In this month’s publication, Baillieu Holst Research features NAC as a key LIC. The manager (NAOS Asset Management) has a strong track record managing LICs, with NCC a top performer from our LIC universe on both a TSR and NTA growth basis over a three-year performance period. NAC is currently trading at an estimated 10.3% discount to NTA and we note NAOS, through NCC has been able to deliver a discount to NTA re-rating (from a low teens discount to a slight premium). The current estimated 10.3% discount to NTA coupled with a 5.2% fully franked dividend yield provides an attractive entry point for investors, in our view.
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