I hear people spending 200 thousand on lavish wedding dinners....

those people not fight with Teng Boo hor....

simply no match laaa....

Sky and land la.......

The fund's 2014 annual report shows the fund spending 450 thousand ringgit on AGM expenses!!!




So only diary/notebook with his face?
Gold plated one ah?




opps..... gold nowadays.... not much value.






This post has been edited by Boon3: Oct 13 2014, 08:32 PM

No problem.

Yes, it's ok for you to like ICAP.
It's your choice.

Back to Teng Boo.
Yes, of course, he's an experienced stock picker but do you realize that he's just a fund manager and as a fund manager he should be judged on his performance.
Yes, this is a performance based industry and as a fund manager his duty is to make money for the shareholders.
How does one judge his performance?
Simple.
Look at what he has done the past few years.
And undeniably, anyone who knows anything about investing, can clearly see what Teng Boo has done.
He adopted to a 'stay cash' strategy.

Wait... now that's an ok strategy.
Nothing wrong with it.
It's fine.

The problem is, the data showed Teng Boo adopted this strategy since 2010.
Cash reserves clearly build up in the fun...
which indicated Teng Boo was a nett seller for the fund.

And of course, some can clearly understand what he is doing.
He started the fund at the right time.
Picked a couple of great stocks.
Market rose....
The stocks gained very leng chai for the fund.
Bravo.
Hey, I applaud him for this success.
But since gaining this success or lead, he chose to sit on it...
Like football.
Score one or two goals early, and then defend, defend and defend....

Now......................

THE BIG PROBLEM IS........

the market continued to rise and rise.... while Teng Boo, the fund manager, chose to sell and accumulate cash.

CLEARLY Teng Boo has been wrong about the market since 2010.

Clear as broad daylight.....

Saddest thing is, his ego is getting the better of him, and he has been shouting every year the market is over valued blah blah blah each year since 2010.
And each year, market has proven him wrong.

Sorry but this is how he should be gauged.
His form is badly wrong since 2010.

Like football, you can have a terror geng player in the team...
but sometimes, this terror skillful player can have ZERO form..................

If you are the team manager, should you keep him on the pitch, just because of reputation sake, or should you leave him out of the team cos his current form sucks?

Just some opinion for you.

You do not have to agree with me.

p/s a fund greatest asset (and unfortunately also, the greatest liability) is the fund manager itself.

If I want to buy this closed end fund, there's no way but to be judge the fund manager wisely and also critically.

What so scary?

If Teng Boo isn't willing to invest/put more money into the market then by right, he should return it to the shareholders.

He cannot be every year since 2010, hold EXPENSIVE AGMS....
Sing songs too!! (apparently!)...
and every year cry out loud say market is expensive....
and yet.... every single year market proves him wrong!


What does he really expect?
Sit every year and collect his BIG FAT fees (as shown clearly in past few pages) and expect everyone to be OK with him.

It's a listed CLOSED END FUND laaa....
he's paid to make money for the money.... no?

For fund as a stock, I think one should hold.




There's too much money in the fund......

That ranting part via media is so appalling and sickening!

Is this part of Malaysian culture?

Actually the solution is quite simple....
Liquidate or....
Teng Boo should just shut his mouth and for once, instead of sitting on his ass, he should for once START WORKING as a fund manager...
and go make money for his closed end fund.

Said so many times already....
Adapting a cash policy while the market is zooming higher and higher each year for the past donkey years just proves that Teng Boo got his market strategy horribly wrong.

Go get him to work hor.....

Question.....

Whatever happen to that compounded NAV target promised by Teng Boo?



Anyone still remember?
Anyone still care?

Batu api !!!!





"So what is the problem with the fund management of icap? Has the board been doing anything? I don’t know, icap’s portfolio of stocks seem to be the same every year and the fund has been holding one third in cash since 5 years ago and it is holding up to 50% in cash now. What is the purpose of a managed fund? What is value investing as professed by the fund manager? No value stocks to buy since 5 years ago?"

Want to hear my answer?

Teng Boo is as cunning as he is 'smart'.

Like I said before, he started the fund at a time when the market was super cheap.
As the market rise he saw his stock picked up super gains.
He got his big gains.....

So I believed in 2010...
he decided on the best strategy......
Sit on the stocks he have, sell a bit adopt cash heavy strategy.....and wait for big crash.

Let's see what can happen with such strategy...

If market does crash big time.... the cash he builds up... can be used to buy cheap stock....

If market does NOT crash.... we are seeing what we are seeing now.
Fund will still do good but will greatly under perform general market.

Either way, there ISN'T MUCH RISK... but most important, his reputation will remain intact... and he GETS his INCREASING MILLION DOLLAR FEES each year.

The alternative?
He buys and faces market risks...
He risks his big gains... and he risks his reputation....

Does he want to see another disaster like the 10 million loss in Axiata?
I am very sure he hates that episode like hell !!!!

I tell you la....

If I was him...
I would have done exactly the very same thing!

yhtan

Remember the total fees postings before.

