Icap is a closed end fund, there will be no dividend until the shareholders argees to dissolve & delist the fund. Those getting for quick gain might be dissapointed and have to wait for the longer term, that is why it is not so popular. 

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Added on August 1, 2012, 5:31 pm

Last time I bought, the gap is about 37%, once the gap closed off, I have already disposed of the share and made a bundle. Not interested to go in again unless the gap widens once more. For CIMBC25, CIMB acts as market maker, so it is impossible to have a 17% gap. If it does quickly buy as the bank will have to buy back from you at NAV. 

Even giving out dividend, it may be merely 3-4%. (3-4% is considered high dividend already).

And 1.5% of the 3-4%, just a small sum difference only. If a fund is 300 million, (3% of 300 million mean 9 million. 1.5% of 9 million is only 135k only)

But with the consistency of pay out of dividend (from the dividend received from the fund),
it may change drastically investors confidence and willingness to own the fund, hence may be better pricing for the closed ended fund.
I knew, market price doesn't affect the manager fee, as better market pricing or worst pricing, do not alter the NAV,
but confidence on the fund by investors is invaluable, and open up more opportunity to set up another closed end fund which can attract more investors,
eventually manager can earn more and better off with managing 2 funds or even more.

What's the point of telling an investor, that his/her fund value has increased in paper, yet did not receive any dividend, nor capital appreciation (as there is always discount of market price vs its NAV, current situation).

As minority has only 2 source to earn or make a profit
1. Dividend
2. Capital appreciation through market price.

So if 1) is not available
then only left 2).
If 2) is mis-pricing due to lack of willingness of buyer in the market.

Then what a minority investors can do?

ICAP's NAV reached RM3.04 but current market price is RM2.30!

Anyone buying or still keeping the bullets dry?

So now it's your call that you want to cash out before the liquidation of the fund in year 15...

The fund manager Capital Dynamics' formal reply to Laxey Partner.

Indeed,  the manager of ABC has considered to purchase its own shares if the difference between  its market price and NTA by 40% of its NTA. i.e. if NTA=RM 3.00, then the target price is about RM 1.80.

iCapital.biz earnings jumps to RM47mil

iCapital.biz Bhd’s net profit for its fourth quarter jumped to RM47.12mil from RM1.7mil a year ago due to profit on disposal of securities and higher revenue.

Its revenue increased to RM49mil from RM4.5mil a year ago. Earnings per share were 33.66 sen compared to 1.22 sen a year ago.

For its full year, the group posted a net profit of RM56.8mil from RM15.7mil a year ago. Its full year’s revenue stood at RM65.9mil compared to RM24.8mil a year ago.

“As the company is a closed-end fund, a better indication of its performance would be the movement of its Net Assets Value (NAV). The NAV per share as at May 31, 2013 was RM2.99, compared with NAV per share of RM2.86 as at May 31, 2012,” it said.

Haha. I had sold off 80% of my iCap shares after holding for 5 years. I have to say I only manage to gain a little after holding for so long.

Reason Of selling is because ttb doesn't seem to be interested to invest in klse. Therefore I will only wait until he starts buying only I will act.

If you read his weekly Msian stock analysis. I can safely said 70% of them is buy at a price below the market price and the remaining 30% is hold. Haha. So there is nothing to buy. Eh sorry. There is one stock he recommends to buy, icapital. Haha

Icaps discount is based on the market price of the security. It's true that a lot of midcaps are trading at a discount towards their book value, but ICAP's discount is not based on book value, but on market share.

Correct me if im wrong

Out of d 11 stocks, keen on Parkson.
Any comments?

For the bold part, it only applicable for Malaysia market. AFAIK, mainland chinese still view Parkson as high class shopping mall

whatta writeup!   

NOW EVERYONE CAN be a FUN manager!   

I understand that TTB has to eat and drive his porsches.

However to make wild statements of growth and yet sitting on his rear end doing not much AND collecting his fees is rather
ummmm ......obscene.

I think someone has suggested to liquidate and realise the NAV. But TTB refused, no?

Can you sell at the NAV?   

Let's see how it perform (NAV) after 2008 crisis, let's compare 09 and 10 to the latest one.

1st Jan 2009 NAV - RM1.57 per share
1st Jan 2010 NAV - RM1.99 per share
23rd Oct 2013 NAV - RM2.94 per share

CAGR since year 2009 - 13.37%
CAGR since year 2010 - 10.25%
iCap share price comparison since year 2009 and 2010.

2nd Jan 2009 Share price - RM1.41
4th Jan 2010 Share price - RM1.78
23rd Oct 2013 Share price - RM2.36

CAGR since year 2009 - 10.85%
CAGR since year 2010 - 7.3%

Now does everyone has a clear picture now?

IMO, losing to index is unacceptable for me

An investor can easily achieve higher than that.

Hopefully TTB can provide some insight into the proposed dual-listed global fund during the 10th AGM.

Would like to know how the plan would narrow the discount gap between ICAP's price & its NAV.