Ninepoint Partners LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ninepoint Partners LP reported 158 stock positions worth $842.5 million. Its top holding was Expand Energy (EXE) at 10.5% of the portfolio, followed by Antero Resources (AR, 10.2%) and Cenovus Energy (CVE, 9.0%). Compared with Q3 2025, it opened 60 new positions, sold out of 34, added to 46 and reduced 32. The biggest buy was a new position in Gulfport Energy (GPOR) and the biggest sale an exit from Range Resources (RRC).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001715635
Portfolio Value
$842.5M (Q4 2025)
SEC Filing
0001715635-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $789.3M Q1 2024 Q2 2024: $930.4M Q2 2024 Q3 2024: $761.8M Q3 2024 Q4 2024: $629.4M Q4 2024 Q1 2025: $569.5M Q1 2025 Q2 2025: $516.7M Q2 2025 Q3 2025: $724.5M Q3 2025 Q4 2025: $842.5M $842.5M Q4 2025 Q1 2026: $845.8M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 158 stocks · $842.5M
EXE Expand Energy Corp. 10.48% 800,000 $88.3M Reduce -11.1%
AR Antero Resources Corp. 10.23% 2,500,000 $86.2M Add +11.1%
CVE Cenovus Energy Inc. 9.04% 4,500,000 $76.1M Add +27.1%
EQT Eqt Corp. 7.69% 1,208,717 $64.8M Add +0.4%
VNOM Viper Energy Inc. Class A 5.50% 1,200,000 $46.4M Add +700.0%
GPOR Gulfport Energy Corp. 4.94% 200,000 $41.6M New
SPY SS SPDR S&P 500 ETF Trust-US 3.95% 48,800 $33.3M Reduce -3.4%
CCJ Cameco Corp. 2.60% 239,783 $21.9M Add +109.7%
VZLA Vizsla Silver Corp. 2.21% 3,410,000 $18.7M Add +143.2%
HYMC Hycroft Mining Holding Co. Class A 2.14% 757,100 $18.0M New
SHOP Shopify Inc. Class A 2.07% 108,591 $17.5M Add +156.0%
KGC Kinross Gold Corp. 2.06% 614,920 $17.3M Add +31.7%
CNI Canadian Natl Railway Co. 1.96% 121,522 $16.5M Add +131.8%
ENB Enbridge Inc. 1.83% 322,950 $15.4M Add +22.9%
WPM Wheaton Precious Metals Corp. 1.74% 124,948 $14.7M Add +412.3%
AEM Agnico Eagle Mines Ltd. 1.40% 69,770 $11.8M Reduce -0.0%
AGI Alamos Gold Inc. Class A 1.40% 305,000 $11.8M No change
CDE Coeur Mining Inc. 1.38% 654,243 $11.7M New
RY Royal Bank of Canada 1.15% 56,706 $9.7M Add +19.9%
TD Toronto-Dominion Bank 1.14% 102,340 $9.6M Add +263.0%
B Barrick Mining Corp. 1.14% 220,835 $9.6M Reduce -18.4%
SU Suncor Energy Inc. 1.05% 200,098 $8.9M Add +42.0%
BCE Bce Inc. 0.98% 345,023 $8.2M Add +356.0%
CNQ Canadian Natural Resources 0.92% 228,553 $7.7M Add +165.2%
IAG Iamgold Corp. 0.82% 418,900 $6.9M No change
HL Hecla Mining Co. 0.82% 358,600 $6.9M New
SOBO South Bow Corp. 0.82% 250,000 $6.9M Reduce -9.3%
CNL Collective Mining Ltd. 0.81% 470,000 $6.9M No change
PAAS Pan American Silver Corp. 0.71% 115,621 $6.0M Add +142.6%
NVDA Nvidia Corp. 0.62% 28,192 $5.3M Add +24.9%
TRP TC Energy Corp. 0.59% 90,005 $5.0M Add +6.7%
PR Permian Resources Corp. Class A 0.58% 350,000 $4.9M No change
CHRD Chord Energy Corp. 0.55% 50,000 $4.6M No change
EXK Endeavour Silver Corp. 0.49% 434,783 $4.1M New
SLV iShares Silver Trust 0.46% 60,299 $3.9M New
MFC Manulife Financial Corp. 0.45% 103,597 $3.8M Reduce -14.0%
GOOG Alphabet Inc. Class C 0.43% 11,462 $3.6M Add +132.1%
NXE Nexgen Energy Ltd. 0.41% 380,000 $3.5M No change
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.41% 125,466 $3.5M New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.40% 37,017 $3.4M Reduce -10.6%
MSFT Microsoft Corp. 0.37% 6,365 $3.1M Reduce -13.9%
