TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (the Manager ) today announced its plans to make certain changes to Ninepoint High Interest Savings Fund (the Fund ) in connection with the Fund revising its investment strategy to meet the definition of a “money market fund” as set out in National Instrument 81-102 Investment Funds ( NI 81-102 ) effective September 3, 2024, and to implement changes to the operation of the Fund to be consistent with industry practice in respect of money market funds.
“The Fund will continue to maximize yield on cash balances, while providing easy access to investments with daily liquidity,” said Etienne Bordeleau-Labrecque, Vice President and Portfolio Manager at Ninepoint Partners. “The Fund will also continue to invest in high interest savings accounts offered at Schedule 1 Canadian Banks and/or high-quality money market securities.”
The following changes are reflected in the Amended and Restated Simplified Prospectus, Amended Fund Facts and Amended ETF Facts of the Fund, each dated as of August 14, 2024 (collectively, the Prospectus Documents ), and are subject to the Manager obtaining a final receipt in respect of the Prospectus Documents.
Investment strategy change Beginning September 3, 2024, the Fund will revise its investment strategy to meet the definition of a “money market fund” as set out in NI 81-102.
Accordingly, the Fund’s investments will follow the legal requirements for “money market funds” with respect to quality, liquidity and maturity of investments, including the requirements for the Fund’s investments in commercial paper, corporate bonds or other securities to meet regulatory rating requirements or any exemptions from such requirements.
The Fund intends to maintain a portfolio which is substantially invested in high-quality short term corporate debt instruments. The Fund may also invest in high interest savings accounts at Schedule 1 Canadian Banks and other short term debt obligations, as described in the Prospectus Documents.
The Fund may also choose to engage in securities lending, as permitted by securities regulations, to seek to generate additional income.
The Manager will provide written notice of its intent to engage in securities lending at least 60 days before it engages in securities lending.
There are no changes to the investment objectives of the Fund.
Target net asset value (NAV) for mutual fund series and ETF series units of the Fund On September 3, 2024, the Fund will consolidate the outstanding units of the Fund, as required, so that a series NAV of $10.00 per unit for the mutual fund series units of the Fund is achieved.
Thereafter, although no assurance can be given that this will always be the case, as of September 3, 2024, it is intended that: (i) a series NAV of $10.00 per unit for the mutual fund series units of the Fund be maintained by allocating net income, if any, on a daily basis to unitholders of record on the previous business day and distributing it monthly; and (ii) a series NAV of $50.00 or higher per unit for the ETF series units of the Fund be maintained by accruing net income, if any, on a daily basis to unitholders of record on the previous business day and distributing it monthly.
While, as of September 3, 2024, the Fund intends to maintain the foregoing NAVs, there is no guarantee that the unit price of the mutual fund series units or the ETF series units of the Fund will not go up or down.
Fund name change In connection with the foregoing changes, as of September 3, 2024, the Fund will be renamed Ninepoint Cash Management Fund.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.
For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus 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 NAV 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.
Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada (“forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Ninepoint Partners LP to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Ninepoint Partners LP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Ninepoint Partners LP undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Sales Inquiries: Ninepoint Partners LP Neil Ross 416-945-6227 nross@ninepoint.com
