13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000014

Total Value

$1.16B

Positions

261

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (261)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	1,048,058	$88.9M	7.69%
2	BANK NOVA SCOTIA HALIFAX	064149107	1,143,972	$68.9M	5.97%
3	BCE INC	BCPPF	1,072,521	$42.1M	3.64%
4	ROGERS COMMUNICATIONS INC	RCIAF	1,057,808	$41.9M	3.63%
5	ENCANA CORP	292505104	1,106,858	$34.2M	2.96%
6	CANADIAN NATL RY CO	136375102	382,687	$30.6M	2.65%
7	MANULIFE FINL CORP	56501R106	1,513,409	$26.8M	2.32%
8	CANADIAN NAT RES LTD	136385101	584,285	$24.5M	2.12%
9	JOHNSON & JOHNSON	JNJ	342,805	$22.8M	1.97%
10	CDN IMPERIAL BK OF COMMERCE	CNDIF	280,337	$22.1M	1.92%
11	GOLDCORP INC NEW	NVGLF	413,900	$20.0M	1.73%
12	CENOVUS ENERGY INC	CVE	529,754	$20.0M	1.73%
13	ROYAL BK CDA MONTREAL QUE	780087102	328,100	$18.8M	1.62%
14	TRANSGLOBE ENERGY CORP	893662106	1,643,874	$18.8M	1.62%
15	SHAW COMMUNICATIONS INC	82028K200	816,752	$18.6M	1.61%
16	GILDAN ACTIVEWEAR INC	GIL	516,674	$18.2M	1.58%
17	INTERNATIONAL BUSINESS MACHS	INTR	100,005	$17.2M	1.48%
18	POTASH CORP SASK INC	73755L107	291,400	$16.6M	1.44%
19	CAE INC	CAE	1,231,126	$16.6M	1.44%
20	BANK MONTREAL QUE	063671101	231,500	$14.7M	1.27%
21	AMERICAN EXPRESS CO	AXP	261,681	$13.5M	1.17%
22	WASTE MGMT INC DEL	94106L109	326,690	$12.2M	1.05%
23	PFIZER INC	PFE	588,655	$12.1M	1.05%
24	PROCTER & GAMBLE CO	742718109	172,825	$11.0M	0.95%
25	CISCO SYS INC	CSCO	684,400	$10.7M	0.92%
26	INGERSOLL-RAND PLC	IR	234,247	$10.6M	0.92%
27	METLIFE INC	MET-PF	237,800	$10.4M	0.90%
28	MICROSOFT CORP	MSFT	397,160	$10.3M	0.89%
29	TECK RESOURCES LTD	TCKRF	202,900	$10.3M	0.89%
30	ENBRIDGE INC	ENNPF	312,160	$10.2M	0.88%
31	KIMBERLY CLARK CORP	KMB	144,190	$9.6M	0.83%
32	WESTERN UN CO	WU	471,505	$9.4M	0.82%
33	COMCAST CORP NEW	CCZ	371,850	$9.4M	0.82%
34	MAGNA INTL INC	559222401	164,600	$8.9M	0.77%
35	TIME WARNER INC	887317303	240,601	$8.8M	0.76%
36	VODAFONE GROUP PLC NEW	92857W209	323,187	$8.6M	0.75%
37	WHOLE FOODS MKT INC	966837106	132,218	$8.4M	0.73%
38	KINROSS GOLD CORP	KGCRF	514,100	$8.1M	0.70%
39	SUNCOR ENERGY INC NEW	SU	200,484	$7.9M	0.68%
40	KROGER CO	KR	303,150	$7.5M	0.65%
41	NORTHERN TR CORP	NTRSO	162,150	$7.5M	0.65%
42	GENERAL GROWTH PPTYS INC NEW	370023103	439,655	$7.3M	0.64%
43	DIRECTV	25490A101	136,595	$6.9M	0.60%
44	BAYTEX ENERGY CORP	BTE	125,500	$6.9M	0.59%
45	KRAFT FOODS INC	KHC	188,890	$6.7M	0.58%
46	CERNER CORP	156782104	98,900	$6.0M	0.52%
47	BARRICK GOLD CORP	067901108	132,100	$6.0M	0.52%
48	GOOGLE INC	38259P508	11,830	$6.0M	0.52%
49	CAMECO CORP	CCJ	221,100	$5.8M	0.50%
50	JPMORGAN CHASE & CO	VYLD	139,543	$5.7M	0.49%
