Ninepoint Balanced+ Fund - Series S

Ninepoint Balanced+ Fund

formerly Ninepoint Capital Appreciation Fund

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NPP1032

Daily NAV Change · As at 11/7/2025

$0.00 (-0.03%)
NAV · As at 11/7/2025

$11.17
Risk Tolerance

Low - Med
Distributions^††

5.00% Target
Inception Date

3/6/2024

Disclaimer

Overview

A balanced fund that combines tactical asset allocation, specialist management, and diversified strategies across equities, fixed income, and alternatives to deliver a resilient, total-return solution for modern markets.

Active Allocations

Not another static model portfolio. The fund is actively managed and tactically rebalanced to adapt as markets change. Its dynamic, multilayered approach adjusts allocations across and within asset classes to capture opportunities and manage risk through market cycles.
Expert Access

Gain access to a team of specialist portfolio managers with deep expertise across equities, fixed income, real assets, and alternatives. Portfolio managers are supported by a proprietary risk and analytics platform designed to identify risks, stress test portfolios, and inform tactical allocation decisions.
Access to Unique Opportunities

Unlock access to a broader range of investments than traditional balanced funds. In addition to actively managed equities and fixed income, the portfolio includes real assets and liquid alternatives, expanding diversification, enhancing resilience, and providing new potential sources of return across different market environments.

Fund Objective

The investment objective of the fund is to seek to provide unitholders with long-term growth and capital preservation using a balanced investment approach. The Fund will primarily invest, both directly and indirectly, in a mix of equity and fixed income securities and mutual funds.

Investment Team

John Wilson, MBA

Co-CEO, Managing Partner, Senior Portfolio Manager

John Wilson, MBA

Co-CEO, Managing Partner, Senior Portfolio Manager

John Wilson is a founding principal, Co-CEO and Managing Partner of Ninepoint Partners. John oversees all aspects of the firm’s investment and research initiatives. Prior to Ninepoint’s formation, he was CEO, CO-CIO and Senior Portfolio Manager at Sprott Asset Management (SAM). Previous to SAM, he was Chief Investment Officer at Cumberland Private Wealth Management, founder and CEO of DDX Capital Partners, an alternative investment management firm; was Managing Director at RBC Capital Markets...
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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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Robert McCallum, CFA, CIM, MFin.

Director, Head of Portfolio Consulting Services & Associate Portfolio Manager

Robert McCallum, CFA, CIM, MFin.

Director, Head of Portfolio Consulting Services & Associate Portfolio Manager

As the Director of Ninepoint Portfolio Consulting, Robert leads the PRISM program. Prior to Ninepoint, Robert was Vice President at BlackRock Inc. and led the Portfolio Consulting team efforts in Canada. The team was based out of San Francisco/New York, where they worked with some of the most sophisticated institutional clients in the world. Prior to BlackRock, Robert worked on Private Equity at Constellation Software (CSU), and RPIA, a boutique Credit Hedge Fund in Toronto. Robbie is a CFA C...
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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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Series S Performance

Compound Returns

As at 10/31/2025 (Series S) NPP1032

Compound Returns
MTD %	YTD %	1Y %	3Y %	5Y %	10Y %	Inception %^†
-0.03 As at 11/7/2025	11.44	15.03	-	-	-	12.35

^†Inception Date: March 6, 2024

Distribution Yields

As at 10/31/2025 (Series S) NPP1032

Distributions Per Unit	Distribution Rate	12 Month Trailing Yield	Distribution Frequency	Record Date
$0.04350	4.72%	4.67%	Monthly	9/30/2025

Growth of $10,000 Invested

As at 9/30/2025 (Series S) NPP1032

Risk Tolerance

Low
Low - Med
Medium
Med - High
High

Portfolio

As at 9/30/2025

Geographic Allocation

Geographic Allocation
Sector	Weight %
Canada	88.10
United States	11.78

Top Ten Holdings

Issuer Name
Canadian Large Cap Leaders Split Corp
Ninepoint Alternative Credit Opportunities Etf
Ninepoint Diversified Bond Fund
Ninepoint Energy Series A
Ninepoint Global Infrastructure Fund
Ninepoint Global Select Fund
Ninepoint Gold And Precious Minerals Fund
Ninepoint Gold Bullion Fund
Ninepoint Target Income Etf
Nvidia Corporation

Facts, Fees & Fund Codes

Facts
Facts
Fund Type	Tactical Balanced
Inception Date	March 6, 2024
Registered Tax Plan Status	Eligible
Distributions	5% NAV/unit per annum paid monthly^††
Performance Fee	-
Minimum Initial Investment	$500
Minimum Subsequent Investment	$25
Minimum Investment Term	20 days (1.5% penalty)
Redemptions	Daily
Valuations	Daily
CUSIP	65443K103
^††Series A, S, F, SF, P, PF, Q, QF, D

Fees
Fees
Management Fee	Series A: 1.95% Series D: 0.95% Series ETF: 0.95% Series F: 0.95% Series P: 1.85% Series PF: 0.85% Series Q: 1.75% Series QF: 0.75% Series S: 1.65% Series SF: 0.65%

Fund Codes
Ticker & Fund Codes
Series A	NPP1028
Series D	NPP1030
Series ETF ^**	NBAL
Series F	NPP1029
Series P	NPP1034
Series PF	NPP1035
Series Q	NPP1036
Series QF	NPP1037
Series S ^*	NPP1032
Series SF ^*	NPP1033
Closed to new purchases. *Exchange: Toronto Stock Exchange (TSX)

Documents

All returns and fund details are a) based on Series S shares; b) net of fees; c) annualized if period is greater than one year; d) as at 9/30/2025. 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 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 Ninepoint Balanced+ Fund is generally exposed to the following risks: Active management risk; Borrowing risk; Capital depletion risk; Collateral risk; Commodity risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Emerging markets risk; Energy risk; Exchange traded funds risk; Foreign investment risk; Income trust risk; Inflation risk; Interest rate risk; Leverage risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small company 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 S 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.

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