Alt Thinking April 30, 2024
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Ninepoint Fixed Income Strategy

Fixed Income Strategy - Apr 2024
Investment Team
  • Mark Wisniewski
    Partner, Senior Portfolio Manager
    Mark Wisniewski
    Partner, Senior Portfolio Manager
    Mark Wisniewski is Partner and Senior Portfolio Manager at Ninepoint Partners and oversees the firm’s Fixed Income team and investment strategies. Prior to Ninepoint’s formation, Mark was with Sprott Asset Management (SAM) from 2015, rounding out more than 30 years of investment industry experience, specializing in fixed income. Prior to SAM, Mark was a Portfolio Manager specializing in alternative credit products at GluskinSheff & Associates, where he managed $1.3 billion across several...
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  • Etienne Bordeleau-Labrecque, MBA, CFA
    Vice President, Portfolio Manager
    Etienne Bordeleau-Labrecque, MBA, CFA
    Vice President, Portfolio Manager
    Etienne Bordeleau-Labrecque is Vice President, Portfolio Manager at Ninepoint Partners. With over 10 years of expertise across equities, interest rates and credit, he now focuses primarily on the firm’s Fixed Income franchise. Prior to Ninepoint’s formation, Etienne was with Sprott Asset Management (SAM) from 2012, where he worked as an Analyst and Associate Portfolio Manager, covering North American equities in the financial, energy, utility and health care sectors. From 2008 to 2011, Étienn...
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  • Nick Warwick, MBA, CFA
    Associate Portfolio Manager
    Nick Warwick, MBA, CFA
    Associate Portfolio Manager
    Nick Warwick is an Associate Portfolio Manager at Ninepoint Partners. Prior to Ninepoint, Nick was with TD Asset Management as a credit analyst covering the global oil & gas and non-North American financials sector. Past sector coverage includes pipelines, utilities, and industrials. Prior to his time at TD Asset Management, Nick worked for TD Securities on a foreign exchange sales desk in addition to a fixed income sales desk. Nick holds a Bachelor of Arts Degree from Queen's University...
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Key Takeaways
  • It is now consensus that interest rates will stay higher for longer.
  • Chair Powell has clearly articulated that he does not see a path to further rate hikes.
  • The latest U.S. jobs report suggest the labour market is softening
  • The most recent selloff in bonds presents an attractive entry point for investors.

Monthly commentary discusses recent developments across the Ninepoint Diversified Bond, Ninepoint Alternative Credit Opportunities and Ninepoint Credit Income Opportunities Funds.

Economics

U.S. inflation continues to surprise to the upside, dispelling this notion that the elevated price pressures seen so far this year were merely a “bump in the road”. With that, it has become clear that the path to rate cuts this year has narrowed significantly. As Figure 1 shows, the bond market has gone from pricing 1.6% of cuts in January to now only 0.3% for all of 2024. Here in Canada, despite lower inflation readings and a softer labour market, we have also seen expectations for rate cuts get downgraded significantly, from 1.5% earlier this year, to about 0.5% at the end of April.

Figure 1: the interest rate pendulum has now swung far enough

At the April/May FOMC meeting, Chair Powell himself acknowledged the persistent strength of U.S. inflation, and aligned himself with market expectations, casting doubt on the likelihood of rate cuts in the near term. But importantly, he made sure to quell markets’ fear that he might be thinking about increasing rates if inflation proved too persistent. The bar is now very high for the Fed to consider further rate hikes, and during the press conference, Powell insisted that monetary policy is sufficiently restrictive, and that it was unlikely that the next move would be a hike. Overall, the message was that of a patient Fed, that is happy to wait for monetary policy to work its way through the system.

With only 0.3% of rate cuts priced-in for 2024, the current situation feels eerily similar to October 2023, where we saw peak hawkishness in monetary policy and positioning by investors. At this point in the cycle, expectations for monetary policy are the main driver of interest rates across the yield curve, and with the recent selloff, we believe rates are much more attractive. When the pendulum swings too far one way or another, it doesn’t take much to trigger a rapid repricing.

