Ann: Investment Report & NTA Update - August 2021, page-4

Its a similar story over at NCC which has basically under-performed everything over a 1yr, 2yr, and 5yr basis. >> i.e. the Small Ords Index and just about all small cap / micro cap LICs and fund managers. An example of their mis-judgement is selling Gentrack (GTK) in April and May 2023. The SP basically doubled over the next 10 months. I don't know how much they retain as a position because they don't disclose this information. Plus they sit on losing positions for soooooo long. (e.g. WNR and BTC). The trouble with this strategy I believe is that a couple of very poor investments can mask the good / acceptable performance of the whole portfolio. I'm about 33% under-water on my NCC investment. The NSC chart doesn't look much different. Sure.. the dividend yield looks attractive, but that's little comfort when you're also sitting on a 33% capital loss.