13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000016

Total Value

$978.6M

Positions

239

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (239)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	956,008	$71.7M	7.33%
2	ROYAL BK CDA MONTREAL QUE	780087102	1,084,850	$55.4M	5.67%
3	BCE INC	BCPPF	977,411	$40.8M	4.17%
4	CANADIAN NATL RY CO	136375102	375,787	$29.6M	3.03%
5	BANK NOVA SCOTIA HALIFAX	064149107	557,853	$27.9M	2.85%
6	ROGERS COMMUNICATIONS INC	RCIAF	715,250	$27.6M	2.82%
7	CANADIAN NAT RES LTD	136385101	607,910	$22.8M	2.33%
8	CDN IMPERIAL BK OF COMMERCE	CNDIF	252,037	$18.3M	1.87%
9	ENCANA CORP	292505104	977,179	$18.2M	1.85%
10	MANULIFE FINL CORP	56501R106	1,683,309	$18.0M	1.84%
11	GOLDCORP INC NEW	NVGLF	375,500	$16.7M	1.71%
12	INTERNATIONAL BUSINESS MACHS	INTR	90,290	$16.6M	1.70%
13	JOHNSON & JOHNSON	JNJ	242,675	$15.9M	1.63%
14	SHAW COMMUNICATIONS INC	82028K200	757,252	$15.1M	1.54%
15	CENOVUS ENERGY INC	CVE	446,454	$14.9M	1.52%
16	CISCO SYS INC	CSCO	731,835	$13.2M	1.35%
17	TRANSGLOBE ENERGY CORP	893662106	1,608,279	$12.8M	1.30%
18	PFIZER INC	PFE	579,445	$12.5M	1.28%
19	POTASH CORP SASK INC	73755L107	300,200	$12.4M	1.27%
20	GILDAN ACTIVEWEAR INC	GIL	617,134	$11.6M	1.19%
21	PROCTER & GAMBLE CO	742718109	169,110	$11.3M	1.15%
22	CAE INC	CAE	1,107,967	$10.8M	1.10%
23	WASTE MGMT INC DEL	94106L109	318,435	$10.4M	1.06%
24	METLIFE INC	MET-PF	332,700	$10.4M	1.06%
25	DOMTAR CORP	257559203	122,450	$9.8M	1.00%
26	AMERICAN EXPRESS CO	AXP	203,855	$9.6M	0.98%
27	COMCAST CORP NEW	CCZ	397,550	$9.4M	0.96%
28	MICROSOFT CORP	MSFT	346,520	$9.0M	0.92%
29	WHOLE FOODS MKT INC	966837106	126,812	$8.8M	0.90%
30	VODAFONE GROUP PLC NEW	92857W209	301,425	$8.4M	0.86%
31	KROGER CO	KR	330,970	$8.0M	0.82%
32	GOOGLE INC	38259P508	11,870	$7.7M	0.78%
33	DIRECTV	25490A101	166,067	$7.1M	0.73%
34	LOWES COS INC	548661107	276,800	$7.0M	0.72%
35	KRAFT FOODS INC	KHC	187,180	$7.0M	0.71%
36	TECK RESOURCES LTD	TCKRF	194,900	$6.9M	0.70%
37	JPMORGAN CHASE & CO	VYLD	202,021	$6.7M	0.69%
38	ENBRIDGE INC	ENNPF	178,569	$6.7M	0.68%
39	GENERAL GROWTH PPTYS INC NEW	370023103	438,100	$6.6M	0.67%
40	INGERSOLL-RAND PLC	IR	213,138	$6.5M	0.66%
41	MAGNA INTL INC	559222401	185,900	$6.2M	0.64%
42	DISNEY WALT CO	254687106	162,110	$6.1M	0.62%
43	NORTHERN TR CORP	NTRSO	149,000	$5.9M	0.60%
44	SUNCOR ENERGY INC NEW	SU	203,684	$5.9M	0.60%
45	BARRICK GOLD CORP	067901108	128,300	$5.8M	0.59%
