Tan had already mentioned unless the discount is very deep like 40% to 50%, or else he won't consider to execute share repurchase. Anyway, i think if discount go up to 30% already can consider to share buy back loh, just a way giving out dividends to shareholders.

Did you guys bought ICAP shares during the 2008 crisis?
My average entry price was RM1.55.
Is it wise to add my position at the current price of RM2+?
Ooo...thanks for your infos.
I have to rephrase my question : What is the main purpose for Capital Dynamics to have a weekly newsletter?

Hi fire818,
I share almost a similar strategy with you :
1. long term investment
2. buy & hold

But i can't help but wonder why you left out the price factor?
As for me,  although i know i'm going to keep my ICAP for a loooooooong period of time, but i need to measure its performance against other type of investment available to me. Else i wouldn't know how ICAP's capital appreciation fare. So, i always make a comparison between ICAP' price with EPF & ASW's dividend (i'm holding ASW too *high 5* ). Currently, based on my RM1.55 price, EPF & ASW are biting the dust

If the gap between your average entry price & ICAP share price is small, then wouldn't it be better for you to just add position in ASW? An investment with an almost sure 6-7% dividend rate. Wait for another slump, then accumulate ICAP again like no tomorrow...hehe...

I share the same concern with you.

Can't figure out how the fund maintain its price at RM1.00.

Did you ask this question in the ASW thread?

For me, as long as... :
1. ASW has the backing of the gahmen
2. pay consistent 6-7% dividend
3. RM1.00 fixed price is intact
...then it is worth investing.

If the dividend is higher than FD rate & sufficient to cover inflation rate, i will not redeem my units.
But i'll be very wary if PR wins in the next GE

It's possible to liquidate the fund, but not so soon as ICAP has just recently extended its tenure. Maybe by end of 2020, ICAP may seek the shareholders to extend another term for the fund. However, by then Tan Teng Boo should be quite old already, so it would be possible shareholders may elect not to extend the fund.

By the way, the single largest shareholding of ICAP can only up to 20%, it is stated in its prospectus and memorandum article of association.

Daily volume will be more severe if the 2 institute funds are accumulating ICAP shares. So far they have accumulated close to 13% of the paid-up shares. As far to what I know, these 2 funds has been trying to approach TTB for the discussion of liquidating ICAP but they have been ignored, maybe TTB just dislike these 'vultures' who are trying to close TTB's platform of helping other investors to grow their wealth or just that TTB not willing to give up ICAP which makes him rich .

Anyway, dont worry, just wait till 2020, NAV may go up to RM10 to RM12, then you will get back the value after liquidating instead from the market. Or worse, you may get back RM3.01 today if ICAP passed the resolution to liquidate the fund which proposed by the 2 institute funds.

There is no right or wrong in investment. Different people will have different investment objectives and tenure. So you may need more cash on hand in short term and I may not.

However, ICAP has already stated clearly in its investment mandate clearly that its investment objective is to grow shareholders' value via capital appreciation in long run. And this implies that only those who agrees to the investment philosophy of value investing should invest into this fund and may prepare to hold this shares until the day of its liquidation in year 15. In addition, no dividend should be distributed as this will defeat the purpose of setting up the fund which is to grow our capital in long run. Please imagine that without cash/capital, how on earth the fund can grow our wealth? If you need cash, you should not have invested in ICAP to begin with but to other dividend counters. Why not you admit that you have just made a wrong decision by putting your capital into a wrong fund with a mismatch investment objecitve?

So now it's your call that you want to cash out before the liquidation of the fund in year 15, so obviously you are making a wrong investment decision in the beginning. It is your fault and should not try to persuade the fund to give dividend just to cover the consequence you are facing because of your wrong investment decison at the cost of other long term investors.

Where did you get this info? 18% CAGR?

http://www.icapital.biz/berhad/en_berhad.asp?id=3&sub=1

According to my calculation

started in Oct2005 to 2012, RM1 to RM2.33      the CAGR is 12.8%.

Anyone?

I see........BUT NAV is useless to minor holder unless the fund liquidates.....

For an investor, i will only look at the present mkt value.

i have a fund of precious metals trading at approx 50% of NAV......  

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Added on August 23, 2012, 9:01 amBTW your prices at Oct 07 and Oct 08 are wrong..........BIG plunge during these times

I think TTB is lucky to have launched ICAP just before the bull run in 2005. Whether he can replicate the success going forward is unknown. Talking about historical performance, cumulative growth of 18% in 7 years is very different from 30 years. My bet is that he has only a very slim chance to do it. He isn't doing very well in his international funds the last I looked.

I don't  subscribe to his newsletter. Is there any way to find out what stocks TTB holds in his Malaysian and international funds?

You are contradicting because here you mention the present cash and liquidating. On the other hand you mentioned to cherroy about
holding for the next 15 years for a bumper ICAP harvest, no? 
So what values do you 'see' in ICAP companies?

TWAS Just to shew you yer 20% CAGR in 3 years bought in 2008 is NO BIG DEAL................cyber or NOT.......

The points are that

a) Buying in 2008/2009
b) 3 years

In fact many companies gave that much IF one was to buy in 2008/09!  Twas the point.....
So for that ICAP to be pointed out to give 30% CAGR from 2008 to 2010 is NO BIG DEAL...

Many PM miners did that......

i didnt strike ONE miner but more than that....only NOT in Msia.