Alt Thinking September 30, 2025
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Ninepoint Focused Global Dividend Fund

Ninepoint Focused Global Dividend Fund - September 2025
Investment Team
  • Jeffrey Sayer, MBA, CFA
    Vice President, Portfolio Manager
    Jeffrey Sayer, MBA, CFA
    Vice President, Portfolio Manager
    Jeff Sayer is Vice President, Portfolio Manager at Ninepoint Partners. Jeff oversees Global Equity, Infrastructure, Tactical Balanced and Split Corp investment strategies for the firm. Prior to Ninepoint’s formation, Jeff was with Sprott Asset Management (SAM), rounding out more than 20 years of investment management experience. Jeff received his MBA from the Schulich School of Business at York University and was awarded his CFA designation in 2004.
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  • Max Barrow
    Analyst
    Max Barrow
    Analyst
    Max Barrow is an Analyst focused on Ninepoint Partner’s equity portfolios. He works directly with the Global Dividend, Global Infrastructure, Canadian Large Cap Leaders Split Corp., and Capital Appreciation Funds. Max joined the firm as an intern in April of 2023 and returned as a full-time Analyst in July of 2024. Prior to joining Ninepoint, he has had experience in the Private Wealth Management industry at CIBC Wood Gundy, servicing high net-worth households.  Max holds a bachelor’s de...
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Key Takeaways
  • The Ninepoint Focused Global Dividend Fund returned 8.40% YTD, while the S&P Global 1200 Index returned 14.78%; for September, the Fund returned 5.39%, and the Index returned 5.07%.
  • Markets surged to new highs in September, driven by mega-cap tech and AI momentum, while rate cuts and solid earnings forecasts added fuel despite looming volatility and a U.S. government shutdown.
  • The Fund is currently overweight the Industrials and Financials sectors, while underweight the Utilities, Materials and Real Estate sectors.
  • 39 out of the 48 fund holdings have announced a dividend increase, with an average hike of 21.7%.

Monthly Update

Year-to-date to September 30, the Ninepoint Focused Global Dividend Fund generated a total return of 8.40% compared to the S&P Global 1200 Index, which generated a total return of 14.78%. For the month, the Fund generated a total return of 5.39% while the Index generated a total return of 5.07%.

Ninepoint Focused Global Dividend Fund - Compounded Returns¹ As of September 30, 2025 (Series F NPP964) | Inception Date: November 25, 2015

1M

YTD

3M

6M

1YR

3YR

5YR

Inception

Fund

5.39%

8.40%

9.05%

16.38%

19.47%

20.43%

12.29%

9.99%

S&P Global 1200 TR (CAD)

5.07%

14.78%

9.91%

16.11%

21.51%

24.93%

15.94%

12.90%

Markets continued to levitate to new all-time highs in September, as mega-cap tech stocks and the AI-trade garnered more and more attention and capital flows from investors. The disparities between the haves and the have-nots can clearly be seen by examining the S&P 500 and the Equal Weight S&P 500, with returns in the month of 3.53% and 0.90% respectively (according to LSEG). It is beginning to feel like the rally can continue into year-end, but perhaps with greater volatility along the way than what has been experienced over the past few months.

As we head into earnings season, revenue and earnings estimates remain solid, with FactSet looking for Q3 revenue growth of 6.3% and earnings growth of 8.0%, led by the Information Technology, Utilities, Materials, Financials and Industrials sectors. Unlike most years, analysts have raised estimates heading into earnings season, as most industries and companies have yet to experience the impact of inflation and tariffs on profit margins. But we will be closely watching the results and listening to management’s commentaries to assess the outlook over the balance of the year.

After persistent calls for interest rate cuts from some market participants (and most vocally from the President of the United States), on September 17, the US FOMC cut rates by 25 basis points, from 4.5% to 4.25% and (coincidently on the same day) the Bank of Cananda cut rates by 25 basis points, from 2.75% to 2.5%. The Federal Reserve also released its Summary of Economic Projections, which suggested another two more cuts of 25 basis points each over the balance of 2025 and at least one more cut of 25 basis points in early 2026. Based on history, hopes for an extended cycle of interest rate cuts are very supportive of continued market gains, at least in the near term.

But now investors must deal with a US government shutdown, which not only affects thousands of people who are on the government’s payroll but also prevents the release of timely economic data, including the critically important inflation and jobs numbers. Despite the information vacuum (though admittedly some private surveys will be made available as usual), the US equity markets remain unconcerned (evidenced by the S&P 500 index level valuation at 22.8x forward earnings compared to the 5-average of 19.9x and the 10-year average of 18.6x, according to FactSet). Given the unusual circumstances and conditions today, it will be very interesting to see how the equity markets perform through the coming earnings season. To be proactive, we have reduced outsized allocations to individual stocks and investment themes while remaining invested in a broadly diversified portfolio, in case a growth scare or some other shock materializes over the next couple of months.

