Northwest & Ethical Investments L.P.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed July 9, 2025), Northwest & Ethical Investments L.P. reported 467 stock positions worth $3.5 billion. Its top holding was Microsoft (MSFT) at 5.0% of the portfolio, followed by Waste Management (WM, 1.6%) and Republic Services (RSG, 1.5%). Compared with Q4 2023, it opened 130 new positions, sold out of 27, added to 159 and reduced 171. The biggest buy was Applied Materials (AMAT, shares +62%) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0002033536
- Portfolio Value
- $3.5B (Q1 2024)
- SEC Filing
- 0002033536-25-000065 ↗ filed Jul 9, 2025
Holdings Value
Holdings 467 stocks · $3.5B
| MSFT Microsoft Corp. | 4.95% | 408,461 | $171.8M | Add +6.0% |
| WM Waste Management Inc. | 1.58% | 256,485 | $54.7M | Reduce -2.1% |
| RSG Republic Services Inc. | 1.53% | 277,419 | $53.1M | Add +0.7% |
| RY Royal Bank of Canada | 1.41% | 485,044 | $48.9M | Reduce -5.5% |
| GOOG Alphabet Inc. Class C | 1.38% | 314,135 | $47.8M | Reduce -5.3% |
| LIN Linde PLC | 1.38% | 102,814 | $47.7M | Reduce -7.8% |
| AAPL Apple Inc. | 1.32% | 267,853 | $45.9M | Reduce -4.1% |
| AVGO Broadcom Inc. | 1.26% | 33,008 | $43.7M | Reduce -3.4% |
| UNH Unitedhealth Group Inc. | 1.24% | 87,071 | $43.1M | Reduce -1.4% |
| A Agilent Technologies Inc. | 1.22% | 290,893 | $42.3M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 1.17% | 268,232 | $40.5M | Add +3.7% |
| TXN Texas Instruments Inc. | 1.12% | 223,256 | $38.9M | Add +1.5% |
| META Meta Platforms Inc. Class A | 1.11% | 79,252 | $38.5M | Reduce -2.8% |
| GIB Cgi Inc. | 1.08% | 340,039 | $37.5M | Add +6.5% |
| TD Toronto-Dominion Bank | 1.07% | 617,503 | $37.3M | Reduce -9.3% |
| MRK Merck & Co. Inc. | 1.06% | 277,728 | $36.6M | Add +4.6% |
| AMAT Applied Materials Inc. | 1.04% | 174,276 | $35.9M | Add +62.0% |
| WAT Waters Corp. | 1.01% | 101,939 | $35.1M | Reduce -1.1% |
| PNR Pentair PLC | 0.95% | 387,060 | $33.1M | Reduce -1.0% |
| ABBV Abbvie Inc. | 0.94% | 178,450 | $32.5M | Add +21.4% |
| V Visa Inc. Class A | 0.93% | 115,944 | $32.4M | Add +3.9% |
| ADSK Autodesk Inc. | 0.93% | 123,566 | $32.2M | Add +5.2% |
| AZO AutoZone Inc. | 0.92% | 10,117 | $31.9M | Add +20.8% |
| SLF Sun Life Financial Inc. | 0.91% | 577,835 | $31.5M | Add +3.2% |
| IEX Idex Corp. | 0.91% | 128,974 | $31.5M | Reduce -0.6% |
| AMZN Amazon.com Inc. | 0.88% | 169,741 | $30.6M | Add +7.4% |
| MTD Mettler-Toledo International | 0.88% | 22,912 | $30.5M | Add +8.8% |
| AWK American Water Works Co. Inc. | 0.87% | 247,684 | $30.3M | Add +46.9% |
| NVDA Nvidia Corp. | 0.85% | 32,538 | $29.4M | Reduce -11.7% |
| TEL Te Connectivity Ltd. | 0.84% | 201,174 | $29.2M | Add +5.7% |
| CNI Canadian Natl Railway Co. | 0.81% | 214,338 | $28.2M | Reduce -30.1% |
| ENB Enbridge Inc. | 0.80% | 763,795 | $27.6M | Add +2.1% |
| TT Trane Technologies PLC | 0.79% | 91,846 | $27.6M | Reduce -26.0% |
| ANSS Ansys Inc. | 0.75% | 75,275 | $26.1M | Add +6.4% |
| HUBB Hubbell Inc. | 0.75% | 62,671 | $26.0M | Add +7.2% |
| TRP TC Energy Corp. | 0.72% | 622,669 | $25.0M | Reduce -11.1% |