FTS Fortis Inc. 0.36% 59,008 $3.1M Reduce -1.1%
PTEN Patterson-Uti Energy Inc. 0.36% 500,000 $3.1M No change
FANG Diamondback Energy Inc. 0.36% 20,000 $3.0M Reduce -93.7%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.36% 222,500 $3.0M Add +27.1%
BIP Brookfield Infrastructure Pa 0.35% 85,637 $3.0M New
FBTC Fidelity Wise Origin Bitcoin 0.28% 30,800 $2.3M New
FCX Freeport-McMoran Inc. 0.27% 45,000 $2.3M Reduce -18.2%
AMZN Amazon.com Inc. 0.26% 9,377 $2.2M Add +106.9%
UNP Union Pacific Corp. 0.25% 9,027 $2.1M Reduce -4.3%
MTZ Mastec Inc. 0.22% 8,500 $1.8M Add +1.7%
AMT American Tower Corp. 0.21% 10,295 $1.8M Reduce -15.7%
CSX CSX Corp. 0.21% 48,988 $1.8M New
NDAQ Nasdaq Inc. 0.21% 18,163 $1.8M Add +621.9%
WMB Williams Cos Inc. 0.20% 27,815 $1.7M New
CEG Constellation Energy 0.19% 4,613 $1.6M Reduce -19.2%
NI Nisource Inc. 0.19% 37,720 $1.6M Reduce -3.9%
AAPL Apple Inc. 0.19% 5,764 $1.6M Add +7.4%
AVGO Broadcom Inc. 0.18% 4,422 $1.5M Reduce -0.5%
TRGP Targa Resources Corp. 0.18% 8,055 $1.5M Reduce -8.6%
HOOD Robinhood Markets Inc. Class A 0.17% 12,834 $1.5M Reduce -25.1%
EQIX Equinix Inc. 0.17% 1,877 $1.4M Reduce -1.2%
TLN Talen Energy Corp. 0.17% 3,764 $1.4M New
AEE Ameren Corporation 0.16% 13,696 $1.4M Reduce -16.2%
CNP Centerpoint Energy Inc. 0.16% 35,588 $1.4M New
DY Dycom Industries Inc. 0.16% 4,029 $1.4M New
WEC WEC Energy Group Inc. 0.16% 12,863 $1.4M New
SRE Sempra 0.16% 15,358 $1.4M New
AMD Advanced Micro Devices 0.16% 6,313 $1.4M Add +18.5%
AEP American Electric Power 0.16% 11,636 $1.3M Reduce -20.3%
ETR Entergy Corp. 0.16% 14,516 $1.3M Reduce -19.9%
NEE Nextera Energy Inc. 0.16% 16,452 $1.3M New
PWR Quanta Services Inc. 0.16% 3,119 $1.3M Reduce -23.3%
UEC Uranium Energy Corp. 0.16% 112,625 $1.3M No change
VST Vistra Corp. 0.14% 7,504 $1.2M Reduce -9.7%
COIN Coinbase Global Inc. Class A 0.14% 5,181 $1.2M Reduce -21.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.13% 7,389 $1.1M Add +33.9%
FIGR Figure Technology Solut Class A 0.13% 26,755 $1.1M New
RDDT Reddit Inc. Class A 0.12% 4,546 $1.0M New
JPM JPMorgan Chase & Co. 0.10% 2,613 $842K Reduce -16.4%
GOOGL Alphabet Inc. Class A 0.10% 2,672 $836K New
GLW Corning Inc. 0.09% 8,663 $759K New
WMT Walmart Inc. 0.09% 6,691 $745K No change
PANW Palo Alto Networks Inc. 0.09% 4,000 $737K New
ERO Ero Copper Corp. 0.08% 25,000 $707K Reduce -66.7%
META Meta Platforms Inc. Class A 0.08% 1,051 $694K Reduce -33.0%
CME Cme Group Inc. 0.08% 2,451 $669K Add +15.6%
LLY Eli Lilly & Co. 0.08% 605 $650K Reduce -8.1%
TSM Taiwan Semiconductor-SP ADR 0.08% 2,131 $648K Add +6.6%
WELL Welltower Inc. 0.08% 3,479 $646K Add +137.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.07% 37,733 $632K Add +439.4%
NTRA Natera Inc. 0.07% 2,726 $624K Add +99.3%
COST Costco Wholesale Corp. 0.07% 720 $621K No change
AER Aercap Holdings NV 0.07% 4,099 $589K Add +316.6%
LRCX Lam Research Corp. 0.07% 3,418 $585K New
JNJ Johnson & Johnson 0.07% 2,815 $583K No change
DG Dollar General Corp. 0.07% 4,348 $577K Add +49.8%
GS Goldman Sachs Group Inc. 0.07% 648 $570K No change
CSCO Cisco Systems Inc. 0.07% 7,388 $569K No change
ISRG Intuitive Surgical Inc. 0.07% 995 $564K New

Show all 158 holdings

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($31.0M), ISHARES TR puts ($25.7M), HYCROFT MINING HOLDING CORP puts ($5.0M).

