Actually cannot say exactly like this la..

However, what we do know is that the fees have been increasing like hell the past few years. https://forum.lowyat.net/topic/618861/+460#
See post #478.

Nice for you to clarify his fees.

This is probably long winded but in order to understand why the issue, perhaps is better for me to explain it long long.

I hope you understand my right to critic his fees.
For as long as this 'fund' is listed on the stock exchange, end of the day, it's just a stock...
And as long as I am a market player, be it investor, speculator, trader or punter, as long as I am interested in the stock...
I have the right to know and most important to QUESTION and to CRITIC the fees structure.

Since I have no vesteed interest in the stock at this moment,
perhaps you should be grateful of the view of someone from the outside looking in.

The point of the argument no issue is that iCapital has been sitting on excess cash and not putting the excess cash into use.
And during this period, the stock, or the fund, by not putting the excess cash into use, is saying there is nothing to buy.
Right?
Would you agree?
They have the cash, plenty of cash, more than 100 million since 2010....

In 2010, the CI started at 1272. This year the index reached a high of 1810.
This picture says it all..



Repeat from post #434.

As an outsider, hopefully with no bias views against Teng Boo, and maybe as a prospective buyer of the stock..
I asked myself....
How could it be right...
That this so called fund manager sit on extra cash...
doing nothing...
while the CI zoom from 1272 to 1810 ????

How can this fund manager do nothing with all the extra cash while the index is zooming from 1272 to 1810?
The CI has proved that his strategy is wrong.

Is that a legit question or would it be a case of simply hantam Teng Boo without reason ?

Then of course, when I sit and thought deep about it...
I then ask....
why....
one of the things I decided to check upon his is fees....

I tell you... I am shocked.
It's not right...
And I think it is appalling...

In 2010... his total fees is 4,037,100
In 2013... his total fees is 6,179,782

Now let me ask you this...

I can understand the fund management fee...

But investment advisory fee?????
What fee is that?

For whom and for what is he advising on????

I hope he is not paid to advice iCapital, the closed end fund... !!!!
Why?
Because .... isn't that double fee?
As a fund manager... isn't the duty to manage the fund ?
And when one manage the fund, for the best interest of the fund, one, as the fund manager, need to provide all the what not advisory....
That's my thinking la....
my 3 sen worth of talk 3 talk 4.

If I am wrong, please share what and why.

Last time I remember iCapital lost a lot lot money in Axiata.

Yeah... that I remember that.

You remember how many millions he lost?

Hehe.... you used what search parameter? ( I remembered the losses were more. )

this is mine. 'icapital', 'axiata'; 'losses'.

google search link

http://whereiszemoola.blogspot.com/2009/06...-in-axiata.html



The Edge mentioned 14.16 million.

This other posting was lagi best.

http://whereiszemoola.blogspot.com/2009/08...nnual-2009.html

That one screenshot:



3,000,000 shares of Axiata sold at 7.764,374.
That is about a price of 2.58.

Imagine if iCapital went ahead and paid for the rights issue....

The Axiata rights issue was 1.12.
5 for 4 share.
If iCapital sapu the rights issue...
They would have gotten 750,000 rights shares...
And they would have to top up 840,000.

Which means total investment in Axiata = 22,749,930.
Total shares now = 3,750,000.
New cost per share =6.06

Axiata today is 6.72.

So because iCapital did not want to top up rm 840,000, they lost over 14 milllion.
And if they had paid that rm 840,000, they would have recovered all losses and would now be sitting on a gain.

Whatever happened to long term investing?

This why I no accountant or auditor.

Do not agree.

You are giving him far too much credit.

Last December, market consolidated a lot.

No discounts then?

What did he do?

He did nothing and sat on the cash and for this fund, I dare say that he will continue to sit on cash.

If you want, read back from the past 3 pages.

Icap has been sitting on more than 100 million cash since 2010!!!!

You can refer this writeup also and see that the percentage cash even increased the last 2 years!!!!!!

http://klse.i3investor.com/blogs/kianweiaritcles/61168.jsp

Some people sit on cash...then wait for opportunity to make money.
ICap? My opinion is no.
Life is good now.
Reputation is there already.
He will not risk his good standing by employing iCap's cash into the market.

This is what's the best

A year ago and you can refer to this posting: refer posting #458 and star business link:

http://www.thestar.com.my/Business/Busines...tly-overvalued/

That was last year.

And in the posting => refer posting #414

The data shows that iCapital has been sitting on more than 100 million cash SINCE 2010.

