Ann: Investment Report & NTA Update - October 2017, page-12

> And NAOS has one principle that appears identical with CGA. -- the Fund Manager is in charge. Not the LIC Board. ( see CTN October report. Totally NAOS written. CTN Directors not in Sight. -- did they ever read it?

ok i've found some time today to read it, and it raised a question

Code:

page 1:
To provide clear transparency for all shareholders, I can report that the number of portfolio holdings has decreased from 83 to 68 as at the end of October, with further progress being made already in November.
 
page 2:
As at month end, the portfolio was comprised of 76 long positions and no short positions.

so transparent that i'm sitting here scratching my head is it 68 or 76?

Rhetorical question of course, as we know NAOS is really only running concentrated portfolios, so fair to expect that counting high double digits is not their strong point.

but may be it's a moot point because we read further:

Code:

As at 7 November 2017 the portfolio comprised of 48 long positions and no short positions with a net equity exposure of 57.75% and a subsequent cash weighting of 42.25%.

So from cash balance of "circa 10% in September" to 42% at 7th November the sell off is well and truly underway! And that 42% is after " a small number of new positions that the Investment Team entered into in late October".

Sigh.