If Maxiparts is in fact a 25% weighting of the NAC portfolio...

If Maxiparts is in fact a 25% weighting of the NAC portfolio than that is a major error in asset allocation by NAOS management, Maxiparts (MXI) is hardly a high quality company that should warrant such a position. Recently I recall NAOS advocating the case for their MXI investment and they compared the market valuation of Maxiparts to Supply Network (SNL). There might be some overlap in the customers they serve, but Maxiparts does not have the track record of SNL and is an inferior business on all metrics. Further, Maxiparts has made multiple acquisitions to achieve growth, Supply Network focuses solely on organic growth.
A 1.75% management fee and a performance fee on top of that looks very rich when you consider the performance of NAC, this update most likely means the performance of NAC will trail the ASX300 Industrials benchmark since inception.
It's worth comparing NAC to a company such as MIR and look at the quality of the underlying investments, you can see why one company has generated 12% pa returns over 5 years (MIR), and one has generated about 5% pa over the same period (NAC). You can own Macquarie Technology, ARB and CAR Group (MIR), or
you can own Maxiparts, Move and Urbanise (NAC).