ICAP is very undervalued and attractive buy, that's why CoL is buying non-stop.

www.icapital.my

www.icapital.my

icap's NAV is holding pretty well despite the crash.

TTB sapu cheap stocks, if it becomes even cheaper, can sapu more...

If not due to high cash holdings, ICAP's NAV would be as bad as many of the Bursa stocks by now.

Since listing in Oct 2005 to 31.12.2019, over 14 years (from icap website):

Compound return of NAV : 9%

Compound return of share price : 7%

RM100 invested since listing in Oct 2005, will now be approx. RM330 (NAV), RM250 (share price)

ICAP invests in listed equities, no risky assets, no borrowings, no short selling - most importantly, ICAP is consistently following its investment objectives and policies which allow the portfolio to hold up to 90% in cash if the market is overvalued with minimal investment opportunities. Please read the IPO Prospectus.

The facts speaks for itself, ICAP has helped many investors, especially the longer-term investors to create wealth from investing in the stock market in an honest and trustworthy manner.

ICAP's compound return of 8.7% over 15 years (since inception in 2005) was derived from investing in Malaysian listed equities only. NAV more than tripled from RM0.99 since inception to RM3.13 as at 24.12.2019.

ICAP does not invest in derivatives and no borrowings, need shareholders unanimous approval to borrow money - a very high threshold quite impossible to achieve.

So, with a small amount of investment, you get a decent return but most of all, a safe and sound investment.

No need to earn respect from those who tell lies and make others to believe it is the gospel truth.

It is very sad that when objective arguments are posted, we are labelled as TB & Co.

While others continue their bashing by repeating their fallacies over and over again, just to cite a few here:-

- annualised return over the last 5 yrs only 1% (Fact is, over 14 yrs is 9%),

- profits/returns all earned to pay FM and its employees' salaries and shareholders get nothing (Fact is, FM fees only 0.75% p.a. of NAV. In fact, profit is not even the correct barometer to use for performance comparison of a CEF. WHY? ICAP as a long-term investor, hardly sells any shares frequently. NAV should be used instead. Even when NAV is rising, the fee rate is still the same, no performance fee paid to incentivize the FM). The NAV is already net off the FM fees belong to the shareholders, that's why, it is also known as SHAREHOLDERS EQUITY or SHAREHOLDERS' FUNDS, as per the AR.

- Those who invest in ICAP for long-term will be losers in the end, better push for ICAP to wind-up next year, can gain more than 30% (fact is, I don't mind if there are plenty of other performing CEFs in Bursa or other equivalent funds to choose from but sadly, Bursa only has 1 CEF, ie, ICAP, as JohnDough said, haven't found any other equivalent funds as conservative and transparent as ICAP)

Is Dynaquest managing any funds, what's the performance, can't seem to find.

Another crab talk by the king of crabs!!

ahbah, I took facts not crabs, unlike u.

@ ahbah : Here also got mani crabs who advise others to walk straight !

Totally agreed, ahbah please look at the mirror, you will find one there.

Again, ahbah claimed to be novice but can very cleverly twist and turn the facts to suit his motives....

Very simple logic:

share buyback,
max 10% of total shares issued, assuming @ RM2.45, NAV RM450mlm = RM34.3mln
dividend payout, say 10 sen per share or RM14mln

Total cash outflow from share buyback & dividend payout = RMRM48.3mln or approx. 11% of NAV
NAV WILL SHRINK PERMANENTLY, IF DONE EVERY YEAR

Fees paid to fund manager and investment adviser = 1.5% p,a, of NAV
PAID TO GROW THE NAV

Once share buyback and dividend are paid, investors will expect them to continue, the positive impact on the share price would diminish over time. BUT, when these "goodies" are removed, it may cause the share price to drop drastically.

BY THEN, WHAT IS LEFT FOR THE LONG-TERM SHARE OWNERS??

Those who have been pushing hard to wind-up icap in the near future may get quick gain and move somewhere else BUT those who are truly retail, main street share owners have to find another fund manger with equivalent track record or better to invest their money. Sadly, until now, like JohnDough said, still no one can come up with a fund that has delivered 9% CAGR since 2005 safely and transparently.

What Stktraitor & co are preaching, doesn't make any sense at all.

if icap actively pay dividend (paid once in 2013) and buying back shares, how can the continuously outflow of cash help to preserve or grow the NAV in the long run??

