13F HOLDINGS REPORT

Northwest & Ethical Investments L.P.

Quarter ended Q2 2025 · Filed July 7, 2025 · Accession 0002033536-25-000018

Total Value

$966.1M

Positions

226

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (226)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	TORONTO DOMINION BK ONT	TORO	970,058	$75.8M	7.85%
2	BANK NOVA SCOTIA HALIFAX	064149107	812,578	$42.1M	4.35%
3	BCE INC	BCPPF	1,015,019	$41.8M	4.33%
4	ROYAL BK CDA MONTREAL QUE	780087102	677,300	$34.7M	3.59%
5	CANADIAN NATL RY CO	136375102	343,545	$29.0M	3.00%
6	ROGERS COMMUNICATIONS INC	RCIAF	621,900	$22.5M	2.33%
7	MANULIFE FINL CORP	56501R106	1,761,409	$19.2M	1.98%
8	CANADIAN NAT RES LTD	136385101	704,300	$18.9M	1.95%
9	PFIZER INC	PFE	798,245	$18.4M	1.90%
10	ENCANA CORP	292505104	830,379	$17.3M	1.79%
11	GOLDCORP INC NEW	NVGLF	422,900	$15.9M	1.65%
12	TRANSGLOBE ENERGY CORP	893662106	1,706,989	$15.2M	1.57%
13	CENOVUS ENERGY INC	CVE	466,307	$14.8M	1.53%
14	CDN IMPERIAL BK OF COMMERCE	CNDIF	198,537	$14.0M	1.44%
15	JOHNSON & JOHNSON	JNJ	204,365	$13.8M	1.43%
16	INGERSOLL-RAND PLC	IR	309,738	$13.1M	1.35%
17	MAGNA INTL INC	559222401	311,000	$12.3M	1.27%
18	JPMORGAN CHASE & CO	VYLD	340,321	$12.2M	1.26%
19	PROCTER & GAMBLE CO	742718109	194,640	$11.9M	1.23%
20	WASTE MGMT INC DEL	94106L109	353,080	$11.8M	1.22%
21	COMCAST CORP NEW	CCZ	366,250	$11.7M	1.21%
22	SHAW COMMUNICATIONS INC	82028K200	615,852	$11.6M	1.20%
23	GILDAN ACTIVEWEAR INC	GIL	402,649	$11.1M	1.15%
24	DOMTAR CORP	257559203	138,550	$10.6M	1.10%
25	KRAFT FOODS INC	KHC	256,660	$9.9M	1.03%
26	AMERICAN EXPRESS CO	AXP	164,565	$9.6M	0.99%
27	DIRECTV	25490A101	195,977	$9.6M	0.99%
28	KONINKLIJKE PHILIPS ELECTRS	RYLPF	466,050	$9.2M	0.95%
29	METLIFE INC	MET-PF	285,000	$8.8M	0.91%
30	COVIDIEN PLC	G2554F113	150,000	$8.0M	0.83%
31	GOOGLE INC	38259P508	13,220	$7.7M	0.79%
32	MICROSOFT CORP	MSFT	239,600	$7.3M	0.76%
33	GENERAL GROWTH PPTYS INC NEW	370023103	403,100	$7.3M	0.75%
34	HESS CORP	HESM	165,670	$7.2M	0.75%
35	WEATHERFORD INTERNATIONAL LT	WFRD	556,790	$7.0M	0.73%
36	CAE INC	CAE	722,742	$7.0M	0.73%
37	POTASH CORP SASK INC	73755L107	152,900	$6.7M	0.69%
38	SUNCOR ENERGY INC NEW	SU	225,041	$6.5M	0.67%
39	LOWES COS INC	548661107	224,500	$6.4M	0.66%
40	VODAFONE GROUP PLC NEW	92857W209	215,355	$6.1M	0.63%