Since month end, we have been seeing signs of a shift in sentiment. The April U.S. employment report was soft across the board, resulting in a strong bid for bonds. We believe for those who had missed the 2023Q4 rally, this most recent repricing could offer a great entry point for duration.

Credit

As per Bloomberg, Canadian investment grade spreads continued their march tighter in April, with spreads narrowing another 4bps and outpacing the 3bps move in the US. Higher beta sectors fared the best while the laggards were utilities and senior banks. It was a quieter month for new issues (only ~$9bln), which, along with positive inflows, helped drive the narrowing. May and June tend to be very busy for corporate bond supply, and our portfolios are positioned for it, with many maturities approaching. Given the potential for supply indigestion in Canada (corporate supply up 57% YTD), we began layering in some additional credit hedges in the Alternative and Credit Income Opportunities funds.

Individual fund commentary

Ninepoint Diversified Bond Fund

April was a challenging month for any strategy with even modest duration, and ours was no exception. Due to the rapid increase in long term interest rates, the fund gave back its YTD gains. We see this setback as temporary; as discussed in the earlier section, we believe that we have reached peak hawkishness on the rates front. Already in May we have clawed back more than half of last month’s drawdown.

Otherwise, there has been little change to our positioning. We continue to barbell the fund between high-quality low-coupon short-term corporate bonds for income and long-term government bonds for ballast. With high yield priced to perfection, we also have a small short position in the U.S. Index ETF. There are very few pockets of value left in credit markets, so we are content to keep risk low and wait for better opportunities to emerge. Nonetheless, with a yield-to-maturity of 7.6% and a cash yield of 4.6%, investors are getting reasonably paid to wait.

NINEPOINT DIVERSIFIED BOND FUND - COMPOUNDED RETURNS¹ AS OF APRIL 30, 2024 (SERIES F NPP118) | INCEPTION DATE: AUGUST 5, 2010

1M

YTD

3M

6M

1YR

3YR

5YR

10YR

Inception

Fund

-1.6%

-0.5%

-0.3%

6.0%

3.0%

-1.3%

0.6%

2.1%

3.1%
Ninepoint Diversified Bond Fund

Ninepoint Alternative Credit Opportunities

While credit continues to perform well, gains have become more modest as we approach the 2021 tights in credit spreads. The fund was down 16bps in April (+2.21% YTD), entirely due to our long-term government bond exposure, which we expect will bounce back. Overall, we haven’t materially changed our positioning (nor do we expect to), with portfolio stats almost unchanged month-over-month (yield-to-maturity of 8.6% and a cash yield of 6.7%, leverage 0.7x). We continue to seek cost-effective ways to protect our portfolios against adverse events, and with credit spreads so tight, we found some compelling relative value hedges, which we are slowly layering on.

NINEPOINT ALTERNATIVE CREDIT OPPORTUNITIES FUND - COMPOUNDED RETURNS¹ AS OF APRIL 30, 2024 (SERIES F NPP931) | INCEPTION DATE: APRIL 30, 2021

1M

YTD

3M

6M

1YR

Inception

Fund

-0.2%

2.2%

1.7%

7.4%

7.5%

0.5%
Ninepoint Alternative Credit Opportunities Fund

Ninepoint Credit Income Opportunities

Similar to the Alternative Credit Opportunities fund, our government bond exposure was the main source of performance drag, taking the fund down 2bps in April (+2.70% YTD). Otherwise, positioning remains the same. Portfolio stats are almost unchanged month-over-month (yield-to-maturity of 9.0% and a cash yield of 6.6%, leverage 0.7x). Because we carry more credit risk in this strategy, we scour the markets for cost-effective credit hedges, particularly with credit spreads so tight. We found some compelling relative value hedges which we are layering on slowly. Please reach out if you would like to learn more.