Remember, icap as a closed-end fund does not have the luxury of new funds flowing into the fund itself unlike other businesses eg insurance companies, have steady flow of premiums.

jeydan89 said ahbah no says, he just copy n paste here only. So, he also no got corn naïve people.

If someone wrote something defamatory and ahbah repost, ahbah also caught for defamation, got it?

u want comparison better than icap mah, only magic mirror from the Evil Queen can tell u whether got or not loh

To add on, the market crash in 2008 that icap has managed to ride through safely was much more severe than the crash in 1997 which badly affected AMFB.

"pinjam" is Bahasa, means "borrow" in English, in case the London boys don't understand.....

@Ahbah : Any one got a list of 15-yrs closed end funds in Malaysia for us to make comparison ? Please paste here. Thank you.

I suggest Ahbah to pinjam the magic mirror from the evil Queen in Snow White and start asking "Mirror mirror on the wall...." LOL

How can ICAP be compared with Amanah Millenia Fund in the first place for the reason for AMFB's liquidation??

Ahbah, I'm sure u can find all these facts easily since u like to copy and paste from everywhere.

AMF has been performing very badly since inception in 1997.

IPO price RM1 but the share price never went up above its IPO price until the time when it was about to be liquidated. This means it has been giving negative returns to shareholders who invested since IPO.

In fact, after IPO, the share price went all the way down to 20+ sen, this was perhaps due to the plunge in the stock market during the Great Asian Crisis.

The NAV only manage to give less than 1% annualised return since listing after 10 years. Almost 80% of the time, its NAV has been below its IPO price.

icap's performance is a stark difference from AMFB, icap share price and NAV has never gone below its IPO price even during market crash in 2008.

@ahbah, fake news & lies u get here..no need money or hard work to generate one, that's why it's FOC & u'll get plenty of them too, tak habis habis. LoL.

@fong7 - persistent discount mainly due to TTB doesn't care much on ICAP holders' benefits

This is puzzling indeed. I have attended icap AGMs, full day event, annual investor gatherings, there's so much info to share, learn and take away. All these for free!

Maybe @fong7 can suggest other better ides?

No need to curse & swear as if icap has made u lost mlns or blns to a point of no return where in actual fact icap nav giving compound return of 9% pa or cumulative return 225% since inception 14 yrs ago.

Different petiod will of course produce different returns, like @chokey, stocktraitor & gang's favourite last 5 yrs is 1% pa but again icap is a long term fund not just for that 5 yrs.

If icap is not your cup of tea, pls find your teh or kopi tarik somewhere else. No need to curse n swear or repeat same old story like a parrot.

Only genuine cybertroopers will keep repeating ridiculous, unreasonable, very stupid and laughable comparisons, remarks to run down others. What a shame!

If I compound 9% for another 5 yrs, my RM2.45 will be almost RM5, I get more than 100% better than your 30%, why want to bungkus?

Please find another low risk fund, earning decent returns even in bad times, to invest like icap.

@cheoky, it is u guys who named TTB as WB of Msia or wannabe, how pathetic!!

I don't mind an FD with 9% interest p.a. if u want to put it that way.

So cheap to invest compared with FD.

Not prepared to your homework. U will end up losing than benefitting if u listen to your good frens superficial advice.

After icap bungkus, novice investor like ahbah will hv to listen to others to find a good stock since u not prepared to fo your

Dear Ahbah the novice investor, be careful of what your good frens advise you, don't just look at the performance of the fund alone, need to look at the permitted assets, eg ArecaEquity Fund, one of your good fren mentioned earlier, the investment exposure includes DERIVATIVES (not exceed its NAV) and STRUCTURED PRODUCTS which are very high risks.

I bet you don't know what is structured products since you are novice investor. Structured products brought down Lehman Brothers and is the real trigger of the global financial crisis in 2008 which is sometimes referred to as the Lehman Panic!

So, you want this type of investment, up to you but can you sleep soundly at night?

Stocktraitor :THATS WHY IT IS MUCH MORE VALUABLE FOR ICAP TO BE DEAD THAN ALIVE, IN ORDER TO END THE SUFFERING OF THE MAJORITY OF ICAP SHAREHOLDERS...!!
Suffering majority shareholder suffering????
9% compound return over 14 yrs despite global crisis in 2008 & other ups & downs in mkt .
ANOTHER GARBAGE POSTING WITHOUT BASIS!!!

