North Atlantic Smaller Companies Investment Trust Plc

-10.00 (-0.26%)
Share Name Share Symbol Market Type Share ISIN Share Description
North Atlantic Smaller Companies Investment Trust Plc LSE:NAS London Ordinary Share GB0006439003 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -10.00 -0.26% 3,850.00 2,623 16:35:16
Bid Price Offer Price High Price Low Price Open Price
3,830.00 3,910.00 3,910.00 3,840.00 3,840.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Investment Offices -81.43 -91.04 - - 526.30
Last Trade Time Trade Type Trade Size Trade Price Currency
17:52:24 O 509 3,884.927 GBX

North Atlantic Smaller C... (NAS) Latest News

North Atlantic Smaller C... (NAS) Discussions and Chat

North Atlantic Smaller C... Forums and Chat

Date Time Title Posts
09/6/202319:55North Atlantic Smaller Companies IT465
04/1/201020:23Nasdaq Swing Traders34
17/1/200820:57Nasdaq charts etc7
02/11/200606:491420 Broken on NAS - Tech recovery???2
25/5/200610:33Was this the bottom, it's flying now3

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North Atlantic Smaller C... (NAS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-09 16:04:013,862.66893,437.77O
2023-06-09 15:35:163,850.00271,039.50UT
2023-06-09 15:29:593,910.00341,329.40AT
2023-06-09 15:29:403,900.00271,053.00AT
2023-06-09 15:29:403,900.00813,159.00AT

North Atlantic Smaller C... (NAS) Top Chat Posts

Top Posts
Posted at 09/6/2023 12:07 by apple53
Thanks for the extra info Pink.

First, announcement after close on 31st May makes very good sense from stock chart - up £3 in 2 days immediately. NAS should have told investors immediately. I would have bought more on the open.
However, it doesn't entirely make sense from the volume (as recorded on LSE). Close to zero on June 1st and still not much on 2nd. So maybe sellers pulled their offers and/or market makers (who are more switched on than us) immediately moved their offers.
What normally happens with larger stocks is that non-tracker short term traders buy lots, in preparation to sell to the trackers at a markup when they need to buy. Some trackers may have wiggle room in terms of a range of dates before and/or after to buy gradually.

With smaller, illiquid stocks I don't have the experience. It may be the £2-3 markup is all you're going to get, as the sellers who had their offers at £37, say, but pulled them when this news came out, will reappear, or already have done so, at £39, thanking their lucky stars. Or maybe the trackers' mandates will force them to push up the price into a sellers' strike and we'll reach £41-43.

Ordinarily, some of the froth will dissipate, but again who knows how much with such an illiquid stock. Maybe this will work as a successful discount control mechanism with the discount resetting at, say 15% or even 10%.

What I'm missing is knowledge of how much wiggle room the trackers have, datewise.

Posted at 09/6/2023 09:42 by loglorry1
Thanks p1nkfish looks good analysis to me. I suppose all I could add is that I expect these funds to have some strategy to buy into new entrants (and sell out of) which does not cause spikes such that they would overpay. If they did not then they'd not manage to track well.

I think there is always quite a few NAS for sale. I was told this was largely due to the age of the investment trust. Early holders basically die and their estates are liquidated! This can cause quite large sells since it has 100 bagged since inception.

Posted at 09/6/2023 09:38 by p1nkfish
iShares FTSE250 tracker appears to hold £440K of CMC Markets.
Just 2 trackers = potential £1.3M demand = 32K+ shares.

Add in others and its more demand than NAS has seen for how long?


Dyor etc, I'm biased, I hold and have been adding.

Either way I'm OK hiding out here for the Autumn.

Posted at 09/6/2023 09:23 by p1nkfish
At £700M market cap it will be further up the 250 with a higher weighting too, more cash allocated.

For the life of me I can't see the price not rising once FTSE250 inclusion is complete.
What am I missing?

Some folk will no doubt sell.

£900K is 22,500 shares at £40.
Average daily volume for past 3 months is around 5.5K shares.

A spike may occur towards £48???


Posted at 08/6/2023 09:45 by p1nkfish
Watched the YouTube voxmarkets interview just now. Some points........

1) Valuations conservative, off which NAV is based,
2) NAS in entering FTSE250 with first trades on 19th June,
3) NAS is illiquid,
4) Index trackers (VMIDD etc) will allocate funds according to market cap.

What do you think will happen as forced allocations arrive into NAS regularly?
With such illiquidity I think the discount to NAV will lessen, price rise, probably in short order.
It might give Mills a chance to "harvest" some cash himself to increase market supply and distribute shares?

From where I sit I see a relatively short order uptick in price as likely, by order mean a month or 2. A chance of 10%+ upside. May run to high 40's as trackers will have to buy???

NAS is looking to divest some holdings for cash reserves, ready to go hunting when market rolls over again.

I can see this running up towards £48 in say 3 months, about 20% for a CAGR of about 60%.

I am often wrong, dyor, etc.

Anyone have any input on this idea?

Posted at 12/5/2023 22:36 by steve3sandal
Hmm. BBS not yet a priority. It suggests to me that he isn’t for selling his unless around NAV. I’ll be hanging onto mine. I suspect there will be family succession given son Nick is an investment director? on some of the vehicles.
Not the greatest year for NAS smaller caps, who has, but there is the usual confidence in positions and exit valuations. I’d expect NAV to hit £60 one day and they can probably keep getting more right than wrong.

Posted at 12/5/2023 20:56 by steve3sandal
I thought this was interesting in todays Jan 23 FY report.

Your directors are frustrated by the ongoing discount to net asset value that the Company trades on despite the fact that it is significantly lower than many other funds which have large holdings in private equity and other large holdings of illiquid stocks. Our share buyback programme will hopefully reduce this discount over time but this comes at the expense of making our own shares more illiquid which in turn adversely impacts the discount. Your directors also believe it is important to continue to make new investments and, where appropriate, continue to support existing ones as we are firmly of the belief that this will add more value than buying back shares over the longer term. Nevertheless, at Mr Mills' retirement, which is not an issue for the foreseeable future, he has requested that the Board prioritises share buy backs over new investments until such time as the shares trade at a very modest discount to net asset value.

Posted at 30/4/2023 22:41 by steve3sandal
NAS don’t have a shareholding in Rockwood. Harwood Llp (owned by C Mills). manage both trusts. Harwood has 28.9% of RKW and Richard Staveley who manages RKW on behalf of Harwood and owns 1%. I’ve just noted that Nick Mills son of Chris is joint manager of both NAS and RKW in addition to Oryx noted above. Heir apparent then. Happy to have them in my corner but not a top 10 holding as I can’t see the discount closing.
Posted at 25/4/2023 22:34 by mozy123
Is the full NAS portfolio available anywhere is it closely guarded?

Does NAS own any rockwood trust for example?

Posted at 29/3/2023 09:23 by spectoacc
FCRM a fiasco, but at least tiny in the scheme of things.

Other problem NAS has is that HL tell me the one year avg discount c.28%, current discount c.34%. But look at everything else - look a the renewable ITs, the infrastructure ones, the REITs. The market's moved, it has recognised the end of 14 years of ZIRP, and a great deal of adjustment is happening.

Is NAS "cheap", in that context? Or does Opportunity Cost drag money elsewhere, even without recent missteps/eventual succession?

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