Ninepoint Partners LP

https://www.ninepoint.com

Ninepoint Partners LP is a Canadian independent investment management firm headquartered in Toronto, Ontario. The firm's core business revolves around providing innovative investment solutions designed to offer investors enhanced diversification. Its mission is to identify and manage strategies that are uncorrelated with traditional asset classes like equities and bonds, with the ultimate goal of reducing overall portfolio risk for its clients.

Ninepoint Partners offers a diverse range of investment products and services, including mutual funds, hedge funds, offshore funds, and discretionary managed accounts. The firm specializes in alternative strategies that span various asset classes, including Equities, Fixed Income, Alternative Income, Real Assets, Foreign Exchange (F/X), and Digital Assets. They also manage a suite of Exchange Traded Funds (ETFs) and serve both investment advisors and institutional investor communities.

Led by Co-CEOs and Managing Partners James Fox and John Wilson, Ninepoint Partners LP is recognized as one of Canada's leading independent asset management firms. As of April 2026, the firm oversees approximately $8.2 billion in assets under management and institutional contracts. Recent activities include the launch of nine new ETFs on the Toronto Stock Exchange in April 2026, including US single-stock Ninepoint HighShares ETFs, and the completion of an overnight offering for Canadian Large Cap Leaders Split Corp. In its December 2025 market outlook, Ninepoint highlighted compelling opportunities in global infrastructure, artificial intelligence, the crypto ecosystem, natural gas, gold, and critical minerals.

Latest updates

Split Corp. Raises $31.6 Million in Overnight Share Offering

Event summary

  • Canadian Large Cap Leaders Split Corp. completed an overnight offering of 1,314,383 Preferred Shares and 1,140,800 Class A Shares.
  • The offering raised gross proceeds of $31,606,181, with Preferred Shares priced at $10.55 and Class A Shares at $15.55.
  • Proceeds will be invested in Canadian Dividend Growth Companies with a market capitalization of at least $10 billion.
  • The shares will trade on the Toronto Stock Exchange under NPS.PR.A and NPS, respectively.

The big picture

This capital raise suggests Canadian Large Cap Leaders Split Corp. is actively expanding its portfolio of dividend-paying Canadian equities. Ninepoint Partners LP, managing $8.2 billion in AUM, is leveraging this offering to capitalize on investor demand for income-generating assets, particularly within the context of a low-interest-rate environment. The offering’s structure, combining preferred and Class A shares, indicates a desire to appeal to a broader range of investors with varying risk/return profiles.

What we're watching

Portfolio Composition
The portfolio manager's selection criteria for 'Canadian Dividend Growth Companies' will be critical; any deviation from stated guidelines could signal a shift in strategy or risk tolerance.
Option Writing
The ability to write options on the portfolio's holdings is a key element of the strategy; diminished liquidity in those options could constrain returns and necessitate adjustments.
Market Sentiment
The success of similar split corporation offerings will be influenced by broader investor appetite for dividend-focused strategies and the overall health of the Canadian equity market.

Ninepoint Launches High-Yield ETFs, Signals Income Focus

Event summary

  • Ninepoint Partners LP launched new Canadian single-stock HighShares and CoreShares ETFs on April 13, 2026.
  • The ETFs, trading on the TSX, include Ninepoint Constellation Software CoreShares ETF (CSUC - $0.04/share), Ninepoint Constellation Software HighShares ETF (CSHI - $0.08/share), Ninepoint Celestica HighShares ETF (CLHI - $0.21/share), and Ninepoint Kinross Gold HighShares ETF (KGHI - $0.20/share).
  • Initial monthly distributions are anticipated to be paid on or about May 7, 2026, with record dates of April 30, 2026.
  • Ninepoint Partners manages approximately $8 billion in assets under management.

The big picture

Ninepoint’s move signals a strategic shift towards income-focused investment products, capitalizing on a potential investor demand for yield in a low-interest-rate environment. The launch of HighShares and CoreShares ETFs, with their promise of monthly distributions, positions Ninepoint to compete with other Canadian asset managers seeking to attract retail and institutional capital. However, the reliance on market conditions and potential leverage introduces significant risk and requires careful monitoring.