41	E M C CORP MASS	268648102	232,220	$6.0M	0.62%
42	HALLIBURTON CO	HAL	207,400	$5.9M	0.61%
43	APPLE INC	AAPL	9,900	$5.8M	0.60%
44	WATERS CORP	941848103	71,010	$5.6M	0.58%
45	JUNIPER NETWORKS INC	48203R104	345,360	$5.6M	0.58%
46	CISCO SYS INC	CSCO	324,800	$5.6M	0.58%
47	ENBRIDGE INC	ENNPF	134,700	$5.4M	0.56%
48	STANTEC INC	STN	184,700	$5.3M	0.54%
49	INTERNATIONAL BUSINESS MACHS	INTR	26,800	$5.2M	0.54%
50	TIME WARNER INC	887317303	135,320	$5.2M	0.54%
51	WHOLE FOODS MKT INC	966837106	53,942	$5.1M	0.53%
52	SANOFI	SNYNF	134,375	$5.1M	0.53%
53	SOUTHWEST AIRLS CO	844741108	532,990	$4.9M	0.51%
54	AUTODESK INC	ADSK	140,030	$4.9M	0.51%
55	DISNEY WALT CO	254687106	100,150	$4.9M	0.50%
56	KROGER CO	KR	206,800	$4.8M	0.50%
57	TARGET CORP	TGT	82,330	$4.8M	0.50%
58	CAMECO CORP	CCJ	206,700	$4.5M	0.47%
59	MOODYS CORP	MCO	123,040	$4.5M	0.47%
60	CORRECTIONS CORP AMER NEW	CXW	150,601	$4.4M	0.46%
61	TRW AUTOMOTIVE HLDGS CORP	87264S106	118,400	$4.4M	0.45%
62	ENI S P A	26874R108	98,700	$4.2M	0.43%
63	WAL-MART STORES INC	WMT	59,800	$4.2M	0.43%
64	TECK RESOURCES LTD	TCKRF	130,200	$4.0M	0.42%
65	BEMIS INC	081437105	128,035	$4.0M	0.42%
66	BAYTEX ENERGY CORP	BTE	94,550	$4.0M	0.41%
67	RIVERBED TECHNOLOGY INC	768573107	245,450	$4.0M	0.41%
68	TEVA PHARMACEUTICAL INDS LTD	881624209	99,935	$3.9M	0.41%
69	ELECTRONIC ARTS INC	EA	312,800	$3.9M	0.40%
70	YAMANA GOLD INC	98462Y100	246,500	$3.8M	0.39%
71	CMS ENERGY CORP	CMS-PC	161,100	$3.8M	0.39%
72	METHANEX CORP	MEOH	135,000	$3.8M	0.39%
73	MORGAN STANLEY	MS-PQ	256,469	$3.7M	0.39%
74	WESTERN UN CO	WU	220,908	$3.7M	0.39%
75	CVS CAREMARK CORPORATION	CVS	78,865	$3.7M	0.38%
76	RYANAIR HLDGS PLC	RYAOF	119,810	$3.6M	0.38%
77	PALL CORP	PDYNW	65,500	$3.6M	0.37%
78	SIGMA ALDRICH CORP	826552101	48,340	$3.6M	0.37%
79	HOWARD HUGHES CORP	HHH	57,813	$3.6M	0.37%
80	IAMGOLD CORP	IAG	300,000	$3.5M	0.37%
81	DELL INC	DELL	279,697	$3.5M	0.36%
82	COCA COLA CO	KO	43,960	$3.4M	0.36%
83	GENERAL ELECTRIC CO	GE	162,200	$3.4M	0.35%
84	CITIGROUP INC	C-PR	122,993	$3.4M	0.35%
85	CERNER CORP	156782104	40,540	$3.4M	0.35%
86	BP PLC	BPPFF	81,270	$3.3M	0.34%
87	CANON INC	CAJFF	82,300	$3.3M	0.34%
88	VERIZON COMMUNICATIONS INC	VZ	68,665	$3.1M	0.32%
89	SCHWAB CHARLES CORP NEW	SCHW-PJ	235,720	$3.0M	0.32%
90	UNITEDHEALTH GROUP INC	UNH	51,700	$3.0M	0.31%
