13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000013

Total Value

$1.18B

Positions

278

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (278)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	1,066,558	$94.2M	8.01%
2	BANK NOVA SCOTIA HALIFAX	064149107	1,149,332	$70.4M	5.98%
3	BCE INC	BCPPF	1,191,021	$43.2M	3.67%
4	ENCANA CORP	292505104	1,156,958	$39.9M	3.40%
5	ROGERS COMMUNICATIONS INC	RCIAF	982,708	$35.6M	3.03%
6	CANADIAN NATL RY CO	136375102	388,697	$29.3M	2.49%
7	CANADIAN NAT RES LTD	136385101	559,585	$27.6M	2.35%
8	MANULIFE FINL CORP	56501R106	1,553,609	$27.5M	2.34%
9	CDN IMPERIAL BK OF COMMERCE	CNDIF	283,337	$24.4M	2.07%
10	TRANSGLOBE ENERGY CORP	893662106	1,510,049	$22.9M	1.95%
11	CENOVUS ENERGY INC	CVE	550,054	$21.7M	1.84%
12	ROYAL BK CDA MONTREAL QUE	780087102	345,700	$21.3M	1.82%
13	GOLDCORP INC NEW	NVGLF	418,500	$20.8M	1.77%
14	JOHNSON & JOHNSON	JNJ	350,180	$20.7M	1.76%
15	SHAW COMMUNICATIONS INC	82028K200	829,052	$17.4M	1.48%
16	POTASH CORP SASK INC	73755L107	291,100	$17.1M	1.46%
17	GILDAN ACTIVEWEAR INC	GIL	520,474	$17.0M	1.45%
18	CAE INC	CAE	1,255,351	$16.6M	1.42%
19	INTERNATIONAL BUSINESS MACHS	INTR	101,340	$16.5M	1.41%
20	BANK MONTREAL QUE	063671101	229,800	$14.9M	1.27%
21	WHOLE FOODS MKT INC	966837106	215,818	$14.2M	1.21%
22	AMERICAN EXPRESS CO	AXP	285,951	$12.9M	1.10%
23	WASTE MGMT INC DEL	94106L109	335,965	$12.5M	1.07%
24	ENBRIDGE INC	ENNPF	198,330	$12.1M	1.03%
25	PFIZER INC	PFE	544,775	$11.1M	0.94%
26	INGERSOLL-RAND PLC	IR	226,797	$11.0M	0.93%
27	PROCTER & GAMBLE CO	742718109	159,410	$9.8M	0.84%
28	TECK RESOURCES LTD	TCKRF	184,300	$9.7M	0.83%
29	SUNCOR ENERGY INC NEW	SU	215,484	$9.6M	0.82%
30	WESTERN UN CO	WU	457,965	$9.5M	0.81%
31	VODAFONE GROUP PLC NEW	92857W209	320,217	$9.2M	0.78%
32	KIMBERLY CLARK CORP	KMB	137,970	$9.0M	0.77%
33	JPMORGAN CHASE & CO	VYLD	186,243	$8.6M	0.73%
34	TIME WARNER INC	887317303	238,421	$8.5M	0.72%
35	HESS CORP	HESM	99,460	$8.5M	0.72%
36	COMCAST CORP NEW	CCZ	338,850	$8.4M	0.71%
37	CISCO SYS INC	CSCO	485,410	$8.3M	0.71%
38	METLIFE INC	MET-PF	168,700	$7.5M	0.64%
39	BARRICK GOLD CORP	067901108	145,500	$7.5M	0.64%
40	GENERAL GROWTH PPTYS INC NEW	370023103	482,455	$7.5M	0.64%
41	KROGER CO	KR	308,340	$7.4M	0.63%
42	BAYTEX ENERGY CORP	BTE	126,400	$7.4M	0.63%
43	WATERS CORP	941848103	82,289	$7.2M	0.61%