51	PROGRESSIVE WASTE SOLUTIONS	PRG	217,200	$5.4M	0.47%
52	STANTEC INC	STN	184,700	$5.4M	0.46%
53	CITIGROUP INC	C-PR	128,375	$5.3M	0.46%
54	DELL INC	DELL	314,992	$5.3M	0.45%
55	ISHARES TR	464288869	102,000	$5.2M	0.45%
56	HESS CORP	HESM	69,880	$5.2M	0.45%
57	WATERS CORP	941848103	54,389	$5.2M	0.45%
58	TARGET CORP	TGT	108,517	$5.1M	0.44%
59	UNITED PARCEL SERVICE INC	UPS	67,430	$4.9M	0.43%
60	METHANEX CORP	MEOH	150,200	$4.7M	0.41%
61	TEVA PHARMACEUTICAL INDS LTD	881624209	94,823	$4.6M	0.40%
62	E M C CORP MASS	268648102	163,190	$4.5M	0.39%
63	BECTON DICKINSON & CO	BDX	52,110	$4.5M	0.39%
64	COCA COLA CO	KO	65,480	$4.4M	0.38%
65	AGRIUM INC	008916108	48,400	$4.3M	0.37%
66	MORGAN STANLEY	MS-PQ	182,597	$4.2M	0.36%
67	AMDOCS LTD	DOX	133,290	$4.1M	0.35%
68	NEWS CORP	NWSLL	225,290	$4.0M	0.35%
69	VISA INC	V	46,660	$3.9M	0.34%
70	BP PLC	BPPFF	87,771	$3.9M	0.34%
71	HOWARD HUGHES CORP	HHH	59,171	$3.8M	0.33%
72	WYNN RESORTS LTD	WYNN	26,725	$3.8M	0.33%
73	CORRECTIONS CORP AMER NEW	CXW	170,780	$3.7M	0.32%
74	BANK OF NEW YORK MELLON CORP	064058100	141,860	$3.6M	0.31%
75	BOSTON SCIENTIFIC CORP	BSX	523,070	$3.6M	0.31%
76	WASHINGTON POST CO	939640108	8,610	$3.6M	0.31%
77	HUDBAY MINERALS INC	HBM	241,000	$3.6M	0.31%
78	SCHWAB CHARLES CORP NEW	SCHW-PJ	218,650	$3.6M	0.31%
79	NORFOLK SOUTHERN CORP	655844108	47,620	$3.6M	0.31%
80	APPLE INC	AAPL	10,600	$3.6M	0.31%
81	MASTERCARD INC	MA	11,790	$3.6M	0.31%
82	AUTODESK INC	ADSK	89,670	$3.5M	0.30%
83	CME GROUP INC	CME	11,720	$3.4M	0.30%
84	SPRINT NEXTEL CORP	852061100	633,487	$3.4M	0.30%
85	OVERSEAS SHIPHOLDING GROUP I	690368105	125,939	$3.4M	0.29%
86	GLAXOSMITHKLINE PLC	GLAXF	76,315	$3.3M	0.28%
87	GENERAL MLS INC	370334104	85,680	$3.2M	0.28%
88	QUALCOMM INC	QCOM	54,490	$3.1M	0.27%
89	FEDEX CORP	FDX	32,550	$3.1M	0.27%
90	CARNIVAL CORP	CUKPF	80,650	$3.0M	0.26%
91	DISNEY WALT CO	254687106	76,190	$3.0M	0.26%
92	NATIONAL GRID PLC	NMPWP	60,000	$3.0M	0.26%
93	WEATHERFORD INTERNATIONAL LT	WFRD	154,480	$2.9M	0.25%
94	STATE STR CORP	STT-PG	63,880	$2.9M	0.25%
95	SOUTHWEST AIRLS CO	844741108	251,890	$2.9M	0.25%
96	RYANAIR HLDGS PLC	RYAOF	93,580	$2.7M	0.24%
97	NOVO-NORDISK A S	NONOF	21,800	$2.7M	0.24%
98	SANOFI	SNYNF	67,916	$2.7M	0.24%
99	HSBC HLDGS PLC	HBCYF	54,163	$2.7M	0.23%
100	FRESENIUS MED CARE AG&CO KGA	FMCQF	35,580	$2.7M	0.23%
101	ROBERT HALF INTL INC	RHI	95,993	$2.6M	0.22%
102	ENI S P A	26874R108	53,500	$2.5M	0.22%
103	NORDSTROM INC	655664100	53,090	$2.5M	0.22%
104	UNILEVER PLC	UNLYF	75,790	$2.5M	0.21%
105	OWENS ILL INC	OI	94,110	$2.4M	0.21%
106	DISCOVERY COMMUNICATNS NEW	25470F104	58,150	$2.4M	0.21%
107	SAFEWAY INC	786514208	101,650	$2.4M	0.21%
