Alt Thinking July 23, 2025
H1 2025 Market Review & Outlook
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Focused on: Gold

H1 2025 Market Review & Outlook - Focused on: Gold
Investment Team
  • Nawojka Wachowiak, M.Sc., CIM
    Senior Portfolio Manager
    Nawojka Wachowiak, M.Sc., CIM
    Senior Portfolio Manager
    Nawojka Wachowiak is a natural resources professional with 25 years of capital markets experience as an investment manager, sell-side equity analyst, and investor relations executive. Most recently, she was a Portfolio Manager at Dynamic Funds, specializing in metals and mining. She previously served in an executive position for a multinational mining company and spent a decade as a sell-side equity analyst covering North American mining equities. Nawojka holds Bachelor’s and Master’s degrees...
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  • Eric Yao
    Analyst
    Eric Yao
    Analyst
    Eric holds a Master in Asset Management from Yale University and graduated from the University of Waterloo with a double major in Mathematical Finance and Statistics. Before joining Ninepoint, Eric worked as an Alpha Researcher at WorldQuant. He has experience across investment research, asset allocation, and risk management. 
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Key Takeaways
  • Central bank gold buying remains historically elevated
  • U.S. fiscal concerns are driving investor demand
  • Gold is holding strong despite high real interest rates
  • The fund remains defensively positioned with quality exposure

Despite a volatile start to the year, gold has shown remarkable resilience— benefiting from real rate pressures, U.S. debt sustainability concerns, and continued de-dollarization by central banks. Nawojka outlines how these factors are shaping the demand outlook and how the Ninepoint Gold & Precious Minerals Fund is strategically positioned for the second half of 2025.

Key Topics Covered:

  • Central Banks Driving Gold Demand – Net purchases remain strong, reinforcing gold as a reserve asset.
  • U.S. Deficits & Real Rates – Concerns about fiscal sustainability are supporting gold even with elevated real yields.
  • Inflation & Geopolitical Risks – Persistent price pressures and global instability are reviving gold’s safe-haven appeal.
  • Fund Positioning – Maintaining strong exposure to high-quality gold producers, with select mid-tier opportunities.

Historical Commentary

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  • Commentary
    March 2025
    Ninepoint Precious Metals & Resource Strategy
    Gold has been one of the few asset classes which has benefited from the tariff turmoil and, as investors in this space, we are excited by the opportunities and performance this has provided.
    Sector Investments
    Diversifiers
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All Funds
  • NPP300
    (Series F)
    Mutual Funds Exchange Traded Funds Sector Equity
    $112.39 $2.69 (2.45%)
    As at 8/21/2025
    Growth of $10,000 Invested as at 7/31/2025
    Performance as at 7/31/2025
    1 Year
    54.32%
    3 Year
    25.12%
    5 Year
    5.22%
    10 Year
    14.74%
    Incept.1
    5.57%
    1 Inception Date 10/13/2004
    Go To Fund

    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 7/31/2025. 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. Top ten holdings, sector allocation and geographic allocation as at 7/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. 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 Fund is generally exposed to the following risks: Active management risk; Borrowing risk; Commodity risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Leverage risk; Liquidity risk; Market risk; Performance fee risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Uninsured losses 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 7/31/2025 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 a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

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