I think you’ll find the sell down by NAOS is simply to raise cash to pay the next quarterly dividend. Could be wrong, but that’s my hunch.
NAOS pay, in my view, ridiculously outsized dividends, from very concentrated portfolios across their three LICs (around 10 stocks in each). So they end up owning large licks of a not much more than a handful of fairly illiquid small cap companies. Obviously, this can move the needle when NAOS want/need to reduce.
I think you’ll find the sell down by NAOS is simply to raise...
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