108	VALE S A	VALE	73,000	$2.3M	0.20%
109	DIGITAL RLTY TR INC	253868103	37,430	$2.3M	0.20%
110	WESTPAC BKG CORP	961214301	18,700	$2.2M	0.19%
111	DISCOVER FINL SVCS	254709108	83,900	$2.2M	0.19%
112	WPP PLC	WPPGF	34,700	$2.2M	0.19%
113	UNITEDHEALTH GROUP INC	UNH	41,800	$2.2M	0.19%
114	SUN LIFE FINL INC	SUNFF	70,900	$2.1M	0.18%
115	ANNALY CAP MGMT INC	NLY-PJ	114,500	$2.1M	0.18%
116	CLIFFS NATURAL RESOURCES INC	18683K101	22,000	$2.0M	0.18%
117	HEINZ H J CO	423074103	37,590	$2.0M	0.17%
118	JOY GLOBAL INC	481165108	21,000	$2.0M	0.17%
119	METROPCS COMMUNICATIONS INC	591708102	114,700	$2.0M	0.17%
120	MARATHON OIL CORP	MARA	36,500	$1.9M	0.17%
121	DICKS SPORTING GOODS INC	253393102	49,850	$1.9M	0.17%
122	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	26,000	$1.9M	0.17%
123	PALL CORP	PDYNW	33,660	$1.9M	0.16%
124	BUNGE LIMITED	BG	26,927	$1.9M	0.16%
125	ING GROEP N V	INGVF	150,000	$1.9M	0.16%
126	MINDRAY MEDICAL INTL LTD	602675100	65,990	$1.9M	0.16%
127	GEN-PROBE INC NEW	36866T103	26,590	$1.8M	0.16%
128	MANPOWERGROUP INC	MAN	33,350	$1.8M	0.15%
129	SILVER WHEATON CORP	828336107	53,031	$1.8M	0.15%
130	GRUPO TELEVISA SA DE CV	GRPFF	69,810	$1.7M	0.15%
131	CASH STORE FINL SVCS INC	14756F103	128,634	$1.7M	0.15%
132	AGNICO EAGLE MINES LTD	AEM	26,150	$1.7M	0.14%
133	SK TELECOM LTD	SKM	80,520	$1.5M	0.13%
134	CSX CORP	CSX	57,300	$1.5M	0.13%
135	ORIENT-EXPRESS HOTELS LTD	G67743107	138,906	$1.5M	0.13%
136	VULCAN MATLS CO	929160109	37,620	$1.4M	0.13%
137	WI-LAN INC	928972108	174,335	$1.4M	0.12%
138	ARROW ELECTRS INC	042735100	33,700	$1.4M	0.12%
139	WEBSTER FINL CORP CONN	947890109	62,267	$1.3M	0.11%
140	COMPANHIA DE SANEAMENTO BASI	SBS	20,962	$1.3M	0.11%
141	PIONEER NAT RES CO	723787107	13,800	$1.2M	0.11%
142	LIBERTY GLOBAL INC	LBTYK	27,240	$1.2M	0.11%
143	STATOIL ASA	85771P102	48,100	$1.2M	0.11%
144	AMERICA MOVIL SAB DE CV	AMXOF	21,737	$1.2M	0.10%
145	CHECK POINT SOFTWARE TECH LT	M22465104	19,507	$1.1M	0.10%
146	EXFO INC	302046107	138,100	$1.1M	0.09%
147	UNITED CONTL HLDGS INC	UNTCW	46,430	$1.1M	0.09%
148	MACYS INC	55616P104	34,100	$997,083	0.09%
149	BANCO SANTANDER CHILE NEW	BSAC	10,346	$970,557	0.08%
150	CREDICORP LTD	BAP	11,201	$964,405	0.08%
151	MOLSON COORS BREWING CO	TAP-A	21,523	$962,938	0.08%
152	CTRIP COM INTL LTD	22943F100	20,130	$867,199	0.08%
153	TRANSOCEAN LTD	RIG	12,940	$835,405	0.07%
154	KELLOGG CO	BEKE	13,680	$756,775	0.07%
155	RITCHIE BROS AUCTIONEERS	767744105	25,000	$688,581	0.06%
156	DEVRY INC DEL	ADT	11,490	$679,402	0.06%
157	STRAYER ED INC	863236105	5,210	$658,490	0.06%
158	IMRIS INC	45322N105	89,100	$615,373	0.05%
159	VIRGIN MEDIA INC	92769L101	19,760	$591,415	0.05%
