You're welcome @BlueMoon60. I came to the same conclusion after...

You're welcome @BlueMoon60. I came to the same conclusion after being invested for a long time (too long) in NCC, and took the same action recently in early April and sold out (at a capital loss) before the SP crashed another 20%. IMO there are just so many other better companies available on the ASX to invest your money without taking on the poor disclosure, a history of under-performance, and questionable portfolio management. To be fair > anyone running a very concentrated / high conviction portfolio needs to get their stock picks and their entry / exit price points much closer to perfect. This is not easy to do which is why most managers don't attempt it. Plus Naos have an unfortunate history of holding on to loss making positions for way too long, when the market is clearly telling them otherwise (see charts for WNR, BTC, APL).