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NAOS Small Cap Opportunities Company Ltd ASX:NSC

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Oct 2025 to today

Commentary Showing 2 of 3

DateManagerActionSummary

30 Jun 2026Wilson Asset ManagementReducedWilson Asset Management reduced its position in NAOS Small Cap Opportunities Company because the fund ceased to be a substantial holder during the year, having acquired the position at a discount to pre-tax net tangible assets and gradually reducing exposure as the share price re-rated. Wilson notes the discount moved from 26.3% at 30 June 2025 to a premium to NTA, with the fund ceasing to be a substantial shareholder effective 1 May 2026, consistent with its broader strategy of trimming positions once discounts close.

Annual Report, price recorded $0.33

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30 Apr 2026Wilson Asset ManagementReducedWilson Asset Management reduced its position in NAOS Small Cap Opportunities Company Ltd because the share price has moved from a 26.3% discount to pre-tax NTA at 30 June 2025 to a 16.1% premium to pre-tax NTA at 30 April 2026 — reflecting strong performance of 42% in the financial year to date — and the fund has taken the opportunity to gradually reduce exposure in line with its investment process of selling once holdings move to fair value or above, ceasing to be a substantial shareholder effective 1 May 2026.

Monthly Report, price recorded $0.36

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on NSC.

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About NAOS Small Cap Opportunities Company Ltd

Industrials, Capital Markets

NAOS Small Cap Opportunities Company (ASX:NSC), a listed investment company, has been traded by Wilson Asset Management as its discount narrowed. In June 2026, Wilson said WAM Strategic Value ceased to be a substantial holder in NSC during the year, having acquired the position at a wide discount to net tangible assets. In April 2026, Wilson noted NSC's share price rose 16.1% in the month, adjusted for dividends, narrowing the discount, after a similar 16.2% rise in October 2025. NAOS Small Cap Opportunities Company operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 3 comments from 1 fund manager, Wilson Asset Management. NAOS Small Cap Opportunities Company is a listed investment company managed by NAOS Asset Management that invests in a concentrated portfolio of Australian small-cap industrial companies, such as MaxiPARTS, Big River Industries and MOVe Logistics, aiming to deliver long-term capital growth and fully franked dividends.

Market cap: $39m
Price to earnings: Loss-making
Return on equity: -11.8%
Dividend yield: 15.6%
Price to book: 0.89x
Net margin: 185.0%
52-week range: $0.28 to $0.45

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in NAOS Small Cap Opportunities Company Ltd (ASX:NSC)?

Fund managers including Wilson Asset Management have invested in NAOS Small Cap Opportunities Company Ltd (ASX:NSC).

What opportunities or catalysts do fund managers highlight for NAOS Small Cap Opportunities Company Ltd?

Wilson highlights strong share price gains that narrowed NSC's discount to net tangible assets, allowing WAM Strategic Value to realise value.

What are the key risks to the NAOS Small Cap Opportunities Company Ltd investment thesis, according to fund managers?

Wilson exited its substantial holding once the discount narrowed, and NSC's returns depend on a concentrated portfolio of small-cap holdings, some of which have underperformed.

What does NAOS Small Cap Opportunities Company Ltd (ASX:NSC) do?

Contango MicroCap Limited (CTN), Australia’s longest-running micro-cap Listed Investment Company (LIC), was established in 2004. Managed by Contango Asset Management Limited, the fund targets long-term returns exceeding the ASX All Ordinaries Accumulation Index. It invests in a diversified portfolio of ASX-listed micro-cap stocks, typically ranging from $30 million to $350 million market capitalization. Utilising a top-down and bottom-up investment approach, CTN maintains a dividend policy of 6% p.a. of its Net Tangible Asset Value, supplemented by special dividends when conditions permit. The Board provides regular performance updates through ASX announcements and their official website.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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