Who care about how the market sentiment on ICAP and how the market rate ICAP? Its investment objective has been stated very clearly that it's a value investing fund and the investment objective is for long term capital appreciation. Indeed we should have exploit the discount by buying more ICAP shares instead of trying to improve its share price.

Whoever who bought ICAP without realising its core value investing, I am sorry to say it's your own mistake so you have to swallow it, either by realise your lose or continue to keep the shares until end of its tenure. Whereby me would like to wait for another 8 years, and at that time when ICAP's NAV raise up to RM10, I will be glad to liquidate ICAP with my investment appreciated by 10 times at that moment.

Remember that the funds not only holding by those who may need dividend in short term, but also who don't need cash and instead want to invest cash for capital appreciation. Why should ICAP returns cash through dividend to me and that would harm the growth of NAV in long run? I will definitely oppose the idea of distributing dividend.

Make sense, for ordinary investors, they can't make 18% cumulative growth p.a., so the reservation of cash(instead of dividend) in ICAP to let uncle Tan to manage is wiser than to invest themselves.

Investors always have a choice, if they don't satisfy with the ICAP performance, they can sell the shares and invest themselves. Investment is about long-term.

With around 18% cumulative growth, ICAP is still considered as one of the best fund in the world. Not to forget ICAP still has substantial bullet of around RM 120 million cash to invest in case of stock crash.

Interesting part is that the issuing capital of ICAP is RM140 million, but it has RM120 million cash, in other word, almost all the  IPO fund from the public is now reserve in the bank to standby for investment.

This performance also coincidence with the TTB's simulate investment portfolio return.