NINEPOINT CREDIT INCOME OPPORTUNITIES FUND - COMPOUNDED RETURNS¹ AS OF APRIL 30, 2024 (SERIES F NPP507) | INCEPTION DATE: JULY 1, 2015

1M

YTD

3M

6M

1YR

3YR

5YR

Inception

Fund

0.0%

2.7%

1.9%

7.3%

7.6%

2.1%

5.0%

4.6%
Ninepoint Credit Income Opportunities Fund

Until next month,

Mark, Etienne & Nick
Ninepoint Partners

Historical Commentary

View All
  • Commentary
    October 2024
    Ninepoint Fixed Income Strategy
    A lot has happened since our last commentary. Global growth (excluding the U.S.) continues to slow, prompting central banks around the world to loosen monetary policy (China, UK, Sweden, ECB, Canada and the Fed all cut rates this past month).
    Fixed Income
  • Commentary
    September 2024
    Ninepoint Fixed Income Strategy
    All eyes were on the U.S. Federal Reserve meeting in September, and Chair Powell did not disappoint, kicking off the rate cut cycle with an oversized 50bps cut. For reference, the last time the Fed cut rates by 50bps was during the pandemic, and prior to that 2008. Suffice to say, they are a rare occurrence typically associated with extreme events.
    Fixed Income
  • Commentary
    August 2024
    Ninepoint Fixed Income Strategy
    Following the intense volatility of early August, all eyes were on central bankers at the annual Jackson Hole symposium. In his speech, Chair Powell did not disappoint, stating that “We do not seek or welcome further cooling in labor market conditions” and that “The time has come for policy to adjust”.
    Fixed Income
  • Commentary
    July 2024
    Ninepoint Fixed Income Strategy
    As discussed last month, economic momentum has started to wane, and this has caught the attention of central banks
    Fixed Income
  • Commentary
    June 2024
    Ninepoint Fixed Income Strategy
    Over the past month, economic momentum in the U.S. has taken a turn for the worse, with housing, retail sales, PMIs and even employment measures all coming in very weak. To put it all in perspective, we have shown in Figure 1 below, the U.S. economic surprise index, as calculated by Bloomberg. Rarely has it been this weak, and the weakness is quite broad across most sectors. With fiscal stimulus waning, U.S. households running out of pandemic-era savings and monetary policy biting, it was to be expected that economic activity would eventually wane.
    Fixed Income
  • Commentary
    May 2024
    Ninepoint Fixed Income Strategy
    Last month, we discussed that the market had become too bearish on bonds, assuming that the string of strong data would continue and therefore expecting monetary policy to remain very restrictive (or perhaps even more restrictive). Since then, we have seen U.S. economic data surprise to the downside (the strong U.S. May jobs report being the exception, but the details were mixed) and with that, bonds have rallied off the lows.
    Fixed Income
  • Commentary
    March 2024
    Ninepoint Fixed Income Strategy
    After getting overly excited about rate cuts at the start of the year, market sentiment has now gone full circle, discounting fewer and a much later start to rate cuts.
    Fixed Income
  • Commentary
    February 2024
    Fixed Income Strategy
    Last month, we made the point that market expectations for rate cuts this year were still unrealistic, and that given the current growth and inflationary dynamics, rate cut expectations needed to be both pushed out in time and reduced in magnitude. As of the end of February, with only about 3 full cuts expected for 2024 in both Canada and the U.S. (same as the Fed’s guidance), we feel like expectations are much more reasonable.
    Fixed Income
View All
All Funds
  • NPP118
    (Series F)
    Mutual Funds Exchange Traded Funds Fixed Income
    $10.19 -$0.01 (-0.11%)
    As at 11/20/2024
    Growth of $10,000 Invested as at 10/31/2024
    Performance as at 10/31/2024
    1 Year
    13.61%
    3 Year
    0.88%
    5 Year
    1.56%
    10 Year
    2.76%
    Incept.1
    3.48%
    1 Inception Date 8/6/2010
    Go To Fund

    All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2024. Top ten holdings, sector allocation and geographic allocation as at 10/31/2024. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    The monthly distribution amount may be adjusted by the Manager without notice throughout the year as market conditions change. Monthly distributions will be comprised of net income, net realized capital gains and/or return of capital. Any net income and/or net realized capital gains earned by the Fund in excess of the monthly distribution will be distributed to unitholders annually in December.