From 2009 annual report, his fund management fee is 1,747,606, investment advisory fee is also 1,747,606
From 2010 annual report, his fund management fee is 2,018,550, investment advisory fee is also 2,018,550
From 2012 annual report, his fund management fee is 2,894,863, investment advisory fee is also 2,894,863
Latest annual report From 2013 report, his fund management fee is 3,089,891 investment advisory fee is also 3,089,891
From 2014 annual report, his fund management fee is 3,109,491, investment fee is also 3,109,481

Total fees for 2009 is 3,495,212
Total fees for 2010 is 4,037,100
Total fees for 2012 is 5,789,726
Total fees for 2013 is 6,179,782
Total fees for 2014 is 6,218,982

Current total of all fees collected since 2009: 25,720,802

Pheeeeewwiiiitttt !!!!!!

This closed end fund... allowed to run until what year?

If add those years in ..... how much more fees can Teng Boo collect???

Do I think Teng Boo will liquidate before then?

Do you think he will liquidate?



This post has been edited by Boon3: Nov 24 2014, 11:20 PM

Of course.

And he knows that every well.

That's why.... he just do nothing and get paid all the fees !!!

Good life what.

You blow meh?

His tactic is correct lor.
Got big lead from early years.
Why risk anymore?

6 million plus in fees per year wor.
Life is so damn sweet for him.

Ah Tan ah...

I cross check his info and i calculate the share price 5 years and current:-
24 Nov 2009 - RM1.79 Source
24 Nov 2014 - RM2.39

Added the special dividend of 9.5 cents, the 5 years return would be 38.8% (CAGR of 6.7%)

Now when I run the comparison with his 'Fees' increase.....

Total fees for 2009 is 3,495,212
Total fees for 2010 is 4,037,100
Total fees for 2012 is 5,789,726
Total fees for 2013 is 6,179,782
Total fees for 2014 is 6,218,982

Total fees have increased 2,723,770 since 2009.
In terms of percentage?
That's 77.9%.

Teng Boo wins liao !!!!

But even if he's right... do you think he would even buy?

Also what about his current stocks?
Anyone look into his portfolio?

This is from the annual report.



Let's have a quick look.

Padini - 3 consecutive quarters of declining earnings. Year high 2.13 - now 1.66
Parkson - 9 consecutive quarters of declining earnings. Year high 3.46 - now 2.39
Boustead - 3 consecutive quarters of declining earnings. Year high 5.35 - now 4.79
Suria - 2 consecutive quarters of declining earnings. Year high 2.67 - now 2.45
PIE - 2 consecutive quarters of declining earnings. Year high 6.98 - now 6.81
F&N - 2 consecutive quarters of declining earnings. Year high 18.26 - now 16.70
MSC - 1 quarter of improving earnings. Year high 3.07 - now 2.90

See the BIG picture?
The bigger stock holdings in the portfolio are mostly recording declining earnings.
Stock prices are declining.......


Has this fund manager even evaluate the quality of his own stocks?


cc yhtan

No I don't study his shares at all.

It's just part of the topic.
We question his investment strategies and with that, we need to ask the question "If the market fall, what about his porfolio"?

The stuff I posted - that's 10 mins look see work.

Petdag? I believe they used to hold a lot of shares but due to Petdag declining earnings + extreme high valuations, I guess he RIGHTLY took profit.

I did not reply you cos I have no idea.

Miss your post.

Why?

1) As a trophy? ( The fund made big money in this stock)
2) Leave some so can attend Petdag AGM and get some door gift along the way.

If I don't tag you...
you will turn into a doormat already.....

LOL!!!



*runaway*

Harsh voices?

I could address your comments as fanboyism but I won't.

This is because I understand that this is a forum where the main benefit should be everyone should share opinions and not simply participate in a cheerleader/hero worship.

It defeats any purpose.

I would acknowledge that most of comments were against Teng Boo however, I state with comments, which are always welcome for rebuttal and I also understand that my comments could be wrong and if I am wrong, I would welcome comments stating why.

For example, you state him as being wise fund manager.

Well, I agree of course he is much wise, in fact, to a point of being cunning!

He's done extremely well (which again I do acknowledge) in his early days for the fund, and with this 'early lead' he chose to do nothing.
That's being wise from his own personal perspective.
He protects his lead, his reputation.
And in the meantime, he simply collects more and more money each year.

But is he wise from the shareholder perspective?
Or is he even wise, say for a perspective 'investor'?

If I want to be a shareholder or if I want to buy this 'stock'....
Teng Boo is the one and only one asset of the stock.
Of course, therefor it makes sense to be critical of him.

If I fail to do that (such an approach), it only means I am a blind cheerleader investor.
That's how I would gauge myself. (of course my choice of words might not please you)

And from my perspective, how would I gauge how wise Teng Boo is?

From research and Uncle Google, I find out that he's been making statements since 2010 that the market is expensive.
Every year, he says the same thing...
over and over again.
Like a broken record....

and sooner of later, of course, such words would become word of wisdom....

but sadly, for me, it's simply bullshit cos the market proved him to be dead wrong!
From 2010 to recently, the market made highs after highs....

And for the investors of the fund, with the fund manager adopting such a cautious approach, it only means that the shareholders miss out on great gains.....
There were plently of clear cut investment stocks the past few years...
stocks which easily tripled .......

Yup, for me... good for Teng Boo but he has under changed his shareholders.

That's my so-called harsh words but words backed by facts and evidence.

Any links?