Northwest & Ethical Investments L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Northwest & Ethical Investments L.P. reported 468 stock positions worth $4.0 billion. Its top holding was Microsoft (MSFT) at 5.9% of the portfolio, followed by Nvidia (NVDA, 3.1%) and Apple (AAPL, 2.1%). Compared with Q1 2025, it opened 69 new positions, sold out of 65, added to 164 and reduced 158. The biggest buy was Nvidia (NVDA, shares +5%) and the biggest sale Waste Management (WM, shares −32%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0002033536
Portfolio Value
$4.0B (Q2 2025)
SEC Filing
0002033536-25-000068 ↗ filed Aug 13, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.5B Q1 2024 Q2 2024: $3.5B Q2 2024 Q3 2024: $3.8B Q3 2024 Q4 2024: $3.7B Q4 2024 Q1 2025: $3.7B Q1 2025 Q2 2025: $4.0B $4.0B Q2 2025 Q3 2025: $4.2B Q3 2025 Q4 2025: $4.4B Q4 2025 Q1 2026: $4.3B Q1 2026 Q2 2026: $4.3B Q2 2026

Holdings 468 stocks · $4.0B

MSFT Microsoft Corp. 5.86% 474,926 $236.2M Reduce -1.2%
NVDA Nvidia Corp. 3.06% 779,249 $123.1M Add +5.4%
AAPL Apple Inc. 2.08% 409,544 $83.9M Add +7.4%
RY Royal Bank of Canada 1.63% 500,182 $65.8M Reduce -1.6%
AVGO Broadcom Inc. 1.55% 227,386 $62.6M Add +1.4%
AMZN Amazon.com Inc. 1.45% 266,226 $58.5M Reduce -2.2%
LIN Linde PLC 1.42% 121,760 $57.1M Add +13.2%
TD Toronto-Dominion Bank 1.31% 721,169 $52.9M Reduce -10.1%
A Agilent Technologies Inc. 1.26% 428,545 $50.6M Add +11.1%
META Meta Platforms Inc. Class A 1.13% 61,707 $45.5M Add +2.6%
GOOG Alphabet Inc. Class C 1.11% 252,425 $44.8M Reduce -5.0%
SLF Sun Life Financial Inc. 1.11% 670,116 $44.6M Reduce -8.9%
V Visa Inc. Class A 1.01% 114,824 $40.8M Reduce -7.3%
INTU Intuit Inc. 1.01% 51,769 $40.8M Reduce -8.7%
CNI Canadian Natl Railway Co. 0.98% 377,662 $39.3M Add +10.7%
ENB Enbridge Inc. 0.92% 821,042 $37.2M Reduce -16.9%
GIB Cgi Inc. 0.90% 343,566 $36.1M Add +13.4%
WM Waste Management Inc. 0.85% 150,319 $34.4M Reduce -32.5%
AMAT Applied Materials Inc. 0.85% 186,224 $34.1M Add +7.0%
CP Canadian Pacific Kansas City 0.84% 428,530 $34.0M Add +8.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.83% 704,693 $33.3M Add +20.9%
NOW ServiceNow Inc. 0.82% 31,972 $32.9M Add +33.6%