Top contributors to the year-to-date performance of the Ninepoint Focused Global Dividend Fund by sector included Information Technology (+505 basis points), Industrials (+214 basis points) and Communication Services (+163 basis points), while the Utilities (-112 basis points) and Health Care (-90 basis points) sectors detracted from performance on an absolute basis.

On a relative basis, positive return contributions from the Industrials (+30 basis points), Energy (+21 basis points) and Information Technology (+18 basis points) sectors were offset by negative contributions from the Financials (-177 basis points), Utilities (-172 basis points) and Health Care (-115 basis points) sectors.

Total Return Contribution - YTD
Source: Ninepoint Partners

We are currently overweight the Industrials and Financials sectors, while underweight the Utilities, Materials and Real Estate sectors. As the market continues to make new all-time highs, we are wary of potential exogenous shocks, while weighing the probability of supportive rate cuts through the balance of the year. Note that we have expanded the number of individual holdings in the portfolio, since we expect rate cuts to broaden participation in the rally through year-end and into 2026. In the meantime, to mitigate the risks, we remain focused on high-quality, dividend payers that have demonstrated the ability to consistently generate revenue and earnings growth through the business cycle.

Sector Exposure
Source: Ninepoint Partners

The Ninepoint Focused Global Dividend Fund was concentrated in 48 positions as at September 30, 2025, with the top 10 holdings accounting for approximately 36.5% of the fund. Over the prior fiscal year, 39 out of our 48 holdings have announced a dividend increase, with an average hike of 21.7% (median hike of 8.2%). We will continue to apply a disciplined investment process, balancing various quality and valuation metrics, in an effort to generate solid risk-adjusted returns.

Jeffery Sayer, CFA
Ninepoint Partners

Historical Commentary

View All
  • Commentary
    August 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to August 31, the Ninepoint Focused Global Dividend Fund generated a total return of 2.86% compared to the S&P Global 1200 Index, which generated a total return of 9.24%. For the month, the Fund generated a total return of -0.84% while the Index generated a total return of 1.94%.
    Sector Investments
  • Commentary
    July 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to July 31, the Ninepoint Focused Global Dividend Fund generated a total return of 3.73% compared to the S&P Global 1200 Index, which generated a total return of 7.16%. For the month, the Fund generated a total return of 4.35% while the Index generated a total return of 2.61%.
    Sector Investments
  • Commentary
    June 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to June 30, the Ninepoint Focused Global Dividend Fund generated a total return of -0.60% compared to the S&P Global 1200 Index, which generated a total return of 4.43%. For the month, the Fund generated a total return of 4.52% while the Index generated a total return of 3.68%.
    Sector Investments
  • Commentary
    May 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to May 31, the Ninepoint Focused Global Dividend Fund generated a total return of -4.90% compared to the S&P Global 1200 Index, which generated a total return of 0.73%. For the month, the Fund generated a total return of 5.01% while the Index generated a total return of 5.48%.
    Sector Investments
  • Commentary
    April 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to April 30, the Ninepoint Focused Global Dividend Fund generated a total return of -9.44% compared to the S&P Global 1200 Index, which generated a total return of -4.51%. For the month, the Fund generated a total return of -2.77% while the Index generated a total return of -3.40%.
    Sector Investments
  • Commentary
    March 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to March 31, the Ninepoint Focused Global Dividend Fund generated a total return of -6.86% compared to the S&P Global 1200 Index, which generated a total return of -1.14%. For the month, the Fund generated a total return of -7.75% while the Index generated a total return of -4.18%.
    Sector Investments
  • Commentary
    February 2025
    Ninepoint Focused Global Dividend Fund
    Year-to-date to February 28, the Ninepoint Focused Global Dividend Fund generated a total return of 0.97% compared to the S&P Global 1200 Index, which generated a total return of 3.17%. For the month, the Fund generated a total return of -3.02% while the Index generated a total return of -0.82%.
    Sector Investments
  • Commentary
    January 2025
    Focused Global Dividend Fund
    Year-to-date to January 31, the Ninepoint Focused Global Dividend Fund generated a total return of 4.11% compared to the S&P Global 1200 Index, which generated a total return of 4.02%.
    Sector Investments
  • Commentary
    December 2024
    Focused Global Dividend Fund
    Year-to-date to December 31, the Ninepoint Focused Global Dividend Fund generated a total return of 31.73% compared to the S&P Global 1200 Index, which generated a total return of 29.76%. For the month, the Fund generated a total return of 0.27% while the Index generated a total return of 0.31%.
    Sector Investments
  • Commentary
    November 2024
    Focused Global Dividend Fund
    Year-to-date to November 30, the Ninepoint Focused Global Dividend Fund generated a total return of 31.37% compared to the S&P Global 1200 Index, which generated a total return of 29.36%. For the month, the Fund generated a total return of 7.19% while the Index generated a total return of 4.30%.
    Sector Investments
  • Commentary
    October 2024
    Ninepoint Focused Global Dividend Fund
    Year-to-date to October 31, the Ninepoint Focused Global Dividend Fund generated a total return of 22.56% compared to the S&P Global 1200 Index, which generated a total return of 24.03%. For the month, the Fund generated a total return of 2.54% while the Index generated a total return of 1.19%.
    Sector Investments
  • Commentary
    September 2024
    Ninepoint Focused Global Dividend Fund
    Year-to-date to September 30, the Ninepoint Focused Global Dividend Fund generated a total return of 19.52% compared to the S&P Global 1200 Index, which generated a total return of 22.57%. For the month, the Fund generated a total return of 0.92% while the Index generated a total return of 2.27%.
    Sector Investments
View All
All Funds
  • NPP964
    (Series F)
    Mutual Funds Equity
    $17.62 -$0.09 (-0.51%)
    As at 10/17/2025
    Growth of $10,000 Invested as at 9/30/2025
    Performance as at 9/30/2025
    1 Year
    19.47%
    3 Year
    20.43%
    5 Year
    12.29%
    10 Year
    -
    Incept.1
    10.00%
    1 Inception Date 11/27/2015
    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 9/30/2025. 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 9/30/2025. 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 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: Active management risk; ADR risk; Capital depletion risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Specific issuer risk; Tax 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 9/30/2025 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.

