Ann: NAOS Quarterly Investment Report - Q4 FY24, page-2

Regardless of my displeasure of the outcome of the last few years performance I give Sebastian a big tick for the explanation. I am somewhat biased because it has been my view for some time and I have expressed that on other LIC stocks when I became aware of the popularity and volume of money pouring into ETF stocks. That with the manipulative behaviour of bot, short and day trading has changed the market view of fundamentals as a general indicator of price performance. The mention of the influence that institutions have on price has always been there when they hold price down while accumulating and endeavour to hold price up when selling. However when they decide to windup or sell down large holdings in small caps quickly the results can be devastating on price. The investor interest now seems oriented towards momentum, sector trends and fads with social media hype beginning to play a part as well. Well explained by NSC here and worth a read by all investors in small caps if you are not overly familiar with the machinations of today's stock markets here or internationally.