The measured stiffness and strength of a carbon/epoxy unidirectional NCF system in shear, tension and compression are compared with test results for the pure resin and for impregnated bundle material under various combinations of in-plane compressive and tensile loading. The study is a part of a project to develop mesomechanics models to predict failure of NCF materials under triaxial loading by use of data for the pure resin and for bundles impregnated by resin. A simplified analytical rule-of-mixtures model is suggested for stiffness and strength of the NCF material. Good agreement is shown for shear and tension along and transverse to the bundles. Compressive strengths are significantly underestimated, apparently due to deficiencies in the compressive test method used for the bundle material.