Ninepoint Silver Bullion Fund - Series F


Silver bullion may assist in protecting a portfolio from currency devaluation and inflation. Silver has been used throughout human history as a store of monetary value, and as such enjoys investment demand for its monetary utility. Silver’s unique qualities also make it considerably useful in a large number of industrial applications, thus making it one of the few monetary metals that also enjoy a commodity-driven demand profile.

  • Increasing instability in the U.S. dollar

    Increasing instability in the U.S. dollar

  • Increasing investment demand for physical silver

    Increasing investment demand for physical silver

  • Significant short positions

    Significant short positions

  • Limited physical supply

    Limited physical supply

Fund Objective

The Fund seeks to provide a secure, convenient alternative for investors seeking to hold silver. The Fund will invest primarily in unencumbered, fully allocated silver bullion and silver certificates. The Fund may also invest a portion of its assets in cash, money market instruments and/or treasury bills.

Investment Team

  • Ninepoint Partners Sub Advised by Sprott Asset Management (SAM)
    Ninepoint Partners Sub Advised by Sprott Asset Management (SAM)
    Sprott Asset Management LP is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toront...
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  • Maria Smirnova, MBA, CFA
    Senior Portfolio Manager, Sprott Asset Management - Sub-Advisor
    Maria Smirnova, MBA, CFA
    Senior Portfolio Manager, Sprott Asset Management - Sub-Advisor
    Maria joined Sprott Asset Management LP as a Research Associate in May 2005, and was appointed Associate Portfolio Manager in February 2010, Portfolio Manager in March 2014 and Senior Portfolio Manager in May 2017. Maria is part of the precious metals team and manages Ninepoint Silver Equities Fund and Ninepoint Gold and Precious Minerals Fund. Maria has over 20 years of experience in the financial services industry; she began her career at Excel Funds Management as Operations Manager, and su...
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  • Shree Kargutkar, MBA, CFA
    Senior Portfolio Manager, Sprott Asset Management - Sub-Advisor
    Shree Kargutkar, MBA, CFA
    Senior Portfolio Manager, Sprott Asset Management - Sub-Advisor
    Shree has more than 10 years of investment experience. He began his career at Sprott Asset Management in May 2010. During his time at Sprott, he has run both long-only and long-short strategies. Shree specializes in precious metals and commodities investing. He also leverages his expertise in derivatives across various mandates and implements strategies for risk mitigation, income generation and improving upside capture. Shree obtained his MBA from the University of Toronto in 2011. He holds...
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Compound Returns

As at 5/31/2024 (Series F) NPP326
Compound Returns
MTD % YTD % 1Y % 3Y % 5Y % 10Y % Inception %
As at 6/14/2024
30.67 28.20 5.54 14.08 5.42 -1.00
Inception Date: May 9, 2011

Growth of $10,000 Invested

As at 5/31/2024 (Series F) NPP326

Risk Tolerance

  • Low
  • Low - Med
  • Medium
  • Med - High
  • High


As at 5/31/2024

Sector Allocation

Sector Allocation
Sector Weight %
Silver Bullion 99.7
Cash and Cash Equivalents 0.3

Geographic Allocation

Geographic Allocation
Sector Weight %
United States 99.7

Top Ten Holdings

Issuer Name
Silver Bullion

Statistical Analysis

As at 5/31/2024 (Series F) NPP326
Statistics Fund Index (Silver Spot (CAD))
Cumulative Return -12.32% 12.25%
Growth of 10K $8,768.00 $11,225.00
Sharpe Ratio -0.15 -0.08
Standard Deviation 27.50% 27.53%
Total Down Months 88 85
Total Positive Months 68 71

Facts, Fees & Fund Codes

Fund Type
Precious Metals Fund
Inception Date
May 9, 2011
Registered Tax Plan Status
Performance Fee
Minimum Initial Investment
Minimum Subsequent Investment
Minimum Investment Term
20 days (1% penalty)
Management Fee
Series A: 1.30%
Series D: 0.85%
Series F: 0.85%
Fund Codes
Fund Codes
Series A NPP316
Series D NPP359
Series F NPP326
Series A $USD NPP309
Series F $USD NPP311


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 4/30/2024. Top ten holdings, sector allocation and geographic allocation as at 4/30/2024. 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: Commodity risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Inflation risk; Interest rate risk; Market risk; Series risk; Sub-adviser risk; Substantial securityholder 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 4/30/2024 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 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