13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000015

Total Value

$954.1M

Positions

240

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (240)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	1,031,258	$73.4M	7.69%
2	BANK NOVA SCOTIA HALIFAX	064149107	1,104,572	$55.6M	5.82%
3	BCE INC	BCPPF	984,121	$36.9M	3.87%
4	ROGERS COMMUNICATIONS INC	RCIAF	887,433	$30.4M	3.18%
5	CANADIAN NATL RY CO	136375102	372,887	$24.9M	2.61%
6	CDN IMPERIAL BK OF COMMERCE	CNDIF	272,037	$19.0M	2.00%
7	ENCANA CORP	292505104	983,957	$18.9M	1.98%
8	JOHNSON & JOHNSON	JNJ	285,905	$18.2M	1.91%
9	CANADIAN NAT RES LTD	136385101	610,260	$17.9M	1.88%
10	MANULIFE FINL CORP	56501R106	1,563,409	$17.8M	1.87%
11	GOLDCORP INC NEW	NVGLF	381,600	$17.5M	1.83%
12	INTERNATIONAL BUSINESS MACHS	INTR	94,090	$16.5M	1.73%
13	SHAW COMMUNICATIONS INC	82028K200	808,752	$16.4M	1.72%
14	CENOVUS ENERGY INC	CVE	521,154	$16.0M	1.68%
15	ROYAL BK CDA MONTREAL QUE	780087102	313,600	$14.4M	1.51%
16	GILDAN ACTIVEWEAR INC	GIL	542,474	$14.1M	1.48%
17	BANK MONTREAL QUE	063671101	246,100	$13.8M	1.44%
18	TRANSGLOBE ENERGY CORP	893662106	1,707,174	$13.7M	1.44%
19	POTASH CORP SASK INC	73755L107	304,100	$13.2M	1.38%
20	CISCO SYS INC	CSCO	763,500	$11.8M	1.24%
21	CAE INC	CAE	1,168,667	$11.0M	1.15%
22	PROCTER & GAMBLE CO	742718109	172,875	$10.9M	1.14%
23	PFIZER INC	PFE	603,555	$10.7M	1.12%
24	WASTE MGMT INC DEL	94106L109	317,235	$10.3M	1.08%
25	AMERICAN EXPRESS CO	AXP	223,855	$10.1M	1.05%
26	METLIFE INC	MET-PF	321,600	$9.0M	0.94%
27	KINROSS GOLD CORP	KGCRF	605,400	$9.0M	0.94%
28	WHOLE FOODS MKT INC	966837106	134,312	$8.8M	0.92%
29	VODAFONE GROUP PLC NEW	92857W209	341,425	$8.8M	0.92%
30	MICROSOFT CORP	MSFT	344,210	$8.6M	0.90%
31	COMCAST CORP NEW	CCZ	384,550	$8.0M	0.84%
32	INGERSOLL-RAND PLC	IR	282,838	$7.9M	0.83%
33	KRAFT FOODS INC	KHC	227,320	$7.6M	0.80%
34	COCA COLA CO	KO	111,410	$7.5M	0.79%
35	KROGER CO	KR	330,970	$7.3M	0.76%
36	TECK RESOURCES LTD	TCKRF	212,300	$6.3M	0.66%
37	MAGNA INTL INC	559222401	187,000	$6.2M	0.65%
38	GOOGLE INC	38259P508	11,870	$6.1M	0.64%
39	BARRICK GOLD CORP	067901108	128,300	$6.0M	0.63%
40	DOMTAR CORP	257559203	85,750	$5.8M	0.61%
41	LOWES COS INC	548661107	291,300	$5.6M	0.59%
42	NORTHERN TR CORP	NTRSO	159,400	$5.6M	0.58%
43	DIRECTV	25490A101	126,367	$5.3M	0.56%
44	GENERAL GROWTH PPTYS INC NEW	370023103	437,100	$5.3M	0.55%
45	WATERS CORP	941848103	69,330	$5.2M	0.55%