TXN Texas Instruments Inc. 0.80% 155,446 $32.3M Reduce -3.3%
RNR Renaissancere Holdings Ltd. 0.78% 129,908 $31.6M Add +38.3%
GILD Gilead Sciences Inc. 0.77% 278,251 $30.8M Reduce -2.3%
MCK McKesson Corp. 0.76% 41,876 $30.7M Reduce -11.0%
MA Mastercard Inc. Class A 0.75% 53,940 $30.3M Add +7.8%
SNPS Synopsys Inc. 0.74% 58,526 $30.0M Reduce -1.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.74% 48,400 $29.9M New
HUBB Hubbell Inc. 0.74% 73,116 $29.9M Reduce -0.7%
XYL Xylem Inc. 0.73% 226,658 $29.3M Reduce -3.3%
TEL Te Connectivity PLC 0.72% 172,773 $29.1M Reduce -1.9%
EBAY eBay Inc. 0.72% 388,442 $28.9M Reduce -0.1%
UNP Union Pacific Corp. 0.71% 124,605 $28.7M Reduce -4.8%
GOOGL Alphabet Inc. Class A 0.69% 158,630 $28.0M Add +32.0%
ORCL Oracle Corp. 0.69% 126,742 $27.7M Reduce -0.4%
BNDX Vanguard Total Intl Bond ETF 0.68% 555,110 $27.5M Add +93.2%
BN Brookfield Corp. 0.67% 436,403 $27.0M Reduce -8.8%
JPM JPMorgan Chase & Co. 0.67% 92,945 $26.9M Reduce -9.9%
ADP Automatic Data Processing 0.67% 87,275 $26.9M Reduce -21.0%
TSM Taiwan Semiconductor-SP ADR 0.66% 117,325 $26.6M Add +107.6%
AZO AutoZone Inc. 0.65% 7,029 $26.1M Reduce -10.2%
PG The Procter & Gamble Co. 0.64% 162,198 $25.8M Reduce -3.6%
VLTO Veralto Corp. 0.64% 254,267 $25.7M Add +29.5%
SHOP Shopify Inc. Class A 0.63% 221,168 $25.4M Add +5.3%
FNV Franco-Nevada Corp. 0.62% 153,061 $25.1M Add +11.2%
ADSK Autodesk Inc. 0.61% 79,159 $24.5M Add +10.4%
RSG Republic Services Inc. 0.61% 99,308 $24.5M Add +7.8%
MRK Merck & Co. Inc. 0.59% 302,560 $24.0M Reduce -19.5%
MTD Mettler-Toledo International 0.59% 20,263 $23.8M Reduce -1.9%
FTS Fortis Inc. 0.59% 497,172 $23.7M Add +0.4%
CNQ Canadian Natural Resources 0.58% 741,744 $23.4M Add +7.3%
STN Stantec Inc. 0.57% 209,828 $22.8M Reduce -3.3%
AEP American Electric Power 0.56% 217,874 $22.6M Add +3.4%
FISV Fiserv Inc. 0.56% 130,591 $22.5M Reduce -28.2%
LLY Eli Lilly & Co. 0.55% 28,605 $22.3M Reduce -4.3%
CARR Carrier Global Corp. 0.55% 301,613 $22.1M Reduce -7.2%
ABBV Abbvie Inc. 0.55% 118,793 $22.0M Reduce -22.5%
CBOE Cboe Global Markets Inc. 0.54% 92,998 $21.7M Reduce -6.5%
BKNG Booking Holdings Inc. 0.52% 3,594 $20.8M Add +4.0%
PNR Pentair PLC 0.51% 201,197 $20.7M Reduce -1.9%
