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...
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UPDATE (Oct 2026): OIG returned -2.4% in NAV terms in the year to March 2025, and +0.4% to March 2026, but its NAV per share was up 30% from April 2026 to October 2026. The trust has continued to trade at a wide discount of between 30 and 40%, with North Atlantic Smaller Companies still owning 53.6% of its shares and no buybacks taking place since 2021.
Oryx International Growth (OIG) was launched in 1995 and has been managed throughout by Harwood Capital's Christoper Mills, who also runs North Atlantic Smaller Companies and is involved with both Odyssean and Rockwood Strategic. Mills is 71 a...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I resume my regular catch-up with Andrew McHattie, the editor of the Investment Trusts newsletter. We discuss the surge in the Japanese stock market and the snap election there, the latest developments at Saba Capital's targets Herald (HRI) and Edinbur...
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