NAOS Asset Management is a Sydney-based boutique fund manager founded by Sebastian Evans, its Managing Director and Chief Investment Officer since 2010. NAOS specializes in concentrated, high-conviction investing in ASX-listed industrial companies outside the top 50, spanning micro, small and mid-cap names, and runs its strategies through three listed investment companies (NCC, NSC and NAC) as well as a private opportunities fund. The firm avoids resources and exploration stocks, applies ESG screens, and typically takes large, long-term stakes of 20-30% in a small number of holdings (often seven to fifteen). Evans' approach centres on backing trusted management teams with proven track records and providing them patient, long-horizon capital rather than trading in and out of positions.