46	ENBRIDGE INC	ENNPF	161,500	$5.2M	0.54%
47	BAYTEX ENERGY CORP	BTE	122,000	$5.1M	0.53%
48	SCHWAB CHARLES CORP NEW	SCHW-PJ	446,190	$5.0M	0.53%
49	SUNCOR ENERGY INC NEW	SU	195,484	$5.0M	0.52%
50	DISNEY WALT CO	254687106	162,110	$4.9M	0.51%
51	CERNER CORP	156782104	70,970	$4.9M	0.51%
52	E M C CORP MASS	268648102	229,260	$4.8M	0.50%
53	TARGET CORP	TGT	97,985	$4.8M	0.50%
54	TEVA PHARMACEUTICAL INDS LTD	881624209	126,929	$4.7M	0.50%
55	UNITED PARCEL SERVICE INC	UPS	73,145	$4.6M	0.48%
56	PROGRESSIVE WASTE SOLUTIONS	PRG	217,200	$4.5M	0.47%
57	DELL INC	DELL	303,097	$4.3M	0.45%
58	HESS CORP	HESM	80,840	$4.2M	0.44%
59	BECTON DICKINSON & CO	BDX	56,510	$4.1M	0.43%
60	STANTEC INC	STN	184,700	$4.1M	0.43%
61	CAMECO CORP	CCJ	221,100	$4.1M	0.43%
62	JPMORGAN CHASE & CO	VYLD	134,721	$4.1M	0.43%
63	WESTERN UN CO	WU	263,408	$4.0M	0.42%
64	KONINKLIJKE PHILIPS ELECTRS	RYLPF	224,300	$4.0M	0.42%
65	MASTERCARD INC	MA	12,620	$4.0M	0.42%
66	VISA INC	V	46,660	$4.0M	0.42%
67	TIME WARNER INC	887317303	133,190	$4.0M	0.42%
68	ISHARES TR	464288869	99,991	$3.9M	0.41%
69	AUTODESK INC	ADSK	139,730	$3.9M	0.41%
70	CARNIVAL CORP	CUKPF	127,860	$3.9M	0.41%
71	CORRECTIONS CORP AMER NEW	CXW	169,801	$3.9M	0.40%
72	APPLE INC	AAPL	9,900	$3.8M	0.40%
73	AGRIUM INC	008916108	56,600	$3.8M	0.39%
74	MORGAN STANLEY	MS-PQ	276,469	$3.7M	0.39%
75	AMDOCS LTD	DOX	133,290	$3.6M	0.38%
76	METHANEX CORP	MEOH	166,800	$3.5M	0.36%
77	UNILEVER PLC	UNLYF	110,660	$3.5M	0.36%
78	SOUTHWEST AIRLS CO	844741108	416,640	$3.3M	0.35%
79	GENERAL MLS INC	370334104	86,880	$3.3M	0.35%
80	QUALCOMM INC	QCOM	68,160	$3.3M	0.35%
81	CITIGROUP INC	C-PR	127,593	$3.3M	0.34%
82	CME GROUP INC	CME	12,870	$3.2M	0.33%
83	GLAXOSMITHKLINE PLC	GLAXF	76,315	$3.2M	0.33%
84	BOSTON SCIENTIFIC CORP	BSX	523,070	$3.1M	0.32%
85	WYNN RESORTS LTD	WYNN	26,725	$3.1M	0.32%
86	BP PLC	BPPFF	82,770	$3.0M	0.31%
87	NATIONAL GRID PLC	NMPWP	60,000	$3.0M	0.31%
88	DISCOVER FINL SVCS	254709108	129,360	$3.0M	0.31%
89	NORFOLK SOUTHERN CORP	655844108	47,720	$2.9M	0.31%
90	ENI S P A	26874R108	79,500	$2.8M	0.29%
91	TRW AUTOMOTIVE HLDGS CORP	87264S106	83,200	$2.7M	0.29%
92	STATE STR CORP	STT-PG	84,550	$2.7M	0.29%
93	HEINZ H J CO	423074103	53,490	$2.7M	0.28%
94	RYANAIR HLDGS PLC	RYAOF	102,370	$2.6M	0.28%
95	GENERAL ELECTRIC CO	GE	167,200	$2.5M	0.27%
96	HOWARD HUGHES CORP	HHH	58,813	$2.5M	0.26%
97	FEDEX CORP	FDX	36,540	$2.5M	0.26%
98	HSBC HLDGS PLC	HBCYF	63,963	$2.4M	0.26%
