Palos Equity Income Fund

SERIE X / PAL101

↘-$2.15 (-3.2%)	$88.15	Low	Periodically	19/01/2019
DAILY NAV CHANGE - AS AT 10/05/2025	NAV - AS AT 10/05/2025	RISK TOLERANCE	DISTRIBUTION	INCEPTION DATE

Palos Equity Income Fund

Overview

Fund Objectives and strategy

Our asset management division offers several investment funds. We act as investment fund manager to funds that we have built in partnership with our wealth advisors to unitize their model portfolios and investment strategies. We also act as investment fund manager to funds that we have built in partnership with third-party portfolio managers.

All of our funds have no set-up fees, no purchase fees, no transfer fees, and no redemption fees.

Team

Performance

Compounding Returns

As at 5/02/2025

Fund	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	10 Year	Inception
Series A	2.75%	8.45%	6.33%	16.32%	11.30%	13.20%	7.40%	6.51%
Becnhmarl	2.91%	8.53%	10/17%	26.37%	16.09%	15.02%	9.61%	7.75%

















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Monthly Performance

As at 5/02/2025

Year	Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	YTD	Benchmark
2025	-0.08%	-0.15%	-1.73%	-0.74%	6.34%	2.75%							6.33%	10.16%
2024	1.32%	0.97%	3.42%	-2.07%	1.57%	0.11%	4.99%	0.36%	2.94%	0.22%	3.64%	-2.90%	15.25%	21.64%
2023	6.68%	-1.56%	-0.74%	1.26%	-4.18%	2.31%	3.74%	-1.54%	-3.80%	-4.48%	5.57%	5.09%	7.75%	11.75%
2022	-0.63%	0.52%	2.69%	-5.54%	-0.08%	-9.84%	5.76%	-1.45%	-5.79%	5.43%	5.85%	-4.60%	-8.75%	-5.83%
2021	0.86%	5.10%	2.96%	2.96%	1.96%	3.11%	0.50%	1.29%	-0.81%	3.20%	-3.45%	2.63%	21.98%	25.09%
2020	0.48%	-6.71%	-19.44%	11.39%	4.26%	2.71%	4.77%	4.36%	-0.87%	0.09%	11.70%	4.29%	13.83%	5.60%
2019	6.54%	2.56%	-0.46%	3.13%	-3.44%	2.10%	0.08%	-3.30%	1.84%	-0.66%	4.22%	1.59%	14.63%	22.89%
2018	-0.11%	-2.63%	-0.28%	1.07%	1.69%	-0.05%	-0.78%	0.07%	-0.04%	-7.53%	-1.63%	-5.05%	-14.59%	-8.89%
2017	-0.05%	0.78%	0.92%	0.07%	0.13%	-0.29%	-0.19%	0.44%	2.79%	3.82%	0.63%	1.93%	11.45%	9.10%
2016	-3.16%	0.36%	3.71%	3.62%	1.67%	-0.83%	2.26%	1.78%	1.74%	0.27%	1.85%	2.55%	16.78%	21.08%
2015	-2.00%	7.01%	-0.85%	1.31%	0.45%	-1.45%	-0.34%	-3.78%	-1.65%	1.48%	0.75%	-0.75%	-0.20%	-8.32%
2014	-0.88%	3.84%	2.00%	2.24%	1.27%	4.08%	-0.97%	2.84%	-4.14%	-1.49%	-1.79%	-0.83%	5.97%	10.55%
2013	2.63%	1.05%	0.57%	-0.11%	1.38%	-2.65%	2.21%	-0.08%	2.22%	4.35%	1.42%	2.74%	16.71%	12.99%
2012	2.67%	1.28%	-1.76%	-0.26%	-4.51%	0.18%	1.92%	0.30%	2.50%	0.78%	-0.50%	1.06%	3.50%	7.19%
2011		0.10%	0.19%	-0.83%	-0.02%	-2.14%	-2.28%	-2.53%	-5.84%	3.80%	0.19%	0.40%	-8.88%	-13.32%

Portfolio

Asset Allocation

Asset Allocation	Weight %
Common Equity	98.3%
Preffrered Equity	0.0%
Fixed Income	0.0%
Cash	1.7%
TOTAL	100.0%

Regional Exposure

As at 5/02/2025

Regional Exposure	% Weight
Canada	100.0%
USA	0.0%
Total	100.0%

Equity Sector Mix

Sector	Weight %
Communication Services	3.10%
Consumer Discretionary	4.10%
Consumer Staples	0.00%
Energy	14.10%
Financials	10.40%
Health Care	8.00%
Industrials	7.50%
Technology	36.30%
Materials	5.30%
Real Estate	0.00%
Utilities	0.00%
Derivatives - Options and warrants	9.60%
Cash	1.60%
Total	100.00%

Top 10 Holdings

Issuer name	Weight (%)
Nebius Group	5.5%
Celestica	5.1%
Advanced Micro Devices	4.2%
NVIDIA	4.2%
MDA Space	3.9%
Shopify	3.8%
Equitable Holdings	3.7%
Propel Holdings	3.7%
Applied Materials	3.6%
First Quantum Minerals	3.5%

Facts and Fees

Fund Details	Description
Fund Type	Mutual Fund
Distribution Frequency	Quarterly
Registered Account Eligible
Base Currency	CAD
Benchmark*	S&P/TSX Composite Index
Minimum Investment	$1,000

Documents

Financial Publications

Quarterly Portfolio Disclosures

Management Reports

Financial Statements

Other publications

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 5/30/2025. Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Top ten holdings, sector allocation and geographic allocation as at 5/30/2025. 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 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: borrowing risk; commodity risk; concentration risk; currency risk; cybersecurity risk; derivatives risk; exchange traded funds risk; foreign investment risk; inflation risk; leverage risk; liquidity risk; market risk; performance fee risk; securities lending, repurchase and reverse repurchase transactions risk; series risk; short selling risk; small capitalization natural resource company risk; specific issuer risk; sub-adviser risk; tax risk; uninsured losses risk.

Palos Wealth Management 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 5/30/2025 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

Palos Equity Income Fund

SERIE X / PAL101