What we're watching

Distribution Sustainability
The high initial distribution rates, particularly for CLHI and KGHI, will be difficult to maintain given market volatility and the stated reliance on prevailing conditions; sustained yields will hinge on underlying asset performance and Ninepoint’s leverage strategy.
Investor Appetite
The success of these ETFs will depend on whether Canadian investors are willing to accept the inherent risk of fluctuating distributions and potential capital erosion in exchange for higher yields, especially given the cautionary language in the release.
Regulatory Scrutiny
Given the emphasis on leverage and fluctuating distributions, Canadian regulators may increase scrutiny of Ninepoint’s ETF offerings to ensure investor transparency and suitability.

Ninepoint Expands Single-Stock ETF Suite, Targets Leveraged Exposure

Event summary

  • Ninepoint Partners LP launched nine new ETFs on the TSX, expanding its single-stock ETF platform.
  • The new suite includes eight leveraged (HighShares) ETFs and one unleveraged (CoreShares) ETF.
  • The HighShares ETFs target familiar Canadian and U.S. large-cap stocks, while the CoreShares ETF focuses on Constellation Software.
  • The ETFs begin trading April 13 (Canadian stocks) and April 16 (U.S. stocks) with a starting NAV price of $10 per share/unit.
  • Ninepoint’s HighShares ETFs have a management fee of 0.29%, the lowest for Canadian single-stock covered call ETFs.

The big picture

Ninepoint’s expansion into single-stock ETFs, particularly leveraged offerings, reflects the growing demand for specialized investment products among Canadian retail investors. This move positions Ninepoint to capitalize on the trend of active income generation, but also exposes the firm to heightened regulatory and performance risks. With $8 billion in AUM, Ninepoint’s ETF strategy could significantly impact its overall asset base, but also requires careful management of risk and investor education.

What we're watching

Investor Adoption
The success of these ETFs hinges on attracting self-directed and advisor clients, particularly given the inherent risks associated with leveraged products and the competitive landscape of Canadian ETFs.
Regulatory Scrutiny
Increased regulatory focus on leveraged ETFs, especially concerning suitability for retail investors, could impact Ninepoint’s ability to market and distribute these products.
Performance Risk
The performance of the HighShares ETFs will be heavily influenced by the underlying stock performance and option pricing, potentially leading to significant volatility and losses for investors.

Ninepoint Closes $85 Million Flow-Through Partnership, Eyes Resource Fund Roll-Over

Event summary

  • Ninepoint Partners LP closed its 2026 Flow-Through Limited Partnership, raising $85 million.
  • The partnership sold 150,013 units at $25 per unit, fully subscribing the offering.
  • Limited partners will be rolled over into the Ninepoint Resource Fund Class between January 15, 2028, and February 28, 2028.
  • Nawojka Wachowiak, previously a portfolio manager specializing in metals and mining at a competitor, will lead the partnership’s investment strategy.

The big picture

Ninepoint’s successful fundraising demonstrates continued demand for specialized, tax-advantaged investment vehicles within the Canadian market. The $85 million raise, while significant, represents a relatively small portion of Ninepoint’s overall $8 billion in AUM, suggesting this is a targeted strategy rather than a core growth driver. The planned roll-over into the Resource Fund indicates a desire to retain capital and potentially leverage the flow-through structure for broader investment opportunities.

What we're watching

Roll-Over Impact
The success of the roll-over into the Ninepoint Resource Fund will be a key indicator of investor satisfaction and potential AUM growth for that fund.
Tax Benefits
Continued investor appetite for flow-through partnerships hinges on the ongoing attractiveness of the approximately 100% tax deduction offered.
Performance
The partnership's performance under Wachowiak's leadership, particularly in the metals and mining sector, will be crucial for attracting future capital and maintaining investor confidence.

Ninepoint Bolsters Mining Expertise with Raymond James Analyst Hire

Event summary

  • Ninepoint Partners LP has hired Henry Lin as Senior Analyst, effective immediately.
  • Lin previously served as an Equity Research Associate – Metals & Mining at Raymond James Ltd.
  • Prior to Raymond James, Lin held a role in commodity trading at Glencore Canada Corp.
  • Lin will support Senior Portfolio Manager Nawojka Wachowiak and the Mining Investment Management team.
  • Ninepoint Partners LP manages approximately $8 billion in assets under management.

