13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000011

Total Value

$1.10B

Positions

238

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (238)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	1,014,998	$73.4M	6.65%
2	BANK NOVA SCOTIA HALIFAX	064149107	1,140,413	$60.8M	5.51%
3	BCE INC	BCPPF	1,213,312	$39.4M	3.58%
4	CDN IMPERIAL BK OF COMMERCE	CNDIF	500,900	$36.3M	3.29%
5	ROGERS COMMUNICATIONS INC	RCIAF	964,700	$36.1M	3.27%
6	ENCANA CORP	292505104	1,120,622	$33.8M	3.07%
7	CANADIAN NATL RY CO	136375102	494,207	$31.6M	2.86%
8	ROYAL BK CDA MONTREAL QUE	780087102	543,200	$28.3M	2.56%
9	SHAW COMMUNICATIONS INC	82028K200	1,279,108	$28.1M	2.55%
10	MANULIFE FINL CORP	56501R106	2,049,300	$25.8M	2.34%
11	CENOVUS ENERGY INC	CVE	763,754	$21.9M	1.99%
12	CAE INC	CAE	1,854,970	$19.1M	1.73%
13	JOHNSON & JOHNSON	JNJ	308,175	$19.1M	1.73%
14	BARRICK GOLD CORP	067901108	393,400	$18.2M	1.65%
15	ENBRIDGE INC	ENNPF	336,530	$17.6M	1.60%
16	TRANSGLOBE ENERGY CORP	893662106	1,814,087	$17.2M	1.56%
17	SUNCOR ENERGY INC NEW	SU	516,060	$16.8M	1.52%
18	GOLDCORP INC NEW	NVGLF	383,300	$16.6M	1.51%
19	CANADIAN NAT RES LTD	136385101	413,160	$14.3M	1.29%
20	CORUS ENTERTAINMENT INC	220874101	671,800	$14.1M	1.28%
21	AGRIUM INC	008916108	175,020	$13.1M	1.19%
22	AMERICAN EXPRESS CO	AXP	283,080	$11.9M	1.08%
23	PROCTER & GAMBLE CO	742718109	186,200	$11.2M	1.01%
24	POTASH CORP SASK INC	73755L107	75,400	$10.8M	0.98%
25	SUN LIFE FINL INC	SUNFF	406,770	$10.6M	0.96%
26	WHOLE FOODS MKT INC	966837106	265,500	$9.9M	0.89%
27	GENERAL GROWTH PPTYS INC	370021107	612,952	$9.6M	0.87%
28	WASTE MGMT INC DEL	94106L109	261,550	$9.3M	0.85%
29	TECK RESOURCES LTD	TCKRF	223,200	$9.2M	0.83%
30	PFIZER INC	PFE	531,350	$9.1M	0.83%
31	CONOCOPHILLIPS	COP	149,850	$8.6M	0.78%
32	INGERSOLL-RAND PLC	IR	236,700	$8.5M	0.77%
33	WESTERN UN CO	WU	477,240	$8.4M	0.76%
34	VODAFONE GROUP PLC NEW	92857W209	328,900	$8.2M	0.74%
35	ACCENTURE PLC IRELAND	ACN	181,070	$7.7M	0.70%
36	TEVA PHARMACEUTICAL INDS LTD	881624209	145,700	$7.7M	0.70%
37	MICROSOFT CORP	MSFT	306,390	$7.5M	0.68%
38	GILDAN ACTIVEWEAR INC	GIL	261,649	$7.4M	0.67%
39	INTERNATIONAL BUSINESS MACHS	INTR	54,465	$7.3M	0.66%
40	KIMBERLY CLARK CORP	KMB	111,385	$7.2M	0.66%
41	AUTOLIV INC	ALV	110,650	$7.2M	0.66%
42	TIME WARNER INC	887317303	225,736	$6.9M	0.63%
43	NOKIA CORP	NOKBF	686,800	$6.9M	0.62%
