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....

Since the end of the 2nd quarter, the cash holdings of your Fund have gone up substantially. From around RM261
million as at 30th November 2015, it stands at around RM303 million by 29th February 2016. The main reason for
the increase in its cash holdings is the sale of three stocks in your Fund’s portfolio. In the last few months, we have
sold all the Fund’s holdings in PIE Industrial Berhad and Wellcall Holdings Berhad and a substantial part of its
holdings in Vitrox Corporation Berhad (the balance was sold after 29th February 2016). icapital.biz Berhad started
investing in PIE Industrial as far back as October 2006. Even though liquidity in the shares of PIE Industrial was
extremely low, icapital.biz Berhad patiently bought a total of 4.85% of its issued capital at an average price of
RM2.53. Your Fund’s investment in this well-managed company brought handsome returns over the years. The
investments in Wellcall and Vitrox, made in 2013, have also yielded handsome returns but because we were not
able to buy the desired quantity then, the profits in absolute terms are much lower than the RM28.314 million gains
made from PIE Industrial. The average cost price of Wellcall was RM0.94 and RM0.82 for Vitrox.

The reason for selling these investments is simple. The assets of icapital.biz Berhad are managed based on the
value investing philosophy of Capital Dynamics, albeit with an eclectic twist. Although the three companies are
expected to experience growth, the valuations of the three said companies were getting rich. Each company was
already having a market capitalisation of more than RM800 million. As a value investor, we seek a margin of safety
and the three companies were not offering this.

With these sales, the cash or near cash per share of icapital.biz Berhad has risen to be about RM2.16. With a
share price of RM2.30, the remaining portfolio of icapital.biz Berhad is only valued at 14 sen per share or RM19
million versus its market value of about RM120 million.

Meanwhile, monetary policy in the major developed economies of the United States, the Eurozone and Japan
remain in a mess. In my last quarter’s commentary, I highlighted the role of US monetary policy in causing the
current global market turbulence. Since then, the monetary policies of the Eurozone and Japan have also backfired.
The Euro and the Yen have strengthened when they were expected to weaken; the European and Tokyo stock
markets have plummeted when they were supposed to be buoyed. The IMF may soon have to warn the United
States, the Eurozone and Japan about reaching the limits of monetary policy.