| URI United Rentals Inc. | 0.72% | 34,578 | $24.9M | Reduce -33.9% |
| APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC | 0.71% | 309,859 | $24.7M | Reduce -1.0% |
| BALL Ball Corp. | 0.70% | 361,368 | $24.3M | Reduce -10.1% |
| NEE Nextera Energy Inc. | 0.69% | 371,927 | $23.8M | Add +21.7% |
| CARR Carrier Global Corp. | 0.68% | 408,357 | $23.7M | Add +45.3% |
| MGA Magna International Inc. | 0.68% | 433,342 | $23.6M | Reduce -4.4% |
| PG The Procter & Gamble Co. | 0.65% | 139,149 | $22.6M | Reduce -3.6% |
| ORCL Oracle Corp. | 0.64% | 176,536 | $22.2M | Add +3.6% |
| BNDX Vanguard Total Intl Bond ETF | 0.61% | 428,950 | $21.1M | Reduce -32.2% |
| ADBE Adobe Inc. | 0.61% | 41,737 | $21.1M | Reduce -7.6% |
| INTU Intuit Inc. | 0.60% | 32,274 | $21.0M | Add +2.5% |
| WMT Walmart Inc. | 0.60% | 346,208 | $20.8M | Add +28.0% |
| VLTO Veralto Corp. | 0.59% | 231,116 | $20.5M | Add +13.1% |
| BN Brookfield Corp. | 0.59% | 486,587 | $20.4M | Reduce -25.8% |
| KO The Coca-Cola Co. | 0.59% | 332,292 | $20.3M | Add +39.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.58% | 391,444 | $20.2M | Reduce -21.2% |
| NTR Nutrien Ltd. | 0.56% | 357,144 | $19.4M | Reduce -1.9% |
| FISV Fiserv Inc. | 0.56% | 121,266 | $19.4M | Add +243.1% |
| TFII Tfi International Inc. | 0.56% | 120,864 | $19.3M | Reduce -13.6% |
| MA Mastercard Inc. Class A | 0.54% | 38,622 | $18.6M | Add +8.3% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.54% | 216,049 | $18.6M | Reduce -1.0% |
| FTS Fortis Inc. | 0.53% | 468,801 | $18.5M | Reduce -0.8% |
| CNQ Canadian Natural Resources | 0.52% | 237,146 | $18.1M | Reduce -10.7% |
| MCK McKesson Corp. | 0.51% | 33,265 | $17.9M | Add +12.5% |
| CMCSA Comcast Corp. Class A | 0.51% | 410,361 | $17.8M | Add +6.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.51% | 237,572 | $17.6M | Add +1.1% |
| STE Steris PLC | 0.50% | 77,859 | $17.5M | Reduce -1.0% |
| LLY Eli Lilly & Co. | 0.50% | 22,393 | $17.4M | Add +1.9% |
| IMO Imperial Oil Ltd. | 0.49% | 247,747 | $17.1M | Add +4.2% |
| SHEL Shell PLC-ADR | 0.48% | 251,004 | $16.8M | Add +2.9% |
| CI The Cigna Group | 0.48% | 46,117 | $16.7M | Add +0.3% |
| PGR Progressive Corp. | 0.48% | 80,720 | $16.7M | Add +57.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 431,005 | $16.3M | Add +87.5% |
| JPM JPMorgan Chase & Co. | 0.47% | 81,402 | $16.3M | Reduce -30.4% |
| VRSN Verisign Inc. | 0.47% | 85,875 | $16.3M | Add +33.1% |
| EA Electronic Arts Inc. | 0.46% | 120,057 | $15.9M | Reduce -5.6% |
| AEP American Electric Power | 0.44% | 178,602 | $15.4M | Add +24.1% |
| ORLY O'reilly Automotive Inc. | 0.44% | 13,480 | $15.2M | Reduce -19.3% |
| KR Kroger Co. | 0.43% | 263,011 | $15.0M | Add +837.0% |
| GILD Gilead Sciences Inc. | 0.43% | 203,361 | $14.9M | Reduce -14.9% |
| MRSH Marsh & McLennan Cos | 0.42% | 71,350 | $14.7M | Reduce -13.0% |
| VZ Verizon Communications Inc. | 0.42% | 347,353 | $14.6M | Reduce -31.0% |
| DOX Amdocs Ltd. | 0.42% | 159,616 | $14.4M | Add +31.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.40% | 26,800 | $14.0M | Add +6.3% |
| FNV Franco-Nevada Corp. | 0.40% | 116,334 | $13.9M | Add +123.3% |