160	LAS VEGAS SANDS CORP	LVS	13,844	$584,354	0.05%
161	PEPSICO INC	PEP	8,100	$570,482	0.05%
162	CAPELLA EDUCATION COMPANY	139594105	12,150	$508,475	0.04%
163	KT CORP	KT	25,318	$492,181	0.04%
164	VISTAPRINT N V	N93540107	10,190	$487,590	0.04%
165	INTEL CORP	INTC	21,330	$472,672	0.04%
166	BROOKFIELD RESIDENTIAL PPTYS	11283W104	47,429	$470,494	0.04%
167	UNITED THERAPEUTICS CORP DEL	UTHR	8,380	$461,736	0.04%
168	IMAX CORP	IMAX	13,790	$447,209	0.04%
169	DEERE & CO	DE	5,300	$436,984	0.04%
170	GLG LIFE TECH CORP	361793201	65,000	$436,118	0.04%
171	TOLL BROTHERS INC	TOL	19,390	$402,148	0.03%
172	D R HORTON INC	23331A109	34,600	$398,591	0.03%
173	LENNAR CORP	LEN-B	21,090	$382,782	0.03%
174	NVR INC	NVR	520	$377,248	0.03%
175	AUTOMATIC DATA PROCESSING IN	ADP	6,990	$368,232	0.03%
176	BIOMED REALTY TRUST INC	09063H107	19,120	$367,867	0.03%
177	DUPONT FABROS TECHNOLOGY INC	26613Q106	14,210	$358,090	0.03%
178	OFFICE DEPOT INC	676220106	83,964	$354,327	0.03%
179	ALEXANDRIA REAL ESTATE EQ IN	015271109	4,430	$342,969	0.03%
180	SYSCO CORP	SYY	10,405	$324,427	0.03%
181	CORPORATE OFFICE PPTYS TR	CDP	10,310	$320,741	0.03%
182	GENUINE PARTS CO	GPC	5,780	$314,431	0.03%
183	CONOCOPHILLIPS	COP	4,035	$303,390	0.03%
184	CHEVRON CORP NEW	CVX	2,880	$296,179	0.03%
185	MCDONALDS CORP	MCD	3,490	$294,275	0.03%
186	WAL MART STORES INC	WMT	5,435	$288,814	0.02%
187	CLOROX CO DEL	CLX	4,250	$286,619	0.02%
188	CANON INC	CAJFF	6,000	$285,539	0.02%
189	CHUBB CORP	CB	4,460	$279,240	0.02%
190	3M CO	MMM	2,865	$271,744	0.02%
191	CINCINNATI FINL CORP	172062101	8,795	$256,637	0.02%
192	TELECOMUNICACOES DE SAO PAUL	87929A102	8,394	$249,301	0.02%
193	HILLENBRAND INC	431571108	9,995	$236,381	0.02%
194	SARA LEE CORP	803111103	12,365	$234,810	0.02%
195	SEADRILL LIMITED	SDRL	6,525	$230,201	0.02%
196	FEDERATED INVS INC PA	FHI	9,585	$228,506	0.02%
197	PARTNERRE LTD	PREJF	3,310	$227,893	0.02%
198	SPECTRA ENERGY CORP	847560109	8,290	$227,228	0.02%
199	NUCOR CORP	NUE	5,325	$219,495	0.02%
200	BANK OF AMERICA CORPORATION	060505104	20,000	$219,199	0.02%
201	ROYAL DUTCH SHELL PLC	780259107	3,000	$215,249	0.02%
202	BANK HAWAII CORP	062540109	4,620	$214,922	0.02%
203	MAKITA CORP	560877300	4,500	$210,329	0.02%
204	UNITED TECHNOLOGIES CORP	UNTCW	2,365	$209,325	0.02%
205	VERIZON COMMUNICATIONS INC	VZ	5,610	$208,859	0.02%
206	UNISOURCE ENERGY CORP	909205106	5,425	$202,514	0.02%
207	RIO TINTO PLC	RTNTF	2,800	$202,495	0.02%
208	COMPANIA CERVECERIAS UNIDAS	204429104	3,415	$200,767	0.02%
209	INTELLIPHARMACEUTICS INTL IN	INTC	50,000	$198,999	0.02%
210	AVISTA CORP	AVA	7,575	$194,600	0.02%
211	HONDA MOTOR LTD	HNDAF	5,000	$193,049	0.02%
