Ann: NTA & Portfolio Update - May 2024, page-22

Bingo!
Your last two paragraphs are a concise appraisal of the situation.
NAOS LICs are not a low risk income investment for conservative investors.
Adding to this risk is the very poor disclosure. i.e.

1. The full list of underlying companies held in each LIC is only disclosed once a year (as far as I know).
2. The % of ownership of each underlying company by NAOS is not readily disclosed. You have to DYOR.
3. How the above ownership is split across the 3 x LICs is not disclosed. The 3 x LICs have multiple cross holdings.
4. The current LVR is not disclosed in regards to the gearing via the convertible notes.
5. The value of the unlisted companies is not disclosed. The pathway to monetisation (IPO or trade sale) is rarely discussed.

I'm not saying that you can't make money with NAOS. As @Tapdancer points out > the NTA could jump quite quickly if the underlying companies eventually turn around. It's just that their stock picking has had a very inconsistent history, along with questionable management of a very concentrated portfolio. i.e. when they do pick a winner, they sell out too early (see SNL and GTK). When they have a loser, they double down instead of culling (see WNR and BTC).