| ADP Automatic Data Processing | 0.39% | 53,897 | $13.5M | Reduce -7.6% |
| MELI MercadoLibre Inc. | 0.39% | 8,894 | $13.4M | Add +7.3% |
| CB Chubb Ltd. | 0.39% | 51,708 | $13.4M | Add +141.6% |
| CWEN Clearway Energy Inc. Class C | 0.38% | 575,862 | $13.3M | Add +6.6% |
| AXP American Express Co. | 0.38% | 57,825 | $13.2M | Reduce -5.5% |
| EG Everest Group Ltd. | 0.38% | 32,850 | $13.1M | Reduce -2.6% |
| MFC Manulife Financial Corp. | 0.37% | 515,043 | $12.9M | Reduce -22.3% |
| GEN Gen Digital Inc. | 0.37% | 570,680 | $12.8M | Add +2.4% |
| PKG Packaging Corp. of America | 0.37% | 67,311 | $12.8M | Add +9.3% |
| SHOP Shopify Inc. Class A | 0.36% | 162,086 | $12.5M | Reduce -43.4% |
| GS Goldman Sachs Group Inc. | 0.36% | 29,596 | $12.4M | Reduce -2.1% |
| D Dominion Energy Inc. | 0.35% | 246,495 | $12.1M | Add +22.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.35% | 124,159 | $12.1M | Add +4.2% |
| RBA RB Global Inc. | 0.35% | 158,710 | $12.1M | Reduce -1.4% |
| PAYX Paychex Inc. | 0.34% | 97,148 | $11.9M | Reduce -2.9% |
| LOW Lowe's Cos Inc. | 0.34% | 46,542 | $11.9M | Reduce -5.5% |
| CSX CSX Corp. | 0.34% | 319,731 | $11.9M | Reduce -5.5% |
| EIX Edison International | 0.34% | 167,537 | $11.8M | Add +19.6% |
| YUM Yum! Brands Inc. | 0.34% | 84,604 | $11.7M | Add +44.6% |
Options reported separately and not counted above: ISHARES TR calls ($640K), INVESCO QQQ TR puts ($68K), STATE STR SPDR S&P 500 ETF T puts ($52K), NUVEI CORPORATION calls ($23K), PALO ALTO NETWORKS INC calls ($13K), STATE STR SPDR S&P 500 ETF T calls ($8K), ARM HOLDINGS PLC puts ($8K), TRUMP MEDIA & TECHNOLOGY GRO puts ($7K), INTERNATIONAL GAME TECHNOLOG calls ($881), ATS CORPORATION calls ($36).
Other holdings (8): bonds, preferreds, convertibles and warrants · $1.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | 520,000 | $497K | No change |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 300,000 | $332K | No change |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | 250,000 | $255K | No change |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 230,000 | $240K | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 150,000 | $205K | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 200,000 | $175K | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 100,000 | $106K | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 120,000 | $101K | No change |
Total filed on the 13F, all lines: $3.5B.
Portfolio Sells Q4 2023 → Q1 2024
| TSM Taiwan Semiconductor-SP ADR | Reduce -83.4% | 0.13% | −0.52 |
| CNI Canadian Natl Railway Co. | Reduce -30.1% | 0.81% | −0.37 |
| KLAC KLA Corp. | Reduce -60.8% | 0.28% | −0.35 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -32.2% | 0.61% | −0.35 |
| AAPL Apple Inc. | Reduce -4.1% | 1.32% | −0.33 |
| SHOP Shopify Inc. Class A | Reduce -43.4% | 0.36% | −0.33 |
| TD Toronto-Dominion Bank | Reduce -9.3% | 1.07% | −0.28 |
| BND Vanguard Total Bond Market | Sold out | 0.00% | −0.27 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -43.9% | 0.29% | −0.25 |
| AEM Agnico Eagle Mines Ltd. | Reduce -65.4% | 0.13% | −0.24 |
