NAOS Asset Management

15/10/2026

In this week’s NAOS CEO Insights, Ed Bastian, CEO of Delta Air Lines, makes the point that airlines are recovering higher fuel costs more quickly than in past cycles. Resilient demand and a sharper focus on profitability are helping the industry pass costs through, rather than absorb them.

You’ll also find commentary on AI offsetting deflation in IT services, payday super now being paid with wages, genuine shortages of capital, and continued caution across retail, recruitment and restaurants: https://hubs.la/Q04Bm6qb0

Subscribe to our weekly NAOS Insights email for CEO Insights delivered directly to your inbox, along with the team’s picks of their favourite gems from the week: https://hubs.la/Q04Bm6pp0

“This year’s fuel spike has accelerated change across the industry. Resilient demand and greater focus on profitability are enabling the industry to recover higher fuel costs more quickly.”

08/10/2026

A ban on credit card surcharges may not stay at the checkout. Restaurant operators are warning the cost will be baked into menu prices instead.

Wes Lambert, CEO of the Australian Restaurant & Cafe Association, makes that case in this week’s NAOS CEO Insights. The edition also covers persistent food inflation, constrained housing supply, AI as one of the few clear productivity levers, and a still-healthy denim market.

Check out this week's edition: https://hubs.la/Q04zHMyf0

Subscribe to our weekly NAOS Insights email for CEO Insights delivered directly to your inbox, along with the team’s picks of their favourite gems from the week: https://hubs.la/Q04zHMvP0

“The government is bonkers if it thinks this won’t be inflationary. The RBA has woefully underestimated the flow-through. It won’t disappear. It will be baked permanently into higher menu prices.”

08/10/2026

We commenced the NAOS Investor Roadshow 2026 in Perth this morning, with a full room and a strong discussion.

This year’s theme is “Honey, I Shrunk the Emerging Companies.” The listed emerging companies universe continues to contract, with fewer new listings, a higher incidence of businesses being taken private, and passive flows increasingly concentrating capital at the larger end of the market. At the same time, structural tailwinds are creating a number of compelling long-term opportunities.

We have four remaining events over the coming month, where the investment team will outline NAOS’s investment philosophy and process, provide a market outlook, and highlight a selection of current holdings across the LICs. Attendance is open to all, and guests are welcome.

Places are limited. Register at https://hubs.la/Q04zz2T00

01/10/2026

What happens when the product you sell is a person, not a thing?

Ari Emanuel of WME Group makes the point that talent agencies run on emotion, temperament and relationships - a very different business model from furniture, jewellery or cars.

This week’s NAOS CEO Insights also looks at consumers who are still spending when the offer feels worth it, AI taking a much larger role in coding and customer service, stronger travel and cruise bookings, and new demand for oilseed crops from biofuels and bio-nutritionals.

Check out this week's edition here: https://hubs.la/Q04y_f3d0

Subscribe to our weekly NAOS Insights email for CEO Insights delivered directly to your inbox, along with the team’s picks of their favourite gems from the week: https://hubs.la/Q04y_dSX0

"Our main product, talent, isn't like other products that people sell. It's not like furniture or jewellery or cars; it comes entangled with thin skins, volatile tempers, melodrama galore- our whole business model is built on emotion."

01/10/2026

Behind the scenes at Livewire Markets today

Our Chief Investment Officer, Sebastian Evans, sat down with Anna Dadic for a candid conversation about the NAOS Asset Management investment philosophy and having an owner's mindset. They covered a range of emerging companies, concentrated portfolios and the lessons that have shaped Seb's decision-making over the last 20 years.

The full interview is coming soon to Livewire Markets. Stay tuned.

25/09/2026

The push to build more housing quickly is colliding with a longer-term insurance question - whether speed comes at the cost of quality and future risk.

That theme sits at the centre of this week’s NAOS CEO Insights, alongside a few other shifts worth watching:
• Pressure on household budgets and fashion spend
• Energy mix debates around gas, coal and data centres
• Cost headwinds for gold miners and farmers
• AI moving quickly through coding and enterprise technology

Read them all here: https://hubs.la/Q04yhWKb0

Subscribe to our weekly NAOS Insights email for CEO Insights delivered directly to your inbox, along with the team’s picks of their favourite gems from the week: https://hubs.la/Q04yhWJj0

"As I've said many times, the build, build, build mantra to solve today's issue of housing affordability and availability comes with the potential for corners to be cut. And then we, as a community, put more people in harm's way."

21/09/2026

Join our webinar tomorrow by Sebastian Evans, Managing Director & CIO at NAOS Asset Management, on Public vs Private: The Changing Landscape of ASX Emerging Companies.

Sebastian will explore how Australia’s investment landscape is evolving and what this could mean for investors, including:

• What a shrinking ASX could mean for investors
• How passive investing may create opportunities for active investors
• The critical factors for successful investing today

📅 Tuesday, 22 September 2026
🕛 12pm AEST
💻 Online via Zoom

Register here: https://members.australianshareholders.com.au/eventdetails/42099/webinar-public-vs-private-the-changing-landscape-of-asx-emerging-companies-22-september-2026

𝘚𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦 𝘧𝘰𝘳 𝘧𝘳𝘦𝘦: https://members.australianshareholders.com.au/_membership.join/form/typeid/4808

18/09/2026

Copper demand is becoming more structurally important as electrification gathers pace, and the fundamentals look as strong as they have in some time.

That theme sits at the centre of this week’s NAOS CEO Insights, alongside a few other shifts worth watching:
• Refining remains a pinch point in the energy system
• Growth still hard to find outside AI and data centres
• Private credit becoming a core institutional allocation
• Australian exports looking more competitive under differentiated tariffs

Read all the insights here: https://hubs.la/Q04xKcNP0

Subscribe to our weekly NAOS Insights email for CEO Insights delivered directly to your inbox, along with the team’s picks of their favourite gems from the week: https://hubs.la/Q04xKcPG0

"As we look forward, we see a world that's becoming more copper-intensive with electrification...the fundamentals of copper, in my view, have not been this strong in some time."

11/09/2026

2027 CGT changes: what they mean for LIC shareholders

From 1 July 2027, the rules change. Almost everything written so far targets property investors. Almost nothing is written for people who own Listed Investment Companies.

That’s a problem. LIC shareholders sit inside two tax layers at once: the company itself, and the shares they hold in it.

We wrote this article to close that gap - plain English, a worked example, and a short list of what’s actually worth doing before mid-2027.

Link here:

Australia's 2027 capital gains tax changes explained for LIC shareholders: what's actually changing, why franking is untouched, and what to do before June 2027.

11/09/2026

Demand for live sport is still rising, and advertisers are following it.

That theme sits at the centre of this week’s NAOS CEO Insights, alongside a few other shifts worth watching:
• Capital is starting to move out of residential property
• Discretionary spend under pressure in travel and retail
• Chinese auto exports continuing to reshape the global market
• Tighter conditions in smartphones and jewellery

Check out all the CEO Insights here: https://hubs.la/Q04xcdlT0

Subscribe to our weekly NAOS Insights email for CEO Insights delivered directly to your inbox, along with the team’s picks of their favourite gems from the week: https://hubs.la/Q04xcdt60

"On the other hand, live sports is just on fire. I mean people just can't get enough of it, and our advertisers can't get enough of it."