In fact many companies gave that much IF one was to buy in 2008/09!  Twas the point.....
So for that ICAP to be pointed out to give 30% CAGR from 2008 to 2010 is NO BIG DEAL...

Many PM miners did that......

i didnt strike ONE miner but more than that....only NOT in Msia.

i am not jealous of ICAP. My investemnet returns are higher than ICAP without paying for the management fees!   

Excuse me but do you think icapital is a success?

Yes...consistency of returns is the word.......ICAP is only 7 years old......with a CAGR of 12.84%.....it has not seen a full economic cycle yet.....

Even your illustration is only 11 years...........thats not long

As for me....i have been investing since 1989....since the Tiananmen Massacre when i bought my first stock.
HSBC at HKD4.........
Why 15%?  Its just a number............
One day i maybe happy with just 10% CAGR.....
Life is not just about numbers but quality......
So the numbers may change

AND i will still consider that success.......So in essence Suceess is subjective

ICAP price is not compounding at 18%. Its 12.84%....you should not base that on NAV but mkt price.

You cant liquidate ICAP for 18% presently

So have you been Sucessful? 

Yess....all my investmnets can be liquidated when ever AND

REAL returns are based on the ability to do that..........can you? 

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Added on August 24, 2012, 2:43 pm
ic....that explains why you bought the fund....good thing you didnt buy his other two funds!

International Value Fund
1 July 2009............31 Jul 2012...............% Change

A$1.000................A$1.0052...................0.52%
International Global Fund
6 July 2007............31 July 2012..............%Change


US$1000.000...........US$1035.72...............  3.57%

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Added on August 24, 2012, 2:45 pmi suppose in the IVF one still gain from the AUD rise....BUT for the IGB.........USD has been down since

Whats a FM? 

How do you know it wont give 'long' term investors problem?  What IF the manager kicks the
poverbial bucket? Lotsa risks........

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Added on August 24, 2012, 3:12 pm
How do you know about MY performance? 

Aaahhh you bought at RM1.15.....thats even less returns...

You wanna have clue about my performance, read my sig.... 

You guys have a REAL funny way of expressin yerselves and contradicting in the next breath!   
i dont need to get anything.........i have enough......   

firee818 you know what is day-dreaming, or will you trust the word post by any Tom, d*** or Harry from the cyberworld. Must be someone still having his fantacy at the lala land

The fund manager Capital Dynamics' formal reply to Laxey Partner.

BFM just had an interview with TTB. Very awkward. A bit painful to listen to.

I think will vote by poll.

Yes I never missed a single AGM of ICAP. I am working and staying in KL, to me attending AGM in KL is not a problem to me. How about? Where you from by the way?

No, it's your concern about the exorbitant fees but I am looking at a bigger amount in long run which is well over to cover the fees by many times. So it's mutual opinion not only we are sheeple but you too.

If you are judging the fund base on the lower return happen these recent years and ignoring the out-performance that, so you are ignorance about fund management and have no idea what is Global Investment Performance Standard (GIPS) on how to judge a fund's performance base on their return since inception.

From a fund management point of view, we always look at the return since inception. While fund might perform well, it will always face trough period some other time and its performance may not up to market. However, it will eventually pick up base on the how consistent of the fund manager. As I have mentioned before, if ICAP has performed 50% better than you in the previous years, it will always be better than you even if you are outperfomring ICAP by 3% every year in the next 10 years. So it's you not getting it.

You also try to belittle the performance of ICAP base on share price, not its NAV is another joke. By the way, you are also so unintelligent to assume that investors will buy at ICAP at a very high price and eventually hold the share until today so they are making bad return in terms of share price, but you never consider if I am buying at discount and wait till I can get back NAV in 8 years later, I'll get a return that would even better than the return of CAGR 18% by the fund manager. No wonder you can't make money from simple investment like ICAP. HAHA:D, I just want to laugh at your  face.

I have a rookie or newbie investor ask me, I find interesting, below summarise the conversation.

A: what is a ABC closed ended fund
I : Blar blar explain and tell fund is investing in value stock, or undervalued stocks, which can reap good profit over the long term.

A: (Seem understand what I explained), so now the fund holding large amount of cash, the reason?
I : Yes, some fund manager does hold cash for their strategic and marking viewing. As it may wait opportunity to buy as the manager may not that bullish and slight bearish about the market

A: There is a stock traded below its NAV around 20-30%, is it considered undervalued?
I: Yes, by definition, and in theory.

A: The stock is a closed ended fund, so wise to buy below 20-30% of its NAV?
I: It is a bargain.

A: The stock is performing well or having sterling performance since inception, and traded at discount, and the stock is ABC fund itself, so since ABC holding plenty of cash, why not ABC bought its own share, as it is a undervalued stock that traded below 20-30%? Isn't it fund can make even more money and objective is to buy undervalued stock?
Also isn't it ABC fund/stock itself had magnificent performance and perform well? 
So isn't it, it is a good target to invest by the fund?

I: ........

What A had asked is not about buying back to close the gap between NAV and share price.
What A had asked is investing in ABC fund itself.
Since ABC fund is a good long term investment, isn't it a good investment target by ABC fund itself, since it has a big discount of 20-30%. <--- this is the issue A had asked.
I cannot answer this, because as a fund, you look for good stock to invest, right? So why excluded ABC stock then?
Also it is merely another investment target, A had not asked to dump all the cash into it, just a portion like ordinary investment target.

As last part, the statement is viewing ABC fund is a long term investment and a good long term investment, and not suit for short term investors, isn't it suit to the ABC fund to invest in ABC share price? <----- this is key question asked by A, that I am speechless to answer to him as a experienced investors.

So as mentioned above, if CI is peak now, and may collapse based on the above posted opinion or,
isn't it ordinary investor should avoid ABC share now as well?

A just needs asking some question that only make clear of his mind only.

Just like A had asked if confidence about the ABC stock, and the stock NAV may achieve double or triple from now, isn't it a good and bargain investment target? including, ABC fund itself.

If ABC fund may achieve and become NAV RM10.00 in 8 years or 10 years from RM3.00, so isn't it investing in ABC stock is indeed a good target to have?
So ABC fund itself should consider it, right? Why ABC fund not considered it?
Why need to wait 40% discount to the NAV?
A discount of 20% + potential (may) future good appreciation/performance from Rm3.00 to Rm10.00, is not good enough for ABC fund consideration? Not many stocks out there may have such a good performance.

The above some simple summarised questions are those I still scratching my head to answer to A.