Needless to say, the data in that posting ALSO SHOWED HIS INCREASING FEES....

Hardly any shares bought...

Sit on what was bought prior 2010... and then .....

Year in, Year out says MARKET OVERVALUED...

YET.......

Year in, Year out MARKET GOES HIGHER AND HIGHER.........

And what does he do this year?

He says this the other day: http://www.thestar.com.my/Business/Busines...global-markets/

( Is even worth attending his INVESTING talks? )

( See his face, plastered all over RAPID BUS.... Who pays the bill? )

No!

It's not comparable.

You can stay cash...no problem.
But the very fact is he opted for strong cash holdings since 2010.

This is the undeniable fact.

While he stayed cash...
He kept on repeating every year market over or no value.end result every year?
Market kept on going higher each year.
And each year, while he sat on his bum, he collected more cash via his fees!

Paid to do nothing....
Just mumble market over value each year.

Sounds OK?

This post has been edited by Boon3: Oct 8 2014, 06:58 PM

Do I feel pity for him?

No I don't.

Refer posting #458 again.

I highlighted the fees by posting the snapshot from the annual report.

This was the snapshot from that posting...



And from posting #478



Now I free.



I decided to take a snapshot of the fees issue.

Drum roll.......................................... please.



Total fund management fee is 3,109,491, investment advisory fee is also 3,109,491.

Total fees is now................... 6,218,982 !!!!!!!

Pheeeeeeeeeeeeeeeeewit !!!!!

brilliant eh?

So if he DARE to collect more and more and more fees from the fund each year while maintaining the market is over valued EACH YEAR since 2010 (last year he said "Shares on Bursa Malaysia are not cheap… many stocks are overvalued at present,” - source: http://www.thestar.com.my/Business/Busines...alued.aspx)..... why should I feel pity for him if he gets critics highlighting what he's doing exactly?

( ask many investors.... wasn't it a fabulous 2013? and 2014? How many investment grade shares rocket to the moon? Inari no good? Not an investment grade stock? Last year, one could close eye and buy Inari at below 70 sen nia.... What's the high this year? oh wait, Teng Boo said many stocks are overvalued last year! )


Side note:

When I was making that snap shot of his fees he whalloped from the fund...

I noticed the ADVERTISEMENTS expenses.....

The previous year, 2013, the fund spend 20,975 on ads.
For 2014, the fund spend 708,202 on ads!

708 thousand ????!!!!

What the ...................... ????

Major face palm time!




OMG!!!!!


Come on....

this is a bloody closed end fund...

what's there to advertise?


I cannot believe it really.
TTB said shares overvalued last year.
So instead of buying shares, he spends 708 thousand on ads!

Then I remembered.......................

His face..... on RAPID buses all over town!

OMG!!!!!

The fund is putting good use of those extra cash!!!!












This post has been edited by Boon3: Oct 8 2014, 08:48 PM

Eh?

What kind of question is this?

This is a PUBLIC LISTED CLOSED END FUND.

It's not a private fund.

As long as it is a PUBLIC LISTED company, anyone has the right to view and make comments about the fund.
Are you suggesting that I keep quiet just because I don't put any money into his fund?



Staying cash is always acceptable.
But when the market keeps going up and the fund manager adopts the strong cash policy (mind you this cash policy was adopted since 2010!) , clearly the fund manager is wrong.
Is it wrong to highlight this issue?

ps: do we not want to share ideas in the forum?

when we share the ideas, besides the good, we need to discuss the bad points too.
how could live a life focusing only on the good and ignore the bad?
can meh?

In the shark market, everything is about assessing the risks involved.
Yeah TTB started the fund well.
Timing of the fund was good.
He made some excellent stock choices (some poor ones too).
But overall... the fund did extremely well.

But as well as the fund perform...
We cannot deny the fact, the fund basically did nothing since 2010.

Compare the market in 2010...
Compare the market now in 2014...

Compare just the index ......
can we see?

Every year he also say markets overvalued.



If he keeps this up....
soon he be a genius.

huh?

Ok. I do not mind repeating.

This year or rather recently.

What did he say?
He warned about overvalued markets.

No problem.

That's his opinion.

Last year he made the following statement: "Shares on Bursa Malaysia are not cheap… many stocks are overvalued at present,”.

Proof that I do no twist any words: http://www.thestar.com.my/Business/Busines...overvalued.aspx

Every year he also say markets overvalued. Am I twisting this statement?

Well Uncle Ah Goog very powderful.
Cannot run cannot hide.

http://www.theedgemalaysia.com/features/18...uy-on-dips.html

Scroll down and you will see the following statement.



