Ninepoint International Small Cap Fund


Performance as of 1/31/2023 (Series F)

MTD YTD % 1 YR % 3 YR % 5 YR % 10 YR % Inception %††
-0.44 3.19 -9.11 -0.47 - - 1.01
As of previous close. †† Inception Date: March 15, 2018

Growth of $10,000 Invested NPP371 as of 12/31/2022

Sector Allocation as of 12/30/2022

Sector Weight
Industrials 24.13
Consumer Discretionary 15.07
Health Care 8.39
Financials 8.19
Info Tech 7.76
Materials 7.48
Consumer Staples 7.07
Real Estate 6.5
Communication 4.71
Energy 3.89
Cash And Cash Equivalents 3.79
Utilities 3.02

Geographic Allocation as of 12/30/2022

Sector Weight
Japan 34.57
United Kingdom 13.72
France 7.09
Australia 5.66
Sweden 4.79
Israel 3.85
Switzerland 3.64
Singapore 3.38
Spain 3.37
Italy 3.28
Hong Kong 3.25
Austria 3.2
Norway 2.45
Germany 2.16
Denmark 1.79

Top Ten Holdings as of 12/30/2022

Issuer Name
Als Ltd
Asics Corp
Biffa Plc
Internet Initiative Japan Inc.
Loomis Ab
Melia Hotels International S.A.
Ormat Technologies Inc
Raffles Medical Group Ltd
Sega Sammy Holdings Inc
Sopra Steria Group

Ninepoint International Small Cap Fund

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5 Reasons to Consider
Ninepoint International Small Cap Fund

1. Unique Growth Opportunity

  • Pure EAFE exposure: no exposure to North American equities.
  • International small-cap equities have outperformed the broader U.S. equity markets over the past 15 years on both an absolute and risk-adjusted basis (Forbes 2019).
  • The small-cap investment universe usually offers more choice, but tend to be less covered by analysts, so there is more opportunity for active managers to uncover value.

2. Address Home Bias

  • Canada makes up ~3% of the world’s investment markets, yet Canadians place most of their investments in Canadian and U.S. securities. Canadian investors face the potential of significant “Home Country Bias” risk and, more broadly, “North American Bias” risk.
  • Small-Cap investments that offer exposure entirely outside of North America and may better diversify a Canadian investment portfolio.

Average Canadian Investors’ Portfolio

Source: 2016 IMF Coordinated Direct Investment Survey, Russell Global Index, Vanguard.

What is market cap?
Market capitalization (aka market cap) is the market value of all a company’s outstanding shares. It is typically divided into three categories:

  • Large-Cap >$16 Billion
  • Mid-Cap $6 – $16 Billion
  • Small-Cap < $6 Billion

As defined by MSCI Global Investable Market Indexes Methodology, November 2017.

3. Active Management

Aims to identify good companies with growth potential not yet recognized by the market.

  • High conviction, concentrated portfolio of 50-70 stocks.
  • Developed markets strategy (23 EAFE countries).
  • Low portfolio turnover: between 20-30% annually.

4. Institutional-caliber sub-advisor

Founded in 2008, Global Alpha is a Montreal-based, employee-owned, institutional investment manager with global small-cap equity expertise and a strong track record of generating consistent returns.

Global Alpha manages money for pensions and institutions likes California State Teachers’ Retirement System (CALSTRS), California Public Employees’ Retirement System (CalPERS), Los Angeles County Employees Retirement Association (LACERA).

5. Environmental, Social & Corporate Governance (ESG) Focus

Global Alpha believes that companies that operate with sound ESG practices provide better investment opportunities.

As part of ongoing bottom-up research, ESG strategies are incorporated into the overall investment process.

Signatory to:


Member of:


Other Resources 

private debt market outlook

The Case for International Small Cap Equities
(client friendly)

Ninepoint International Small Cap Fund Overview

Ninepoint International Small Cap Fund Overview

When Small Means Big: The Case for Intl Small Cap Equities

Ninepoint International Small Cap Fund Overview


All 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 December 31, 2022. The index is 100% MCSI EAFE Small Cap NR USD (CAD) and is computed by Ninepoint Partners LP based on publicly available index information.
Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund.
3 Top ten equity holdings, sector allocation and geographic allocation as at December 31, 2022. Sector weightings calculated as % of net asset value. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

The Fund is generally exposed to the following risks. See the prospectus of the Fund for a description of these risks: ADR risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Emerging markets risk; Foreign investment risk; Inflation risk; Liquidity risk; Market risk; Regulatory risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Small company risk; Specific issuer risk; Sub-adviser risk; Tax risk.

Ninepoint Partners LP is the investment manager to the Ninepoint 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 rate of return for series F units of the Fund for the period ended December 31, 2022 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.


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


Are You An Accredited Investor?

An investment in this Fund requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in this type of an investment. Investors in the Fund must be prepared to bear such risks for an extended period of time and should review suitability with their Investment Advisor.

The minimum subscription amount is $150,000.00 in all jurisdictions, unless you meet the definition of "accredited investor" under National Instrument 45-106 Prospectus and Registration Exemptions.

If you meet the definition "accredited investor" (see below), you may invest a minimum of $25,000. Please consult the Offering Memorandum to determine your qualification status. Investment Advisors should consult their company's internal policies.

The Subscriber, or one or more beneficial purchasers for whom the Subscriber is acting, is (i) a resident of, or the purchase and sale of securities to the Subscriber is otherwise subject to the securities legislation of one of the following: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, North West Territories, or Nunavut, and the Subscriber is (and will at the time of acceptance of the Subscription be) an accredited investor within the meaning of National Instrument 45-106 Prospectus and Registration Exemptions ("NI 45-106") because the Subscriber is one of the following:

(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:
  1. a person that is or was an accredited investor at the time of the distribution,
  2. 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
  3. 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:
  1. 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
  2. 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.


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