RBA RB Global Inc. 0.51% 193,116 $20.5M Reduce -0.1%
CRM Salesforce Inc. 0.51% 75,147 $20.5M Add +31.3%
MRVL Marvell Technology Inc. 0.51% 264,431 $20.5M Reduce -0.4%
IEX Idex Corp. 0.49% 113,506 $19.9M Reduce -1.9%
EMA Emera Inc. 0.49% 434,445 $19.9M New
UNH Unitedhealth Group Inc. 0.49% 63,444 $19.8M Add +13.3%
TRV The Travelers Cos Inc. 0.49% 73,436 $19.6M Reduce -5.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.46% 337,109 $18.6M Add +33.7%
MRSH Marsh & McLennan Cos 0.46% 85,130 $18.6M Reduce -14.6%
ADI Analog Devices Inc. 0.46% 77,067 $18.3M Add +70.8%
SHEL Shell PLC-ADR 0.44% 249,786 $17.6M Reduce -9.5%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.44% 159,042 $17.6M Reduce -21.5%
MGA Magna International Inc. 0.43% 446,193 $17.2M Add +0.9%
KO The Coca-Cola Co. 0.43% 243,057 $17.2M Reduce -20.9%
NTR Nutrien Ltd. 0.42% 293,192 $17.1M Reduce -10.6%
NYT New York Times Co. Class A 0.42% 303,161 $17.0M Add +8.0%
VZ Verizon Communications Inc. 0.42% 388,443 $16.8M Reduce -3.5%
ANSS Ansys Inc. 0.42% 47,838 $16.8M Reduce -32.9%
AEE Ameren Corporation 0.39% 164,783 $15.8M Reduce -21.6%
QCOM Qualcomm Inc. 0.39% 98,605 $15.7M Add +62.0%
MELI MercadoLibre Inc. 0.39% 6,005 $15.7M Reduce -7.8%
WAT Waters Corp. 0.38% 44,228 $15.4M Reduce -22.3%
RCI Rogers Communications Inc. Class B 0.38% 516,939 $15.3M Add +16.6%
APTV Aptiv PLC 0.38% 221,617 $15.1M Reduce -1.9%
TFII Tfi International Inc. 0.37% 166,425 $14.9M Add +1.9%
MFC Manulife Financial Corp. 0.37% 464,539 $14.9M Reduce -10.1%
ADBE Adobe Inc. 0.37% 38,362 $14.8M Add +24.9%
PFE Pfizer Inc. 0.37% 611,943 $14.8M Add +192.2%
G Genpact Ltd. 0.37% 336,046 $14.8M Add +1.1%
NFLX Netflix Inc. 0.36% 10,844 $14.5M Add +126.4%
TRP TC Energy Corp. 0.36% 295,819 $14.5M Reduce -2.1%
TT Trane Technologies PLC 0.36% 32,699 $14.3M Reduce -13.7%
SPGI S&P Global Inc. 0.35% 26,842 $14.1M Add +72.6%
CME Cme Group Inc. 0.34% 49,874 $13.7M Add +73.7%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.34% 192,993 $13.7M Reduce -5.6%
ZTS Zoetis Inc. 0.34% 86,890 $13.6M Add +266.0%
AVSE Avantis Resp Emerg MKTS Eq-E 0.33% 223,750 $13.1M No change
AOS Smith (a.o.) Corp. 0.32% 199,428 $13.1M Reduce -1.9%
CL Colgate-Palmolive Co. 0.32% 143,694 $13.1M Reduce -39.1%

