Lol. You say "So what?" This is a major shake-up at NAOS. And probably in the right direction. Maybe someone at NAOS has been reading my HC posts. See below.
https://hotcopper.com.au/threads/ann-monthly-portfolio-performance-update-february-2025.8474799/page-3?post_id=78115496It is my firm opinion that taking board seats on investee companies not only distracts portfolio managers from executing their core responsibilities (i.e. looking after the interests of shareholders as first & top priority) but also introduces a serious conflict of interest whereby selling a large chunk of stock becomes an issue. Do you see any other fund managers taking directorships in investee companies? Portfolio managers need to remain impartial and at times ruthless when it comes to selling stock if they identify issues which will lead to serious SP depreciation.
Furthermore, there is very little evidence that Brendan's contribution as Non-Executive Director in these companies (see below) has added any value to the share price over the last 3-4 years.
"Brendan is also a non-executive director of Big River Industries Limited (ASX: BRI), BSA Limited (ASX: BSA), Saunders International Limited (ASX: SND), Wingara AG Limited (ASX: WNR), BTC health Limited (ASX: BTC), MaxiPARTS (ASX: MXI) and MitchCap Pty Ltd."Btw. Senior managers like Brendan do not leave organisations when things are going well for them. I think he is reading the room and the writing on the wall and is jumping ship before things get worse.
To say that Robert Miller's track record as a portfolio manager over the last 5 years has been extremely poor would be a gross understatement. If he was actually doing his job to an acceptable level, all 3 x NAOS LICs would not be at the bottom of the performance table. Yes all 3. Not one or two. He screwed up all 3. The index beat him hands down. Robert is still a non-executive director of Ordermentum Pty Ltd > another dud that will never will never list on the ASX.
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