Someone talking rubbish and choking at the same time. Haha!!

@Ahbah 6:07PM ICAP CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED (10,400 units Acquired)

How Ahbah got to know so fast today London bought shares ah?? Got insider news ah ??

Your London gf told u ah??

@ cheoky, rumors from ex-workers...why believe in rumors?? This is not a HR forum, running out of ideas is it??

Well said soaring and thanks Quincy for the FACTS.

I guess only fools would want BRK to gulung tikar during those underperforming years.

Oops, cheoky must be choking by now..

ya, always got the wrong facts, then when being questioned, put the blame on others...didn't even bother to verify the facts himself, worse still, repeat again and again.

Have u guys ever wonder b4 London came into icap, icap was trading at premium since the day it was listed until 2008/2009, probably due to the global financial crisis.

Isn't it very puzzling after London came in, icap continued to be trading at discount and widening despite London continued their buying spree. Now London bought over 20% but ICAP is still at discount?

So, wld share buyback work? FYI Bursa only allow 10%.

Logically speaking, if there is buying demand, share price should up, so, London supporters, care to explain??

@cheoky, how do u define enormous fee? Most funds charges about the same rate of 1.5% or higher when they impose sales charge even b4 performing, how about that.

Nice condo mkt price RM500k, buy at RM375k, will be laughing to the bank, sure no complain!

It does not really matter whether you choose to measure the returns based on 1yr, 3 yrs, 5 yrs or any arbitrary period to suit your own agenda, coz the most accurate and correct way is to measure from the inception date of the fund, just like your FD interest starts compounding from the date you start your FD account.

Stkstudent, did you attend any of icap AGMs? u should be asking all your Qs and hear the answers from the horse's mouth.

ahbah's quoted below, I inserted para 1, 2 & 3 for easier reference :

Para 1 "Ahbah said icap too attractive for London to ignore."

Para 2 ahbah got said nonsense above ?

para 3 London is from UK and got the whole world to search for gf n yet tak bolih tahan seeing our lovely Malaysian gf here.

Isn't para 1 same meaning with para 3, I presume the Malaysian gf is icap?

Maybe ahbah got split personality like Doctor Jackel & Mr Hyde, that's why can't remember.

Stockraider, please get your facts right and don't keep repeating wrong facts since you oredi know its wrong!!

To stockraider : mind to share the performance of Kenanga open ended long term fund over 15 years, I can't find.

I can only find 10 years annualised return for Kenanga which is 5.5% and ICAP is about 12%, share price is abt 8% based on 2015 annual report. Both NAV and share price beat Kenanga.

For cumulative return until Oct 2019, it is wrong to say Kenanga beat icap because Kenanga : 251.76% is over a period of 18+ years (launched May 2001) whereas icap 224.24% is over a shorter period, ie 14+ years (launched Oct 2005).

We should look at annualised return instead :
Kenanga : about 7% - stockraider, you can verify yourself if u think I'm wrong
icap : 9.24% (NAV), 6.94% (share price) abt same as Kenanga

Again, the above are ALL FACTS, no fake news here.

So, I really don't understand why some of you guys keep harping that icap's lousy performance, losing money again and again...... if so, should avoid buying, no need to waste time complaining..but Ahbah said icap too attractive for London to ignore.

The "dead" fish won't be RM3.21 by next year lah, may be higher, so still want to sell??
Why not wait for NAV to grow more, I'm still young, can wait, hehe....

Also, icap Board has asked London to reduce stake as per the Bursa announcement.
If we join them, we may be in sinking boat, especially if regulators take action on London for breaking the Msian law!!

Thank you ipilot50 for clarifying that icap performance is actually more than double of KTF, as at 18 Oct 2019, icap : 232% KTF : 114%.

Even share price beats KTF, icap 150.5% as at 18 Oct 2019.

Both charging 1.5% annual mgmt fees, expense ratio almost the same, KTF has sales charge of 1.75%, can max up to 6.50% of NAV per unit.. icap just brokerage fees, very low now, btw 0.3% - 0.7% I think.

Please note, I'm stating the facts, no bias here....

Ahbah, u don also con me (or us) with your dead fish theory.

Dead fish is dead and gone forever..eat very full one time only then go hungry again

Live fish can grew and maybe "give birth" to more fishes......sustainability for the investors..