91	BECTON DICKINSON & CO	BDX	39,755	$3.0M	0.31%
92	DISCOVER FINL SVCS	254709108	85,500	$3.0M	0.31%
93	HSBC HLDGS PLC	HBCYF	66,363	$2.9M	0.30%
94	AMDOCS LTD	DOX	98,160	$2.9M	0.30%
95	CAMERON INTERNATIONAL CORP	13342B105	66,220	$2.8M	0.29%
96	WYNN RESORTS LTD	WYNN	26,725	$2.8M	0.29%
97	NORFOLK SOUTHERN CORP	655844108	38,585	$2.8M	0.29%
98	MASTERCARD INC	MA	6,380	$2.7M	0.28%
99	UNILEVER PLC	UNLYF	80,130	$2.7M	0.28%
100	HONDA MOTOR LTD	HNDAF	77,000	$2.7M	0.28%
101	AMC NETWORKS INC	AMCX	74,110	$2.6M	0.27%
102	NEW GOLD INC CDA	644535106	270,400	$2.6M	0.27%
103	QUALCOMM INC	QCOM	42,500	$2.4M	0.24%
104	HEINZ H J CO	423074103	42,980	$2.3M	0.24%
105	OVERSEAS SHIPHOLDING GROUP I	690368105	210,209	$2.3M	0.24%
106	CARNIVAL CORP	CUKPF	67,770	$2.3M	0.24%
107	JOY GLOBAL INC	481165108	40,740	$2.3M	0.24%
108	FEDEX CORP	FDX	23,490	$2.2M	0.22%
109	CME GROUP INC	CME	7,740	$2.1M	0.21%
110	SPRINT NEXTEL CORP	852061100	629,900	$2.1M	0.21%
111	VIRGIN MEDIA INC	92769L101	82,500	$2.0M	0.21%
112	MYRIAD GENETICS INC	MYGN	83,930	$2.0M	0.21%
113	DICKS SPORTING GOODS INC	253393102	40,890	$2.0M	0.20%
114	UNITED CONTL HLDGS INC	UNTCW	80,180	$2.0M	0.20%
115	EOG RES INC	EOG	20,750	$1.9M	0.19%
116	HUDBAY MINERALS INC	HBM	241,000	$1.9M	0.19%
117	PETROLEO BRASILEIRO SA PETRO	71654V101	100,170	$1.8M	0.19%
118	RANGE RES CORP	RRC	29,020	$1.8M	0.19%
119	BARRICK GOLD CORP	067901108	46,219	$1.7M	0.18%
120	KINROSS GOLD CORP	KGCRF	211,640	$1.7M	0.18%
121	BANK MONTREAL QUE	063671101	31,000	$1.7M	0.18%
122	CHESAPEAKE ENERGY CORP	165167107	89,200	$1.7M	0.17%
123	PEMBINA PIPELINE CORP	PPLOF	62,092	$1.6M	0.16%
124	APACHE CORP	APA	17,850	$1.6M	0.16%
125	MINDRAY MEDICAL INTL LTD	602675100	49,150	$1.5M	0.15%
126	AIR PRODS & CHEMS INC	AIIR	18,280	$1.5M	0.15%
127	WEBSTER FINL CORP CONN	947890109	62,267	$1.3M	0.14%
128	CREDICORP LTD	BAP	10,618	$1.3M	0.14%
129	TIFFANY & CO NEW	886547108	24,410	$1.3M	0.13%
130	SPIRIT AIRLS INC	848577102	59,780	$1.2M	0.12%
131	ORIENT-EXPRESS HOTELS LTD	G67743107	137,944	$1.2M	0.12%
132	BAIDU INC	BAIDF	9,937	$1.1M	0.12%
133	DR REDDYS LABS LTD	256135203	37,630	$1.1M	0.12%
134	FORTUNA SILVER MINES INC	349915108	323,868	$1.1M	0.11%
135	NETEASE INC	NETTF	18,209	$1.1M	0.11%
136	HOMEAWAY INC	43739Q100	45,880	$997,429	0.10%
137	CHECK POINT SOFTWARE TECH LT	M22465104	20,007	$992,147	0.10%
