July 31 NTA Guestmate, page-3

Thanks for the feedback Mickmate ... if BSA isn't in, we should be in for an even better month with NTA maybe as high as 97c! Let's hope! However, as NAOS control ~17% of BSA and bought more shares in both Dec last year and June this year ... I suspect they hold some in NSC.

It's hard to second guess the stocks in the portfolio - TPG and SSM are both mentioned as 'top contributors to performance since inception' in the last NTA report so I've assumed they're still in the portfolio. However, they were added very early so NAOS may have exited them by now.

When checking for SSM/TGP I saw COG in the last NTA report - so have shuffled it up a notch in my spreadsheet. Previously I'd just assumed it was in because it was a small cap and NAOS have a large holding.