44	TARGET CORP	TGT	119,500	$6.4M	0.58%
45	WATERS CORP	941848103	89,400	$6.3M	0.57%
46	DIRECTV	25490A101	148,750	$6.2M	0.56%
47	NORTHERN TR CORP	NTRSO	123,560	$6.0M	0.54%
48	3M CO	MMM	67,500	$5.9M	0.53%
49	GOOGLE INC	38259P508	10,920	$5.7M	0.52%
50	MCGRAW HILL COS INC	MH	173,600	$5.7M	0.52%
51	KROGER CO	KR	258,080	$5.6M	0.51%
52	AGNICO EAGLE MINES LTD	AEM	77,450	$5.5M	0.50%
53	JPMORGAN CHASE & CO	VYLD	144,200	$5.5M	0.50%
54	COMCAST CORP NEW	CCZ	286,200	$5.2M	0.47%
55	METLIFE INC	MET-PF	134,200	$5.2M	0.47%
56	CITIGROUP INC	C-PR	1,293,300	$5.0M	0.46%
57	CORRECTIONS CORP AMER NEW	CXW	190,500	$4.7M	0.43%
58	HESS CORP	HESM	71,660	$4.2M	0.38%
59	DELL INC	DELL	321,200	$4.2M	0.38%
60	AUTODESK INC	ADSK	127,720	$4.1M	0.37%
61	OVERSEAS SHIPHOLDING GROUP I	690368105	117,600	$4.0M	0.37%
62	SCHWAB CHARLES CORP NEW	SCHW-PJ	288,500	$4.0M	0.36%
63	CISCO SYS INC	CSCO	178,860	$3.9M	0.36%
64	MORGAN STANLEY	MS-PQ	156,700	$3.9M	0.35%
65	BANK OF NEW YORK MELLON CORP	064058100	146,440	$3.8M	0.35%
66	BP PLC	BPPFF	89,100	$3.7M	0.33%
67	MOLSON COORS BREWING CO	TAP-A	77,400	$3.7M	0.33%
68	UNITED PARCEL SERVICE INC	UPS	54,030	$3.6M	0.33%
69	BECTON DICKINSON & CO	BDX	44,930	$3.3M	0.30%
70	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	50,000	$3.2M	0.29%
71	PROGRESSIVE CORP OHIO	743315103	154,370	$3.2M	0.29%
72	WEATHERFORD INTERNATIONAL LT	WFRD	184,690	$3.2M	0.29%
73	AMDOCS LTD	DOX	108,280	$3.1M	0.28%
74	MANPOWER INC	MAN	58,330	$3.0M	0.28%
75	BAKER HUGHES INC	BKR	71,470	$3.0M	0.28%
76	JOY GLOBAL INC	481165108	43,000	$3.0M	0.27%
77	FRESENIUS MED CARE AG&CO KGA	FMCQF	48,580	$3.0M	0.27%
78	SPRINT NEXTEL CORP	852061100	641,700	$3.0M	0.27%
79	ROBERT HALF INTL INC	RHI	114,200	$3.0M	0.27%
80	APPLE INC	AAPL	10,300	$2.9M	0.26%
81	GEN-PROBE INC NEW	36866T103	60,150	$2.9M	0.26%
82	SOUTHWEST AIRLS CO	844741108	220,330	$2.9M	0.26%
83	WASHINGTON POST CO	939640108	7,180	$2.9M	0.26%
84	CERNER CORP	156782104	33,670	$2.8M	0.26%
85	BANK MONTREAL QUE	063671101	48,300	$2.8M	0.25%
86	INFOSYS TECHNOLOGIES LTD	INFY	40,800	$2.7M	0.25%
87	JOHNSON CTLS INC	478366107	90,000	$2.7M	0.25%
88	ENI S P A	26874R108	62,350	$2.7M	0.24%
89	COMPANHIA DE SANEAMENTO BASI	SBS	58,562	$2.7M	0.24%
90	NATIONAL GRID PLC	NMPWP	60,000	$2.6M	0.23%
91	KOHLS CORP	KSS	48,250	$2.5M	0.23%
92	CARNIVAL CORP	CUKPF	66,130	$2.5M	0.23%
93	QUALCOMM INC	QCOM	55,790	$2.5M	0.23%
94	PALL CORP	PDYNW	59,820	$2.5M	0.23%
