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Naos Ex-50 Opportunities Company Limited (NAC)
Naos Ex-50 Opportunities Company Limited (NAC) is an Australian Listed Investment Company (LIC) that manages a concentrated portfolio of undervalued, long-term-focused industrial companies. NAC's investment strategy is to invest in ASX-listed micro, small and mid-cap companies that sit outside the S&P/ASX 50 index. The company aims to deliver long-term capital growth and a stream of fully franked dividends to its shareholders.
Market Cap
A$32M
Shares on Issue
N/A
Price Chart
AI Analysis
NAC's performance is intrinsically linked to its Net Tangible Asset (NTA) backing per share, which reflects the value of its underlying portfolio of smaller ASX-listed companies. The company has historically traded at a persistent discount to its pre-tax NTA, a common feature for smaller LICs, presenting both a potential value opportunity and a risk. Recent portfolio performance has been impacted by the volatility in the small and mid-cap segment of the Australian market, influencing both its NTA and its ability to maintain its dividend payments.
The future growth outlook for NAC is dependent on the investment manager's ability to successfully identify and invest in undervalued small and mid-cap companies that can deliver long-term capital appreciation. Key catalysts include a positive re-rating of its core portfolio holdings, a narrowing of the persistent share price discount to NTA, and a broader market recovery in the small industrials sector. The company's concentrated, long-term investment strategy means performance can be lumpy and is highly dependent on the success of a small number of key investments.
Bull Case
- • Opportunity to acquire a portfolio of assets for less than their market value if the persistent discount to Net Tangible Assets (NTA) narrows.
- • Exposure to a professionally managed, concentrated portfolio of smaller companies that are often under-researched and may offer significant upside.
- • Potential for a consistent and growing stream of fully franked dividends, providing an attractive income component for investors.
Bear Case
- • The share price may continue to trade at a significant discount to NTA, limiting capital gains for shareholders even if the underlying portfolio performs well.
- • High concentration in the portfolio (typically 10-20 stocks) means poor performance from a single holding can significantly impact the overall NTA.
- • Exposure to the volatile and often illiquid micro and small-cap segment of the market, which can underperform during economic downturns.
Recent Announcements
Q2 FY26 Investor Update and Q&A - Presentation Materials
NAOS Quarterly Investment Report - Q2 FY26
Change of Director's Interest Notice - S Evans
NTA & Portfolio Update - December 2025
FAQs
What does NAC do?
NAC is a Listed Investment Company (LIC) that invests in a concentrated portfolio of typically 10-20 smaller Australian companies outside the S&P/ASX 50 Index. Its goal is to generate long-term capital growth and income for its shareholders.
Is NAC a good investment?
NAC can be an investment for those seeking exposure to a professionally managed portfolio of Australian small-caps and a fully franked dividend stream. However, its small size, concentrated portfolio, and the persistent discount to its Net Tangible Assets (NTA) make it a higher-risk, speculative investment compared to larger, more diversified funds.
What drives NAC's share price?
NAC's share price is primarily driven by three factors: 1) The performance of its underlying investment portfolio (its NTA), 2) Changes in the discount or premium of its share price relative to its NTA, and 3) The company's ability to pay consistent, fully franked dividends.
Key Metrics
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