Ninepoint Partners LP

The portfolio is characterized by high conviction, with the top 10 holdings accounting for approximately 78% of the total value. The manager maintains a focused approach, holding 75 positions, but with a clear skew toward specific sectors. The strategy appears to be a blend of thematic sector investing (specifically Energy) and broad market exposure via ETFs, supplemented by tactical positions in technology and basic materials.

2. Key Holdings

The portfolio is heavily anchored in the Energy sector, with the top five positions all representing energy exploration, production, or services:

• Antero Resources Corp (AR) and Range Resources Corp (RRC) are the twin pillars of the portfolio, representing 13.91% and 13.87% respectively. These are natural gas-heavy weighted positions, suggesting a strong conviction on natural gas pricing.
• EQT Corp (EQT) follows as the third-largest holding at 12.08%, further reinforcing the concentration in natural gas.
• Cenovus Energy Inc (CVE) holds the 4th position at 11.08%. Notably, this was a major focus of capital deployment during the quarter (see Quarter Changes).
• Diamondback Energy Inc (FANG) is a new entrant in the top 5, immediately securing an 8.30% allocation.