44	KINROSS GOLD CORP	KGCRF	452,800	$7.1M	0.61%
45	MICROSOFT CORP	MSFT	273,205	$6.9M	0.59%
46	DIRECTV	25490A101	138,595	$6.5M	0.55%
47	MAGNA INTL INC	559222401	134,300	$6.4M	0.55%
48	NORTHERN TR CORP	NTRSO	116,730	$5.9M	0.50%
49	KRAFT FOODS INC	KHC	185,850	$5.8M	0.50%
50	CITIGROUP INC	C-PR	1,268,760	$5.6M	0.48%
51	IESI BFC LTD	IESC	221,000	$5.6M	0.48%
52	STANTEC INC	STN	184,700	$5.5M	0.47%
53	TARGET CORP	TGT	110,207	$5.5M	0.47%
54	ISHARES TR	464288869	102,000	$5.4M	0.46%
55	CERNER CORP	156782104	47,560	$5.3M	0.45%
56	BANK OF NEW YORK MELLON CORP	064058100	173,280	$5.2M	0.44%
57	BAKER HUGHES INC	BKR	70,170	$5.2M	0.44%
58	GOOGLE INC	38259P508	8,610	$5.0M	0.43%
59	CORRECTIONS CORP AMER NEW	CXW	204,080	$5.0M	0.42%
60	TEVA PHARMACEUTICAL INDS LTD	881624209	98,823	$5.0M	0.42%
61	SUN LIFE FINL INC	SUNFF	150,400	$4.7M	0.40%
62	METHANEX CORP	MEOH	150,200	$4.7M	0.40%
63	DELL INC	DELL	314,992	$4.6M	0.39%
64	UNITED PARCEL SERVICE INC	UPS	61,165	$4.5M	0.39%
65	AGRIUM INC	008916108	49,000	$4.5M	0.38%
66	WEATHERFORD INTERNATIONAL LT	WFRD	199,030	$4.5M	0.38%
67	BECTON DICKINSON & CO	BDX	53,560	$4.3M	0.36%
68	HOWARD HUGHES CORP	HHH	59,171	$4.2M	0.36%
69	MORGAN STANLEY	MS-PQ	149,297	$4.1M	0.35%
70	OVERSEAS SHIPHOLDING GROUP I	690368105	125,939	$4.0M	0.34%
71	BP PLC	BPPFF	90,271	$4.0M	0.34%
72	HUDBAY MINERALS INC	HBM	241,000	$3.9M	0.33%
73	AGNICO EAGLE MINES LTD	AEM	57,325	$3.8M	0.32%
74	GLAXOSMITHKLINE PLC	GLAXF	98,515	$3.8M	0.32%
75	APPLE INC	AAPL	10,800	$3.8M	0.32%
76	JOHNSON CTLS INC	478366107	90,000	$3.7M	0.32%
77	SILVER WHEATON CORP	828336107	82,681	$3.6M	0.30%
78	WASHINGTON POST CO	939640108	8,160	$3.6M	0.30%
79	AMDOCS LTD	DOX	119,750	$3.5M	0.29%
80	WYNN RESORTS LTD	WYNN	26,725	$3.4M	0.29%
81	SCHWAB CHARLES CORP NEW	SCHW-PJ	185,040	$3.3M	0.28%
82	MOLSON COORS BREWING CO	TAP-A	69,298	$3.2M	0.28%
83	AUTOMATIC DATA PROCESSING IN	ADP	63,225	$3.2M	0.28%
84	ROBERT HALF INTL INC	RHI	104,993	$3.2M	0.27%
85	E M C CORP MASS	268648102	120,600	$3.2M	0.27%
86	NORFOLK SOUTHERN CORP	655844108	45,265	$3.1M	0.27%
87	PEPSICO INC	PEP	47,730	$3.1M	0.26%
88	QUALCOMM INC	QCOM	55,190	$3.0M	0.26%
89	DISNEY WALT CO	254687106	70,030	$3.0M	0.26%
90	SPRINT NEXTEL CORP	852061100	633,487	$2.9M	0.25%
91	GENERAL MLS INC	370334104	79,085	$2.9M	0.25%
92	NATIONAL GRID PLC	NMPWP	60,000	$2.9M	0.25%
93	SAFEWAY INC	786514208	120,820	$2.8M	0.24%
