Alt Thinking December 31, 2025
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Ninepoint Cash Management Fund

Ninepoint Cash Management Fund - December 2025
Investment Team
  • Mark Wisniewski
    Partner, Senior Portfolio Manager
    Mark Wisniewski
    Partner, Senior Portfolio Manager
    Mark Wisniewski is Partner and Senior Portfolio Manager at Ninepoint Partners and oversees the firm’s Fixed Income team and investment strategies. Prior to Ninepoint’s formation, Mark was with Sprott Asset Management (SAM) from 2015, rounding out more than 30 years of investment industry experience, specializing in fixed income. Prior to SAM, Mark was a Portfolio Manager specializing in alternative credit products at GluskinSheff & Associates, where he managed $1.3 billion across several...
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  • Etienne Bordeleau-Labrecque, MBA, CFA
    Vice President, Portfolio Manager
    Etienne Bordeleau-Labrecque, MBA, CFA
    Vice President, Portfolio Manager
    Etienne Bordeleau-Labrecque is Vice President, Portfolio Manager at Ninepoint Partners. With over 10 years of expertise across equities, interest rates and credit, he now focuses primarily on the firm’s Fixed Income franchise. Prior to Ninepoint’s formation, Etienne was with Sprott Asset Management (SAM) from 2012, where he worked as an Analyst and Associate Portfolio Manager, covering North American equities in the financial, energy, utility and health care sectors. From 2008 to 2011, Étienn...
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  • Nick Warwick, MBA, CFA
    Associate Portfolio Manager
    Nick Warwick, MBA, CFA
    Associate Portfolio Manager
    Nick Warwick is an Associate Portfolio Manager at Ninepoint Partners. Prior to Ninepoint, Nick was with TD Asset Management as a credit analyst covering the global oil & gas and non-North American financials sector. Past sector coverage includes pipelines, utilities, and industrials. Prior to his time at TD Asset Management, Nick worked for TD Securities on a foreign exchange sales desk in addition to a fixed income sales desk. Nick holds a Bachelor of Arts Degree from Queen's University...
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Key Takeaways
  • BoC Outlook: With inflation near target and the economy stabilizing, the Bank of Canada is expected to hold the overnight rate at 2.25% through 2026, with USMCA renegotiations being the main downside risk.
  • Portfolio Positioning: The fund increased allocations to NHA‑MBS, high‑quality 2026 maturities, and floating‑rate notes, resulting in income meaningfully above T‑bills while maintaining a very conservative risk profile.

The Ninepoint Cash Management Fund returned +0.21% (Series F) in December, bringing year-to-date performance to +2.90% (Series F).

NINEPOINT CASH MANAGEMENT FUND - COMPOUNDED RETURNS¹ (%) AS OF DECEMBER 31, 2025 (SERIES F NPP119) | INCEPTION DATE: AUGUST 6, 2010

1M

YTD

3M

6M

1YR

3YR

5YR

10YR

15YR

INCEPTION

FUND

0.21%

2.90%

0.64%

1.36%

2.90%

4.28%

3.13%

2.19%

2.17%

2.15%

The Bank of Canada (BoC) is now firmly on hold, and we believe that it is very likely that the overnight rate (Figure 1), now at 2.25%, remains there for 2026. Why?

Inflation is around target, with more disinflation in the pipeline due to lower house prices and rents. The economy, which was very soft in 2025 due to the trade war with the U.S., is set to rebound, helped by some additional fiscal stimulus and a stabilization of the trade situation. In these circumstances, the output gap will slowly close, justifying a monetary policy stance that is about neutral (2.25% is the bottom end of their estimated neutral range). The main downside risk we see in 2026 for the Canadian economy is the USMCA renegotiation. If this goes poorly, we could see another negative growth shock hit the Canadian economy, likely prompting the BoC to ease further. This is a risk, and not our base case.

