Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Capital Dynamics manages a few funds. Other than iCap closed ended fund in Bursa, how are its other managed funds performing?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Capital Dynamics is not much different from the many other funds management company. Growing the AUM will ensure the fund manager's, become extremely well rewarded.

Where are his customers' yachts?

Posted by Najib Zamry > 2 months ago | Report Abuse

Let’s wait and see WHO is the final winner TTB or COL ?

Posted by mf > 2 months ago | Report Abuse

2024-10-01

Insider

CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED (a substantial shareholder) disposed 167,000 shares on 30-Sep-2024.

Posted by FastMoney666 > 2 months ago | Report Abuse

@Najib Zamry

"Let’s wait and see WHO is the final winner TTB or COL ?"

Short answers:

TTB and COL : Winners

Shareholders : Losers

Posted by FastMoney666 > 2 months ago | Report Abuse

Now a bit longer answers:

At current exchange rate, COL can exit with a profit if they want, in fact this is what they have been doing lately.

TTB's fees are based on NAV, not share price. He will keep collecting money regardless of who is selling. He has been scheming to get rid of the ‘foreign disruptor’ with lawsuits, unfair dividend and DRP policies and using all means of platforms to make political speeches.

Now the losers - shareholders who are sold during all the roadshows, annual reports, iCap newsletters etc. The selling by COL will put a cap on the market price for a long time unless some deep pockets investors that TTB loves coming in to take over COL’s stakes. So, wait la until all the sell orders are exhausted.

Posted by Patient Investor > 2 months ago | Report Abuse

We public shareholders shall take advantage by queueing low at a huge discount when COL decides to trim down their stakes.

Ignore the noises from short term traders.

Posted by human > 2 months ago | Report Abuse

The target audience for this fund is retail investors.
COL add no value to the fund, from start buying until COL became major shareholder the stock price remain discount to NAV.
These are facts, let observe what will happen when COL exit from the fund.
COL is not welcome at all during AGM, they are boo until too scare to send their mat salleh rep. However there are still local agent speaking under their master command.

Posted by JohnD0ugh > 2 months ago | Report Abuse

Since its listing on 19 October 2005, the NAV per share of your Fund has risen from RM0.99 to RM4.31 by 31 May 2024. This represents a gain of 371.94%, assuming the Special Dividends paid in September 2013 and December 2021 were reinvested.

Since its listing on 19 October 2005, based on the Artificial measurement, the share price of your Fund has risen from RM1.01 to RM3.16 by 31 May 2024. This represents a gain of 256.14%.

Based on the Trending measurement, the share price of your Fund has risen from RM1.01 to RM3.43 by 31 May 2024. This represents a gain of 286.57%. During the same period, the MSCI Malaysia index rose only 49.03%.

Since its listing on 19 October 2005, the NAV of your Fund has increased 8.69% per annum. Since its listing on 19 October 2005, based on the Artificial measurement, the share price of your Fund has gained 7.06% per annum.

Based on the Trending measurement, the share price of your Fund has appreciated 7.53% per annum. Both cases assumed the Special Dividends paid in September 2013 and December 2021 were reinvested. During the same period, the MSCI Malaysia index rose only 2.17% per annum.

The cash level of your Fund has in the past fluctuated substantially from a low of 10.51% to a high of 68.59%. For the financial year ended 31 May 2024, the cash held in absolute terms was about RM88 million (or RM0.63 cash per share), indicating a drop of about RM58 million from the RM146 million held for the year ended 31 May 2023.

The reduction in your Fund’s cash level is due to the additional investments made during the said financial year.


i Capital.biz Berhad 2024 Annual Report

Posted by hopetobecorrect > 2 months ago | Report Abuse

TTB is always blaming COL whether it buys or sells.


He should reflect on his performance as THE FUNDS MANAGER.

Already 20 years, he had not performed and was able to attract big funds to ICAP despite the huge discount.