46	KINROSS GOLD CORP	KGCRF	499,900	$5.7M	0.58%
47	TEVA PHARMACEUTICAL INDS LTD	881624209	136,135	$5.5M	0.56%
48	WATERS CORP	941848103	71,480	$5.3M	0.54%
49	BAYTEX ENERGY CORP	BTE	93,100	$5.2M	0.53%
50	KONINKLIJKE PHILIPS ELECTRS	RYLPF	244,300	$5.1M	0.52%
51	STANTEC INC	STN	184,700	$5.0M	0.51%
52	COCA COLA CO	KO	71,540	$5.0M	0.51%
53	E M C CORP MASS	268648102	229,260	$4.9M	0.50%
54	TIME WARNER INC	887317303	133,190	$4.8M	0.49%
55	CERNER CORP	156782104	77,190	$4.7M	0.48%
56	HESS CORP	HESM	80,840	$4.6M	0.47%
57	DELL INC	DELL	305,197	$4.5M	0.46%
58	BECTON DICKINSON & CO	BDX	56,725	$4.2M	0.43%
59	AUTODESK INC	ADSK	139,730	$4.2M	0.43%
60	MORGAN STANLEY	MS-PQ	276,469	$4.2M	0.43%
61	CARNIVAL CORP	CUKPF	127,860	$4.2M	0.43%
62	WESTERN UN CO	WU	228,408	$4.2M	0.43%
63	TARGET CORP	TGT	79,665	$4.1M	0.42%
64	BANK MONTREAL QUE	063671101	72,700	$4.0M	0.41%
65	SANOFI	SNYNF	107,375	$3.9M	0.40%
66	PROGRESSIVE WASTE SOLUTIONS	PRG	197,700	$3.9M	0.40%
67	TRW AUTOMOTIVE HLDGS CORP	87264S106	118,400	$3.9M	0.39%
68	AGRIUM INC	008916108	56,600	$3.8M	0.39%
69	AMDOCS LTD	DOX	133,290	$3.8M	0.39%
70	CAMECO CORP	CCJ	209,700	$3.8M	0.39%
71	NORFOLK SOUTHERN CORP	655844108	51,765	$3.8M	0.39%
72	QUALCOMM INC	QCOM	68,160	$3.7M	0.38%
73	METHANEX CORP	MEOH	159,100	$3.6M	0.37%
74	ISHARES TR	464288869	79,991	$3.6M	0.36%
75	SOUTHWEST AIRLS CO	844741108	416,640	$3.6M	0.36%
76	BP PLC	BPPFF	82,270	$3.5M	0.36%
77	CORRECTIONS CORP AMER NEW	CXW	169,801	$3.5M	0.35%
78	STATE STR CORP	STT-PG	84,550	$3.4M	0.35%
79	CITIGROUP INC	C-PR	127,993	$3.4M	0.34%
80	CME GROUP INC	CME	13,290	$3.2M	0.33%
81	SCHWAB CHARLES CORP NEW	SCHW-PJ	287,390	$3.2M	0.33%
82	APPLE INC	AAPL	7,900	$3.2M	0.33%
83	MASTERCARD INC	MA	8,470	$3.2M	0.32%
84	HSBC HLDGS PLC	HBCYF	82,363	$3.1M	0.32%
85	VISA INC	V	30,640	$3.1M	0.32%
86	GENERAL ELECTRIC CO	GE	167,200	$3.0M	0.31%
87	WYNN RESORTS LTD	WYNN	26,725	$3.0M	0.30%
88	ENI S P A	26874R108	70,500	$2.9M	0.30%
89	CONOCOPHILLIPS	COP	39,630	$2.9M	0.30%
90	UNITED PARCEL SERVICE INC	UPS	39,115	$2.9M	0.29%
91	RYANAIR HLDGS PLC	RYAOF	102,370	$2.9M	0.29%
92	UNILEVER PLC	UNLYF	79,690	$2.7M	0.27%
93	DIGITAL RLTY TR INC	253868103	39,160	$2.6M	0.27%
94	HOWARD HUGHES CORP	HHH	58,813	$2.6M	0.27%
95	DISCOVERY COMMUNICATNS NEW	25470F104	61,940	$2.5M	0.26%
96	STATOIL ASA	85771P102	99,000	$2.5M	0.26%
97	NOVO-NORDISK A S	NONOF	21,800	$2.5M	0.26%
98	BOSTON SCIENTIFIC CORP	BSX	455,580	$2.4M	0.25%