The big picture

Ninepoint’s move to bolster its mining investment team signals a continued commitment to alternative asset strategies, particularly within the resource sector. With $8 billion in AUM, Ninepoint’s investment decisions carry weight within the Canadian alternative investment landscape. The hire of Lin, with his diverse background, suggests a desire to deepen analytical capabilities and potentially pursue more nuanced investment opportunities within the metals and mining space.

What we're watching

Investment Focus
Lin’s experience in equity research and commodity trading suggests a potential shift towards more actively managed positions within Ninepoint’s resource and precious metals strategies.
Team Dynamics
The integration of Lin’s skillset with Wachowiak’s existing portfolio management approach will determine the impact on Ninepoint’s overall investment performance and risk profile.
Market Impact
How Lin’s research and analysis influences Ninepoint’s investment decisions will likely shape its positioning within the broader resource and precious metals investment landscape.

Ninepoint Expands ETF Suite with Leveraged and Core Single-Stock Offerings

Event summary

  • Ninepoint Partners LP filed a preliminary prospectus for nine new single-stock ETFs, expanding its HighShares suite and introducing a CoreShares ETF focused on Constellation Software.
  • The new ETFs include levered exposure to U.S. companies like NVIDIA, Tesla, Alphabet, and Intel, broadening the suite beyond its original Canadian focus.
  • All ETFs will have a management fee of 0.29%, positioned as a low-cost offering within the single-stock ETF category.
  • The Ninepoint Constellation Software CoreShares ETF (CSUC) will provide unlevered exposure to Constellation Software Inc.

The big picture

Ninepoint’s expansion into single-stock ETFs, particularly with leveraged products, reflects the growing demand for targeted exposure and yield-generating strategies among Canadian investors. The move positions Ninepoint to capitalize on the increasing popularity of ETFs, but also introduces risks associated with concentrated bets and potential regulatory oversight. With $8 billion in AUM, Ninepoint's success in this niche will be a key indicator of investor appetite for single-stock ETFs.

What we're watching

Fee Pressure
Ninepoint's aggressive pricing strategy could put pressure on competitors in the single-stock ETF space, potentially triggering a broader fee war.
Regulatory Scrutiny
The introduction of leveraged single-stock ETFs may attract increased regulatory scrutiny regarding investor suitability and risk disclosure.
Performance Risk
The performance of the HighShares ETFs will be highly dependent on the individual stocks selected, exposing investors to concentrated risk and potential volatility.

Ninepoint Secures $81 Million in First Flow-Through LP Closing

Event summary

  • Ninepoint Partners LP’s 2026 Flow-Through Limited Partnership (FLP) completed its first closing, raising $81.25 million (gross) from the issuance of 3.25 million Units.
  • The Units are priced at $25.00 each, with a minimum subscription of 100 Units ($2,500).
  • A second closing is scheduled for March 19, 2026.
  • The FLP intends to roll over limited partners into the Ninepoint Resource Fund Class between January 15, 2028, and February 28, 2028.

The big picture

Ninepoint’s FLP taps into a specific Canadian tax-advantaged investment vehicle, demonstrating a targeted approach to alternative asset management. Flow-through partnerships are a niche but potentially lucrative area, particularly appealing to investors seeking tax reduction strategies. With $8 billion in AUM, Ninepoint is leveraging its existing platform to capitalize on this demand, but the roll-over provision introduces a timeline-dependent element to the investment strategy.

What we're watching

Capital Flows
The success of the second closing will indicate continued investor appetite for flow-through structures in the current market environment, particularly given the roll-over provision.
Tax Landscape
Changes in Canadian tax policy could significantly impact the attractiveness of flow-through partnerships and the anticipated 100% tax deduction for investors.
Performance Risk
Nawojka Wachowiak's prior experience in metals and mining at a competitor suggests a focused strategy; the partnership's performance will be heavily influenced by her investment decisions and resource price volatility.

Ninepoint Energy Fund Earns Top FundGrade A+ Rating

Event summary

  • Ninepoint’s Energy Fund received a FundGrade A+ Award at Fundata’s 2025 Evening of Excellence.
  • The FundGrade A+ award recognizes Canadian investment funds maintaining exceptional performance over the previous calendar year.
  • The Ninepoint Energy Fund, Series F, shows a 1-year return of 18.7% and a since-inception return of 7.7% as of December 31, 2025.
  • FundGrade A+ is awarded to funds in the top 10% based on a GPA calculation derived from monthly FundGrade ratings.