Portfolio Sells Q3 2025 → Q4 2025
RRC Range Resources Corp. Sold out 0.00% −10.39
FANG Diamondback Energy Inc. Reduce -93.7% 0.36% −5.87
EXE Expand Energy Corp. Reduce -11.1% 10.48% −2.72
RIG Transocean Ltd. Sold out 0.00% −2.58
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.4% 3.95% −0.69
SLF Sun Life Financial Inc. Sold out 0.00% −0.40
TU Telus Corp. Sold out 0.00% −0.40
SOBO South Bow Corp. Reduce -9.3% 0.82% −0.26
NSC Norfolk Southern Corp. Sold out 0.00% −0.24
PPL PPL Corp. Sold out 0.00% −0.24
DUK Duke Energy Corp. Sold out 0.00% −0.23
AEM Agnico Eagle Mines Ltd. Reduce -0.0% 1.40% −0.22
WTRG Essential Utilities Inc. Sold out 0.00% −0.21
DLR Digital Realty Trust Inc. Sold out 0.00% −0.21
ACM Aecom Sold out 0.00% −0.21
HUT Hut 8 Corp. Sold out 0.00% −0.21
LNG Cheniere Energy Inc. Sold out 0.00% −0.20
CP Canadian Pacific Kansas City Reduce -89.9% 0.02% −0.20
MA Mastercard Inc. Class A Reduce -86.9% 0.02% −0.18
RBLX Roblox Corp. Class A Sold out 0.00% −0.18
COIN Coinbase Global Inc. Class A Reduce -21.6% 0.14% −0.17
HOOD Robinhood Markets Inc. Class A Reduce -25.1% 0.17% −0.17
MSFT Microsoft Corp. Reduce -13.9% 0.37% −0.16
PYPL PayPal Holdings Inc. Sold out 0.00% −0.15
NEM Newmont Corp. Sold out 0.00% −0.13
ERO Ero Copper Corp. Reduce -66.7% 0.08% −0.13
AMT American Tower Corp. Reduce -15.7% 0.21% −0.11
GEMI Gemini Space Station Inc. Class A Sold out 0.00% −0.10
ORCL Oracle Corp. Sold out 0.00% −0.09
B Barrick Mining Corp. Reduce -18.4% 1.14% −0.08
VST Vistra Corp. Reduce -9.7% 0.14% −0.08
CRCL Circle Internet Group Inc. Sold out 0.00% −0.08
META Meta Platforms Inc. Class A Reduce -33.0% 0.08% −0.08
PWR Quanta Services Inc. Reduce -23.3% 0.16% −0.08
ETR Entergy Corp. Reduce -19.9% 0.16% −0.07
AEE Ameren Corporation Reduce -16.2% 0.16% −0.07
BLK BlackRock Inc. Sold out 0.00% −0.07
MFC Manulife Financial Corp. Reduce -14.0% 0.45% −0.07
AEP American Electric Power Reduce -20.3% 0.16% −0.07
SAP Sap SE-Sponsored ADR Sold out 0.00% −0.07
HD Home Depot Inc. Sold out 0.00% −0.07
CEG Constellation Energy Reduce -19.2% 0.19% −0.07
UNP Union Pacific Corp. Reduce -4.3% 0.25% −0.06
CM Can Imperial BK of Commerce Reduce -10.6% 0.40% −0.06
FTS Fortis Inc. Reduce -1.1% 0.36% −0.05
ABBV Abbvie Inc. Reduce -65.1% 0.02% −0.05
NI Nisource Inc. Reduce -3.9% 0.19% −0.05
JPM JPMorgan Chase & Co. Reduce -16.4% 0.10% −0.04
EQIX Equinix Inc. Reduce -1.2% 0.17% −0.03
DIS The Walt Disney Co. Sold out 0.00% −0.03

Portfolio Buys Q3 2025 → Q4 2025
GPOR Gulfport Energy Corp. New 4.94% +4.94
VNOM Viper Energy Inc. Class A Add +700.0% 5.50% +4.71
HYMC Hycroft Mining Holding Co. Class A New 2.14% +2.14
CDE Coeur Mining Inc. New 1.38% +1.38