99	WEATHERFORD INTERNATIONAL LT	WFRD	165,700	$2.4M	0.25%
100	HUDBAY MINERALS INC	HBM	241,000	$2.4M	0.25%
101	NEWS CORP	NWSLL	131,750	$2.4M	0.24%
102	OVERSEAS SHIPHOLDING GROUP I	690368105	210,209	$2.3M	0.23%
103	WESTPAC BKG CORP	961214301	21,000	$2.2M	0.22%
104	DISCOVER FINL SVCS	254709108	87,900	$2.1M	0.22%
105	MCDONALDS CORP	MCD	20,815	$2.1M	0.21%
106	JOY GLOBAL INC	481165108	27,785	$2.1M	0.21%
107	BANK OF NEW YORK MELLON CORP	064058100	102,200	$2.0M	0.21%
108	HEINZ H J CO	423074103	37,590	$2.0M	0.21%
109	NATIONAL GRID PLC	NMPWP	41,500	$2.0M	0.21%
110	ANNALY CAP MGMT INC	NLY-PJ	120,700	$1.9M	0.20%
111	EQT CORP	EQT	34,900	$1.9M	0.20%
112	DICKS SPORTING GOODS INC	253393102	51,720	$1.9M	0.19%
113	MINDRAY MEDICAL INTL LTD	602675100	73,230	$1.9M	0.19%
114	AMC NETWORKS INC	AMCX	48,800	$1.8M	0.19%
115	HUMANA INC	HUM	20,900	$1.8M	0.19%
116	GEN-PROBE INC NEW	36866T103	30,900	$1.8M	0.19%
117	WASHINGTON POST CO	939640108	4,830	$1.8M	0.19%
118	OWENS ILL INC	OI	93,500	$1.8M	0.19%
119	MACYS INC	55616P104	55,800	$1.8M	0.18%
120	PALL CORP	PDYNW	31,270	$1.8M	0.18%
121	GLAXOSMITHKLINE PLC	GLAXF	38,915	$1.8M	0.18%
122	UNITEDHEALTH GROUP INC	UNH	35,000	$1.8M	0.18%
123	VALE S A	VALE	82,400	$1.8M	0.18%
124	MOODYS CORP	MCO	50,960	$1.7M	0.18%
125	WINDSTREAM CORP	97381W104	143,100	$1.7M	0.17%
126	SANDISK CORP	SNDK	33,900	$1.7M	0.17%
127	FRESENIUS MED CARE AG&CO KGA	FMCQF	24,380	$1.7M	0.17%
128	FEDEX CORP	FDX	19,740	$1.6M	0.17%
129	ACE LTD	H0023R105	23,100	$1.6M	0.17%
130	SILVER WHEATON CORP	828336107	52,706	$1.5M	0.16%
131	GRUPO TELEVISA SA	GRPFF	71,860	$1.5M	0.15%
132	UNITED CONTL HLDGS INC	UNTCW	80,180	$1.5M	0.15%
133	SPRINT NEXTEL CORP	852061100	629,900	$1.5M	0.15%
134	FORTUNA SILVER MINES INC	349915108	263,125	$1.4M	0.15%
135	COGNIZANT TECHNOLOGY SOLUTIO	CTSH	21,100	$1.4M	0.14%
136	ORACLE CORP	ORCL-PD	52,700	$1.4M	0.14%
137	HONDA MOTOR LTD	HNDAF	42,000	$1.3M	0.13%
138	WEBSTER FINL CORP CONN	947890109	62,267	$1.3M	0.13%
139	CREDICORP LTD	BAP	11,358	$1.2M	0.13%
140	LIBERTY GLOBAL INC	LBTYK	28,860	$1.2M	0.12%
141	AETNA INC NEW	00817Y108	27,600	$1.2M	0.12%
142	PETROLEO BRASILEIRO SA PETRO	71654V408	42,000	$1.0M	0.11%
143	CHECK POINT SOFTWARE TECH LT	M22465104	19,781	$1.0M	0.11%
144	ORIENT-EXPRESS HOTELS LTD	G67743107	137,944	$1.0M	0.11%
145	AGNICO EAGLE MINES LTD	AEM	27,178	$990,107	0.10%
146	VIRGIN MEDIA INC	92769L101	45,200	$966,374	0.10%