95	GLAXOSMITHKLINE PLC	GLAXF	62,900	$2.5M	0.23%
96	BOSTON SCIENTIFIC CORP	BSX	397,090	$2.4M	0.22%
97	WYNN RESORTS LTD	WYNN	27,100	$2.4M	0.21%
98	COCA COLA CO	KO	40,150	$2.3M	0.21%
99	AUTOMATIC DATA PROCESSING IN	ADP	55,660	$2.3M	0.21%
100	THERMO FISHER SCIENTIFIC INC	TMO	48,780	$2.3M	0.21%
101	BOSTON PRIVATE FINL HLDGS IN	101119105	354,100	$2.3M	0.21%
102	FEDEX CORP	FDX	26,880	$2.3M	0.21%
103	RITCHIE BROS AUCTIONEERS	767744105	110,702	$2.3M	0.21%
104	BAXTER INTL INC	071813109	46,290	$2.2M	0.20%
105	LLOYDS BANKING GROUP PLC	LLOBF	477,000	$2.2M	0.20%
106	DISNEY WALT CO	254687106	64,910	$2.1M	0.19%
107	ICICI BK LTD	IBN	43,000	$2.1M	0.19%
108	E M C CORP MASS	268648102	104,720	$2.1M	0.19%
109	SILVER WHEATON CORP	828336107	77,625	$2.1M	0.19%
110	PEPSICO INC	PEP	30,990	$2.1M	0.19%
111	DISCOVERY COMMUNICATNS NEW	25470F104	46,820	$2.0M	0.18%
112	TELECOM CORP NEW ZEALAND LTD	879278208	270,000	$2.0M	0.18%
113	WEBSTER FINL CORP CONN	947890109	113,000	$2.0M	0.18%
114	SHERWIN WILLIAMS CO	SHW	25,960	$2.0M	0.18%
115	WPP PLC	WPPGF	33,900	$1.9M	0.17%
116	MACERICH CO	MAC	42,400	$1.8M	0.17%
117	NORFOLK SOUTHERN CORP	655844108	30,510	$1.8M	0.16%
118	OWENS ILL INC	OI	64,160	$1.8M	0.16%
119	NORDSTROM INC	655664100	48,240	$1.8M	0.16%
120	VERIZON COMMUNICATIONS INC	VZ	54,985	$1.8M	0.16%
121	SAFEWAY INC	786514208	83,860	$1.8M	0.16%
122	RYANAIR HLDGS PLC	RYAOF	56,920	$1.8M	0.16%
123	PIONEER NAT RES CO	723787107	26,800	$1.7M	0.16%
124	SANDISK CORP	SNDK	46,200	$1.7M	0.15%
125	QUEST DIAGNOSTICS INC	DGX	33,220	$1.7M	0.15%
126	SAP AG	SAPGF	33,490	$1.7M	0.15%
127	UNILEVER PLC	UNLYF	56,670	$1.6M	0.15%
128	HOME DEPOT INC	HD	51,550	$1.6M	0.15%
129	HSBC HLDGS PLC	HBCYF	31,471	$1.6M	0.14%
130	ORIENT-EXPRESS HOTELS LTD	G67743107	141,000	$1.6M	0.14%
131	HEINZ H J CO	423074103	33,180	$1.6M	0.14%
132	SKYWORKS SOLUTIONS INC	SWKS	75,800	$1.6M	0.14%
133	M & T BK CORP	55261F104	19,000	$1.6M	0.14%
134	BANCO SANTANDER SA	BCDRF	122,000	$1.5M	0.14%
135	TEEKAY CORPORATION	TK	56,000	$1.5M	0.14%
136	EMERSON ELEC CO	EMR	28,000	$1.5M	0.13%
137	KRAFT FOODS INC	KHC	47,600	$1.5M	0.13%
138	CSX CORP	CSX	26,100	$1.4M	0.13%
139	ANADARKO PETE CORP	032511107	25,000	$1.4M	0.13%
140	JUNIPER NETWORKS INC	48203R104	45,400	$1.4M	0.12%
141	REED ELSEVIER P L C	758205207	40,600	$1.4M	0.12%
142	DICKS SPORTING GOODS INC	253393102	47,810	$1.3M	0.12%
