Ann: Pre-Tax NTA Update - 15 May 2024, page-5

@BlueMoon60. I will try to assist. This was also one of my main concerns with Naos, trying to understand the reasons behind their continued poor performance relative to just about everything else. Unfortunately they keep things very opaque regarding portfolio disclose. You get a subset of "core holdings" in their monthly and quarterly reports but little else. No weightings. No breakdown. I understand their 3 x LICs have a number of overlapping investments, but this is not fully explained or disclosed. For example, you don't know how their 25% holding in Maxiparts is spread across the three entities. (NAC, NSC, NCC)
The best I can do for you is an extract from their June 2023 annual report for NAC where this information is contained on page 68 in the appendix. Once again, no % weightings.