| HDB HDFC Bank Ltd.-ADR | Reduce -81.7% | 0.04% | −0.23 |
| BN Brookfield Corp. | Reduce -25.8% | 0.59% | −0.22 |
| ADBE Adobe Inc. | Reduce -7.6% | 0.61% | −0.22 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.21 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.20 |
| URI United Rentals Inc. | Reduce -33.9% | 0.72% | −0.20 |
| UNH Unitedhealth Group Inc. | Reduce -1.4% | 1.24% | −0.19 |
| RY Royal Bank of Canada | Reduce -5.5% | 1.41% | −0.19 |
| AEE Ameren Corporation | Sold out | 0.00% | −0.18 |
| GILD Gilead Sciences Inc. | Reduce -14.9% | 0.43% | −0.17 |
| VZ Verizon Communications Inc. | Reduce -31.0% | 0.42% | −0.16 |
| BNS Bank of Nova Scotia | Reduce -21.2% | 0.58% | −0.16 |
| ACN Accenture PLC Class A | Reduce -40.5% | 0.19% | −0.16 |
| PFE Pfizer Inc. | Reduce -39.5% | 0.19% | −0.16 |
| ELV Elevance Health Inc. | Reduce -55.5% | 0.13% | −0.16 |
| T AT&T Inc. | Reduce -93.0% | 0.01% | −0.15 |
| APTV Aptiv Irish Holdings Ltd. | Reduce -1.0% | 0.71% | −0.15 |
| MGA Magna International Inc. | Reduce -4.4% | 0.68% | −0.14 |
| JPM JPMorgan Chase & Co. | Reduce -30.4% | 0.47% | −0.14 |
| SPGI S&P Global Inc. | Reduce -43.6% | 0.14% | −0.14 |
| TT Trane Technologies PLC | Reduce -26.0% | 0.79% | −0.14 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.13 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.13 |
| TRV The Travelers Cos Inc. | Reduce -41.6% | 0.25% | −0.13 |
| JNPR Juniper Networks Inc. | Reduce -73.1% | 0.06% | −0.13 |
| TRP TC Energy Corp. | Reduce -11.1% | 0.72% | −0.12 |
| NOW ServiceNow Inc. | Reduce -33.7% | 0.24% | −0.12 |
| BMY Bristol-Myers Squibb Co. | Reduce -44.5% | 0.14% | −0.12 |
| CPB The Campbell's Company | Reduce -61.9% | 0.07% | −0.12 |
| AJG Arthur J Gallagher & Co. | Reduce -65.8% | 0.06% | −0.11 |
| BCE Bce Inc. | Reduce -18.5% | 0.21% | −0.11 |
| KMB Kimberly-Clark Corp. | Reduce -79.8% | 0.03% | −0.11 |
| PDD PDD Holdings Inc. | Reduce -28.3% | 0.12% | −0.10 |
| STN Stantec Inc. | Reduce -27.6% | 0.24% | −0.10 |
| WDAY Workday Inc. Class A | Reduce -29.3% | 0.19% | −0.10 |
| TRI Thomson Reuters Corp. | Reduce -48.9% | 0.10% | −0.10 |
| EXC Exelon Corp. | Reduce -22.0% | 0.31% | −0.09 |
| HES Hess Corp. | Reduce -28.2% | 0.21% | −0.09 |
| QSR Restaurant Brands Intern | Reduce -27.3% | 0.19% | −0.08 |
| MFC Manulife Financial Corp. | Reduce -22.3% | 0.37% | −0.08 |
Portfolio Buys Q4 2023 → Q1 2024
| AMAT Applied Materials Inc. | Add +62.0% | 1.04% | +0.50 |
| MSFT Microsoft Corp. | Add +6.0% | 4.95% | +0.50 |
| FISV Fiserv Inc. | Add +243.1% | 0.56% | +0.41 |
| KR Kroger Co. | Add +837.0% | 0.43% | +0.39 |
| GOVT iShares US Treasury Bond ETF | New | 0.29% | +0.29 |
| AZO AutoZone Inc. | Add +20.8% | 0.92% | +0.25 |
| CB Chubb Ltd. | Add +141.6% | 0.39% | +0.24 |
| ABBV Abbvie Inc. | Add +21.4% | 0.94% | +0.24 |
| BAC Bank of America Corp. | Add +87.5% | 0.47% | +0.23 |
| PGR Progressive Corp. | Add +57.9% | 0.48% | +0.23 |
| FNV Franco-Nevada Corp. | Add +123.3% | 0.40% | +0.22 |
| TMUS T-Mobile US Inc. | New | 0.21% | +0.21 |
| AWK American Water Works Co. Inc. | Add +46.9% | 0.87% | +0.19 |
| CARR Carrier Global Corp. | Add +45.3% | 0.68% | +0.19 |
