hello cnman, i dunno what ttb had done to you, making you so aggressively attacking him every time before the AGM and try to find mistakes from the annual report. i saw this post after reading ur post on annual and annualised return (which i have commented also in case you miss it), sincerely hope that you could improve ur reading and knowledge so that you don't look so stpd and sfsh when saying the wrong thing.

after reading ur "hardwork" here, again, i just find it funny and nonsense. i'm shock that there're ppl agreed with you, haha. if you couldn't read the article or report properly, get someone else to help.

it is clearly mentioned that the figure 5 in icap 2021 annual report is comparing the performance of icap vs scottish mortgage from day 1 to day 5,789, meaning for icap, their day 1 is 19 oct 2005 and for scottish, the day 1 is referring to 28 feb 1994 (i guess, by referring to the previous figure). else, ttb will put there form 19 oct2005 to xxx date instead of day 1 to day 5789.

by common sense, if you'll to tell the achievement of 2 ppl with difference age (for eg one is 65 and the other one is 45), for sure you will ask what you have when you're 30? instead of what you have right/what are your achievement now. isn't it unfair to compare what they have now.

please fair, take away ur color specs, and be fair to icap.

reply to dumbMoney on 23 Nov:

i wish you could have the time to look at CLIM's announcement on Bursa Malaysia where CLIM indicated they are the buyers behind the nominees accounts.
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3084685

their current holdings as of 27 Nov 2020 is 20.738%.

@i3gambler.

Indeed, Mr. Tan was right about “Lies, damned lies, and statistics” in ICAP’s latest quarterly. Remember rule 72 – that is, if you are able to generate 7% compound return per annum, your capital will double every ten years.

What you conveniently failed to point out is the fact that ICAP’s NAV has grown to 2.86 times whereas the Index has grown 1.72 times. So for a person that invested RM100,000 at IPO, the difference is between RM286K versus RM172K – which is RM114K.

If this goes on for another 15 years, then the difference would be even more ridiculous. Compounding RM286K at 7.78% for 15 years will equal to RM880K. Compounding RM172K for 15 years at 3.73% will equal to RM298K. The difference has blown out to RM582K. Such is the power of compounding over long periods.

Judging by how the index right now is supported by just two glove stocks and the fact that ICAP has been deploying cash for LT investments, the odds are good that this will be the base case at the very least.

Most importantly, with ICAP’s conservative value investing philosophy, investors can sleep easy. Not many appreciate the fact that the outperformance was generated during a long period with half or more of NAV in cash.

For a conservative investor placing sizable amounts of their net wealth in the stockmarket, their mindset will change and recognise this is a good thing. In one of your posts, you asked why ICAP shareowners overwhelmingly voted to support the special resolution at ICAP's 12th AGM. If you put yourself in a mindset of a shareowner/LT investor above instead of a gambler, then you would. Knowledge can be transferred, but wisdom cannot.

Lastly, a point that many fail to appreciate is ICAP charges ZERO performance and loading fees. When you invest in mutual funds, a lot of the time, you start by being down when you enter, and you get clipped again on the way out. Then you also often get charged performance fees.

The fact of the matter is this. If I was a fund manager with a sole purpose to make money, I would not bother with a closed ended fund. I would much rather an open ended fund, where I can keep generating fees by just moving clients from one fund to another. If my performance sucked, I would just create another fund and remarket it. Oh wait. That is the business model of most mutual funds. Notice how hardly any mutual funds have the prolonged track record that ICAP does?

Do you understand why ICAP remains the only closed end fund until now? If a closed ended manager can make so much money, many other fund managers would have listed a closed ended fund too. This is basic economics 101.

I believe these arguments also lay to rest all other lame arguments above.

Cheoky, when you mentioned ICAP has underperforming "your figureless ETF" for the past 5 years, where you get the date from? any reliable sources to refer to. if not, let me bring you to page 4 of ICAP 2019 AR. Its stated clearly that from 4 Jul 2014 to 31 May 2019 (around 5 years), ICAP NAV appreciated about 5% and its share price decreased by 2.81%, while during the same period, KLCI lost around 13%. If this is the “5 years underperforming” that you meant to, it proved you are a LIER and fail your mathematics study. i feel sad for your kindergarten teacher anyway. if you are not using klci, do provide me a valid example and figure, don’t copy and paste text here and there.

CharlesT, why you only feel unusual when there are lot of new ids here to spread the truth and stop fake news? they might be just being silent previously.to know also that, these people came to comment after the fake claim or news on icap. as a shareholders, they just protecting their right.

however, why you never think of those(eg: ahbah who started to comment on 27 Sep 2019, etc) who suddenly here and ask to dissolve the fund next year (while the fund is to vote on an ordinary resolution on the 20th year whether to wind down or not - from ahteck)? what is their intention? to attack ttb? to attack icap? to wind up the fund? to get instant return of 25%? or on behalf of The square mile?

king36 Posted by ahbah > Oct 11, 2019 9:52 AM | Report Abuse

On behalf of the Board of Directors of icapital.biz Berhad, we wish to announcethat the Net Asset Value per share of icapital.biz Berhad as at 9 October 2019was 3.20.

ahbah - This is just like a pie drawn on the wall.
What have the share-holders get while $millions are paid on mgmt fees?

i not agree with you where shareholders get nothing while ttb was paid millions on the mgmt fees. from what i know for now, icap is the only fund that charged 0.75% of mgmt and no any hidden fees. the average mgmt fee charged by msia utf is 1.50%, with performance fee, subscription fee and redemption fee applied. 0.75% is much more lower than 1.50%++.

DON'T JUST LOOK AT THE FIGURES AND COMMENT. if now the fund is only rm100, the mgmt fee paid is only 75 sen.

icap was paid with mln because it's what stated in the prospectus.