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Nge Capital Limited (NGE)
Nge Capital Limited is an ASX-listed investment company (LIC) managing a concentrated portfolio of listed and unlisted securities. It employs a value-oriented, and often activist, investment strategy focused on generating long-term capital growth from undervalued assets, primarily within Australia. The company's performance is intrinsically linked to the success of its relatively small number of core investments.
Market Cap
A$49M
Shares on Issue
N/A
Price Chart
AI Analysis
As a micro-cap Listed Investment Company (LIC), NGE's performance is directly tied to its Net Tangible Assets (NTA), which is reported monthly. The company's share price often trades at a notable discount to its NTA, a common feature for smaller LICs, which can represent both an opportunity and a risk. Recent performance has been dictated by the volatility in its concentrated holdings, which are typically in the small and micro-cap space, reflecting the broader market trends for this speculative segment.
NGE's growth outlook is dependent on the success of its key portfolio investments and the strategic decisions of its portfolio manager, David Lamm. Potential catalysts include the successful exit from a major holding, a significant re-rating of an investee company, or market recognition that narrows the persistent discount to NTA. The strategy remains focused on identifying deeply undervalued opportunities where it can potentially influence positive change, making it a high-risk, high-potential-reward vehicle.
Bull Case
- • Shares trading at a significant discount to Net Tangible Assets (NTA), offering a potential 'margin of safety' and upside if the gap closes.
- • A concentrated portfolio structure means a single successful investment can have an outsized positive impact on overall returns and NTA growth.
- • High management ownership and a focused strategy under an experienced portfolio manager aligns interests closely with shareholders.
Bear Case
- • Significant key-person risk tied to portfolio manager David Lamm, whose absence would create major operational uncertainty.
- • Concentration risk: the failure or prolonged underperformance of a single large holding can severely damage the NTA.
- • The persistent discount to NTA may never narrow, trapping value and leading to shareholder returns that lag the portfolio's actual performance.
Recent Announcements
Investment & NTA Update - January 2026
FAQs
What does NGE do?
Nge Capital is a Listed Investment Company (LIC) that invests in a concentrated portfolio of undervalued listed and unlisted companies, often taking an activist approach to unlock value. Its primary goal is long-term capital growth.
Is NGE a good investment?
It is a speculative investment suited for those with a high risk tolerance. The potential upside comes from its value-focused strategy and the possibility of the NTA discount narrowing, but this is countered by high concentration risk, key-person dependency, and the illiquidity of a micro-cap stock.
What drives NGE's share price?
NGE's share price is primarily driven by its monthly reported Net Tangible Asset (NTA) value and the market's sentiment, which dictates the size of the discount or premium to that NTA. The performance of its top portfolio holdings is the most critical factor.
Key Metrics
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