99	PALL CORP	PDYNW	57,340	$2.4M	0.25%
100	SANOFI	SNYNF	73,375	$2.4M	0.25%
101	MCDONALDS CORP	MCD	27,165	$2.4M	0.25%
102	DISCOVERY COMMUNICATNS NEW	25470F104	61,940	$2.3M	0.24%
103	HUDBAY MINERALS INC	HBM	241,000	$2.2M	0.24%
104	NOVO-NORDISK A S	NONOF	21,800	$2.2M	0.23%
105	KIMBERLY CLARK CORP	KMB	30,405	$2.2M	0.23%
106	DIGITAL RLTY TR INC	253868103	37,840	$2.1M	0.22%
107	BUNGE LIMITED	BG	35,027	$2.0M	0.21%
108	WEATHERFORD INTERNATIONAL LT	WFRD	165,700	$2.0M	0.21%
109	WESTPAC BKG CORP	961214301	21,000	$2.0M	0.21%
110	ANNALY CAP MGMT INC	NLY-PJ	120,700	$2.0M	0.21%
111	CONOCOPHILLIPS	COP	31,685	$2.0M	0.21%
112	GRUPO TELEVISA SA DE CV	GRPFF	108,170	$2.0M	0.21%
113	NEWS CORP	NWSLL	128,360	$2.0M	0.21%
114	AGNICO EAGLE MINES LTD	AEM	32,950	$2.0M	0.21%
115	FRESENIUS MED CARE AG&CO KGA	FMCQF	28,980	$2.0M	0.21%
116	UNITEDHEALTH GROUP INC	UNH	41,800	$1.9M	0.20%
117	SPRINT NEXTEL CORP	852061100	629,900	$1.9M	0.20%
118	MINDRAY MEDICAL INTL LTD	602675100	79,850	$1.9M	0.20%
119	BANK OF NEW YORK MELLON CORP	064058100	98,620	$1.8M	0.19%
120	CIGNA CORP	CI	42,800	$1.8M	0.19%
121	GEN-PROBE INC NEW	36866T103	30,900	$1.8M	0.19%
122	DICKS SPORTING GOODS INC	253393102	51,720	$1.7M	0.18%
123	OVERSEAS SHIPHOLDING GROUP I	690368105	125,209	$1.7M	0.18%
124	SUN LIFE FINL INC	SUNFF	70,900	$1.7M	0.18%
125	STATOIL ASA	85771P102	76,000	$1.6M	0.17%
126	WASHINGTON POST CO	939640108	4,830	$1.6M	0.17%
127	SILVER WHEATON CORP	828336107	52,706	$1.6M	0.16%
128	UNITED CONTL HLDGS INC	UNTCW	80,180	$1.6M	0.16%
129	AETNA INC NEW	00817Y108	42,100	$1.5M	0.16%
130	HUMANA INC	HUM	20,900	$1.5M	0.16%
131	AMC NETWORKS INC	AMCX	47,230	$1.5M	0.16%
132	EQT CORP	EQT	28,200	$1.5M	0.16%
133	OWENS ILL INC	OI	99,480	$1.5M	0.16%
134	JOY GLOBAL INC	481165108	22,485	$1.4M	0.15%
135	ACE LTD	H0023R105	23,100	$1.4M	0.15%
136	CASH STORE FINL SVCS INC	14756F103	159,416	$1.4M	0.14%
137	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	21,100	$1.3M	0.14%
138	ORACLE CORP	ORCL-PD	40,800	$1.2M	0.12%
139	MACYS INC	55616P104	44,300	$1.2M	0.12%
140	VALE S A	VALE	50,400	$1.1M	0.12%
141	LIBERTY GLOBAL INC	LBTYK	28,860	$1.0M	0.11%
142	CREDICORP LTD	BAP	11,201	$1.0M	0.11%
143	CHECK POINT SOFTWARE TECH LT	M22465104	19,507	$1.0M	0.11%
144	VIRGIN MEDIA INC	92769L101	39,570	$963,528	0.10%
145	ORIENT-EXPRESS HOTELS LTD	G67743107	137,944	$953,191	0.10%
146	WEBSTER FINL CORP CONN	947890109	62,267	$952,683	0.10%
147	EXFO INC	302046107	138,100	$869,551	0.09%