If you have 500,000 shares and q to sell, don't know how long will it takes.

Even TTB himself also buys like tortoises. A few lots.
He should buy in million to show confidence in ICAP. Then sure got more investors follow.


Already 20 years .... Still blaming COL is lame

Posted by Sslee > 2 months ago | Report Abuse

Since its listing on 19 October 2005, based on the Artificial measurement, the share price of your Fund has risen from RM1.01 to RM3.16 by 31 May 2024. This represents a gain of 256.14%.

If only icap can doubling every 10 years then after 20 years your RM 1.01 should be 1.01x2x2= RM 4.04

TTB can't even acheived that.
Then what are he talking about on the below?
His bar is set so low and yet he can't acheived it.

All the above performance figures are real. No scams. Yet, how many will go for doubling your money in a month as opposed to doubling within 5 to 8 years ?

Posted by guatmingsuktbD > 2 months ago | Report Abuse

真好笑，每年变着方法来说服顾客自己没有亏损，然后自己躺着收管理费也真是太好赚了。

Posted by 4dview > 2 months ago | Report Abuse

生意人自卖自夸本来不足为奇，可怜的是忠厚老实的大批拥趸。

Posted by MG9231 > 2 months ago | Report Abuse

Hahaha. Only now see a lot of so called shareowners grumble. Even before US sub prime . I attended the AGM, queried TTB of his role as how to grow the fund by holding so much cash in hand , yet unashamed selfishly collecting his management fees. I was rounded up then and attacked instead. Only choice for me to disposed of my shareholding n invest in other counters. '可怜的是忠厚老实的大批拥趸' sacrifice for him for donkey years. well said.

Posted by Patient Investor > 2 months ago | Report Abuse

anyone going AGM? I'll bring some popcorn for drama.

Posted by JohnD0ugh > 2 months ago | Report Abuse

I have been a “student” of the stock market for more than 50 years. Over the decades there are a few lessons from investing that I have learned which are very precious and timeless in importance.

The more experience I gained, the more I analyse the situation, the more convinced I am that the quality of investors matters a great deal as to how a company performs and develops. In fact, the quality of investors matters even to the quality of a country’s capital market and economy.

Berkshire Hathaway, a huge US conglomerate, is owned by a large group of very committed long term value investors. Warren Buffett likes to hold large amounts of cash in his Berkshire Hathaway.

The already large pile of cash at Berkshire Hathaway then jumped from the previous record of US$189 bln, set in the first quarter of 2024 to a huge US$276.9 bln in the last quarter.

Warren Buffett’s Berkshire Hathaway has so much cash that it presently holds more short-term US Treasury Bills than the US Federal Reserve does and he is no hurry at all to invest the cash holdings and his fellow shareholders are not harassing him.

The reason why I am sharing the massive cash hoard of Berkshire Hathaway in this annual report is that Warren Buffett has been doing this cash hoarding for a long time now. It is nothing new. The amazing thing is not the huge amount of cash held by him, a well-known fact, but that his shareholders do not harass him about this.

In the case of icapital.biz Berhad, it has not been as fortunate as Berkshire Hathaway. Ever since a large activist foreign voter and its collaborators came in, your Fund and its Designated Person have been incessantly harassed by this bunch, even though the reason why Warren Buffett has so much cash and why your Fund had a large amount of cash was for the same exact reason – stock over valuation and the lack of margin of safety.


i Capital.biz Berhad 2024 Annual Report

Posted by Sslee > 2 months ago | Report Abuse

Aiyoyo,
Look at the portfolio in icapital, are those value stocks?

Do he feel ashamed everytime trying to compare with Warren Buffet?

Did Warren Buffet unashamed selfishly collecting management fees from managing Berkshire Hathaway?

If you invested USD 1,000 in Berkshire Hathaway in year 2005 what will it worth by 31 may 2024?