138	LENNAR CORP	LEN-B	30,840	$953,263	0.10%
139	TRANSOCEAN LTD	RIG	21,122	$944,786	0.10%
140	TOLL BROTHERS INC	TOL	31,420	$934,115	0.10%
141	SILVER WHEATON CORP	828336107	34,756	$933,444	0.10%
142	D R HORTON INC	23331A109	49,330	$906,683	0.09%
143	MERCADOLIBRE INC	MELI	11,781	$892,999	0.09%
144	NVR INC	NVR	1,000	$849,997	0.09%
145	INTEL CORP	INTC	30,540	$813,890	0.08%
146	MOLSON COORS BREWING CO	TAP-A	19,120	$795,582	0.08%
147	AUTOMATIC DATA PROCESSING IN	ADP	13,150	$731,928	0.08%
148	KIMBERLY CLARK CORP	KMB	8,495	$711,625	0.07%
149	GENERAL MLS INC	370334104	18,120	$698,344	0.07%
150	PEPSICO INC	PEP	9,780	$691,054	0.07%
151	DIANA SHIPPING INC	DSX-WT	85,870	$668,067	0.07%
152	BLACKSTONE GROUP L P	BX	50,000	$653,499	0.07%
153	UNITED PARCEL SERVICE INC	UPS	8,160	$642,681	0.07%
154	CHUBB CORP	CB	8,400	$611,687	0.06%
155	LAS VEGAS SANDS CORP	LVS	13,844	$602,074	0.06%
156	SYSCO CORP	SYY	19,530	$582,188	0.06%
157	CHEVRON CORP NEW	CVX	5,390	$568,644	0.06%
158	UNITED CMNTY BKS BLAIRSVLE G	UNTCW	65,913	$564,873	0.06%
159	UNS ENERGY CORP	903119105	14,200	$545,421	0.06%
160	XEROX CORP	XRXDW	69,000	$543,029	0.06%
161	BLACKROCK INC	BLK	3,095	$525,592	0.05%
162	BROOKFIELD RESIDENTIAL PPTYS	11283W104	47,429	$516,974	0.05%
163	PETROLEO BRASILEIRO SA PETRO	71654V408	27,100	$508,666	0.05%
164	LOCKHEED MARTIN CORP	LMT	5,565	$484,600	0.05%
165	SASOL LTD	SASOF	11,400	$483,929	0.05%
166	BOB EVANS FARMS INC	096761101	11,740	$471,947	0.05%
167	PARTNERRE LTD	PREJF	6,225	$471,045	0.05%
168	DR PEPPER SNAPPLE GROUP INC	26138E109	9,565	$418,468	0.04%
169	SABRA HEALTH CARE REIT INC	SBRA	24,100	$412,350	0.04%
170	DARDEN RESTAURANTS INC	DRI	8,055	$407,824	0.04%
171	RAYTHEON CO	755111507	7,185	$406,598	0.04%
172	DUPONT FABROS TECHNOLOGY INC	26613Q106	14,180	$404,980	0.04%
173	TELEFONICA BRASIL SA	VIV	16,174	$400,144	0.04%
174	PNC FINL SVCS GROUP INC	693475105	6,395	$390,797	0.04%
175	MEDTRONIC INC	MDT	9,945	$385,169	0.04%
176	AVISTA CORP	AVA	14,200	$379,139	0.04%
177	ASTRAZENECA PLC	AZN	8,470	$379,032	0.04%
178	NUCOR CORP	NUE	9,980	$378,241	0.04%
179	CONOCOPHILLIPS	COP	6,575	$367,410	0.04%
180	HASBRO INC	HAS	10,740	$363,762	0.04%
181	DIGITAL RLTY TR INC	253868103	4,790	$359,584	0.04%
182	HILLENBRAND INC	431571108	19,245	$353,722	0.04%
183	WALGREEN CO	931422109	11,440	$338,394	0.04%