94	OWENS ILL INC	OI	94,010	$2.8M	0.24%
95	KOHLS CORP	KSS	53,270	$2.8M	0.24%
96	NYSE EURONEXT	629491101	79,558	$2.8M	0.24%
97	AUTODESK INC	ADSK	63,170	$2.8M	0.24%
98	PIONEER NAT RES CO	723787107	26,800	$2.7M	0.23%
99	FEDEX CORP	FDX	29,170	$2.7M	0.23%
100	COCA COLA CO	KO	40,780	$2.7M	0.23%
101	SOUTHWEST AIRLS CO	844741108	212,690	$2.7M	0.23%
102	CARNIVAL CORP	CUKPF	69,000	$2.6M	0.23%
103	VISA INC	V	35,880	$2.6M	0.22%
104	MASTERCARD INC	MA	10,450	$2.6M	0.22%
105	STATE STR CORP	STT-PG	58,510	$2.6M	0.22%
106	ENI S P A	26874R108	53,435	$2.6M	0.22%
107	HSBC HLDGS PLC	HBCYF	49,521	$2.6M	0.22%
108	VALE S A	VALE	76,800	$2.6M	0.22%
109	RYANAIR HLDGS PLC	RYAOF	87,400	$2.4M	0.21%
110	FRESENIUS MED CARE AG&CO KGA	FMCQF	35,580	$2.4M	0.20%
111	WEBSTER FINL CORP CONN	947890109	111,367	$2.4M	0.20%
112	CB RICHARD ELLIS GROUP INC	12497T101	89,000	$2.4M	0.20%
113	BOSTON PROPERTIES INC	BXP	24,800	$2.4M	0.20%
114	UNILEVER PLC	UNLYF	75,790	$2.3M	0.20%
115	NORDSTROM INC	655664100	50,840	$2.3M	0.19%
116	WPP PLC	WPPGF	36,600	$2.3M	0.19%
117	DISCOVERY COMMUNICATNS NEW	25470F104	53,050	$2.1M	0.18%
118	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	26,000	$2.1M	0.18%
119	NOVO-NORDISK A S	NONOF	16,700	$2.1M	0.18%
120	DICKS SPORTING GOODS INC	253393102	52,250	$2.1M	0.18%
121	JOY GLOBAL INC	481165108	21,000	$2.1M	0.18%
122	SUNTRUST BKS INC	867914103	70,600	$2.0M	0.17%
123	GEN-PROBE INC NEW	36866T103	30,280	$2.0M	0.17%
124	STATOIL ASA	85771P102	70,000	$1.9M	0.16%
125	BOSTON SCIENTIFIC CORP	BSX	268,010	$1.9M	0.16%
126	JUNIPER NETWORKS INC	48203R104	45,400	$1.9M	0.16%
127	ING GROEP N V	INGVF	150,000	$1.9M	0.16%
128	HEINZ H J CO	423074103	36,610	$1.8M	0.15%
129	PALL CORP	PDYNW	29,890	$1.7M	0.15%
130	ORIENT-EXPRESS HOTELS LTD	G67743107	138,906	$1.7M	0.15%
131	MANPOWER INC	MAN	25,680	$1.6M	0.14%
132	UNITEDHEALTH GROUP INC	UNH	34,300	$1.6M	0.13%
133	MARATHON OIL CORP	MARA	29,000	$1.5M	0.13%
134	COMPANHIA DE SANEAMENTO BASI	SBS	26,162	$1.5M	0.13%
135	CSX CORP	CSX	19,100	$1.5M	0.13%
136	EXFO INC	302046107	138,100	$1.5M	0.13%
137	SK TELECOM LTD	SKM	71,060	$1.3M	0.11%
138	KELLOGG CO	BEKE	24,360	$1.3M	0.11%
139	SHERWIN WILLIAMS CO	SHW	15,050	$1.3M	0.11%
140	AMERICA MOVIL SAB DE CV	AMXOF	21,737	$1.3M	0.11%
141	CASH STORE FINL SVCS INC	14756F103	87,521	$1.3M	0.11%
142	LIBERTY GLOBAL INC	LBTYK	27,240	$1.1M	0.10%
