Ninepoint Target Income Fund - Series F

Ninepoint Target Income Fund

NPP5002

Overview

A defensive equity income strategy that employs cash secured put selling to help solve income portfolio challenges.

Defensive Equity Income Strategy

Generates an annual 6%^††target income distribution with potential for moderate downside protection in market declines.
Income Diversification

Provides a differentiated income stream via put option premiums to complement traditional income portfolios.
Active Risk Management

Ability to manage risk and index exposures to achieve investment goals.

Fund Objective

The investment objective of the Ninepoint Target Income Fund is to seek to provide unitholders with stable, monthly distributions and lower volatility than a direct investment in the broad equity markets by investing primarily in a diversified portfolio of equity index based investments that generates income and using derivatives strategies to moderate the market volatility of those investments.

Investment Team

Colin Watson

Portfolio Manager

Colin Watson

Portfolio Manager

Colin Watson's background spans across equities, asset allocation & derivative-based strategies. Prior to Ninepoint Partners, Colin worked as a Portfolio Manager at IMCO on a team responsible for overseeing IMCO’s $26B public equity allocation and deploying derivatives-based strategies for IMCO’s public asset allocation strategy. Prior to IMCO, Colin worked at Ninepoint Partners on equity selection & options-based overlays. Colin holds a Bachelor of Commerce Degree from McMaster Unive...
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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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Performance

Compound Returns

As at 7/31/2024 (Series F) NPP5002

Compound Returns
MTD %	YTD %	1Y %	3Y %	5Y %	10Y %	Inception %^†
0.37 As at 8/30/2024	3.32	5.72	-	-	-	6.13

^†Inception Date: August 2, 2022

Distribution Yields

(Series F) NPP5002

Distributions Per Unit	Annualized Distribution Yield	12 Month Trailing Yield	Distribution Frequency	Record Date
$0.05002	6.01%	6.11%	Monthly	7/31/2024

Growth of $10,000 Invested

As at 7/31/2024 (Series F) NPP5002

Risk Tolerance

Low
Low - Med
Medium
Med - High
High

Portfolio

As at 7/31/2024

Sector Allocation

Sector Allocation
Sector	Weight %
Short Term Corporate Bonds	72.16
Commercial Paper	18.31
Treasury Bills	9.99
Derivatives	-0.20
Cash and Cash Equivalents	-0.26

Sector Allocation (Notional)

Sector Allocation (Notional)
Sector	Weight %
TR RBC United States 85% PUT INDEX	36.41
Net Cash and Equivalents	11.38
JUN25 SPX P @ 4350.000000	7.88
TR RBC Europe 80% PUT INDEX	7.73
SEP24 SPX P @ 3775.000000	6.84
MAR25 SPX P @ 4000.000000	5.44
DEC24 SPX P @ 3750.000000	5.10
DEC24 SPX P @ 4000.000000	3.62
MAR25 SPX P @ 3950.000000	3.58
SEP24 SPX P @ 3650.000000	3.31
TR RBC Canada 85% PUT INDEX	3.28
JUN25 SPX P @ 4500.000000	2.04
DEC24 SPX P @ 3800.000000	1.72
TR RBC Europe 85% PUT INDEX	1.68

Top Ten Holdings

Issuer Name
Bank Of Montreal 4.83756% 07/30/2025
Bank Of Nova Scotia 2.49% 09/23/2024
Canada (Government Of) 12/18/2024
Canadian Imperial Bank Of Commerce 2.35% 08/28/2024
Enbridge Gas Inc 08/14/2024
Federation Des Caisses Desjardins Du Quebec 2.417% 10/04/2024
Honda Canada Finance Inc 08/22/2024
Manulife Financial Corp 3.049% 08/20/2029
Pembina Pipeline Corp 3.54% 02/03/2025
Sun Life Financial Inc 2.38% 08/13/2029

Statistical Analysis

As at 7/31/2024 (Series F) NPP5002

Statistics	Fund	Index (CBOE S&P500 PutWrite Index)
Cumulative Return	12.62%	20.16%
Sharpe Ratio	1.26	0.82
Standard Deviation	2.25%	7.77%
Total Positive Months	22	18
Total Down Months	1	5
Growth of 10K	$11,261.53	$12,016.31

Facts, Fees & Fund Codes

Facts
Facts
Fund Type	Equity Income Fund
Inception Date	August 2, 2022
Registered Tax Plan Status	Eligible
Distributions	6% NAV/unit annually^††
Minimum Initial Investment	$500
Minimum Subsequent Investment	$25
Minimum Investment Term	20 days (1.5% penalty)
Redemptions	Daily
Valuations	Daily
CUSIP	TIF: 65446C108 (Cboe)

Fees
Fees
Management Fee	Series A: 1.60% Series ETF: 0.60% Series F: 0.60% Series S: 1.30% Series SF: 0.30%

Fund Codes
Ticker & Fund Codes
Series A	NPP5001
Series ETF ^*	TIF
Series F	NPP5002
Series S ^†	NPP5004
Series SF ^†	NPP5005
Series A $USD	NPP1023
Series F $USD	NPP1024
*Exchange: Cboe Canada Exchange ^†Closed to new purchases

Documents

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 7/31/2024, e) 2022 annual returns are from 08/02/22 to 12/31/22. Top ten holdings, sector allocation and geographic allocation as at 7/31/2024. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. 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: Capital depletion risk; Concentration risk; Currency risk; Cybersecurity risk; Derivatives risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling 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 7/31/2024 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