July 23, 2025
H1 2025 Market Review & Outlook
In this update, Jeffrey Sayer, Portfolio Manager of the Ninepoint Global Infrastructure Fund outlines how the Fund returned +3.9% YTD (as of June 30), driven by strength in utilities and industrials, while navigating the aftermath of “Liberation Day” and rising global tariffs. He explains why infrastructure remains well-positioned for long-term growth, powered by the electrification of the global economy and significant fiscal support for modernization across major economies.
Key Topics Covered:
- Steady Returns Amid Volatility – The Fund returned 3.9% YTD with lower volatility than broad equities.
- Structural Growth Drivers – Electrification and AI data center demand drive long-term tailwinds.
- Global Fiscal Support – Infrastructure investment surges in Canada, the U.S., UK, and Germany.
- Dividend Strength – 26 of 30 holdings raised dividends, averaging a 9% hike.
- Evolving Positioning – Added European exposure and trimmed outsized stock bets.
- Eyes on Q3 Earnings – Market rebound hinges on forward guidance and policy impact signals.
- Quality Focus – Staying fully invested in diversified, dividend-paying infrastructure equities.
Ninepoint Global Infrastructure Fund - Compounded Returns¹ As of June 30, 2025 (Series F NPP356) | Inception Date: September 1, 2011
1M |
YTD |
3M |
6M |
1YR |
3YR |
5YR |
10YR |
Inception |
|
|---|---|---|---|---|---|---|---|---|---|
Fund |
1.25% |
3.93% |
0.08% |
3.93% |
20.62% |
11.86% |
10.99% |
8.02% |
8.35% |
MSCI World Core Infrastructure NR (CAD) |
0.52% |
7.62% |
-0.03% |
7.62% |
21.04% |
8.80% |
8.13% |
8.42% |
10.91% |
All returns and fund details are a) based on Series F units; b) net of fees; c) annualized if period is greater than one year; d) as at 6/30/2025; e) 2011 annual returns are from 09/01/11 to 12/31/11. The index is 100% MSCI World Core Infrastructure NR (CAD) and is computed by Ninepoint Partners LP based on publicly available index information.
The Fund is generally exposed to the following risks: Active Management Risk; Capital Depletion Risk; Credit Risk; Currency Risk; Cybersecurity Risk; Derivatives Risk; Exchange-Traded Funds Risk; Foreign Investment Risk; Income Trust Risk; Inflation Risk; Interest Rate Risk; Liquidity Risk; Market Risk; Regulatory Risk; Securities Lending, Repurchase and Reverse Purchase Transactions Risk; Series Risk; Short Selling Risk; Small Company Risk; Specific Issuer Risk; Tax Risk.
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