143	TRANSOCEAN LTD	RIG	12,940	$1.0M	0.09%
144	GRUPO TELEVISA SA DE CV	GRPFF	40,850	$1.0M	0.09%
145	DEERE & CO	DE	10,300	$997,966	0.08%
146	CHECK POINT SOFTWARE TECH LT	M22465104	19,507	$995,832	0.08%
147	ANADARKO PETE CORP	032511107	12,000	$983,039	0.08%
148	MINDRAY MEDICAL INTL LTD	602675100	36,040	$908,207	0.08%
149	BANCO SANTANDER CHILE NEW	BSAC	10,346	$897,515	0.08%
150	UNITED THERAPEUTICS CORP DEL	UTHR	12,960	$868,577	0.07%
151	UNITED CONTL HLDGS INC	UNTCW	33,610	$772,692	0.07%
152	RITCHIE BROS AUCTIONEERS	767744105	25,000	$703,592	0.06%
153	IMRIS INC	45322N105	89,100	$647,300	0.06%
154	SANOFI AVENTIS	SNYNF	18,300	$644,525	0.05%
155	VULCAN MATLS CO	929160109	13,510	$616,053	0.05%
156	LAS VEGAS SANDS CORP	LVS	13,844	$584,492	0.05%
157	KT CORP	KT	28,118	$549,143	0.05%
158	STRAYER ED INC	863236105	4,190	$546,750	0.05%
159	VISTAPRINT N V	N93540107	10,190	$528,859	0.04%
160	VIRGIN MEDIA INC	92769L101	18,660	$518,561	0.04%
161	CAPELLA EDUCATION COMPANY	139594105	10,410	$518,312	0.04%
162	CONOCOPHILLIPS	COP	6,455	$515,494	0.04%
163	DEVRY INC DEL	ADT	9,180	$505,542	0.04%
164	CHEVRON CORP NEW	CVX	4,700	$504,919	0.04%
165	CTRIP COM INTL LTD	22943F100	12,160	$504,517	0.04%
166	PETROCHINA CO LTD	PTCCY	3,240	$493,288	0.04%
167	MAKITA CORP	560877300	10,500	$492,239	0.04%
168	HONDA MOTOR LTD	HNDAF	12,700	$476,376	0.04%
169	CANON INC	CAJFF	10,400	$450,839	0.04%
170	INTEL CORP	INTC	19,650	$396,339	0.03%
171	OFFICE DEPOT INC	676220106	83,964	$388,752	0.03%
172	FRANCE TELECOM	35177Q105	16,500	$371,414	0.03%
173	LABOPHARM INC	504905100	692,200	$370,389	0.03%
174	PETROLEO BRASILEIRO SA PETRO	71654V408	9,100	$367,912	0.03%
175	DUPONT FABROS TECHNOLOGY INC	26613Q106	14,210	$344,591	0.03%
176	BIOMED REALTY TRUST INC	09063H107	17,630	$335,320	0.03%
177	DIGITAL RLTY TR INC	253868103	5,690	$330,814	0.03%
178	MCDONALDS CORP	MCD	4,325	$329,088	0.03%
179	BREITBURN ENERGY PARTNERS LP	106776107	14,590	$317,040	0.03%
180	ALEXANDRIA REAL ESTATE EQ IN	015271109	4,060	$316,556	0.03%
181	CORPORATE OFFICE PPTYS TR	CDP	8,510	$307,549	0.03%
182	RIO TINTO PLC	RTNTF	4,300	$305,815	0.03%
183	MERCK & CO INC NEW	MRK	9,200	$303,691	0.03%
184	IMAX CORP	IMAX	9,210	$294,535	0.03%
185	ROYAL DUTCH SHELL PLC	780259107	4,000	$292,959	0.02%
186	3M CO	MMM	3,030	$283,304	0.02%
187	GENUINE PARTS CO	GPC	5,260	$282,145	0.02%