The big picture

The FundGrade A+ award provides validation for Ninepoint’s Energy Fund’s investment strategy and performance, which is particularly relevant given the increasing scrutiny of ESG factors and performance in the energy sector. Ninepoint manages approximately $7 billion in AUM, and this award could attract further institutional investment. The award also highlights the growing importance of third-party ratings in the Canadian investment landscape, as investors seek objective benchmarks for fund performance.

What we're watching

Performance Sustainability
Whether the Fund can sustain its A+ rating and strong returns in a potentially volatile energy market, particularly given its focus on natural resource companies.
FundGrade Methodology
How changes to Fundata’s rating methodology, including the weighting of ratios, might impact the Fund’s future eligibility for the A+ award.
Competitive Landscape
How Ninepoint’s Energy Fund’s performance and reputation will influence investor flows and its ability to compete with other energy-focused funds in the Canadian market.

Canadian Split Corp Boosts Distribution, Splits Shares Amid Strong Performance

Event summary

  • Canadian Large Cap Leaders Split Corp. is implementing a 2-for-100 stock split of its Class A shares, pending TSX approval.
  • The company is increasing its monthly distribution rate on Class A shares from $0.125 to $0.18, effective March 13, 2026.
  • Since inception on February 22, 2024, the Class A shares have generated a 30.8% annualized total return, outperforming the S&P/TSX Composite Total Return Index by 3.3%.
  • The split and distribution increase will collectively raise total distributions to Class A shareholders by approximately 71%.

The big picture

The split and distribution increase signal confidence in Canadian Large Cap Leaders Split Corp.'s performance and a desire to reward shareholders. This move is typical for investment vehicles seeking to enhance liquidity and appeal to income-focused investors, particularly in a low-yield environment. Ninepoint Partners LP, managing $7 billion in AUM, is leveraging this opportunity to attract and retain investors within the Canadian alternative investment landscape.

What we're watching

Market Reaction
The market's response to the share split will reveal investor sentiment regarding the company's valuation and future prospects, particularly given the relatively small size of the split.
Portfolio Composition
Continued outperformance relative to the S&P/TSX Composite will depend on the portfolio manager’s ability to identify and maintain holdings with strong dividend growth potential.
Distribution Sustainability
The increased distribution rate’s sustainability hinges on the continued performance of the underlying Canadian Dividend Growth Companies and the manager’s ability to manage portfolio risk.

Ninepoint Launches Flow-Through Partnership Targeting Tax Benefits

Event summary

  • Ninepoint Partners LP has launched the Ninepoint 2026 Flow-Through Limited Partnership, filing a preliminary prospectus.
  • Units are being offered at $25.00 each, with a minimum subscription of 100 units ($2,500).
  • The partnership aims to provide liquidity to limited partners through a rollover to the Ninepoint Resource Fund Class between January 15, 2028, and February 28, 2028.
  • Nawojka Wachowiak, previously a portfolio manager specializing in metals and mining at a competitor, will lead the partnership’s investment strategy.

The big picture

Ninepoint's launch of this flow-through partnership underscores the continued demand for tax-advantaged investment vehicles in Canada. With CAD $7 billion in AUM, Ninepoint is leveraging a specialized investment strategy to attract investors seeking both capital appreciation and significant tax benefits. The partnership’s structure and rollover provision suggest a longer-term investment horizon and a strategic alignment with Ninepoint’s broader resource fund offerings.

What we're watching

Investor Demand
The success of the offering will hinge on investor appetite for flow-through partnerships, particularly given the current macroeconomic climate and potential for interest rate adjustments.
Performance Risk
Ms. Wachowiak's prior experience in metals and mining will be crucial, but the partnership’s performance will depend on her ability to navigate resource sector volatility and identify undervalued opportunities.
Rollover Execution
The rollover to the Ninepoint Resource Fund Class in 2028 presents a key operational risk; a poorly executed transition could negatively impact investor sentiment and future fund performance.
CID: 405