Since its listing on 19 October 2005, based on the Artificial measurement, the share price of your Fund has risen from RM1.01 to RM3.16 by 31 May 2024. This represents a gain of 256.14%.

Posted by Sslee > 2 months ago | Report Abuse

Icapital is lucky to be listed in Malaysia.
If it was listed in US most likely the shareholders already voted out TTB long ago for lack of vision and poor performance.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Capital Dynamic and iCap should focus on managing its funds for their shareholders and not spend too much time organising too many unrelated or distantly related activities.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

ICIVF
1 July 2009 to 31 August 2024

Benchmark .... Currency .... 01 Jul 2009 .... 31 Aug 2024/Total Return ... % Change
ICIVF .... A$.... 1.0000 .... 1.1911 .... 19.11
MSCI ACWI .... A$ .... 306.1537 ... 1228.7100 .... 301.34
ASX200 .... A$ .... 3874.00 .... 8091.9000 .... 108.88

Tan Teng Boo
Managing Director
Capital Dynamics (Australia) Limited
AFSL 326283
12th October 2024

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Warren Buffett, Charlie Munger and Jack Bogle opined the know nothing investors become an intelligent investor when he/she chooses to park his investment money in a low cost index fund, betting on the overall US stock market.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Why do you invest?

A simple benchmark is to have a return better than the risk free interest rate.
Perhaps, 2x that of the risk free interest rate.

Why do you invest into a fund?

Believing that the chosen fund manager has the ability to deliver a good return over the long term.


What is the long term return of ICIVF?

After 15 years (2019 - 2024), ICIVF [i Capital International Value Fund (ARSN 134 578 180)] delivered a total return of 19.11% to its shareholders (that is, 1.274% return per year).


What are the possible reasons for such poor performance of ICIVF?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

>>>
I have been a “student” of the stock market for more than 50 years. Over the decades there are a few lessons from investing that I have learned which are very precious and timeless in importance.

The more experience I gained, the more I analyse the situation, the more convinced I am that the quality of investors matters a great deal as to how a company performs and develops. In fact, the quality of investors matters even to the quality of a country’s capital market and economy.
>>>
>>>
The reason why I am sharing the massive cash hoard of Berkshire Hathaway in this annual report is that Warren Buffett has been doing this cash hoarding for a long time now. It is nothing new. The amazing thing is not the huge amount of cash held by him, a well-known fact, but that his shareholders do not harass him about this.
>>>

Shareholders agitation is related to fund performance.

Posted by Sslee > 2 months ago | Report Abuse

After 15 years (2019 - 2024), ICIVF [i Capital International Value Fund (ARSN 134 578 180)] delivered a total return of 19.11% to its shareholders (that is, 1.274% return per year).

What are the possible reasons for such poor performance of ICIVF?

Could it be one of the reason is TTB sleeping on the job?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

JohnDOugh maybe able to shed more lights.

Posted by Sslee > 2 months ago | Report Abuse

Sleeping on the job and still getting well paid is one of the best job one can hope for.
Kudos to TTB

Posted by FastMoney666 > 2 months ago | Report Abuse

It is well known that the Fund Manager has been bearish from 2013 - 2018 with cash holding between 50-68% cash.

His justification was scooping up dirt cheap stocks when it is crash like 2020 to achieve superior CAGR of 15-18%. Is it true?

2013 NAV 211 mln/cash 107 mln/Investment(non-cash) 104 mln

2024 NAV 377 mln/cash 52 mln/Investment(non-cash) 318 mln.

For the 11 years using this strategy CAGR return was only 5.2%.

Assuming the reduction of 54 mln cash was deployed into investment, his 158 mln(104+54) turning into 318 mln, non-cash CAGR return is only 6.5%

So what is the problem here?

Every finance student must know this, the basis of evaluating any investment, must exceed this bar to be adding value. So if the fund manager is talking about X% IRR or whatever the figure, the equivalent non cash portion of the assets must earn an extra X% to make up for the zero returns from the cash, which is not earning much after paying management fees. If you have only one leg to stand on, it must be twice as strong to support the whole body weight then, such simple logic.

