Ann: Appendix 4C - quarterly-WNR.AX, page-6

Very good article written on NAOS's LIC by @nicleeson
With some rationale behind their investment ethos to quote the writer "Their style is often to become substantial shareholders of companies they like, own very few companies in the portfolio, but really understand the companies well and meet regularly with management and support them if they do well. They don’t give much away in their monthly reports in regards to stock breakdowns probably thinking investors could just replicate the LIC themselves, or not wanting to show their cards if they need to move in or out of smaller stocks with their often large holdings".
https://stevegreeny.com/2016/09/02/ncc-a-lic-with-high-concentration-bets/
While the article maybe about  NAOS's LIC , at the core their belief and qualitative analysis lead them to invest in Wingara which in turn will make them and us money . Quality company with bright prospects - why else would they buy up 8% of the company ...
@nicleeson i enjoyed your blog mate. Will read more soon. Also, you indicate that besides the three winners such as BSA, MNF etc NAOS maybe building other  positions. This is one of them started with 5% in august and increased to 8% last month.


@wgdt72 have a look