    The Fund is generally exposed to the following risks: Borrowing risk; Capital depletion risk (Series T, Series FT, Series PT, Series PFT, Series QT, and Series QFT units only); Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Regulatory risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Specific issuer risk; Substantial securityholder risk; Tax risk. Additional risks associated with an investment in ETF Series securities of this Fund include: Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk.

    Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 10/31/2024 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    © 2024 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    Morningstar Ranking/Number of Funds in Category displays the Fund’s actual rank within its Morningstar Category based on average annual total return and number of funds in that Category. The ranking is subject to change every month.

    The Morningstar Risk Adjusted Return (MRARs), commonly referred to as the Star Rating, relate the risk-adjusted performance of a fund to its peers with the same CIFSC Fund category for the period ended as noted and are subject to change monthly. Morningstar calculates ratings for categories with at least 5 funds. To determine a fund’s rating, the fund and its peer are ranked by their MRARs. If a fund scores in the top 10% of its category, it receives five stars (High); if it falls in the next 22.5% , it receives four stars (Above Average); the next 35% earns a fund three stars(Neutral or Average); those in the next 22.5% received two stars (Below Average); and the lowest 10% received one star (Low). The overall rating is a weighted combination of the 3, 5 and 10 year ratings. For greater detail, see morningstar.ca.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

     

  • NPP931
    (Series F)
    Exchange Traded Funds Liquid Alternatives Fixed Income
    $8.70 $0.00 (-0.04%)
    As at 11/20/2024
    Growth of $10,000 Invested as at 10/31/2024
    Performance as at 10/31/2024
    1 Year
    14.13%
    3 Year
    2.00%
    5 Year
    -
    10 Year
    -
    Incept.1
    2.20%
    1 Inception Date 5/12/2021
    Go To Fund

    All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2024. Top ten holdings, sector allocation and geographic allocation as at 10/31/2024. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    The monthly distribution amount may be adjusted by the Manager without notice throughout the year as market conditions change. Monthly distributions will be comprised of net income, net realized capital gains and/or return of capital. Any net income and/or net realized capital gains earned by the Fund in excess of the monthly distribution will be distributed to unitholders annually in December.

    The Fund is generally exposed to the following risks: Borrowing risk; Collateral risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Foreign investment risk; Inflation risk; Interest rate risk; Leverage risk; Liquidity risk; Market risk; Performance fee risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small company risk; Specific issuer risk; Substantial securityholder risk; Tax risk. Additional risks associated with an investment in ETF Series securities of this Fund include: Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk.

    Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 10/31/2024 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

     

  • NPP507
    (Series F)
    Hedge Funds & LPs Fixed Income
    $8.91 $0.01 ()
    As at 10/31/2024
    Growth of $10,000 Invested as at 10/31/2024
    Performance as at 10/31/2024
    1 Year
    13.57%
    3 Year
    2.93%
    5 Year
    5.84%
    10 Year
    -
    Incept.1
    4.97%
    1 Inception Date 7/1/2015
    Go To Fund

    An investment in the Fund requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Investors in the Fund must be prepared to bear such risks for an extended period of time. No assurance can be given that the Fund’s investment objectives will be achieved or that investors will receive a return of their capital. Investors should have the financial ability and willingness to accept the risk characteristics of the Fund’s investments. The Fund is available to accredited investors only and Advisors should review the offering documents and the financial ability of their clients in order to ensure investment suitability.

    All returns and fund details are a) based on Class  F  units; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2024. Portfolio allocation includes allocation made with pending subscriptions. Top ten holdings as at 10/31/2024. Top ten holdings based on % of net asset value. Numbers may not add up due to rounding.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    The Manager intends to make a monthly distribution on the Class B Units, the Class F Units and the Class I Units, to holders of such Units, out of the net income of the Fund. The amount of any distributions may fluctuate and there can be no assurance that any distributions will be made in any period or of any particular amount. Purchasers should not confuse these distributions with the Fund’s rate of return or yield. The distributions on the Class B Units, the Class F Units and the Class I Units are not guaranteed.

