111	SAP AG	SAPGF	33,490	$1.5M	0.15%
112	QUEST DIAGNOSTICS INC	DGX	29,720	$1.5M	0.15%
113	TEEKAY CORPORATION	TK	56,000	$1.5M	0.15%
114	UNILEVER PLC	UNLYF	53,790	$1.4M	0.15%
115	HEINZ H J CO	423074103	33,180	$1.4M	0.15%
116	MYLAN INC	628530107	79,400	$1.4M	0.14%
117	HSBC HLDGS PLC	HBCYF	28,471	$1.3M	0.13%
118	CSX CORP	CSX	26,100	$1.3M	0.13%
119	BOSTON PRIVATE FINL HLDGS IN	101119105	197,700	$1.3M	0.13%
120	TJX COS INC NEW	872540109	30,000	$1.3M	0.13%
121	EMERSON ELEC CO	EMR	28,000	$1.2M	0.13%
122	CAPITAL ONE FINL CORP	14040H105	30,100	$1.2M	0.12%
123	DICKS SPORTING GOODS INC	253393102	48,230	$1.2M	0.12%
124	KRAFT FOODS INC	KHC	42,600	$1.2M	0.12%
125	REGIONS FINANCIAL CORP NEW	RF-PF	180,000	$1.2M	0.12%
126	TIME WARNER CABLE INC	88732J207	22,522	$1.2M	0.12%
127	ZIONS BANCORPORATION	989701107	52,400	$1.1M	0.12%
128	GENERAL MLS INC	370334104	31,600	$1.1M	0.12%
129	EASTMAN KODAK CO	KODK	251,200	$1.1M	0.11%
130	GRUPO TELEVISA SA DE CV	GRPFF	61,930	$1.1M	0.11%
131	NOVO-NORDISK A S	NONOF	13,200	$1.1M	0.11%
132	UNITEDHEALTH GROUP INC	UNH	37,000	$1.1M	0.11%
133	HOME DEPOT INC	HD	37,430	$1.1M	0.11%
134	ORIENT-EXPRESS HOTELS LTD	G67743107	141,500	$1.0M	0.11%
135	KELLOGG CO	BEKE	20,730	$1.0M	0.11%
136	JUNIPER NETWORKS INC	48203R104	45,400	$1.0M	0.11%
137	AMERICA MOVIL SAB DE CV	AMXOF	21,737	$1.0M	0.11%
138	RF MICRODEVICES INC	749941100	260,000	$1.0M	0.10%
139	MASTERCARD INC	MA	5,000	$997,650	0.10%
140	LOWES COS INC	548661107	48,800	$996,495	0.10%
141	SK TELECOM LTD	SKM	66,470	$979,103	0.10%
142	BROOKFIELD PPTYS CORP	112900105	67,000	$944,418	0.10%
143	COVIDIEN PLC	G2554F105	23,480	$943,426	0.10%
144	INTERNATIONAL GAME TECHNOLOG	INTR	58,730	$922,061	0.09%
145	TRANSOCEAN LTD	RIG	17,540	$833,478	0.09%
146	LLOYDS BANKING GROUP PLC	LLOBF	257,000	$812,119	0.08%
147	YINGLI GREEN ENERGY HLDG CO	98584B103	79,150	$805,746	0.08%
148	ONCOLYTICS BIOTECH INC	ONCY	300,000	$789,175	0.08%
149	WILLIS GROUP HOLDINGS PUBLIC	G96666105	26,010	$781,600	0.08%
150	PIONEER NAT RES CO	723787107	11,800	$701,510	0.07%
151	BANCO SANTANDER CHILE NEW	BSAC	10,346	$694,113	0.07%
152	WESTERN DIGITAL CORP	WDC	23,000	$693,680	0.07%
153	BANCO SANTANDER SA	BCDRF	62,000	$651,000	0.07%
154	KT CORP	KT	32,118	$615,702	0.06%
155	SANOFI AVENTIS	SNYNF	19,900	$598,194	0.06%
156	FRANCE TELECOM	35177Q105	33,400	$578,153	0.06%
157	COMPANHIA DE BEBIDAS DAS AME	20441W203	5,700	$575,756	0.06%
158	PERKINELMER INC	RVTY	25,650	$530,185	0.05%
159	SHANDA INTERACTIVE ENTMT LTD	81941Q203	13,360	$529,991	0.05%
160	LIHIR GOLD LTD	532349107	13,700	$493,063	0.05%