| AFG American Financial Group Inc. | New | 0.17% | +0.17 |
| MRK Merck & Co. Inc. | Add +4.6% | 1.06% | +0.17 |
| WMT Walmart Inc. | Add +28.0% | 0.60% | +0.16 |
| HUBB Hubbell Inc. | Add +7.2% | 0.75% | +0.16 |
| KO The Coca-Cola Co. | Add +39.3% | 0.59% | +0.15 |
| RGA Reinsurance Group of America | New | 0.15% | +0.15 |
| AMZN Amazon.com Inc. | Add +7.4% | 0.88% | +0.14 |
| AVA Avista Corp. | Add +121.1% | 0.28% | +0.14 |
| RSG Republic Services Inc. | Add +0.7% | 1.53% | +0.13 |
| ILMN Illumina Inc. | Add +123.8% | 0.25% | +0.13 |
| ATO Atmos Energy Corp. | New | 0.13% | +0.13 |
| CL Colgate-Palmolive Co. | New | 0.12% | +0.12 |
| AVUV Avantis US Small Cap Value | New | 0.12% | +0.12 |
| HIG Hartford Insurance Group Inc. | Add +440.5% | 0.14% | +0.12 |
| NEE Nextera Energy Inc. | Add +21.7% | 0.69% | +0.11 |
| WRB WR Berkley Corp. | New | 0.11% | +0.11 |
| LLY Eli Lilly & Co. | Add +1.9% | 0.50% | +0.11 |
| MSI Motorola Solutions Inc. | Add +187.3% | 0.16% | +0.11 |
| YUM Yum! Brands Inc. | Add +44.6% | 0.34% | +0.10 |
| TJX TJX Companies Inc. | Add +65.7% | 0.25% | +0.10 |
| MCK McKesson Corp. | Add +12.5% | 0.51% | +0.09 |
| MTD Mettler-Toledo International | Add +8.8% | 0.88% | +0.09 |
| DOX Amdocs Ltd. | Add +31.9% | 0.42% | +0.09 |
| CSL Carlisle Cos Inc. | New | 0.09% | +0.09 |
| ORCL Oracle Corp. | Add +3.6% | 0.64% | +0.09 |
| AEP American Electric Power | Add +24.1% | 0.44% | +0.08 |
| AVDV Avantis Intl S/C Value ETF | New | 0.08% | +0.08 |
| CHKP Check Point Software Tech | New | 0.08% | +0.08 |
| PSA Public Storage | Add +59.3% | 0.27% | +0.08 |
| INSP Inspire Medical Systems Inc. | New | 0.08% | +0.08 |
| IMO Imperial Oil Ltd. | Add +4.2% | 0.49% | +0.08 |
| VLTO Veralto Corp. | Add +13.1% | 0.59% | +0.07 |
| MET Metlife Inc. | New | 0.07% | +0.07 |
| CTSH Cognizant Tech Solutions-A | New | 0.07% | +0.07 |
| DOW Dow Inc. | New | 0.07% | +0.07 |
| CNP Centerpoint Energy Inc. | Add +69.5% | 0.19% | +0.07 |
Options Activity Q4 2023 → Q1 2024
| ISHARES TR | call | New | 1,464 | $640K |
| INVESCO QQQ TR | put | New | 471 | $68K |
| STATE STR SPDR S&P 500 ETF T | put | New | 51 | $52K |
| NUVEI CORPORATION | call | New | 52 | $23K |
| PALO ALTO NETWORKS INC | call | New | 12 | $13K |
| STATE STR SPDR S&P 500 ETF T | call | New | 32 | $8K |
| ARM HOLDINGS PLC | put | New | 28 | $8K |
| TRUMP MEDIA & TECHNOLOGY GRO | put | New | 36 | $7K |
| INTERNATIONAL GAME TECHNOLOG | call | New | 98 | $881 |
| ATS CORPORATION | call | New | 49 | $36 |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 507 | $4.3B | DMXF, NVDA, AVSD, MSFT, AAPL |
| Q1 2026 | 508 | $4.3B | NVDA, MSFT, AVSD, NULG, AAPL |
| Q4 2025Amended | 484 | $4.4B | MSFT, AVSD, NVDA, NULG, AAPL |
| Q3 2025 | 481 | $4.2B | MSFT, NVDA, AAPL, RY, AMZN |
| Q2 2025 | 468 | $4.0B | MSFT, NVDA, AAPL, RY, AVGO |
| Q1 2025 | 464 | $3.7B | MSFT, AAPL, NVDA, RY, AMZN |
| Q4 2024 | 459 | $3.7B | MSFT, NVDA, AAPL, AVGO, AMZN |
| Q3 2024Amended | 482 | $3.8B | MSFT, NVDA, AAPL, AVGO, UNH |
| Q2 2024 | 468 | $3.5B | MSFT, NVDA, AAPL, GOOG, AVGO |
| Q1 2024 | 467 | $3.5B | MSFT, WM, RSG, RY, GOOG |