    © 2024 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    Morningstar Ranking/Number of Funds in Category displays the Fund’s actual rank within its Morningstar Category based on average annual total return and number of funds in that Category. The ranking is subject to change every month.

    The Morningstar Risk Adjusted Return (MRARs), commonly referred to as the Star Rating, relate the risk-adjusted performance of a fund to its peers with the same CIFSC Fund category for the period ended as noted and are subject to change monthly. Morningstar calculates ratings for categories with at least 5 funds. To determine a fund’s rating, the fund and its peer are ranked by their MRARs. If a fund scores in the top 10% of its category, it receives five stars (High); if it falls in the next 22.5% , it receives four stars (Above Average); the next 35% earns a fund three stars(Neutral or Average); those in the next 22.5% received two stars (Below Average); and the lowest 10% received one star (Low). The overall rating is a weighted combination of the 3, 5 and 10 year ratings. For greater detail, see morningstar.ca.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

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 9/30/2025; e) 2015 annual returns are from 11/25/15 to 12/31/15. The index is S&P GLOBAL 1200 TR (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; ADR Risk; Capital Depletion Risk; Credit Risk; Currency Risk; Cybersecurity Risk; Derivatives Risk; Exchange-Traded Funds Risk; Foreign Investment Risk; Inflation Risk; Interest Rate Risk; Liquidity Risk; Market Risk; Rule 144A and Other Exempted Securities Risk; Securities Lending, Repurchase and Reverse Repurchase Transactions Risk; Series Risk; Short Selling Risk; Specific Issuer Risk; Tax Risk.

Ninepoint Partners LP is the investment manager to the Ninepoint 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 rate of return for series F shares of the Fund for the period ended 9/30/2025 is based on the historical annual compounded total return including changes in share value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. 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.

The opinions, estimates and projections (“information”) contained within this report are solely those of Ninepoint Partners LP and are subject to change without notice. Ninepoint Partners makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Ninepoint Partners assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Ninepoint Partners is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances.

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners LP. Any reference to a particular company is for illustrative purposes only and should not to be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by Ninepoint Partners LP is or will be invested.

Ninepoint Partners LP and/ or its affiliates may collectively beneficially own/control 1% or more of any class of the equity securities of the issuers mentioned in this report. Ninepoint Partners LP and/or its affiliates may hold short position in any class of the equity securities of the issuers mentioned in this report. During the preceding 12 months, Ninepoint Partners LP and/or its affiliates may have received remuneration other than normal course investment advisory or trade execution services from the issuers mentioned in this report.