@vivRookie. I agree that the dividend yield is currently looking...

@vivRookie. I agree that the dividend yield is currently looking attractive, and they should be able to maintain it given the profit reserve of $0.39c. However the SP and NTA have been in a downtrend for the last 6 years (since Jan 2018), and NCC has not participated at all in the recent small caps rally over the last 6 months. NCC has also seriously under-performed the small ords accumulation index over any period over the last 5 years, if not longer.
I'm currently sitting on a 33% capital loss despite averaging down (once). Performance could turn-around over the next 12 months, however I think their buy and hold (for long periods at any cost to performance) strategy is fundamentally flawed. NCC is a concentrated / small portfolio of 10 companies and very poor investments (such as WNR and BTC) should have been culled years ago and the capital re-invested in new ideas / better opportunities.
Plus they don't let their winners run..... They sold down their 20% holding in GTK (Gentrack) way too early, and missed most of the 300% rally from $2.50 to $7.80 over the last 12 months. Plenty of better managers elsewhere IMO.