Ninepoint Partners LP (the
Manager) today
announced its plans to make certain changes to Ninepoint High
Interest Savings Fund (the
Fund) in connection
with the Fund revising its investment strategy to meet the
definition of a “money market fund” as set out in National
Instrument 81-102 Investment Funds (
NI 81-102)
effective September 3, 2024, and to implement changes to the
operation of the Fund to be consistent with industry practice in
respect of money market funds.
“The Fund will continue to maximize yield on
cash balances, while providing easy access to investments with
daily liquidity,” said Etienne Bordeleau-Labrecque, Vice President
and Portfolio Manager at Ninepoint Partners. “The Fund will also
continue to invest in high interest savings accounts offered at
Schedule 1 Canadian Banks and/or high-quality money market
securities.”
The following changes are reflected in the
Amended and Restated Simplified Prospectus, Amended Fund Facts and
Amended ETF Facts of the Fund, each dated as of August 14, 2024
(collectively, the Prospectus Documents), and are
subject to the Manager obtaining a final receipt in respect of the
Prospectus Documents.
Investment strategy change
Beginning September 3, 2024, the Fund will revise its investment
strategy to meet the definition of a “money market fund” as set out
in NI 81-102.
Accordingly, the Fund’s investments will follow
the legal requirements for “money market funds” with respect to
quality, liquidity and maturity of investments, including the
requirements for the Fund’s investments in commercial paper,
corporate bonds or other securities to meet regulatory rating
requirements or any exemptions from such requirements.
The Fund intends to maintain a portfolio which
is substantially invested in high-quality short term corporate debt
instruments. The Fund may also invest in high interest savings
accounts at Schedule 1 Canadian Banks and other short term debt
obligations, as described in the Prospectus Documents.
The Fund may also choose to engage in securities
lending, as permitted by securities regulations, to seek to
generate additional income.
The Manager will provide written notice of its
intent to engage in securities lending at least 60 days before it
engages in securities lending.
There are no changes to the investment
objectives of the Fund.
Target net asset value (NAV) for mutual
fund series and ETF series units of the FundOn September
3, 2024, the Fund will consolidate the outstanding units of the
Fund, as required, so that a series NAV of $10.00 per unit for the
mutual fund series units of the Fund is achieved.
Thereafter, although no assurance can be given
that this will always be the case, as of September 3, 2024, it is
intended that: (i) a series NAV of $10.00 per unit for the mutual
fund series units of the Fund be maintained by allocating net
income, if any, on a daily basis to unitholders of record on the
previous business day and distributing it monthly; and (ii) a
series NAV of $50.00 or higher per unit for the ETF series units of
the Fund be maintained by accruing net income, if any, on a daily
basis to unitholders of record on the previous business day and
distributing it monthly.
While, as of September 3, 2024, the Fund intends
to maintain the foregoing NAVs, there is no guarantee that the unit
price of the mutual fund series units or the ETF series units of
the Fund will not go up or down.
Fund name changeIn connection
with the foregoing changes, as of September 3, 2024, the Fund will
be renamed Ninepoint Cash Management Fund.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one
of Canada’s leading alternative investment management firms
overseeing approximately $7 billion in assets under management and
institutional contracts. Committed to helping investors explore
innovative investment solutions that have the potential to enhance
returns and manage portfolio risk, Ninepoint offers a diverse set
of alternative strategies spanning Equities, Fixed Income,
Alternative Income, Real Assets, F/X and Digital Assets.
For more information on Ninepoint Partners LP,
please visit www.ninepoint.com or please contact us at
(416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.
Commissions, trailing commissions, management
fees and expenses all may be associated with mutual fund
investments. Please read the Prospectus before investing. Mutual
fund securities are not covered by the Canada Deposit Insurance
Corporation or by any other government deposit insurer. There can
be no assurances that the Fund will be able to maintain its NAV per
security at a constant amount or that the full amount of your
investment in the Fund will be returned to you. Past performance
may not be repeated.
Forward-Looking Statements
This press release contains “forward-looking
information” within the meaning of applicable securities laws in
Canada (“forward-looking statements”). Often, but not always,
forward-looking statements can be identified by the use of words
such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Ninepoint Partners LP to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements contained herein are made as
of the date of this press release and Ninepoint Partners LP
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Ninepoint Partners LP undertakes no obligation to
update forward-looking statements if circumstances, management’s
estimates or opinions should change, except as required by
securities legislation. Accordingly, the reader is cautioned not to
place undue reliance on forward-looking statements.
Sales Inquiries:Ninepoint
Partners LPNeil Ross416-945-6227nross@ninepoint.com