Ann: NTA & Portfolio Update - May 2024, page-21

"Embarrassing"? I did not think this would be in the vocabulary of someone who repeated ad-nauseam "SP always rebound for the low 50s" when it's now in the mid 40s...

If the unlisted businesses were kicking goals they would have been mentioned in the last shareholders update you'd think.

From the little information gathered from a Google search Ordermentum is not exactly thriving.The Google reviews are bad and the Facebook reviews are fake (5* reviews generated by bots all about trading Forex). Another poor business/stock pick by the NAOS team....


I'm interested in the LIC space in general but I am steering clear of NCC because I cannot see any catalyst for change.

Unlike VG1 and MGF, directors won't replace the CIO because it's a family business.

A scrip swap offer is highly unlikely due to the complex structure of NCC - NCCGA notes and long dated options - NCCO.

That's besides the fact that getting out of small illiquid positions and unlisted businesses is slow and difficult.

And as soon as a dividend cut is announced (current yield is unsustainable) NCC SP will head further south.

I wonder to what extent the strategy of investing in small cap while paying a high dividend will cause their demise - forced to sell their winners instead of letting them run to generate franking credits and pay a dividend.

Now they are left with their worst stocks, no cash and an even more expensive debt.