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 and its performance not up to market. However, it will eventually pick up base on the performance 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.