BTW, if his strategy was working, NAV should have grown from 211 mln(2013) to 983 mln(2024) with 15% CAGR.

Assuming he started to invest aggressively in 2018 at NAV 229 mln, to hit 983 mln, needs CAGR of 27% for 6 years to make up the lost time. He needs to increase NAV by 754 mln within that 6 years not 142 mln... his CAGR of scooping at dirt low price with a lot cash from 2018 till 2024 was disappointing, only manage to return 8.2%.

Posted by FastMoney666 > 2 months ago | Report Abuse

It's works for WB by holding a lot of cash but it does NOT work for fake WB of Msia is my conclusion.

Posted by FastMoney666 > 2 months ago | Report Abuse

I hope that was his last posting on sitting on tonnes of cash to produce superior returns to avoid embarrassment and mislead people. People know how to use financial calculator these days. 😂😂

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Few will disagree the return on your investment is proportionate to the amount of effort, focus and concentration you give to managing the portfolio.

Unfortunately, from observing the growth of Capital Dynamics, this might not be the case. Why? There are so many distractions. Launching new funds. Organising various seminars and symposiums at regular intervals. These are definitely consuming valuable times.

Posted by Income > 2 months ago | Report Abuse

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Oct 17, 2024 1:20 PM | Report Abuse

Few will disagree the return on your investment is proportionate to the amount of effort, focus and concentration you give to managing the portfolio.

？

Prof. i3 why a don't take care of mikecyc who is your student?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

Peter Lynch is a strong advocate for the bottom up approach, tending to focus on the company fundamentals (quality) and its valuation. He feels that spending more than 10 minutes on macroeconomic issues is 10 minutes of time poorly spent.

It is my observation that iCap newsletter prides itself on understanding and analysing the various macro-economic factors in various countries and various sectors. Alas, it is also my humble observation, that these huge effort in macro-economic issues contributed little to the performance of its managed funds. Perhaps, time maybe better spent focusing on screening companies.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 months ago | Report Abuse

The new 2% tax on those receiving > RM 100,000 yearly dividends: dividends from closed end fund are exempted.

Posted by MG9231 > 2 months ago | Report Abuse

@ integrity , Intelligent ....
Why do you invest?

A simple benchmark is to have a return better than the risk free interest rate.
Perhaps, 2x that of the risk free interest rate.

Why do you invest into a fund?

Believing that the chosen fund manager has the ability to deliver a good return over the long term.


What is the long term return of ICIVF?

After 15 years (2019 - 2024), ICIVF [i Capital International Value Fund (ARSN 134 578 180)] delivered a total return of 19.11% to its shareholders (that is, 1.274% return per year).


What are the possible reasons for such poor performance of ICIVF?
%%%%%%%%%%%
Reason: fund manger TTB spent his time more on talk cock rather than concentrate on manging his fund

Posted by zhangwin > 2 months ago | Report Abuse

Icap dividend > RM1000,000 is subject to 2% tax. Only unit trusts (open ended funds), PNB funds, EPF and foreign div are exempted.

@ Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Oct 19, 2024 9:47 AM | Report Abuse

The new 2% tax on those receiving > RM 100,000 yearly dividends: dividends from closed end fund are exempted.

Posted by zhangwin > 2 months ago | Report Abuse

RM > RM100,000

Posted by chonghai > 2 months ago | Report Abuse

TTB should just shut up and focus on deliver NAV Compound. If he can compound it at CAGR of 15% or more, London or New York boys are not a threat at all. In fact, shareholder will probably pray that he lives forever and continue manage the fund. I collect ICAP past 1 year from 2.5 to 3.2. I am waiting to see the if the fund will be dissolved and give us a quick return of those NAV

Posted by Income > 2 months ago | Report Abuse

I cap, mati law with 2 heliridends taxes
Kena tax Kaw kaw。How?