147	LENNAR CORP	LEN-B	46,900	$921,583	0.09%
148	DEERE & CO	DE	11,700	$904,994	0.09%
149	TRANSOCEAN LTD	RIG	23,022	$883,814	0.09%
150	D R HORTON INC	23331A109	69,270	$873,492	0.09%
151	TOLL BROTHERS INC	TOL	42,260	$862,948	0.09%
152	NVR INC	NVR	1,240	$850,638	0.09%
153	CASH STORE FINL SVCS INC	14756F103	142,735	$840,686	0.09%
154	CIGNA CORPORATION	CI	19,700	$827,399	0.08%
155	BANCO SANTANDER CHILE NEW	BSAC	10,491	$794,168	0.08%
156	HDFC BANK LTD	HDB	27,100	$712,187	0.07%
157	LAS VEGAS SANDS CORP	LVS	13,844	$591,553	0.06%
158	DUPONT FABROS TECHNOLOGY INC	26613Q106	24,200	$586,123	0.06%
159	CORPORATE OFFICE PPTYS TR	CDP	25,860	$549,782	0.06%
160	COMPANHIA DE SANEAMENTO BASI	SBS	9,462	$526,560	0.05%
161	ALEXANDRIA REAL ESTATE EQ IN	015271109	7,530	$519,342	0.05%
162	BIOMED REALTY TRUST INC	09063H107	28,520	$515,639	0.05%
163	CTRIP COM INTL LTD	22943F100	20,370	$476,656	0.05%
164	MOLSON COORS BREWING CO	TAP-A	10,700	$465,877	0.05%
165	UNITED CMNTY BKS BLAIRSVLE G	UNTCW	65,913	$460,730	0.05%
166	INTEL CORP	INTC	18,780	$455,414	0.05%
167	GENERAL MLS INC	370334104	11,150	$450,571	0.05%
168	AUTOMATIC DATA PROCESSING IN	ADP	8,080	$436,400	0.04%
169	GENUINE PARTS CO	GPC	6,695	$409,733	0.04%
170	PEPSICO INC	PEP	6,025	$399,758	0.04%
171	NUANCE COMMUNICATIONS INC	NU	15,300	$384,947	0.04%
172	IMAX CORP	IMAX	20,970	$384,379	0.04%
173	KIMBERLY CLARK CORP	KMB	5,225	$384,350	0.04%
174	BROOKFIELD RESIDENTIAL PPTYS	11283W104	47,429	$370,419	0.04%
175	KT CORP	KT	22,952	$358,968	0.04%
176	CHUBB CORP	CB	5,155	$356,828	0.04%
177	SYSCO CORP	SYY	12,015	$352,399	0.04%
178	CHEVRON CORP NEW	CVX	3,295	$350,587	0.04%
179	VERIZON COMMUNICATIONS INC	VZ	7,715	$309,525	0.03%
180	SEADRILL LIMITED	SDRL	9,075	$301,107	0.03%
181	CHINA PETE & CHEM CORP	16941R108	2,830	$297,290	0.03%
182	TELEFONICA BRASIL SA	VIV	9,964	$272,315	0.03%
183	LOCKHEED MARTIN CORP	LMT	3,365	$272,227	0.03%
184	SARA LEE CORP	803111103	14,290	$270,366	0.03%
185	HILLENBRAND INC	431571108	11,830	$264,045	0.03%
186	NUCOR CORP	NUE	6,160	$243,751	0.02%
187	BLACKROCK INC	BLK	1,350	$240,623	0.02%
188	SOUTHERN CO	SOMN	5,150	$238,393	0.02%
189	MEDTRONIC INC	MDT	6,135	$234,663	0.02%
190	BOB EVANS FARMS INC	096761101	6,990	$234,444	0.02%
191	UNISOURCE ENERGY CORP	909205106	6,260	$231,118	0.02%
192	ROYAL DUTCH SHELL PLC	780259107	3,000	$228,029	0.02%
193	AVISTA CORP	AVA	8,720	$224,539	0.02%
