Ann: Investment Report & NTA Update - June 2018, page-3

could be a little harsh to judge them from 7-8 months performance. 7 months is seriously just noise.
less than a 20% discount to NTA on a LIC basically never happens which is where the discount is at 76.5c, so i see the share price tracking performance of NTA and nothing less from now on. So if NTA goes up 1%, at a minimum, the share price will also do that. no financial planner will change that. Where is the evidence of any other listed equities LIC going below a 20% discount, maybe one or two got to 21% once or twice. So i don't see much downside unless the stocks keep underperforming then of course it will go down as much as the NTA amount goes down but you won't see this big decline that has already happened. But the upside is that the stocks go up, AND the discount gap closes - that's a free kick i reckon. You may say NAOS can't outperform, but they can. They were hedge fund of the year in 2012 and i think they came 4th in 2016, both based on net performance after fees. Google it. I know a lot of the team, they're good.
When you hold 10 stocks, you underperform from time to time, 10 stocks is a super concentrated portfolio, but you also outperform massively from time to time. I suppose i'm taking a punt that it turns around, but i'm buying $1 for 80c when you buy this stock.