Posted by ScotFree > 2 months ago | Report Abuse

He is just a fake, trying to imitate WB. Just go and drive GRAB lah... entertaining his passengers lol

Posted by Sslee > 2 months ago | Report Abuse

In this world only got one and only one WB. All the others WB wannable are fake.

Posted by chopstick > 2 months ago | Report Abuse

as for me, , i just finish my happy hour, just google who 's life is so boring, facing i3 platform whole days, nothing much u can do

Posted by enigmatic [bamboo investing style] > 2 months ago | Report Abuse

chonghai,
Probability for this Closed-End Fund to dissolve is highly impossible. Many shareowners would want its continuance until the Designated Person passes on.

Posted by JohnD0ugh > 2 months ago | Report Abuse

As I have shown above, what is even worse than the harassment is that this large activist foreign voter and its collaborators have bashed the shares of your Fund, just like Slater Walker did with Haw Par.

This bashing has huge detrimental impact on your Fund and more importantly on the development of a closed-end fund industry in Malaysia. The same group of activists has previously wound up another listed closed-end fund, Amanah Millenia Fund in 2007.

Unlike other listed Funds or listed companies, icapital.biz Berhad was intentionally set up and promoted by myself with a unique objective on top of a social mission.

The objective was not just narrowly financial but it also was broader and to demonstrate that sound long-term investing by individuals can work in Malaysia.

Achieving such a long-term social economic objective is an important part of nation building and can bring about many positive contributions to the development of this young country and its capital market.

It can also help bring about a better society. While Lee Kuan Yew wanted to make sure that Slater Walker did not destroy Singapore’s reputation as a global financial centre, successfully building icapital.biz Berhad is to me very similar to building a better Malaysia.

We have worked very hard and with our heart to attract and maintain high quality share owners in icapital.biz Berhad. We still have a very long way to go in this daunting journey. As your Fund’s Designated Person, I truly envy the highly favourable and positively constructive situation Warren Buffett is in with his Berkshire Hathaway.


i Capital.biz Berhad 2024 Annual Report

Posted by Sslee > 2 months ago | Report Abuse

Just wonder had TTB give any thought why icapital or rather TTB failed to acheived the objective?

Is it because of large activist foreign voter and its collaborators have bashed the shares of your Fund?

Or because TTB can't even acheived his low bar of doubling your money within 5 to 8 years?

Posted by Income > 2 months ago | Report Abuse

People exits from I cap?

Posted by chonghai > 1 month ago | Report Abuse

If TTB can compound ICAP NAV even at a rate of 15% per year, no bashing will work.

Posted by ScotFree > 1 month ago | Report Abuse

Ttb is comparing himself as the next Lee Kuan Yew

Posted by Najib Zamry > 1 month ago | Report Abuse

TTB keeps his words. 10.41 sen dividend declared. 3.4% dividend yield. Not bad ya

Posted by i3gambler > 1 month ago | Report Abuse

Under the written procedures established by ICAP pursuant to the Securities Industry (Central Depositories) (Foreign Ownership) Regulations 1996, foreigners who hold Shares which are within the prescribed limit of 20% of the total number of issued Shares ("Prescribed Limit") shall be entitled to the Interim Dividend and are entitled to participate in the DRP provided that such participation will not result in a breach of the Prescribed Limit.

I read the above remarks from the yesterday dividend announcement.

I have a few questions:
Meaning COL needs to dispose their shareholding to below 28m in order to entitle for the dividend and DRIP?
As on 21st Oct, they still have 30.8m, they need to dispose another 2.8m shares in the next few trading days?
Then we better don't rush in to buy now, as the share price could go further down?
What if COL could not dispose to below 28m shares, will they sue ICAP/TTB?
Who is going to pay for the legal fees then? ICAP or TTB?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 1 month ago | Report Abuse

All shareholders have equal entitlements.