184	UNITED TECHNOLOGIES CORP	UNTCW	4,470	$337,618	0.03%
185	NATIONAL CINEMEDIA INC	NCMI	21,455	$325,472	0.03%
186	CORPORATE OFFICE PPTYS TR	CDP	13,780	$323,966	0.03%
187	COSTCO WHSL CORP NEW	22160K105	3,400	$322,999	0.03%
188	ALEXANDRIA REAL ESTATE EQ IN	015271109	4,410	$320,694	0.03%
189	BIOMED REALTY TRUST INC	09063H107	16,980	$317,186	0.03%
190	CA INC	12673P105	11,585	$313,837	0.03%
191	REGAL ENTMT GROUP	758766109	22,750	$313,039	0.03%
192	KT CORP	KT	22,952	$302,506	0.03%
193	AMERICAN TOWER CORP NEW	03027X100	4,300	$300,612	0.03%
194	OWENS & MINOR INC NEW	690732102	9,800	$300,173	0.03%
195	PAYCHEX INC	PAYX	9,470	$297,452	0.03%
196	IRON MTN INC	462846106	8,860	$292,024	0.03%
197	SMUCKER J M CO	832696405	3,790	$286,220	0.03%
198	CBS CORP NEW	124857202	8,400	$275,351	0.03%
199	GENUINE PARTS CO	GPC	4,520	$272,329	0.03%
200	ENTERGY CORP NEW	ENO	4,005	$271,899	0.03%
201	ABM INDS INC	000957100	13,840	$270,710	0.03%
202	REPUBLIC SVCS INC	760759100	10,190	$269,626	0.03%
203	SAFETY INS GROUP INC	78648T100	6,605	$268,426	0.03%
204	NEXTERA ENERGY INC	NEE-PW	3,900	$268,358	0.03%
205	THERATECHNOLOGIES INC	88338H100	331,804	$266,980	0.03%
206	3M CO	MMM	2,970	$266,111	0.03%
207	COMMERCE BANCSHARES INC	CBSH	6,976	$264,389	0.03%
208	FRANCO NEVADA CORP	FNV	5,800	$262,027	0.03%
209	COMPANIA DE MINAS BUENAVENTU	204448104	6,800	$258,263	0.03%
210	AMERICAN GREETINGS CORP	026375105	16,245	$237,501	0.02%
211	GENERAL DYNAMICS CORP	GD	3,575	$235,806	0.02%
212	LANDAUER INC	51476K103	3,905	$223,873	0.02%
213	US BANCORP DEL	USB-PS	6,365	$204,697	0.02%
214	TOWER GROUP INC	891777104	8,695	$181,464	0.02%
215	COMPASS DIVERSIFIED HOLDINGS	CODI-PC	12,735	$177,779	0.02%
216	ONEBEACON INSURANCE GROUP LT	G67742109	13,520	$176,030	0.02%
217	CRACKER BARREL OLD CTRY STOR	22410J106	2,665	$167,361	0.02%
218	MEREDITH CORP	589433101	5,000	$159,699	0.02%
219	GRUPO AEROPORTUARIO DEL SURE	40051E202	2,020	$157,701	0.02%
220	J2 GLOBAL INC	ZD	5,870	$155,085	0.02%
221	KOHLS CORP	KSS	3,275	$148,978	0.02%
222	NATIONAL FUEL GAS CO N J	NFG	3,125	$146,812	0.02%
223	ATLANTIC TELE NETWORK INC	049079205	4,270	$144,026	0.01%
224	NORDIC AMERICAN TANKERS LIMI	NAT	9,185	$124,639	0.01%
225	PHILLIPS 66	PSX	3,302	$109,757	0.01%
226	NEWMONT MINING CORP	NEMCL	1,970	$95,563	0.01%