Ninepoint Target Income Fund - Series S

Ninepoint Target Income Fund

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NPP5004
Ninepoint Target Income Fund

Overview

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

  • Defensive Equity Income Strategy

    Defensive Equity Income Strategy

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

  • Income Diversification

    Income Diversification

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

  • Active Risk Management

    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
    Vice President, Portfolio Manager
    Colin Watson
    Vice President, 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 10/31/2024 (Series S) NPP5004
MTD % YTD % 1Y % 3Y % 5Y % 10Y % Inception %†
0.46
As at 11/20/2024 		3.57 5.02 - - - 5.26
†Inception Date: June 29, 2022

Monthly Returns (%)

As at 10/31/2024 (Series S) NPP5004
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2024 0.45 0.49 0.37 0.29 0.54 0.30 0.38 0.30 0.27 0.13 3.57
2023 0.89 0.25 0.74 0.44 0.49 0.65 0.38 0.32 -0.02 0.28 1.01 0.39 5.98
2022 -0.34 1.68 -0.43 -1.72 2.24 1.02 0.29 2.72

Distribution Yields

(Series S) NPP5004
Distributions Per Unit Annualized Distribution Yield 12 Month Trailing Yield Distribution Frequency Record Date
$0.04970 6.09% 6.27% Monthly 10/31/2024

Growth of $10,000 Invested

As at 10/31/2024 (Series S) NPP5004

Risk Tolerance

  • Low
  • Low - Med
  • Medium
  • Med - High
  • High

Portfolio

As at 10/31/2024

Sector Allocation

Sector Weight %
Commercial Paper 49.86
Short Term Corporate Bonds 42.66
Treasury Bills 7.59
Cash and Cash Equivalents 0.37
Derivatives -0.48

Sector Allocation (Notional)

Sector Weight %
TR RBC United States 85% PUT INDEX 38.85
Net Cash and Equivalents 9.11
JUN25 SPX P @ 4350.000000 8.39
TR RBC Europe 80% PUT INDEX 8.24
MAR25 SPX P @ 4000.000000 5.79
DEC24 SPX P @ 3750.000000 5.42
SEP25 SPX P @ 4800.000000 4.63
MAR25 SPX P @ 3950.000000 3.81
TR RBC Canada 85% PUT INDEX 3.48
SEP25 SPX P @ 4750.000000 2.29
SEP25 SPX P @ 4700.000000 2.27
JUN25 SPX P @ 4500.000000 2.17
DEC24 SPX P @ 4000.000000 1.93
DEC24 SPX P @ 3800.000000 1.83
TR RBC Europe 85% PUT INDEX 1.79

Top Ten Holdings

Issuer Name
Bank Of Montreal 4.6764% 07/30/2025
Bank Of Nova Scotia 2.16% 02/03/2025
Bell Canada 3.35% 03/12/2025
Canada (Government Of) 12/18/2024
Enbridge Gas Inc 11/21/2024
Enbridge Inc 11/18/2024
Enbridge Pipelines Inc 11/25/2024
Honda Canada Finance Inc 12/16/2024
National Bank Of Canada 4.56373% 01/24/2025
Pembina Pipeline Corp 3.54% 02/03/2025

Statistical Analysis

As at 10/31/2024 (Series S) NPP5004
Statistics Fund
Cumulative Return 12.75%
Sharpe Ratio 0.72
Standard Deviation 2.28%
Total Positive Months 25
Total Down Months 3
Growth of 10K $11,274.54

Facts, Fees & Fund Codes

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

Education

Target Income Fund Overview
Target Income Fund Faq

Documents

All returns and fund details are a) based on Series S shares; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2024, e) 2022 annual returns are from 08/02/22 to 12/31/22. Top ten holdings, sector allocation and geographic allocation as at 10/31/2024. 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 S 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