194	WAL MART STORES INC	WMT	3,635	$217,227	0.02%
195	RAYTHEON CO	755111507	4,415	$213,596	0.02%
196	UNITED TECHNOLOGIES CORP	UNTCW	2,735	$199,900	0.02%
197	ASTRAZENECA PLC	AZN	4,305	$199,278	0.02%
198	CRACKER BARREL OLD CTRY STOR	22410J106	3,835	$193,321	0.02%
199	PARTNERRE LTD	PREJF	2,980	$191,345	0.02%
200	CINCINNATI FINL CORP	172062101	6,280	$191,288	0.02%
201	MCCORMICK & CO INC	MKC-V	3,670	$185,040	0.02%
202	SMUCKER J M CO	832696405	2,340	$182,917	0.02%
203	ENTERGY CORP NEW	ENO	2,455	$179,337	0.02%
204	PAYCHEX INC	PAYX	5,730	$172,530	0.02%
205	DARDEN RESTAURANTS INC	DRI	3,725	$169,784	0.02%
206	DR PEPPER SNAPPLE GROUP INC	26138E109	4,300	$169,763	0.02%
207	REPUBLIC SVCS INC	760759100	6,155	$169,569	0.02%
208	OWENS & MINOR INC NEW	690732102	6,045	$167,990	0.02%
209	IRON MTN INC	462846106	5,450	$167,859	0.02%
210	REGAL ENTMT GROUP	758766109	13,975	$166,860	0.02%
211	COMMERCE BANCSHARES INC	CBSH	4,301	$163,954	0.02%
212	SAFETY INS GROUP INC	78648T100	4,035	$163,336	0.02%
213	CULLEN FROST BANKERS INC	CFR-PB	3,065	$162,168	0.02%
214	VULCAN MATLS CO	929160109	4,000	$157,399	0.02%
215	BEMIS INC	081437105	5,140	$154,610	0.02%
216	DIAGEO P L C	DGEAF	1,725	$150,798	0.02%
217	3M CO	MMM	1,845	$150,790	0.02%
218	DIANA SHIPPING INC	DSX-WT	19,500	$145,858	0.01%
219	GENERAL DYNAMICS CORP	GD	2,195	$145,769	0.01%
220	PNC FINL SVCS GROUP INC	693475105	2,435	$140,426	0.01%
221	LANDAUER INC	51476K103	2,660	$136,989	0.01%
222	ONEBEACON INSURANCE GROUP LT	G67742109	8,720	$134,200	0.01%
223	ABM INDS INC	000957100	6,465	$133,308	0.01%
224	TOWER GROUP INC	891777104	5,335	$107,606	0.01%
225	US BANCORP DEL	USB-PS	3,910	$105,764	0.01%
226	ATLANTIC TELE NETWORK INC	049079205	2,610	$101,919	0.01%
227	MEREDITH CORP	589433101	3,050	$99,581	0.01%
228	COMPASS DIVERSIFIED HOLDINGS	CODI-PC	8,020	$99,367	0.01%
229	TELEFONICA S A	TELFY	5,500	$94,544	0.01%
230	FRANCE TELECOM	35177Q105	6,000	$93,959	0.01%
231	SABRA HEALTH CARE REIT INC	SBRA	7,085	$85,657	0.01%
232	AMERICAN GREETINGS CORP	026375105	6,800	$85,067	0.01%
233	WALGREEN CO	931422109	2,550	$84,302	0.01%
234	COMPANIA CERVECERIAS UNIDAS	204429104	1,275	$80,451	0.01%
235	NATIONAL CINEMEDIA INC	NCMI	6,335	$78,553	0.01%
236	GRUPO AEROPORTUARIO DEL SURE	40051E202	1,355	$75,798	0.01%
237	NORDIC AMERICAN TANKERS LIMI	NAT	5,765	$69,121	0.01%
238	INTELLIPHARMACEUTICS INTL IN	INTC	25,000	$68,499	0.01%
239	PETSMART INC	716768106	440	$22,567	0.00%