143	TJX COS INC NEW	872540109	30,000	$1.3M	0.12%
144	BROADCOM CORP	AVGO	37,000	$1.3M	0.12%
145	NOVO-NORDISK A S	NONOF	13,200	$1.3M	0.12%
146	UNITEDHEALTH GROUP INC	UNH	37,000	$1.3M	0.12%
147	GRUPO TELEVISA SA DE CV	GRPFF	66,140	$1.3M	0.11%
148	EXFO INC	302046107	211,100	$1.2M	0.11%
149	CAPITAL ONE FINL CORP	14040H105	30,100	$1.2M	0.11%
150	SK TELECOM LTD	SKM	66,470	$1.2M	0.11%
151	AMERICA MOVIL SAB DE CV	AMXOF	21,737	$1.2M	0.11%
152	GENERAL MLS INC	370334104	31,600	$1.2M	0.10%
153	COVIDIEN PLC	G2554F105	28,610	$1.1M	0.10%
154	MASTERCARD INC	MA	5,120	$1.1M	0.10%
155	TRANSOCEAN LTD	RIG	17,540	$1.1M	0.10%
156	TIME WARNER CABLE INC	88732J207	20,422	$1.1M	0.10%
157	VISA INC	V	14,620	$1.1M	0.10%
158	VULCAN MATLS CO	929160109	28,530	$1.1M	0.10%
159	EASTMAN KODAK CO	KODK	250,400	$1.1M	0.10%
160	KELLOGG CO	BEKE	20,730	$1.0M	0.09%
161	VIRGIN MEDIA INC	92769L101	44,250	$1.0M	0.09%
162	INTERNATIONAL GAME TECHNOLOG	INTR	69,870	$1.0M	0.09%
163	BANCO SANTANDER CHILE NEW	BSAC	10,346	$998,906	0.09%
164	DEERE & CO	DE	14,000	$976,919	0.09%
165	WILLIS GROUP HOLDINGS PUBLIC	G96666105	28,370	$874,361	0.08%
166	QUAD / GRAPHICS INC	QUAD	15,947	$745,043	0.07%
167	KT CORP	KT	34,818	$712,375	0.06%
168	COMPANHIA DE BEBIDAS DAS AME	20441W203	5,700	$705,545	0.06%
169	SANOFI AVENTIS	SNYNF	19,900	$661,674	0.06%
170	SYNOVUS FINL CORP	87161C105	255,000	$627,298	0.06%
171	BANCO SANTANDER BRASIL S A	BSBR	43,600	$600,371	0.05%
172	LAS VEGAS SANDS CORP	LVS	14,100	$491,384	0.04%
173	PETROLEO BRASILEIRO SA PETRO	71654V408	13,300	$482,390	0.04%
174	YINGLI GREEN ENERGY HLDG CO	98584B103	34,580	$478,585	0.04%
175	CANON INC	CAJFF	9,400	$439,167	0.04%
176	ISHARES TR	464287663	5,630	$435,704	0.04%
177	MAKITA CORP	560877300	13,600	$434,383	0.04%
178	FRANCE TELECOM	35177Q105	19,400	$417,681	0.04%
179	MINDRAY MEDICAL INTL LTD	602675100	13,480	$398,602	0.04%
180	OFFICE DEPOT INC	676220106	86,200	$396,519	0.04%
181	CNOOC LTD	126132109	2,004	$389,376	0.04%
182	EXXON MOBIL CORP	XOM	6,100	$376,918	0.03%
183	LAN AIRLINES S A	501723100	12,025	$354,015	0.03%
184	MERCK & CO INC NEW	MRK	9,200	$338,651	0.03%
185	RIO TINTO PLC	RTNTF	5,100	$299,522	0.03%
186	MARATHON OIL CORP	MARA	9,000	$297,899	0.03%
187	ROYAL DUTCH SHELL PLC	780259107	4,900	$288,070	0.03%
188	TOTAL S A	TTE	5,500	$283,799	0.03%
189	BANCO BILBAO VIZCAYA ARGENTA	BBVXF	20,700	$279,035	0.03%
190	WAL MART STORES INC	WMT	4,800	$256,895	0.02%
