UPDATE (Oct 2026): NAS has continued to trade at a wide discount, averaging 32% over the past three years, although it has been repurchasing some of its shares and did a 10-for-1 share split in June 2025 to improve liquidity. It returned -12% in the year to January 2023, followed by +1% to January 2024, +5% to January 2025, +3% to January 2026, and +9% in the six months to July 2026.

North Atlantic Smaller Companies (ticker: NAS), often shortened to NASCIT, has been run by Chris Mills since 1982. Mills turns 70 later this year and he also controls about 30% of the trust's shares. Although the...