    The Ninepoint Credit Income Opportunities Fund is generally exposed to the following risks. See the offering memorandum of the Fund for a description of these risks: General Economic and Market Conditions; Inflation and Supply Chain Risk; Disease and Epidemics; Risks Related to the Russian Invasion of Ukraine; Assessment of the Market; Not a Public Mutual Fund; Class Risk; Charges to the Fund; Changes in Investment Objective, Strategies and Restrictions; Unitholders not Entitled to Participate in Management; Dependence of the Manager on Key Personnel; Reliance on the Manager; Resale Restrictions; Illiquidity; Possible Effect of Redemptions; Liability of Unitholders; Potential Indemnification Obligations; Lack of Independent Experts Representing Unitholders; No Involvement of Unaffiliated Selling Agent; Valuation of the Fund’s Investments; Concentration; Foreign Investment Risk; Illiquidity of Underlying Investments; Part X.2 Tax; Litigation; Fixed Income Securities; Equity Securities; Idle Cash; Currency Risk; Suspension of Trading; Investment Risk Level.

    The Ninepoint Credit Income Opportunities Fund is offered on a private placement basis pursuant to an offering memorandum and are only available to investors who meet certain eligibility or minimum purchase amount requirements under applicable securities legislation. The offering memorandum contains important information about the Fund, including its investment objective and strategies, purchase options, applicable management fees, performance fees, other charges and expenses, and should be read carefully before investing. Performance data represents past performance of the Fund and is not indicative of future performance. Data based on performance history of less than five years may not give prospective investors enough information to base investment decisions on. Please contact your own personal advisor on your particular circumstance. This communication does not constitute an offer to sell or solicitation to purchase securities of the Fund. 

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

All Ninepoint Diversified Bond Fund returns and fund details are a) based on Series F units; b) net of fees; c) annualized if period is greater than one year; d) as at 4/30/2024. All Ninepoint Credit Income Opportunities Fund returns and fund details are a) based on Class F units; b) net of fees; c) annualized if period is greater than one year; d) as at 4/30/2024. All Ninepoint Alternative Credit Opportunities Fund returns and fund details are a) based on Class F units; b) net of fees; c) annualized if period is greater than one year; d) as at 4/30/2024.

The Risks associated with investing in a Fund depend on the securities and assets in which the Funds invests, based upon the Fund's particular objectives. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield and investment return will fluctuate from time to time with market conditions. There is no guarantee that the full amount of your original investment in a Fund will be returned to you. The Funds are not insured by the Canada Deposit Insurance Corporation or any other government deposit insurer. Please read a Fund's prospectus or offering memorandum before investing.

Ninepoint Credit Income Opportunities Fund is offered on a private placement basis pursuant to an offering memorandum and are only available to investors who meet certain eligibility or minimum purchase amount requirements under applicable securities legislation. The offering memorandum contains important information about the Funds, including their investment objective and strategies, purchase options, applicable management fees, performance fees, other charges and expenses, and should be read carefully before investing in the Funds. Performance data represents past performance of the Fund and is not indicative of future performance. Data based on performance history of less than five years may not give prospective investors enough information to base investment decisions on. Please contact your own personal advisor on your particular circumstance. This communication does not constitute an offer to sell or solicitation to purchase securities of the Fund. 

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), other charges and expenses all may be associated with mutual fund investments. Please read the prospectus carefully before investing. The indicated rate of return for series F units of the Fund for the period ended 4/30/2024 is based on the historical annual compounded total return including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

The opinions, estimates and projections (“information”) contained within this report are solely those of Ninepoint Partners LP and are subject to change without notice. Ninepoint Partners makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Ninepoint Partners assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Ninepoint Partners is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances.

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners LP. Any reference to a particular company is for illustrative purposes only and should not to be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by Ninepoint Partners LP is or will be invested.

Ninepoint Partners LP and/or its affiliates may collectively beneficially own/control 1% or more of any class of the equity securities of the issuers mentioned in this report. Ninepoint Partners LP and/or its affiliates may hold short position in any class of the equity securities of the issuers mentioned in this report. During the preceding 12 months, Ninepoint Partners LP and/or its affiliates may have received remuneration other than normal course investment advisory or trade execution services from the issuers mentioned in this report.