148	MOLSON COORS BREWING CO	TAP-A	21,523	$852,524	0.09%
149	HDFC BANK LTD	HDB	27,100	$789,964	0.08%
150	BANCO SANTANDER CHILE NEW	BSAC	10,346	$760,223	0.08%
151	TRANSOCEAN LTD	RIG	15,222	$726,698	0.08%
152	DEERE & CO	DE	11,200	$723,183	0.08%
153	CTRIP COM INTL LTD	22943F100	20,130	$647,379	0.07%
154	LAS VEGAS SANDS CORP	LVS	13,844	$530,778	0.06%
155	PETROLEO BRASILEIRO SA PETRO	71654V408	21,400	$480,429	0.05%
156	COMPANHIA DE SANEAMENTO BASI	SBS	9,462	$438,562	0.05%
157	NVR INC	NVR	680	$410,705	0.04%
158	LENNAR CORP	LEN-B	28,750	$389,273	0.04%
159	D R HORTON INC	23331A109	41,610	$376,153	0.04%
160	TOLL BROTHERS INC	TOL	24,980	$360,460	0.04%
161	INTEL CORP	INTC	16,555	$353,118	0.04%
162	UNITED CMNTY BKS BLAIRSVLE G	UNTCW	40,913	$347,350	0.04%
163	IMRIS INC	45322N105	89,100	$345,962	0.04%
164	KT CORP	KT	22,952	$339,230	0.04%
165	AUTOMATIC DATA PROCESSING IN	ADP	7,115	$335,471	0.04%
166	PEPSICO INC	PEP	5,300	$328,069	0.03%
167	WI-LAN INC	928972108	54,750	$320,185	0.03%
168	BIOMED REALTY TRUST INC	09063H107	19,120	$316,816	0.03%
169	BROOKFIELD RESIDENTIAL PPTYS	11283W104	47,429	$315,401	0.03%
170	DUPONT FABROS TECHNOLOGY INC	26613Q106	15,860	$312,282	0.03%
171	IMAX CORP	IMAX	20,970	$303,645	0.03%
172	GENUINE PARTS CO	GPC	5,905	$299,973	0.03%
173	ALEXANDRIA REAL ESTATE EQ IN	015271109	4,880	$299,581	0.03%
174	CORPORATE OFFICE PPTYS TR	CDP	13,350	$290,761	0.03%
175	SYSCO CORP	SYY	10,605	$274,669	0.03%
176	CHUBB CORP	CB	4,560	$273,553	0.03%
177	CHEVRON CORP NEW	CVX	2,905	$268,770	0.03%
178	VERIZON COMMUNICATIONS INC	VZ	6,835	$251,527	0.03%
179	TELECOMUNICACOES DE SAO PAUL	87929A102	8,794	$232,600	0.02%
180	SEADRILL LIMITED	SDRL	8,200	$225,745	0.02%
181	GLG LIFE TECH CORP	361793201	65,000	$223,240	0.02%
182	SPECTRA ENERGY CORP	847560109	8,415	$206,419	0.02%
183	SARA LEE CORP	803111103	12,590	$205,846	0.02%
184	CHINA PETE & CHEM CORP	16941R108	2,130	$204,053	0.02%
185	UNISOURCE ENERGY CORP	909205106	5,500	$198,494	0.02%
186	SOUTHERN CO	SOMN	4,545	$192,570	0.02%
187	HILLENBRAND INC	431571108	10,445	$192,187	0.02%
188	ROYAL DUTCH SHELL PLC	780259107	3,000	$186,149	0.02%
189	WPP PLC	WPPGF	4,000	$184,199	0.02%
190	AVISTA CORP	AVA	7,700	$183,644	0.02%
191	COMPANIA CERVECERIAS UNIDAS	204429104	3,490	$180,258	0.02%
192	NUCOR CORP	NUE	5,400	$170,855	0.02%
193	UNITED TECHNOLOGIES CORP	UNTCW	2,415	$169,918	0.02%
194	ASTRAZENECA PLC	AZN	3,800	$168,567	0.02%