188	WAL MART STORES INC	WMT	5,375	$279,767	0.02%
189	SARA LEE CORP	803111103	15,805	$279,273	0.02%
190	KB FINANCIAL GROUP INC	48241A105	5,200	$271,283	0.02%
191	MCCORMICK & CO INC	MKC-V	5,655	$270,477	0.02%
192	CLOROX CO DEL	CLX	3,860	$270,469	0.02%
193	CINCINNATI FINL CORP	172062101	7,975	$261,579	0.02%
194	SYSCO CORP	SYY	9,435	$261,349	0.02%
195	CHUBB CORP	CB	4,045	$247,997	0.02%
196	PARTNERRE LTD	PREJF	3,005	$238,115	0.02%
197	FEDERATED INVS INC PA	FHI	8,700	$232,724	0.02%
198	NUCOR CORP	NUE	4,830	$222,276	0.02%
199	UNITED TECHNOLOGIES CORP	UNTCW	2,615	$221,359	0.02%
200	WELLS FARGO & CO NEW	949746101	6,800	$215,559	0.02%
201	BANCO BILBAO VIZCAYA ARGENTA	BBVXF	17,900	$214,799	0.02%
202	AT&T INC	T-PC	7,000	$214,199	0.02%
203	SEADRILL LIMITED	SDRL	5,925	$213,714	0.02%
204	BANK OF AMERICA CORPORATION	060505104	16,000	$213,279	0.02%
205	SPECTRA ENERGY CORP	847560109	7,690	$209,013	0.02%
206	TELEFONICA S A	TELFY	8,200	$206,803	0.02%
207	BANK HAWAII CORP	062540109	4,195	$200,604	0.02%
208	POSCO	PKX	1,700	$194,292	0.02%
209	COMPANIA CERVECERIAS UNIDAS	204429104	3,185	$188,233	0.02%
210	SAP AG	SAPGF	3,000	$184,079	0.02%
211	ANNALY CAP MGMT INC	NLY-PJ	10,400	$181,478	0.02%
212	PACCAR INC	PCAR	3,400	$177,989	0.02%
213	UNISOURCE ENERGY CORP	909205106	4,915	$177,577	0.02%
214	GAP INC DEL	GAP	7,700	$174,481	0.01%
215	INTL PAPER CO	460146103	5,500	$165,989	0.01%
216	VERIZON COMMUNICATIONS INC	VZ	4,130	$159,169	0.01%
217	AVISTA CORP	AVA	6,880	$159,133	0.01%
218	SOUTHERN CO	SOMN	4,125	$157,203	0.01%
219	ASTRAZENECA PLC	AZN	3,370	$155,424	0.01%
220	EXXON MOBIL CORP	XOM	1,800	$151,433	0.01%
221	PAYCHEX INC	PAYX	4,805	$150,684	0.01%
222	CULLEN FROST BANKERS INC	CFR-PB	2,550	$150,500	0.01%
223	SAFETY INS GROUP INC	78648T100	3,200	$147,551	0.01%
224	INTELLIPHARMACEUTICS INTL IN	INTC	50,000	$145,983	0.01%
225	VIVO PARTICIPACOES S A	92855S200	3,615	$145,973	0.01%
226	BOB EVANS FARMS INC	096761101	4,450	$145,069	0.01%
227	DARDEN RESTAURANTS INC	DRI	2,945	$144,687	0.01%
228	LOCKHEED MARTIN CORP	LMT	1,795	$144,317	0.01%
229	RAYTHEON CO	755111507	2,835	$144,216	0.01%
230	HILLENBRAND INC	431571108	6,555	$140,931	0.01%
231	ABERCROMBIE & FITCH CO	ANF	2,400	$140,879	0.01%
232	ACE LTD	H0023R105	2,100	$135,869	0.01%
233	IRON MTN INC	462846106	4,290	$133,976	0.01%
