When will shareholders see the new horizon?

CGA resigned its mandate for CTN on 27 September 2016. So NAOS will completed over 2 months managing the portfolio at end November.

NAOS have often referred over the 2 months - at the various meetings, telephone hookups, and AGM - to their activities in 1) removing existing micro holdings, 2) commencing new Smalls holdings in the new more concentrated portfolio structure, and 3) moving to over 40% cash.

And this in two strong months for Smalls/ Micro markets with the XSO rising 6% and 4.6% in
those 2 months.

October saw the portfolio barely break even. Will November be any better, given the cash holdings, and the significant costs of the rapid portfolio changes in this less liquid end of the market?

Anything close to 10% underperformance against XSO in two months would put it in CGA performance territory? Not a great change for shareholders?

Only relying on NAOS commentary and ASX stats
DYOR