Thorney Opportunities reports modest NTA decline in November

Thorney Opportunities Ltd (TOP) reported an after-tax NTA of AUD 94.2 cents per share as of 30 November 2025, a modest decrease from AUD 94.7 cents at the end of October 2025. This decline was consistent with a general downturn in the Australian market. The company's investment portfolio experienced a -0.51% return for the month, underperforming the S&P Small Ordinaries Accumulation Index by 0.97%. However, over a three-year period, TOP's portfolio has outperformed the index by 3.10%.

Key negative contributors to the NTA performance for the month included positions in Austin Engineering, Southern Cross Electrical Engineering, COG Financial Services, and AMA Group. These were partially offset by positive contributions from Solvar Limited and Macmahon Holdings Limited. TOP remains active in its on-market share buyback, having purchased 1,172,158 shares during November, with the current buyback set to expire in March 2026. The company maintains deployable capital of approximately AUD 37.1 million.

TOP's investment portfolio is primarily allocated to ASX-listed securities (66.9%), with unlisted securities accounting for 20.1% and cash at 13.0%. The top five securities by portfolio percentage are 20 Cashews (13.0%), Southern Cross Electrical Engineering (12.4%), COG Financial Services (10.3%), AMA Group (9.3%), and Solvar (8.4%).