North Atlantic Smaller Inv TrustLSE:NAS 43 Piotroski F-Score is 5 as of Jun. 26, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates LSE:NAS with a GF Score™ of 43/100. The stock has 5 warning signs investors should review. Among 1,597 Asset Management companies, North Atlantic Smaller Inv Trust ranks better than 65% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
North Atlantic Smaller Inv Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for North Atlantic Smaller Inv Trust's Piotroski F-Score or its related term are showing as below:
LSE:NAS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 8
Current: 5
During the past 13 years, the highest Piotroski F-Score of North Atlantic Smaller Inv Trust was 8. The lowest was 4. And the median was 6.
North Atlantic Smaller Inv Trust (LSE:NAS) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
North Atlantic Smaller Inv Trust Piotroski F-Score Related Terms
North Atlantic Smaller Inv Trust Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
North Atlantic Smaller Inv Trust Piotroski F-Score Chart
LSE:NAS vs BLK, BX, KKR: Piotroski F-Score Comparison
For the Asset Management subindustry, North Atlantic Smaller Inv Trust's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
North Atlantic Smaller Inv Trust Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, North Atlantic Smaller Inv Trust's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where North Atlantic Smaller Inv Trust's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
North Atlantic Smaller Inv Trust's current Net Income (TTM) was 29.30.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
North Atlantic Smaller Inv Trust's current Cash Flow from Operations (TTM) was 10.45.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
North Atlantic Smaller Inv Trust's return on assets of this year was 0.04074716. North Atlantic Smaller Inv Trust's return on assets of last year was 0.06067448.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
North Atlantic Smaller Inv Trust's gearing of this year was 0. North Atlantic Smaller Inv Trust's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
North Atlantic Smaller Inv Trust's current ratio of this year was 551.34548216. North Atlantic Smaller Inv Trust's current ratio of last year was 128.66219359.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
North Atlantic Smaller Inv Trust's number of shares in issue this year was 131.499. North Atlantic Smaller Inv Trust's number of shares in issue last year was 133.222.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
North Atlantic Smaller Inv Trust's net margin of this year was 0.92513892. North Atlantic Smaller Inv Trust's net margin of last year was 0.96868862.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
North Atlantic Smaller Inv Trust's asset turnover of this year was 0.04404437. North Atlantic Smaller Inv Trust's asset turnover of last year was 0.06263569.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
North Atlantic Smaller Inv Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.
North Atlantic Smaller Inv Trust (LSE:NAS) has a Piotroski F-Score of 5 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on North Atlantic Smaller Inv Trust and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, North Atlantic Smaller Inv Trust's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, North Atlantic Smaller Inv Trust ranks #559 out of 1597 companies in the Asset Management industry, placing it in the top 35%.
Is North Atlantic Smaller Inv Trust's Piotroski F-Score too high?
North Atlantic Smaller Inv Trust's current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Asset Management industry median Piotroski F-Score is 5.00. North Atlantic Smaller Inv Trust's value of 5 is 0% at this industry median. Based on the distribution chart, North Atlantic Smaller Inv Trust ranks #559 out of 1597 companies in the Asset Management industry, which is above the industry midpoint. Overall, North Atlantic Smaller Inv Trust has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does North Atlantic Smaller Inv Trust's Piotroski F-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, North Atlantic Smaller Inv Trust ranks #559 out of 1597 companies for Piotroski F-Score. This puts North Atlantic Smaller Inv Trust in the upper half of its industry. The industry median Piotroski F-Score is 5.00. North Atlantic Smaller Inv Trust's value of 5 is 0% at this benchmark. Historically, North Atlantic Smaller Inv Trust's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, North Atlantic Smaller Inv Trust has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,597 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. North Atlantic Smaller Inv Trust's current Piotroski F-Score of 5 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on North Atlantic Smaller Inv Trust and its competitors. For the Asset Management industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. North Atlantic Smaller Inv Trust's current Piotroski F-Score is 5, which is 17% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is North Atlantic Smaller Inv Trust stock overvalued right now?
North Atlantic Smaller Inv Trust (LSE:NAS) has a current Piotroski F-Score of 5. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Asset Management industry median of 5.00. North Atlantic Smaller Inv Trust's overall GF Score™ is 43/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For North Atlantic Smaller Inv Trust (LSE:NAS), the current Piotroski F-Score is 5 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
North Atlantic Smaller Inv Trust Business Description
North Atlantic Smaller Companies Inv Trust PLC is a United Kingdom-based investment trust. The company's objective is to provide capital appreciation through investment in a portfolio of smaller companies mainly based in countries bordering the North Atlantic Ocean. Its only operating segment is the Investment business. The company invests in a diversified range of companies, both quoted and unquoted, on both sides of the Atlantic.
43GF Score
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