--- title: Smashed small caps that can turn into portfolio treasures - AFR 20 May 2022 description: "NAOS’s top holdings reinforce an enduring truth about small-cap investing: this is a stock-picker’s market. Making top-down decisions based solely on industry or economic themes is risky." image: https://blog.naos.com.au/hubfs/Treasure.jpg --- ##### [Subscribe to NAOS NEWS & Insights](https://www.naos.com.au/subscribe) [![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/60be9de099c2716fb2efb4a7_naos.svg) ![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/640666256ede5e8ae8e33da0_B-Corp-Logo-Black-RGB.png)](https://blog.naos.com.au/) [Home](https://www.naos.com.au) About [About NAOS](https://www.naos.com.au/about-our-firm) [Our Team](https://www.naos.com.au/about-our-firm#people) [Why invest with NAOS](https://www.naos.com.au/about-our-firm#why-invest) [Our Investment Beliefs](https://www.naos.com.au/about-our-firm#beliefs) [Our Investment Process](https://www.naos.com.au/about-our-firm#how-we-invest) Listed Investment Companies [NCC: NAOS Emerging Opportunities Company Limited](https://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [NSC: NAOS Small Cap Opportunities Company Limited](https://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [NAC: NAOS Ex-50 Opportunities Company Limited](https://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [Our Listed Investment Companies](https://www.naos.com.au/our-lics-compare-our-lics) [How to Invest](https://www.naos.com.au/our-lics-compare-our-lics#how-to-invest) Private Opportunities [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [NAOS Ideas Network](https://www.naos.com.au/naos-ideas-network) E.S.G. [ESG and our investment Process](https://www.naos.com.au/esg-esg-and-our-investment-process) [Our Road to Sustainability](https://www.naos.com.au/esg-our-road-to-sustainability) [Our Investee Companies and their ESG Journey](https://www.naos.com.au/esg-our-investor-companies-and-their-esg-stories) News & Insights [News & Insights](https://blog.naos.com.au/news-media) [Events](https://www.naos.com.au/events) [Shareholder Education](https://www.naos.com.au/shareholder-education) [CEO Insights](https://blog.naos.com.au/ceo-insights) [Broker Research](https://blog.naos.com.au/broker-research) [Companies Making a Difference](https://blog.naos.com.au/companies-making-a-difference) [Podcast & Book Reviews](https://blog.naos.com.au/podcast-reviews) [Contact](https://www.naos.com.au/contact) ##### [NAOS News & Insights](https://blog.naos.com.au/news-media) # Smashed small caps that can turn into portfolio treasures - AFR 20 May 2022 ###### May 23, 2022 The best time to buy is when they get badly oversold. Professional investors share the stocks they like and what to watch out for. Tony Featherstone from the Australian Financial Review speaks with [Sebastian Evans](https://www.naos.com.au/team/sebastian-evans) (Chief Investment Officer, NAOS Asset Management). > NAOS’s top holdings reinforce an enduring truth about small-cap investing: this is a stock-picker’s market. Making top-down decisions based solely on industry or economic themes is risky. In small-cap investing, there are always exceptions, good and bad. This article was published in the Australian Financial Review on 20th May 2022. [Read the Article](https://www.afr.com/wealth/personal-finance/smashed-small-caps-that-can-turn-into-portfolio-treasures-20220517-p5am53) ###### [News](https://blog.naos.com.au/news-media/topic/news) [NAOS in the News](https://blog.naos.com.au/news-media/topic/naos-in-the-news) ###### Share this post ### Comments ##### NAOS Asset Management ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c362d2f81c4_location-icon-white.svg) Level 34, 25 Martin Place Sydney NSW 2000 ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c121c2f81c8_mail-icon-white.svg) [enquiries@naos.com.au](mailto:enquiries@naos.com.au?subject=NAOS%20Website%20Contact) ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359ce0f62f81c9_phone-icon-white.svg) +61 2 9002 1576 ##### Our Listed Investment Companies [ASX: NCC - NAOS Emerging Oportunities Company Limited](http://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [ASX: NSC - NAOS Small Cap Opportunities Company Limited](http://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [ASX: NAC - NAOS Ex-50 Opportunities Company Limited](http://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [Listed Investment Companies](http://www.naos.com.au/our-lics-compare-our-lics) [Share Registry](https://boardroomlimited.com.au/) [Corporate Governance](http://www.naos.com.au/corporate-governance) ##### More Links [Privacy Policy](http://www.naos.com.au/privacy-policy) [Terms & Conditions](http://www.naos.com.au/terms-conditions) ##### Follow NAOS [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae7e51026d27_twitter-icon-white.svg)](https://twitter.com/naosassetmgmt) [![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c11092f818c_facebook-icon-white.svg)](https://www.facebook.com/NAOSAssetManagement) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae133c026dca_Group%20261.svg)](https://www.linkedin.com/company/naos-asset-management) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5bf6115a4ae34255e68089e1_Asset%201Chart4.svg)](https://www.instagram.com/naos_asset_management/) Join our investment community. Be the first to receive NAOS News, Insights and Invitations. [Subscribe](http://www.naos.com.au/subscribe)[Book a Chat](http://www.naos.com.au/book-a-chat) © 2023 NAOS Asset Management Ltd Site by [DAVIDNOLAN](http://www.davidnolan.com.au)