Source: Bloomberg

Throughout the fourth quarter of 2025, we have continued to add to NHA-MBS securities (government guaranteed AAA rated mortgage backed securities), and now stand at our maximum weight of 10%. Their slightly longer duration and attractive spread over government bonds allowed us to pick more yield as the market priced-in higher odds of rate hikes by the BoC in 2026 (we disagree with this assessment, but are happy to lock-in those higher rates).

In the same spirit, we have also added a few new high-quality corporate bonds and securitizations that mature in the summer and fall of 2026, to benefit from higher rates out of the curve. 

Otherwise, we have been adding more to floating rate notes (FRN) issued by both Canadian banks and U.S. based insurance companies (all in Canadian dollars). Those have very high quality, while offering a nice yield pickup over the BoC’s overnight rate. The overall allocation of the fund to floating rate securities was 73% at year-end.

All these changes leave us in the enviable position of generating income well in excess of treasury bills (the 3-month T-bill rate was 2.20% at December 31, 2025) or the BoC’s overnight rate (2.25%).

Our goal remains the same: provide investors with the highest yield possible while managing the portfolio to extremely conservative guidelines.

Until next month,

Etienne & Nick

Historical Commentary

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  • Commentary
    October 2025
    Ninepoint Cash Management Fund
    As was widely expected, the Bank of Canada (BoC) cut rates for a second consecutive meeting. However, the tone was hawkish, with the BoC essentially signalling that they see the current level of interest rates as appropriate (i.e. this could be the end of the easing cycle).
    Cash Categories
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All Funds
  • NPP119
    (Series F)
    Mutual Funds Exchange Traded Funds Cash Strategies
    $10.00 $0.00 (0.01%)
    As at 1/23/2026
    Growth of $10,000 Invested as at 12/31/2025
    Performance as at 12/31/2025
    1 Year
    2.89%
    3 Year
    4.27%
    5 Year
    3.13%
    10 Year
    2.19%
    Incept.1
    2.14%
    1 Inception Date 8/6/2010
    Go To Fund

    Effective September 3, 2024, Ninepoint High Interest Savings Fund changed its name to Ninepoint Cash Management Fund; and changed its investment strategies to follow the legal requirements for money market funds with respect to quality, liquidity and maturity of investments; and permitted the Fund to engage in securities lending as permitted by securities regulations. Effective March 4, 2019 the Ninepoint Short Term Bond Fund’s name was changed to the Ninepoint High Interest Savings Fund, and also changed its investment objective. Effective August 3, 2023 the Fund’s strategy was changed to include the option to invest in high-quality money market securities. The above is the performance for the Ninepoint Short Term Bond Fund up to March 4, 2019, the Ninepoint High Interest Savings Fund from March 8, 2019 to August 2, 2023 and that of the new strategy for the Ninepoint High Interest Savings Fund to September 2, 2024. All performance after September 3, 2024 is that of the Ninepoint Cash Management 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 12/31/2025. 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 and sector allocation as at 12/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. 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 average rating may change over time and is subject to change without notice.  The portfolio itself has not been rated by an independent rating agency. The fund’s underlying investments are rated by designated rating organizations and meet the regulatory requirements for money market funds. The portfolio effective rating is computed as the market value weighted average rating of positions in the portfolio. The rating for each position is computed as an average of available ratings as issued by the designated rating agencies. The ratings themselves may be short-term or long-term depending on the original issue date of the security. Issue rating is used wherever available. When issue rating is unavailable, issuer rating is used instead. Cash is excluded from the calculation.

    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; Borrowing risk; Credit risk; Cybersecurity risk; Inflation risk; Interest rate risk; Leverage risk; Market risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Specific issuer risk; Tax risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series 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. 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 net asset value 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. The indicated rates of return for series F units of the Funds for the period ended 12/31/2025 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.

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

1All Ninepoint Cash Management Bond Fund 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 12/31/2025.

The Fund is generally exposed to the following risks: Active management risk; Borrowing risk; Credit risk; Cybersecurity risk; Inflation risk; Interest rate risk; Leverage risk; Market risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Specific issuer risk; Tax risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series 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. 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 net asset value 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. The indicated rates of return for series F units of the Funds for the period ended 12/31/2025 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.
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.