Show all 468 holdings

Options reported separately and not counted above: DOORDASH INC calls ($352K), TESLA INC puts ($148K), MARVELL TECHNOLOGY INC calls ($92K), HIMS & HERS HEALTH INC puts ($68K), MAPLEBEAR INC puts ($43K), ROCKET COS INC calls ($39K), BELLRING BRANDS INC calls ($30K), COREWEAVE INC puts ($28K), IAMGOLD CORP calls ($21K), OKLO INC puts ($20K), AES CORP calls ($18K), BROOKFIELD ASSET MANAGMT LTD calls ($12K), and 3 more.

Other holdings (7): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
SecurityClassShares / PrincipalValueChange
BGRN iShares Usd Green Bond ETF USD GRN BOND ETF · principal 19,096$910KNew
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 300,000$294KNo change
RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 200,000$185KNo change
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 120,000$107KNo change
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal 100,000$96KNo change
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 105,000$90KNo change
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 19,400$7KNo change

Total filed on the 13F, all lines: $4.0B.

Portfolio Sells Q1 2025 → Q2 2025

WM Waste Management Inc. Reduce -32.5% 0.85% −0.54
FISV Fiserv Inc. Reduce -28.2% 0.56% −0.53
PGR Progressive Corp. Reduce -85.2% 0.06% −0.44
RSP Invesco S&P 500 Equal Weight Sold out 0.00% −0.40
SHW The Sherwin-Williams Co. Sold out 0.00% −0.35
ABBV Abbvie Inc. Reduce -22.5% 0.55% −0.32
MRK Merck & Co. Inc. Reduce -19.5% 0.59% −0.32
TMUS T-Mobile US Inc. Sold out 0.00% −0.28
CL Colgate-Palmolive Co. Reduce -39.1% 0.32% −0.28
ENB Enbridge Inc. Reduce -16.9% 0.92% −0.26
ADP Automatic Data Processing Reduce -21.0% 0.67% −0.25
EG Everest Group Ltd. Reduce -58.5% 0.14% −0.25
GLD SPDR Gold Shares Reduce -77.8% 0.06% −0.22
TIP iShares Tips Bond ETF Sold out 0.00% −0.21
BDX Becton Dickinson and Co. Sold out 0.00% −0.21
T AT&T Inc. Reduce -62.3% 0.11% −0.20
MRSH Marsh & McLennan Cos Reduce -14.6% 0.46% −0.20
ANSS Ansys Inc. Reduce -32.9% 0.42% −0.20
WAT Waters Corp. Reduce -22.3% 0.38% −0.19
KR Kroger Co. Reduce -59.5% 0.12% −0.18
ABT Abbott Laboratories Reduce -37.0% 0.26% −0.18
AEE Ameren Corporation Reduce -21.6% 0.39% −0.18
CMCSA Comcast Corp. Class A Reduce -28.9% 0.29% −0.17
KO The Coca-Cola Co. Reduce -20.9% 0.43% −0.17
CGNX Cognex Corp. Reduce -83.0% 0.03% −0.17
V Visa Inc. Class A Reduce -7.3% 1.01% −0.17
AZO AutoZone Inc. Reduce -10.2% 0.65% −0.16
NTAP Netapp Inc. Sold out 0.00% −0.16
TMO Thermo Fisher Scientific Inc. Reduce -18.5% 0.23% −0.15
BMY Bristol-Myers Squibb Co. Reduce -34.7% 0.12% −0.15
ECL Ecolab Inc. Sold out 0.00% −0.14
PG The Procter & Gamble Co. Reduce -3.6% 0.64% −0.14
AIG American International Group Sold out 0.00% −0.13
TJX TJX Companies Inc. Reduce -40.7% 0.16% −0.13
MDLZ Mondelez International Inc. Class A Reduce -54.0% 0.09% −0.13
UNP Union Pacific Corp. Reduce -4.8% 0.71% −0.13
SRLN SS Blackstone Sr Loan ETF Sold out 0.00% −0.12
IEFA iShares Core MSCI Eafe ETF Sold out 0.00% −0.12
PAYX Paychex Inc. Reduce -62.5% 0.06% −0.12
LLY Eli Lilly & Co. Reduce -4.3% 0.55% −0.12
SHEL Shell PLC-ADR Reduce -9.5% 0.44% −0.11
HIG Hartford Insurance Group Inc. Reduce -85.4% 0.02% −0.11
YUM Yum! Brands Inc. Reduce -21.0% 0.22% −0.10
GILD Gilead Sciences Inc. Reduce -2.3% 0.77% −0.10
PSX Phillips 66 Sold out 0.00% −0.10
AFL Aflac Inc. Reduce -62.2% 0.05% −0.10
LULU Lululemon Athletica Inc. Reduce -6.3% 0.25% −0.10
MCK McKesson Corp. Reduce -11.0% 0.76% −0.10
IMO Imperial Oil Ltd. Reduce -31.4% 0.21% −0.09
BMO Bank of Montreal Reduce -21.5% 0.44% −0.09

