Interest from his cash maybe enough for his fees!

Only in Malaysia, a fund manager can sit and do nothing and collect more and more fees each year.

Sit on excess cash since 2010.
And market has been rising and rising.

Another Msia bolih enterprise!

WB of Msia........

Just saw your posting of the 2012 accounts

Fees = Rm 5.788 mil

Revenue = Rm24,821 mil

Net Profit Before Tax = Rm17,689


The FEES as % of Revenue = 23.3%

The FEES as % of PBT = A WHOOPING 32.72% !!!!!!!!

Fees is calculated based on d value of Funds managed x agreed %

THAT is where the BLUE Ocean Scam is ...............

Do NUTHING and still reap yer Unjustified FEES..................

Most of the manager of other UTs oso practice d same concept

So makes it right?

The FEES should be based on PEFORMANCE.

Otherwise its a Scam for such HIGH FEES.

I didn't consider his fess based from that perspective.

I agree with your last posting.
The fees should based on performance.

THATS WHY some of our fund manager's fees can be very OBSCENE.....especially when they use

NAV.

Many of our I cap investors like to hone on NAV.

Even if TTB does NOTHING to add value, they will still reap their enormous fees based on NAV.

SO I hope the interest rate on their CASH holdings is enough for the fees.

I hope many will understand your message.

Teng Boo very lucky cos he got many loyal fans.

When Loyalty causes blindness, it becomes CULTIC.

THATS where the problem starts..........like GEnevva Gold.

Sitting on RM200mil cash, 3% interest income would be around RM6mil.

These interest income just to enough cover his fee

I agreed with u
I know it's very hard to accept current practice when the fund manager is not performing

No wonder he so easily shake his legs and just say M'sian stocks overvalued.

Kow tim.
Done for the year.
Collect increased fees again next year!

Ah Tan, you no jeles hor.

I agree on his principle of "Not losing money", but not the principle of sitting on a huge cash pile waiting for durian drop, his cash holding is around 50% NAV or RM200mil. That is a huge percentage for fund manager to be honest.

Fee collection is based on NAV if i'm not mistaken.

I would be lying if i'm not jealous

Let's see how it perform (NAV) after 2008 crisis, let's compare 09 and 10 to the latest one.

1st Jan 2009 NAV - RM1.57 per share
1st Jan 2010 NAV - RM1.99 per share
23rd Oct 2013 NAV - RM2.94 per share

CAGR since year 2009 - 13.37%
CAGR since year 2010 - 10.25%


iCap share price comparison since year 2009 and 2010.

2nd Jan 2009 Share price - RM1.41
4th Jan 2010 Share price - RM1.78
23rd Oct 2013 Share price - RM2.36

CAGR since year 2009 - 10.85%
CAGR since year 2010 - 7.3%

Now does everyone has a clear picture now?

thanks for your summary.

and i still believe to look at its NAV instead of share price.
we buy undervalued stock not based on TA but on intrinsic value, which is much more closer concept to a fund's NAV instead of its share price.
if one prefer trend trading based on TA, then they should not look at undervalued stocks because those stocks may stay undervalued for years or even decades.
many many people just unable to get a clear mindset. they just mix things up and not realizing it.
to buy and hold any undervalued stock has one common risk: he may earn nothing if the stock continues to be undervalued. If he doesn't know this risk, he better learn and know it well.
same thing goes to trend traders. One common risk is that TA graph is always ambiguous. When you bet on uptrend, it may turns out to be reversal trend afterwards. We can easily spot different IBs got different calls (one say buy, the other say sell, very common). This is the risk on TA play.

know your risk and trade accordingly.
enjoy the game!

yhtan





Geng!
Well done aaa!

Hehe!

Can I add oil.

2009 Bursa opening price - 876.75
2010 Bursa opening price - 1272.78
Yesterday Bursa closed at 1815.65

Bursa index CAGR since 2009 - 15.76% <----> iCap NAV CAGR for this period is 13.37% <====> Bursa index wins!
Bursa index CaGR since 2010 - 9.29% <----> iCap NAV CAGR for this period is 10.25% <====> iCap win

Now this one is the best.

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, his fund management fee is 3,089,891 investment advisory fee is also 3,089,891 <====> WOW !!!!! increase lagi!

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 !!!!!!!!!!

OMG!!! Every year.... fees naik !!!!

gark who said greed is good ah?

Total fees CAGR since 2009 is ...... 12.07%% !!!!
Total fees CAGR since 2010 is ...... 11.23% !!!!

Is this picture even clearer?

Remember in 2012 report (and mentioned earlier in this thread), iCap said the following:

1. "There are no purchases made since 31 May 2011.. "

In new 2013 report, iCap said it bought one stock, Wellcall.

Which means Since 31 May 2011, iCap only buy one stock.

31 May 2011, Bursa open at 1,542.84
Today, Bursa opening is 1815.65

Which means Bursa index increased 272.81 points or 17.7%.

All iCap have to say to that is "Shares on Bursa Malaysia are not cheap… many stocks are overvalued at present,” - source http://www.thestar.com.my/Business/Busines...overvalued.aspx

Meanwhile, again to remind, his fees has increased to 6,179,782

By the way...
fund management fees - he charge, this one I can brain (except the every year fee naik like crazy! )
But investment advisory fee? I cannot brain. How to brain? He the fund manager mah. When he manage the fund, isn't his duty also to provide all the advisory to the fund itself?

This post has been edited by Boon3: Oct 30 2013, 08:47 AM

Methinks Msian call it


SYIOK SENDIRI ????

"Shares on Bursa Malaysia are not cheap… many stocks are overvalued at present,”


YOU CAN SAY THE SAME OF HIS OBSCENE FEES!