Brilliant! 

The NAV of the fund depends on the stocks the fund holds and I find it so amusing that there is not much talk focused on the stocks iCap hold.
One could look at the EPS of the stocks iCap is holding.
Is the EPS generally increasing, decreasing or lackluster?

What is iCap's 5 biggest stock holdings as per last annual report?
PetDag, Parkson, Padini, F&N and Boustead.
Are these companies earnings increasing or decreasing?

If the earnings are generally decreasing, how will their stock price rise?
If these stock price don't rise, how will iCap's NAV increase at such a huge compounding rate?

TBH, if I buy iCap now, I would be over the moon if the NAV touches 3.50 lah.