191	KB FINANCIAL GROUP INC	48241A105	5,900	$252,932	0.02%
192	TELEFONICA S A	TELFY	3,300	$244,694	0.02%
193	BANK OF AMERICA CORPORATION	060505104	18,500	$242,534	0.02%
194	INTEL CORP	INTC	12,500	$240,374	0.02%
195	UNILEVER N V	UNLYF	7,900	$236,051	0.02%
196	ABERCROMBIE & FITCH CO	ANF	6,000	$235,919	0.02%
197	HEWLETT PACKARD CO	HPE-PC	5,500	$231,384	0.02%
198	POSCO	PKX	2,000	$227,959	0.02%
199	ALLSTATE CORP	ALL-PJ	6,700	$211,384	0.02%
200	PACCAR INC	PCAR	4,300	$207,044	0.02%
201	ANNALY CAP MGMT INC	NLY-PJ	11,500	$202,399	0.02%
202	AT&T INC	T-PC	7,000	$200,199	0.02%
203	BRISTOL MYERS SQUIBB CO	CELG-RI	7,000	$189,769	0.02%
204	HONDA MOTOR LTD	HNDAF	5,200	$185,067	0.02%
205	CHEVRON CORP NEW	CVX	2,100	$170,204	0.02%
206	TOYOTA MOTOR CORP	TOYOF	2,300	$164,633	0.01%
207	STATE STR CORP	STT-PG	3,900	$146,873	0.01%
208	NEWMONT MINING CORP	NEMCL	2,300	$144,462	0.01%
209	AMGEN INC	AMGN	2,600	$143,285	0.01%
210	VALE S A	VALE	4,500	$140,714	0.01%
211	CLIFFS NATURAL RESOURCES INC	18683K101	2,200	$140,623	0.01%
212	LINCOLN NATL CORP IND	534187109	5,600	$133,951	0.01%
213	CIGNA CORP	CI	3,600	$128,807	0.01%
214	AXIS CAPITAL HOLDINGS	G0692U109	3,900	$128,465	0.01%
215	IESI BFC LTD	IESC	5,600	$128,009	0.01%
216	HONEYWELL INTL INC	438516106	2,900	$127,425	0.01%
217	GAP INC DEL	GAP	6,800	$126,751	0.01%
218	MCDONALDS CORP	MCD	1,700	$126,666	0.01%
219	BOEING CO	BA-PA	1,800	$119,771	0.01%
220	SHAW GROUP INC	820280105	3,500	$117,459	0.01%
221	GOLDMAN SACHS GROUP INC	GSCE	800	$115,663	0.01%
222	QUANTA SVCS INC	74762E102	6,000	$114,479	0.01%
223	REPSOL YPF S A	76026T205	4,400	$113,212	0.01%
224	WELLS FARGO & CO NEW	949746101	4,500	$113,084	0.01%
225	GERDAU S A	GGB	8,200	$111,601	0.01%
226	URS CORP NEW	903236107	2,900	$110,141	0.01%
227	DONNELLEY R R & SONS CO	257867101	6,000	$101,759	0.01%
228	ARCELORMITTAL SA LUXEMBOURG	ARCXF	3,000	$98,939	0.01%
229	PETROCHINA CO LTD	PTCCY	800	$93,135	0.01%
230	AEGON N V	AEFC	14,800	$88,651	0.01%
231	AMPHENOL CORP NEW	032095101	1,800	$88,163	0.01%
232	TEXAS INSTRS INC	882508104	3,100	$84,133	0.01%
233	DOW CHEM CO	DOW	3,000	$82,379	0.01%
234	AMERICA MOVIL SAB DE CV	AMXOF	1,500	$79,259	0.01%
235	KOREA ELECTRIC PWR	500631106	6,000	$77,579	0.01%
236	CHESAPEAKE ENERGY CORP	165167107	3,400	$77,009	0.01%
237	ASML HOLDING N V	ASMLF	1,400	$41,621	0.00%
238	AVNET INC	AVT	1,500	$40,514	0.00%