NAOS Ex-50 Opportunities
Company Limited (NAC)


The NAOS Ex-50 Opportunities Company Limited (ASX:NAC) is a listed investment vehicle that seeks to provide investors with positive absolute returns via exposure to investment opportunities both in Australia and Offshore. Our primary objective is to protect capital in all market conditions and to provide long term capital growth and regular tax-effective income to investors.


Net Tangible Assets as at 30/9/2018

Pre Tax NTA$1.13
Post Tax & Pre Unrealised Gains Tax$1.13
After Tax NTA$1.10


The Company seeks to provide investors with a positive absolute return regardless of market conditions, and whilst providing investors with a targeted yield of 4% p.a. (franked to the maximum extent possible).

NAOS has been successfully managing a similar unlisted vehicle for close to 10 years and has produced significant outperformance, relative to benchmark, on a ‘since inception’ basis.

Performance Graph

Investment Portfolio Performance to 30/9/2018*

1 Month (%)6 Month (%)1 Year (%)2 Year (p.a. %)3 Year (p.a. %)Since Inception (p.a. %)Since Inception (Nominal)%
NAC Investment Portfolio Performance* -1.46%+3.38%+14.04%+4.42%+16.76%+15.58%+75.44%
Benchmark (RBA Cash Rate + 250bps)-2.70%+8.46%+10.84%+9.11%+10.15%+7.88%+34.23%
Performance Relative to Benchmark+1.24%-5.08%+3.20%-4.69%+6.61%+7.70%+41.21%

*Investment portfolio performance is post all operating expenses, before fees, taxes. Performance has not been grossed up for franking credits received by shareholders. Inception date was 12th November 2014.


The Board of the Company is committed to paying a sustainable stream of fully franked dividends to shareholders, provided the Company has sufficient franking credits, retained earnings and it is prudent to do so.

The Dividend Reinvestment Plan is in operation. If you decide to participate fully in the DRP, the Company will issue shares to you in lieu of a cash dividend. Participating shareholders will be entitled to be allotted the relevant number of shares.To participate in the DRP, please refer to the Shareholder Information section of the website.

The Dividend Reinvestment Plan is in operation. To participate in the DRP, please refer to information contained in Shareholder Information section of this page.

Cents per ShareDate Payable% FrankedTypeDRP Price
Research on the Company is available via a selection of broker houses and quarterly by Independent Investment Research (IIR). Copies of the latest reports can be downloaded here:
Report Cover NAC


Our Monthly Investment Report provides you with information pertaining to the NTA of the Company, performance and attribution metrics of the underlying investment portfolio, a snapshot with regard to portfolio positioning, and commentary regarding market conditions and key themes over the month.

We actively encourage feedback from our investors. As such, should you require information in addition to that provided in our reports, please let us know via email (


Monthly Investment Report Archive


The NAOS Ex-50 Opportunities Company Limited is traded on the Australian Stock Exchange (ASX: NAC) and can be bought and sold either via your broker or your financial adviser.

Shares in the Company may also be bought and sold via the following platform providers:

BT Wrap/Super Wrap, Macquarie Wrap, Netwealth, HUB-24, MLC Navigator

Once invested shareholders can elect to participate in the Company’s Dividend Reinvestment Plan (DRP). The plan allows shareholders to elect to receive their dividends in shares rather than cash. DRP shares will be acquired ‘on market’ when the post-tax net tangible assets (NTA) is greater than the share price as at record date, thereby avoiding any potential dilution to the Company’s NTA. New shares will be issued when the share price is greater than the post-tax NTA as at record date.

Shareholder Information

Dividend Reinvestment Plan (DRP)

The Company is currently operating a DRP.  Further information about the DRP can be found in the participation rules.

To participate in the DRP, please click here:

Rules for participation in the DRP can be downloaded here: DRP Rules NAC

Annual Report

A copy of the Company’s latest Annual Report can be downloaded here: Annual Report