Yes. NCC is doing what is expected. Falling further. Check the 1...

Yes. NCC is doing what is expected. Falling further. Check the 1 month charts for their 3 x top holdings > BRI, SND and COG. The % weightings on their other listed companies are not disclosed, but my guess is that the pre-Tax NTA is going to fall below $0.50c for May unless there is a surprise turn-around over the next 2 weeks.
Then check out the 7 year chart for NCC. In general terms this period is considered a full business cycle. The 5-7 year timeframe is often cited in a PDS as the recommended holding period for a small cap / micro cap managed fund. If we ignore the dividends paid by NCC for a moment, then your capital growth is negative 60% after 7 years or negative 50% after 5 years. You would have been better off staying in cash. Why would you place your confidence or your money with this manager?
To be fair I think it is symptomatic of their very concentrated investment process, and their unwillingness to change the portfolio.