Yup, since 2010, he insisted the markets not cheap/valuations not attractive and then overvalued and more overvalued.

That's what he says each year.

And each year, this stock, this closed end fund, has seen its cash balances increased....

Can you find annual reports online?

Here's 2011 annual report link: http://www.bursamalaysia.com/market/listed...ncements/917504

Look for the balance sheet.

Can see short term deposits + cashand bank balances?
In 2010 the total cash was 103,925,260.
In 2011 the total cash was 115,907,950

Latest: the total cash balances is more than 240 million.

You tell me what he's doing as a fund manager?

He's collecting cash by disposing some of his good stock picks (like I said, I do give him credit for starting the fund at the right time and picking some good stock picks).
Cash increased from 103 million to 240 million.
Every year when he's embarking on this strategy, he claims the market is overvalued....

Fact: In 2010, the CI started at 1272 points.
What's the CI today?

Answer? ........................................

Read this again: http://klse.i3investor.com/blogs/kianweiaritcles/61168.jsp



If you understand what was written above, clearly iCapital has done rather poorly since 2010.
Why?
Cos the fund played safe and adopted a cash policy...
BUT each year, market grew higher and higher, which means his strategy to stick to cash is wrong!

It's like football.
The team score 2 goals in the first 5 mins...
then decide to play safe for the rest of the match.

For sure: result wise, that team above did very well (IF they hold on) and win the match.
But for fans.... they have to endure a very boring and lifeless match for the rest of the 85 mins....

Yes, for some it's acceptable but for some... it's a no.

Back to the original statements.


Every year, Teng Boo says markets overvalued.

Well if he keeps this up...
and since the fact that no market can go up forever and ever....
soon... one year.... he will be correct.

And our markets...
they are rather selective in memory....
they will remember his statement for saying market is overvalued....

and since he is correct for that year (in the future)....
yes, most likely he will be considered a genius!



This post has been edited by Boon3: Oct 9 2014, 09:11 AM

Actually if can hold, the stock can be considered but must hold.

Talks? Lol. Tak nak.

Are you happy learning to sing?



So we see so many Rapid Buses displaying his face..
And his 'investment' talk.

Such advertising is NOT CHEAP!

Closed end fund need to spend such money?


Then we see such the amoumt of such WILD spending in the annual report....



The fund is reluctant to spend more money in the market.
But yet..
700 thousand spend by the fund on advertising!

Brilliant!

Another fine example on yet another public listed company spend the shareholders money.

Not their money what

It's other peoples money!

GOOD SPOT on the INSANE increase in AGM expenses!

The objective is clear isn't it?

When you have a product and you want to sell, you advertise maybe you spend lavishly whenever there are shareholder meetings.

But sadly this is just a listed closed end fund.

There is no product to sell!!!!

There is literally NOTHING to advertise!

The objective of the fund is to make money!

Promoting the fund will not help the fund make money.

My opinion of such unwise money spending?
I have to say the fund manager, Teng Boo, has acted overboard.
He has abused shareholder fund to promote his own name (should I say face?) by spending too much money on advertising and agm expenses!

451 thousand on AGM expenses for 2014??? OMG!!!!



This post has been edited by Boon3: Oct 12 2014, 04:11 PM

Ah Tan ah...



When you take into consideration the insane increase in AGM expenses (total amount spent for fy 2014 is more than ONE MILLION! ) , clearly the fUn manager, Tan Teng Boo, has gone all out to promote public awareness of his brand.

Simple and brilliant marketing plan.

Marketing 101.

Brand building by creating public awareness thru advertisements.

Drive around town and you can see his smiling face plastered all over RAPID buses.

What a smart idea.

Brand building and now, more and more people KNOW his face.

The big problem is this is a simple closed end fund!

This is not a product!

The fund is to make money for the shareholders and here we see the fUn manager, dumping insane money on advertisements!



Face palm 300,000 times!

So here we are......

Simple questions to be asked.

Yeah, who does it benefit?

Does it help the closed end fund to make money by being well known? NO!

Does it help to make the fUn manager well known? YES!

Smart way to spend other people's money for own benefit, yes? YES!



Exactly!!!

And I feel he throws the 'market is over valued' smokescreen every year during the AGM to mask his MASSIVE mistake by choosing to stay cash heavy.

LMAO!

What a damn bloody egoistic and see-two-pig answer!

He's simply too egoistic la....

Which rather explains him spending huge lump sumps of the fund cash on advertisments - so that everyone can see his silly face on Rapid buses!