Let me say first that I have vested entrenched interest in iCapital.biz.

I am a share owner who have started investing in iCapital.biz since its inception 15 years ago. I was all along a subscriber of iCapital newsletter and have been attending iCapital.biz’s  AGMs  throughout the years except for the 15th AGM.

I believe in Independence, Intelligence and Integrity as "enshrined" in iCapital's motto.

I am looking at enabling iCapital to better serve its common share owners whether they have followed the company in the past 15 years or joined later.

As I have attended all except one of the AGMs, I have seen so many familiar old faces dropping out of the later AGMs that I began to wonder if they have cashed out or become so ill or ?   

But although they have been frequently attending  AGMs and probably other educational investment and financial classes, I think they should be given better information in the Annual Report.

Apart from absolute legal compliance, I think for iCapital.biz to live up to its motto of Independence, Intelligence, Integrity,  its leaders have an extra ethical and moral standard to show.   Complying with just the minimum legal requirement is not enough.  Not enough to show the spirit which in turn will boost the market price.

Independence, Intelligence, Integrity!!!Let me say first that I have vested entrenched interest in iCapital.biz.

How to improve the market price (reduce the gap between price and NAV)

In fact to narrow the gap between iCapital.biz’s  market price and its Net Asset Value, I think the work that we share owners can do is to ask the management  to improve on the way its Annual Reports are reported.  

As the fund manager has always emphasized in AGMs or other publicity talk, one should not look only at the Financial Statements of iCapital.biz.  but should look at other information included in the Annual Report.  

But over the years, I have found that the other information included are not transparent enough to let an inquisitive investor find out the true affairs.  

One example is the NAV table that is included in every Annual Report.  The table just publish the annual NAV growth without quoting the relevant NAV figures.  How then can readers of the report verify the accuracy of the growth rate?

And these other information is not subject to the audit by the external auditors as they are not included in the Financial Statement but is included in the Annual Report as “Other information” which is beyond the ambit of the external audit process.How to improve the market price (reduce the gap between price and NAV)