212	RAYTHEON CO	755111507	3,800	$189,429	0.02%
213	BREITBURN ENERGY PARTNERS LP	106776107	9,570	$186,423	0.02%
214	ASTRAZENECA PLC	AZN	3,700	$185,258	0.02%
215	SOUTHERN CO	SOMN	4,545	$183,526	0.02%
216	MERCK & CO INC NEW	MRK	5,200	$183,507	0.02%
217	BOB EVANS FARMS INC	096761101	4,885	$170,828	0.01%
218	SHIP FINANCE INTERNATIONAL L	G81075106	9,370	$168,846	0.01%
219	PAYCHEX INC	PAYX	5,285	$162,354	0.01%
220	GENERAL MTRS CO	37045V209	3,300	$160,841	0.01%
221	DARDEN RESTAURANTS INC	DRI	3,225	$160,475	0.01%
222	LOCKHEED MARTIN CORP	LMT	1,980	$160,320	0.01%
223	IRON MTN INC	462846106	4,695	$160,051	0.01%
224	SMUCKER J M CO	832696405	2,025	$154,790	0.01%
225	MCCORMICK & CO INC	MKC-V	3,120	$154,658	0.01%
226	BANCO BILBAO VIZCAYA ARGENTA	BBVXF	13,000	$152,619	0.01%
227	COMMERCE BANCSHARES INC	CBSH	3,533	$151,918	0.01%
228	CULLEN FROST BANKERS INC	CFR-PB	2,645	$150,367	0.01%
229	REGAL ENTMT GROUP	758766109	12,110	$149,557	0.01%
230	SAFETY INS GROUP INC	78648T100	3,515	$147,770	0.01%
231	ENTERGY CORP NEW	ENO	2,145	$146,460	0.01%
232	NORDIC AMERICAN TANKER SHIPP	NAT	6,420	$145,990	0.01%
233	OWENS & MINOR INC NEW	690732102	4,160	$143,477	0.01%
234	KB FINANCIAL GROUP INC	48241A105	3,000	$143,399	0.01%
235	GENERAL DYNAMICS CORP	GD	1,905	$141,959	0.01%
236	SABRA HEALTH CARE REIT INC	SBRA	8,365	$139,778	0.01%
237	TELEFONICA S A	TELFY	5,500	$134,694	0.01%
238	FIRST NIAGARA FINL GP INC	33582V108	10,060	$132,791	0.01%
239	DIAGEO P L C	DGEAF	1,570	$128,535	0.01%
240	FRANCE TELECOM	35177Q105	6,000	$127,739	0.01%
241	HEWLETT PACKARD CO	HPE-PC	3,200	$116,479	0.01%
242	COMPASS DIVERSIFIED HOLDINGS	CODI-PC	6,940	$114,440	0.01%
243	EXXON MOBIL CORP	XOM	1,400	$113,931	0.01%
244	AMERICAN EAGLE OUTFITTERS NE	AEO	8,745	$111,498	0.01%
245	BEMIS INC	081437105	3,295	$111,304	0.01%
246	TOWER GROUP INC	891777104	4,615	$109,929	0.01%
247	ONEBEACON INSURANCE GROUP LT	G67742109	7,965	$106,651	0.01%
248	GOLDMAN SACHS GROUP INC	GSCE	800	$106,471	0.01%
249	LABOPHARM INC	504905100	692,200	$100,495	0.01%
250	AT&T INC	T-PC	3,000	$94,229	0.01%
251	GAP INC DEL	GAP	5,200	$94,119	0.01%
252	AMGEN INC	AMGN	1,600	$93,359	0.01%
253	ATLANTIC TELE NETWORK INC	049079205	2,275	$87,268	0.01%
254	US BANCORP DEL	USB-PS	3,375	$86,095	0.01%
255	NEWMONT MINING CORP	NEMCL	1,500	$80,954	0.01%
256	PETSMART INC	716768106	1,685	$76,448	0.01%
257	MICRON TECHNOLOGY INC	MU	10,000	$74,799	0.01%
258	CRACKER BARREL OLD CTRY STOR	22410J106	1,450	$71,499	0.01%
259	GRUPO AEROPORTUARIO DEL SURE	40051E202	1,170	$68,959	0.01%
260	APOLLO INVT CORP	03761U106	6,134	$62,627	0.01%
261	ACE LTD	H0023R105	800	$52,655	0.00%