VZLA Vizsla Silver Corp. Add +143.2% 2.21% +1.38
WPM Wheaton Precious Metals Corp. Add +412.3% 1.74% +1.37
CCJ Cameco Corp. Add +109.7% 2.60% +1.28
CNI Canadian Natl Railway Co. Add +131.8% 1.96% +1.28
SHOP Shopify Inc. Class A Add +156.0% 2.07% +1.20
TD Toronto-Dominion Bank Add +263.0% 1.14% +0.83
HL Hecla Mining Co. New 0.82% +0.82
CVE Cenovus Energy Inc. Add +27.1% 9.04% +0.74
BCE Bce Inc. Add +356.0% 0.98% +0.73
CNQ Canadian Natural Resources Add +165.2% 0.92% +0.54
EXK Endeavour Silver Corp. New 0.49% +0.49
SLV iShares Silver Trust New 0.46% +0.46
PAAS Pan American Silver Corp. Add +142.6% 0.71% +0.46
KGC Kinross Gold Corp. Add +31.7% 2.06% +0.45
BVN Cia DE Minas Buenaventur-ADR New 0.41% +0.41
BIP Brookfield Infrastructure Pa New 0.35% +0.35
FBTC Fidelity Wise Origin Bitcoin New 0.28% +0.28
GOOG Alphabet Inc. Class C Add +132.1% 0.43% +0.26
SU Suncor Energy Inc. Add +42.0% 1.05% +0.24
CSX CSX Corp. New 0.21% +0.21
WMB Williams Cos Inc. New 0.20% +0.20
RY Royal Bank of Canada Add +19.9% 1.15% +0.19
NDAQ Nasdaq Inc. Add +621.9% 0.21% +0.18
TLN Talen Energy Corp. New 0.17% +0.17
CNP Centerpoint Energy Inc. New 0.16% +0.16
DY Dycom Industries Inc. New 0.16% +0.16
WEC WEC Energy Group Inc. New 0.16% +0.16
SRE Sempra New 0.16% +0.16
NEE Nextera Energy Inc. New 0.16% +0.16
FIGR Figure Technology Solut Class A New 0.13% +0.13
RDDT Reddit Inc. Class A New 0.12% +0.12
AMZN Amazon.com Inc. Add +106.9% 0.26% +0.12
GOOGL Alphabet Inc. Class A New 0.10% +0.10
ORLA Orla Mining Ltd. Add +27.1% 0.36% +0.09
GLW Corning Inc. New 0.09% +0.09
PANW Palo Alto Networks Inc. New 0.09% +0.09
LRCX Lam Research Corp. New 0.07% +0.07
ISRG Intuitive Surgical Inc. New 0.07% +0.07
FER Ferrovial NV New 0.07% +0.07
WFC Wells Fargo & Co. New 0.07% +0.07
TKO Tko Group Holdings Inc. New 0.06% +0.06
NU Nu Holdings Ltd./Cayman Isl-A Add +439.4% 0.07% +0.06
V Visa Inc. Class A New 0.06% +0.06
IQV Iqvia Holdings Inc. New 0.06% +0.06
ONON On Holding AG Class A New 0.05% +0.05
AER Aercap Holdings NV Add +316.6% 0.07% +0.05

Options Activity Q3 2025 → Q4 2025
STATE STR SPDR S&P 500 ETF T put Reduce -11.7% 45,500 $31.0M
ISHARES TR put New 295,000 $25.7M
HYCROFT MINING HOLDING CORP put New 210,000 $5.0M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 162$1.1BSU, CVE, DVN, FANG, BTE
Q1 2026 147$845.8MSU, CVE, RIG, PARR, CCJ
Q4 2025 158$842.5MEXE, AR, CVE, EQT, VNOM
Q3 2025 132$724.5MEXE, AR, RRC, EQT, CVE
Q2 2025 85$516.7MEXE, EQT, RRC, AR, SPY
Q1 2025 90$569.5MCNQ, EXE, EQT, VRN, SPY
Q4 2024 87$629.4MVRN, BTE, CNQ, SU, EXE
Q3 2024 83$761.8MCVE, CNQ, BTE, VRN, PDS
Q2 2024 99$930.4MCVE, BTE, VRN, CNQ, PDS
Q1 2024 94$789.3MCRESCENT PT ENERGY CORP, BTE, CVE, PDS, SU