Yes. NCC is doing what is expected. Falling further. Check the 1 month charts for their 3 x top holdings > BRI, SND and COG. The % weightings on their other listed companies are not disclosed, but my guess is that the pre-Tax NTA is going to fall below $0.50c for May unless there is a surprise turn-around over the next 2 weeks.
Then check out the 7 year chart for NCC. In general terms this period is considered a full business cycle. The 5-7 year timeframe is often cited in a PDS as the recommended holding period for a small cap / micro cap managed fund. If we ignore the dividends paid by NCC for a moment, then your capital growth is negative 60% after 7 years or negative 50% after 5 years. You would have been better off staying in cash. Why would you place your confidence or your money with this manager?
To be fair I think it is symptomatic of their very concentrated investment process, and their unwillingness to change the portfolio.
Ann: NTA & Portfolio Update - April 2024, page-9
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Last
50.5¢ |
Change
0.010(2.02%) |
Mkt cap ! $37.26M | |||
| Open | High | Low | Value | Volume |
| 50.5¢ | 50.5¢ | 50.5¢ | $9.532K | 18.87K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2100 | 48.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 49.0¢ | 112 | 1 |
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| Last trade - 10.06am 12/08/2024 (20 minute delay) ? |
| NCC (ASX) Chart |