i see that at 30 september 2008, nms were macquarie's number 2 pick (5.4%), behind cash sitting at number 1 (9.43%).
the next best pick, industrea (3.05%)
http://www.investsmart.com.au/managed-funds/Macquarie-Small-Companies-Growth-Trust-4927.asp
http://www.macquarie.com.au/au/corporations/acrobat/mfm_macquarie_australian_small_companies_fund_fact_sheet.pdf