195	INTELLIPHARMACEUTICS INTL IN	INTC	50,000	$167,499	0.02%
196	WAL MART STORES INC	WMT	3,185	$165,301	0.02%
197	MAKITA CORP	560877300	4,500	$159,524	0.02%
198	RAYTHEON CO	755111507	3,900	$159,392	0.02%
199	IRON MTN INC	462846106	4,820	$152,407	0.02%
200	OWENS & MINOR INC NEW	690732102	5,310	$151,228	0.02%
201	MCCORMICK & CO INC	MKC-V	3,245	$149,788	0.02%
202	SMUCKER J M CO	832696405	2,050	$149,424	0.02%
203	HONDA MOTOR LTD	HNDAF	5,000	$145,749	0.02%
204	LOCKHEED MARTIN CORP	LMT	2,005	$145,642	0.02%
205	ENTERGY CORP NEW	ENO	2,195	$145,506	0.02%
206	CINCINNATI FINL CORP	172062101	5,520	$145,341	0.02%
207	REGAL ENTMT GROUP	758766109	12,335	$144,812	0.02%
208	BOB EVANS FARMS INC	096761101	4,985	$142,171	0.01%
209	DARDEN RESTAURANTS INC	DRI	3,300	$141,074	0.01%
210	PARTNERRE LTD	PREJF	2,635	$137,730	0.01%
211	SAFETY INS GROUP INC	78648T100	3,590	$135,809	0.01%
212	CRACKER BARREL OLD CTRY STOR	22410J106	3,375	$135,269	0.01%
213	BEMIS INC	081437105	4,545	$133,213	0.01%
214	BLACKROCK INC	BLK	900	$133,208	0.01%
215	COMMERCE BANCSHARES INC	CBSH	3,608	$125,377	0.01%
216	DIAGEO P L C	DGEAF	1,645	$124,904	0.01%
217	CULLEN FROST BANKERS INC	CFR-PB	2,695	$123,592	0.01%
218	MEDTRONIC INC	MDT	3,580	$118,998	0.01%
219	DIANA SHIPPING INC	DSX-WT	16,020	$118,867	0.01%
220	LANDAUER INC	51476K103	2,350	$116,418	0.01%
221	3M CO	MMM	1,615	$115,940	0.01%
222	ONEBEACON INSURANCE GROUP LT	G67742109	8,140	$111,028	0.01%
223	NORDIC AMERICAN TANKERS LIMI	NAT	7,835	$110,472	0.01%
224	GENERAL DYNAMICS CORP	GD	1,930	$109,797	0.01%
225	ABM INDS INC	000957100	5,710	$108,831	0.01%
226	TOWER GROUP INC	891777104	4,715	$107,784	0.01%
227	TELEFONICA S A	TELFY	5,500	$105,159	0.01%
228	SHIP FINANCE INTERNATIONAL L	G81075106	8,065	$104,844	0.01%
229	PNC FINL SVCS GROUP INC	693475105	2,175	$104,812	0.01%
230	FRANCE TELECOM	35177Q105	6,000	$98,219	0.01%
231	FIRST NIAGARA FINL GP INC	33582V108	10,260	$93,878	0.01%
232	COMPASS DIVERSIFIED HOLDINGS	CODI-PC	7,065	$86,051	0.01%
233	US BANCORP DEL	USB-PS	3,450	$81,212	0.01%
234	NATIONAL CINEMEDIA INC	NCMI	5,550	$80,529	0.01%
235	ATLANTIC TELE NETWORK INC	049079205	2,300	$75,623	0.01%
236	PETSMART INC	716768106	1,735	$73,997	0.01%
237	PAYCHEX INC	PAYX	2,660	$70,143	0.01%
238	GRUPO AEROPORTUARIO DEL SURE	40051E202	1,220	$60,657	0.01%
239	SABRA HEALTH CARE REIT INC	SBRA	6,270	$59,815	0.01%
240	APOLLO INVT CORP	03761U106	6,259	$47,067	0.00%