234	SHIP FINANCE INTERNATIONAL L	G81075106	6,445	$133,603	0.01%
235	NORDIC AMERICAN TANKER SHIPP	NAT	5,375	$133,514	0.01%
236	SABRA HEALTH CARE REIT INC	SBRA	7,575	$133,394	0.01%
237	HARTFORD FINL SVCS GROUP INC	HIG-PG	4,900	$131,956	0.01%
238	GENERAL DYNAMICS CORP	GD	1,720	$131,682	0.01%
239	SMUCKER J M CO	832696405	1,835	$131,000	0.01%
240	COMMERCE BANCSHARES INC	CBSH	3,218	$130,135	0.01%
241	GOLDMAN SACHS GROUP INC	GSCE	800	$126,775	0.01%
242	AMERICAN EAGLE OUTFITTERS NE	AEO	7,950	$126,324	0.01%
243	NEWMONT MINING CORP	NEMCL	2,300	$125,533	0.01%
244	PETSMART INC	716768106	3,065	$125,511	0.01%
245	FIRST NIAGARA FINL GP INC	33582V108	9,140	$124,120	0.01%
246	OWENS & MINOR INC NEW	690732102	3,785	$122,935	0.01%
247	CLIFFS NATURAL RESOURCES INC	18683K101	1,200	$117,935	0.01%
248	AMGEN INC	AMGN	2,200	$117,589	0.01%
249	FIFTH THIRD BANCORP	FITBM	8,300	$115,203	0.01%
250	HEWLETT PACKARD CO	HPE-PC	2,800	$114,715	0.01%
251	MICRON TECHNOLOGY INC	MU	10,000	$114,599	0.01%
252	DIAGEO P L C	DGEAF	1,490	$113,567	0.01%
253	GENERAL MTRS CO	37045V209	2,300	$110,859	0.01%
254	REGAL ENTMT GROUP	758766109	7,895	$106,581	0.01%
255	BRISTOL MYERS SQUIBB CO	CELG-RI	4,000	$105,719	0.01%
256	ONEBEACON INSURANCE GROUP LT	G67742109	7,335	$99,241	0.01%
257	COMPASS DIVERSIFIED HOLDINGS	CODI-PC	6,300	$92,861	0.01%
258	AVNET INC	AVT	2,700	$92,042	0.01%
259	ARCELORMITTAL SA LUXEMBOURG	ARCXF	2,500	$90,374	0.01%
260	GENERAL ELECTRIC CO	GE	4,500	$90,224	0.01%
261	TRAVELERS COMPANIES INC	TRV	1,500	$89,219	0.01%
262	AEGON N V	AEFC	11,800	$88,499	0.01%
263	PNC FINL SVCS GROUP INC	693475105	1,400	$88,185	0.01%
264	AMERICA MOVIL SAB DE CV	AMXOF	1,500	$86,474	0.01%
265	GERDAU S A	GGB	6,900	$86,249	0.01%
266	US BANCORP DEL	USB-PS	3,070	$81,139	0.01%
267	TOYOTA MOTOR CORP	TOYOF	1,000	$80,249	0.01%
268	ATLANTIC TELE NETWORK INC	049079205	2,065	$76,796	0.01%
269	DONNELLEY R R & SONS CO	257867101	4,000	$75,679	0.01%
270	DOW CHEM CO	DOW	2,000	$75,499	0.01%
271	BOEING CO	BA-PA	1,000	$73,929	0.01%
272	BEST BUY INC	BBY	2,400	$68,927	0.01%
273	APOLLO INVT CORP	03761U106	5,559	$67,040	0.01%
274	FRONTLINE LTD	FRO	2,665	$66,011	0.01%
275	CRACKER BARREL OLD CTRY STOR	22410J106	1,340	$65,846	0.01%
276	GRUPO AEROPORTUARIO DEL SURE	40051E202	1,080	$63,470	0.01%
277	ENTERGY CORP NEW	ENO	925	$62,168	0.01%
278	RADIOSHACK CORP	750438103	3,900	$58,538	0.00%