Portfolio Buys Q1 2025 → Q2 2025

NVDA Nvidia Corp. Add +5.4% 3.06% +0.88
SPY SS SPDR S&P 500 ETF Trust-US New 0.74% +0.74
AVGO Broadcom Inc. Add +1.4% 1.55% +0.54
EMA Emera Inc. New 0.49% +0.49
TSM Taiwan Semiconductor-SP ADR Add +107.6% 0.66% +0.41
BNDX Vanguard Total Intl Bond ETF Add +93.2% 0.68% +0.30
NOW ServiceNow Inc. Add +33.6% 0.82% +0.30
ITRI Itron Inc. New 0.28% +0.28
NFLX Netflix Inc. Add +126.4% 0.36% +0.24
ZTS Zoetis Inc. Add +266.0% 0.34% +0.23
ROP Roper Technologies Inc. Add +1641.9% 0.24% +0.23
PFE Pfizer Inc. Add +192.2% 0.37% +0.22
ADI Analog Devices Inc. Add +70.8% 0.46% +0.21
GOOGL Alphabet Inc. Class A Add +32.0% 0.69% +0.19
META Meta Platforms Inc. Class A Add +2.6% 1.13% +0.19
THG Hanover Insurance Group Inc./ New 0.19% +0.19
RNR Renaissancere Holdings Ltd. Add +38.3% 0.78% +0.17
HD Home Depot Inc. Add +188.0% 0.27% +0.17
BAC Bank of America Corp. Add +20.9% 0.83% +0.17
AMAT Applied Materials Inc. Add +7.0% 0.85% +0.16
EMR Emerson Electric Co. New 0.16% +0.16
MNST Monster Beverage Corp. New 0.16% +0.16
DOO BRP Inc./Ca- Sub Voting Add +42.0% 0.32% +0.15
BNS Bank of Nova Scotia Add +33.7% 0.46% +0.14
SPGI S&P Global Inc. Add +72.6% 0.35% +0.14
QCOM Qualcomm Inc. Add +62.0% 0.39% +0.14
ROK Rockwell Automation Inc. New 0.14% +0.14
CME Cme Group Inc. Add +73.7% 0.34% +0.13
CPRT Copart Inc. Add +595.9% 0.16% +0.13
NICE Nice Ltd. - Spon ADR Add +59.3% 0.32% +0.12
VLTO Veralto Corp. Add +29.5% 0.64% +0.12
AQN Algonquin Power & Utilities Add +1331.3% 0.13% +0.12
CPAY Corpay Inc. Add +83.9% 0.31% +0.12
FAST Fastenal Co. Add +425.4% 0.14% +0.11
AME Ametek Inc. Add +599.4% 0.13% +0.11
ADSK Autodesk Inc. Add +10.4% 0.61% +0.10
JNJ Johnson & Johnson Add +99.0% 0.23% +0.09
KDP Keurig Dr Pepper Inc. New 0.09% +0.09
CRM Salesforce Inc. Add +31.3% 0.51% +0.09
CP Canadian Pacific Kansas City Add +8.3% 0.84% +0.09
SHOP Shopify Inc. Class A Add +5.3% 0.63% +0.09
KVUE Kenvue Inc. New 0.09% +0.09
BKNG Booking Holdings Inc. Add +4.0% 0.52% +0.08
EXC Exelon Corp. Add +68.9% 0.27% +0.08
CEG Constellation Energy Add +2.7% 0.25% +0.08
ROST Ross Stores Inc. Add +353.4% 0.11% +0.08
MMM 3M Co. New 0.08% +0.08
TIXT Telus International Cda Inc. Add +31.8% 0.20% +0.08
ATO Atmos Energy Corp. New 0.08% +0.08
CNI Canadian Natl Railway Co. Add +10.7% 0.98% +0.07

Options Activity Q1 2025 → Q2 2025

DOORDASH INC call New 8,800 $352K
TESLA INC put New 23,000 $148K
MARVELL TECHNOLOGY INC call New 23,300 $92K
HIMS & HERS HEALTH INC put New 49,900 $68K
MAPLEBEAR INC put New 47,800 $43K
ROCKET COS INC call New 59,800 $39K
BELLRING BRANDS INC call New 37,600 $30K
COREWEAVE INC put New 20,100 $28K
IAMGOLD CORP call New 60,400 $21K
OKLO INC put New 92,600 $20K
AES CORP call New 65,000 $18K
BROOKFIELD ASSET MANAGMT LTD call New 48,300 $12K
APPLIED DIGITAL CORP put New 33,200 $10K
UNITEDHEALTH GROUP INC call New 14,600 $4K
D-WAVE QUANTUM INC put New 11,600 $2K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025

BGRN iShares Usd Green Bond ETF USD GRN BOND ETF · principal New 19,096 $910K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 507$4.3BDMXF, NVDA, AVSD, MSFT, AAPL
Q1 2026 508$4.3BNVDA, MSFT, AVSD, NULG, AAPL
Q4 2025Amended 484$4.4BMSFT, AVSD, NVDA, NULG, AAPL
Q3 2025 481$4.2BMSFT, NVDA, AAPL, RY, AMZN
Q2 2025 468$4.0BMSFT, NVDA, AAPL, RY, AVGO
Q1 2025 464$3.7BMSFT, AAPL, NVDA, RY, AMZN
Q4 2024 459$3.7BMSFT, NVDA, AAPL, AVGO, AMZN
Q3 2024Amended 482$3.8BMSFT, NVDA, AAPL, AVGO, UNH
Q2 2024 468$3.5BMSFT, NVDA, AAPL, GOOG, AVGO
Q1 2024 467$3.5BMSFT, WM, RSG, RY, GOOG