No it is not undervalued on current price because people discount his capability 

Mind you...one really needs to gauge his character too.

This thread active again....

The fund manager is the main key - the main asset and the main liability of the fund itself.
Hence, any focus, any discussion has to be on the fund manager itself.
The investor of the fund (I think la.. but then... I could be wrong since I am a trader only) needs to gauge and understand what he HAS BEEN doing for fund the past few years.
That's the most important gauge.
Reputation of the fund manager or his so-called investment ideas/philosophy counts for NOTHING if the fund manager does NOTHING to create value for the fund.

As mentioned few very long winded time before...
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 for 2015 is 6,318,354

Current total of all fees collected since 2009:32,095,510.

Those figures highlights exactly what you mentioned: closed end traded funds like ICAP are perpetual money machine  ----- for the fund manager, not you

Teng Boo, has collected (not in donations la) 32 million from the fees he charges since 2009!!!

And the fees each year INCREASES!

And, if anyone analyse these figures and compare to what he has done (FOR the FUND) for the past few years..... yes?

And every year, since 2010, he says the same thing...
over and over again.
Like a broken record....
the market is expensive/over valued/no value blah, blah, blah..
and of course, everyone knows that since 2010, the KLCI went on a fantastic BULL RUN !!!

so bull run...
this funny manager...
just opens his mouth...
say market expensive....
and that's it....
meanwhile...
he collects his FEES. 
So how would you even gauge such a funny manager?
Would you have RESPECT?

Me?
I admire him...
He so cunning....
Just collects fees only....
and yet he can have so many fansi of his fun !   



And for the record...
for those who are lazy...
this is from the last annual report...



** looks like Parkson LOSSES for icapital will be MASSIVE!
as at 31st May 2015 (29 May to be precise), Parkson last traded at 2.03.
Parkson today is trading at 1.12.

This looks like another 10 MILLION loss in a single stock for iCapital again. (Axiata was the first!)

and this screen shot is from 2014 annual report...


now the question is this.....

WHAT SHOULD AN INVESTOR DO IF TENG BOO DOES NOTHING WITH THE 200+++ MILLION CASH IN THE FUND ???
Would you come back the following year, and yet, have the same faith in this fund and its funny manager? 
ps: this is a broken record for me. evey year... same old same old....

When I asked people here is he 'bersih', nobody said anything so I thought I was being too skeptical lah! 

If you are talking about his taking of 32m so far for sitting, I am not sure if I agree entirely but it does smell to me.

I don't know about you guys... but I find this very disturbing.



How can a fund manager let this happen??? Was this in the best interest of the investors? If TTB knew the market was downtrending/not-performing/crashing or whatever, why didn't take profit while he had the chance? My 2 cents.

Parkson is droping to new lows 

see? see? see?
another stone fire!



Hello... you don't shout Parkson so loud...
nanti Teng Boo hear.....

heeeeehehe
ps:
Parkson? Did I not say about Parkson when it was 2.00?
AirAsia? Did I not say when about it when it was 1.60++ ?

If majority shareholders show that they want him to start providing dividend or buybacks, he will have to agree or get kicked out.

I remember him putting out ads when activist shareholder was trying to get something done to close gap between NAV and market price.

If the votes of minority shareholder did not matter, he would not put out those ads.

Maybe we need a Spartacus to lead a peasant revolt against the emperor.

If majority shareholders show that they want him to start providing dividend or buybacks, he will have to agree or get kicked out.

I remember him putting out ads when activist shareholder was trying to get something done to close gap between NAV and market price.

If the votes of minority shareholder did not matter, he would not put out those ads.

Maybe we need a Spartacus to lead a peasant revolt against the emperor.

For those who invested from Day 1, at least you get your capital back + some profit. Can be a lot worse.

This thread active again....

The fund manager is the main key - the main asset and the main liability of the fund itself.
Hence, any focus, any discussion has to be on the fund manager itself.
The investor of the fund (I think la.. but then... I could be wrong since I am a trader only) needs to gauge and understand what he HAS BEEN doing for fund the past few years.
That's the most important gauge.
Reputation of the fund manager or his so-called investment ideas/philosophy counts for NOTHING if the fund manager does NOTHING to create value for the fund.

As mentioned few very long winded time before...
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 for 2015 is 6,318,354

Current total of all fees collected since 2009:32,095,510.

Those figures highlights exactly what you mentioned: closed end traded funds like ICAP are perpetual money machine  ----- for the fund manager, not you

Teng Boo, has collected (not in donations la) 32 million from the fees he charges since 2009!!!

And the fees each year INCREASES!

And, if anyone analyse these figures and compare to what he has done (FOR the FUND) for the past few years..... yes?

And every year, since 2010, he says the same thing...
over and over again.
Like a broken record....
the market is expensive/over valued/no value blah, blah, blah..
and of course, everyone knows that since 2010, the KLCI went on a fantastic BULL RUN !!!

so bull run...
this funny manager...
just opens his mouth...
say market expensive....
and that's it....
meanwhile...
he collects his FEES. 
So how would you even gauge such a funny manager?
Would you have RESPECT?

Me?
I admire him...
He so cunning....
Just collects fees only....
and yet he can have so many fansi of his fun !   



And for the record...
for those who are lazy...
this is from the last annual report...



** looks like Parkson LOSSES for icapital will be MASSIVE!
as at 31st May 2015 (29 May to be precise), Parkson last traded at 2.03.
Parkson today is trading at 1.12.

This looks like another 10 MILLION loss in a single stock for iCapital again. (Axiata was the first!)

and this screen shot is from 2014 annual report...


now the question is this.....

WHAT SHOULD AN INVESTOR DO IF TENG BOO DOES NOTHING WITH THE 200+++ MILLION CASH IN THE FUND ???
Would you come back the following year, and yet, have the same faith in this fund and its funny manager? 
ps: this is a broken record for me. evey year... same old same old....

The next AGM is in three weeks time. I don't think the activist shareholder is going to just do nothing.

They have been slowly building up their position.

A mandatory share buyback to at least 10% discount would be a good compromise but it is going to be all or nothing with this fund. As MI, we can wait and see what happens at next AGM. Based on what happens during AGM, you can decide for yourself to sell out or wait.

If there are better opportunities out there, time to part company. For those who invested from Day 1, at least you get your capital back + some profit. Can be a lot worse.

Boon!

I KNOW YOU WILL BE HERE!   

damn... another stone fire ..... 
Parkson last traded at 106.
Current market value = 10,230,760 x 1.06 = 10.8 million....
Current 'paper' losses is more than 10 million already.....

The next AGM is in three weeks time. I don't think the activist shareholder is going to just do nothing.

They have been slowly building up their position.

A mandatory share buyback to at least 10% discount would be a good compromise but it is going to be all or nothing with this fund. As MI, we can wait and see what happens at next AGM. Based on what happens during AGM, you can decide for yourself to sell out or wait.

If there are better opportunities out there, time to part company. For those who invested from Day 1, at least you get your capital back + some profit. Can be a lot worse.