161	BANCO SANTANDER BRASIL S A	BSBR	43,600	$450,387	0.05%
162	OFFICE DEPOT INC	676220106	86,200	$348,248	0.04%
163	CNOOC LTD	126132109	2,004	$341,020	0.04%
164	WAL MART STORES INC	WMT	7,000	$336,489	0.03%
165	LAN AIRLINES S A	501723100	17,509	$324,091	0.03%
166	CHUNGHWA TELECOM CO LTD	CHT	16,272	$320,395	0.03%
167	LAS VEGAS SANDS CORP	LVS	14,100	$312,173	0.03%
168	EXXON MOBIL CORP	XOM	5,200	$296,764	0.03%
169	PETROLEO BRASILEIRO SA PETRO	71654V408	8,300	$284,855	0.03%
170	MARATHON OIL CORP	MARA	9,000	$279,810	0.03%
171	UNILEVER N V	UNLYF	9,300	$254,076	0.03%
172	INTEL CORP	INTC	12,500	$243,125	0.02%
173	ROYAL DUTCH SHELL PLC	780259107	4,900	$236,571	0.02%
174	MAKITA CORP	560877300	8,800	$234,608	0.02%
175	KB FINANCIAL GROUP INC	48241A105	5,900	$223,550	0.02%
176	AXIS CAPITAL HOLDINGS	G0692U109	7,300	$216,955	0.02%
177	BANCO BILBAO VIZCAYA ARGENTA	BBVXF	20,700	$213,002	0.02%
178	MCDONALDS CORP	MCD	3,200	$210,783	0.02%
179	GOLDMAN SACHS GROUP INC	GSCE	1,600	$210,032	0.02%
180	POSCO	PKX	2,000	$188,639	0.02%
181	TELEFONICA S A	TELFY	3,300	$183,249	0.02%
182	TOMKINS PLC	890030208	13,700	$182,620	0.02%
183	CHUBB CORP	CB	3,600	$180,035	0.02%
184	BRISTOL MYERS SQUIBB CO	CELG-RI	7,000	$174,580	0.02%
185	PACCAR INC	PCAR	4,300	$171,440	0.02%
186	FOREST LABS INC	345838106	6,200	$170,066	0.02%
187	CATERPILLAR INC DEL	CAT	2,800	$168,196	0.02%
188	MERCK & CO INC NEW	MRK	4,800	$167,855	0.02%
189	TOYOTA MOTOR CORP	TOYOF	2,300	$157,711	0.02%
190	CANON INC	CAJFF	4,200	$156,701	0.02%
191	EXFO INC	302046107	29,800	$154,535	0.02%
192	HONDA MOTOR LTD	HNDAF	5,200	$149,500	0.02%
193	NEWMONT MINING CORP	NEMCL	2,300	$142,001	0.01%
194	STATE STR CORP	STT-PG	3,900	$131,898	0.01%
195	ENERPLUS RES FD	29274D604	5,900	$127,334	0.01%
196	SHAW GROUP INC	820280105	3,500	$119,769	0.01%
197	WELLS FARGO & CO NEW	949746101	4,500	$115,200	0.01%
198	URS CORP NEW	903236107	2,900	$114,115	0.01%
199	GERDAU S A	GGB	8,200	$108,076	0.01%
200	REPSOL YPF S A	76026T205	5,200	$104,519	0.01%
201	CLIFFS NATURAL RESOURCES INC	18683K101	2,200	$103,751	0.01%
202	NABORS INDUSTRIES LTD	NBRWF	5,800	$102,196	0.01%
203	ARCELORMITTAL SA LUXEMBOURG	ARCXF	3,800	$101,687	0.01%
204	AMERICA MOVIL SAB DE CV	AMXOF	2,000	$95,380	0.01%
205	EATON CORP	ETN	1,200	$78,528	0.01%
206	KOREA ELECTRIC PWR	500631106	6,000	$77,280	0.01%
207	CHESAPEAKE ENERGY CORP	165167107	3,400	$71,230	0.01%
208	DOW CHEM CO	DOW	3,000	$71,160	0.01%
209	CIT GROUP INC	125581801	1,300	$44,017	0.00%
210	SYNOVUS FINL CORP	87161C105	5,000	$12,700	0.00%