Ninepoint Credit Income Opportunities Fund - Series F

Ninepoint Credit Income Opportunities Fund

NPP507

Overview

Long / short credit

Long/short credit fund primarily invested in North America
Focused on total return

Focused on total return without excess duration or concentration of lower quality securities
Higher yielding investment grade credit

Concentrated in higher yielding investment grade credit with limited exposure to high yield debt and preferred securities
Overlay strategy

Overlay strategy aims to generate income from a portfolio of credit securities while actively limiting interest rate risk

Fund Objective

The Fund will seek to achieve its investment objectives by primarily investing in a diversity of Canadian, U.S. and international fixed income securities for short-term and long-term gain. The securities comprising the portfolio of the Fund (the “Portfolio”) will be selected by the Manager based on its assessment of the markets and potential investment opportunities. The Fund has no geographic, industry sector, asset class or market capitalization restrictions.

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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Performance

Compound Returns

As at 5/31/2024 (Series F) NPP507

Compound Returns
MTD %	YTD %	1Y %	3Y %	5Y %	10Y %	Inception %^†
- As at 5/31/2024	3.77	8.79	2.27	5.16	-	4.72

^†Inception Date: July 1, 2015

Distribution Yields

(Series F) NPP507

Distributions Per Unit	Annualized Distribution Yield	12 Month Trailing Yield	Distribution Frequency	Record Date
$0.05134	7.09%	7.08%	Monthly	5/31/2024

Risk Tolerance

Low
Low - Med
Medium
Med - High
High

Facts, Fees & Fund Codes

Facts
Facts
Fund Type	Alternative Fixed Income
Inception Date	Series A: Jan 2013 Series F: June 2015
Registered Tax Plan Status	Eligible
Distribution	Monthly
Performance Fee	15% (on returns above high water mark)
Minimum Initial Investment	$5,000 accredited $150,000 non-accredited**
Minimum Subsequent Investment	$5,000
Redemptions	Monthly (15 days notice)
Valuations	Monthly
**non-individual only

Fees
Fees
Management Fee	Class B: 1.75% Class F: 1.00%

Fund Codes
Fund Codes
Series A ^*	NPP506
Series F	NPP507
Series B	NPP509
*Closed to new purchases

Documents

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 4/30/2024. Portfolio allocation includes allocation made with pending subscriptions. Top ten holdings as at 4/30/2024. 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

(a)	a Canadian financial institution, or a Schedule III bank;
(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);
(c)	a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;
(d)	a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);
(e)	an individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d);
(f)	the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;
(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec;
(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;
(i)	a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada;
(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000;
(k)	an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; (Note: If individual accredited investors wish to purchase through wholly-owned holding companies or similar entities, such purchasing entities must qualify under section (t) below, which must be initialled.)
(l)	an individual who, either alone or with a spouse, has net assets of at least $5,000,000;
(m)	a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;
(n)	an investment fund that distributes or has distributed its securities only to: a person that is or was an accredited investor at the time of the distribution, a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45- 106, or a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106;
(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;
(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be;
(q)	a person acting on behalf of a fully managed account managed by that person, if that person: is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; and Ontario, is purchasing a security that is not a security of an investment fund;
(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded;
(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function;
(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;
(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, or;
(v)	a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor.