Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-03-27 21:12 | Report Abuse

Performance in USD overview of i Capital Global Fund ICGF

Cumulative return since inception for ICGF vs MSCI ACWI (July 2007 - Feb 2023)

ICGF -30.60%
MSCI ACWI +54.19%

Posted by speakup > 2023-03-27 21:56 | Report Abuse

Icap so undervalued yet nobody buy.....TTB so sad

Posted by RealValueInvestor > 2023-03-31 17:30 | Report Abuse

An extract from a note by Liberum on Bellway (a UK REIT) - The headline is "£100m buyback signals confidence" They note "The shares currently trade at 0.76x P/TNAV, so the company can buy its own shares at a significant discount to book value or invest in land at 1x." They compare compare the £100m share buyback with two alternatives, holding the cash and investing in land. and this shows that the buyback increases EPS by 3.8% whereas the land investment increases it by 2.9%. They conclude that "The capital return is therefore the better option and is a sign of confidence from the most cautious management team in the sector."

Bear in mind this is an investment vehicle with illiquid assets and yet they are carrying out an earnings (and NAV) enhancing buyback whilst ICAP, with liquid assets, runs the same old and (proven to be) ineffective investor education progress.

The board are asleep at the wheel and in breach of their fiduciary duty!

Posted by dumbMoney > 2023-04-01 13:59 | Report Abuse

When an INED cum chairman of the BOD resigns citing differences in opinions (whether with other members of the board or management), he is duty bound by the listing rules to bring such matters to the attention of the shareholders, if these are important enough for him to resign. This is what fiduciary duty is all about. Nowadays, when it comes to reprimanding or fining listed companies for breaching listing rules, Bursa makes no distinction between executive and non-executive directors, making the latter equally liable. Ignorance is no excuse.

Posted by JohnD0ugh > 2023-04-02 16:50 | Report Abuse

3. Getting the right owners starts now !!

Taking into account the experiences of Scottish Mortgage, Pershing Square, Berkshire Hathaway, icapital.biz Bhd (ICAP), and the wisdom of Warren Buffett, it is obvious what the solution to ICAP's NAV discount is - get the right share owners, starting now. How can this be done?

Increase awareness of closed-end funds, in particular, ICAP, among individual investors;
Increase like-minded individual ownership;
Sustain individual ownership;

The specifics of this campaign will be revealed to the appropriate people at the appropriate time and place.

4. A Sincere Appeal

Unlike in London, New York, or Sydney, where closed-end funds or investment trusts are common, in Malaysia, we need to educate investors on the benefits of investing in ICAP, the only listed closed-end fund in Malaysia.

An effective, systematic, and sustained strategy for ICAP with the aim of increasing the ownership of individual investors or share owners will be implemented.

To quote Warren Buffett again: "virtually all of our shareholders are individuals, not institutions." This is what ICAP should aim for. The journey to achieving fewer or even zero institutional investors for ICAP will not be easy.

To achieve this important objective and permit the share price of ICAP to trade at a rational level, I will need the support of like-minded individual shareowners and here is my sincere appeal.

Share the benefits of owning ICAP shares with others, speak up at its AGM, participate in its Investor Day, and so on; I will need all available support.

Every step helps.


i Capital Newsletter Volume 34 Issue 18 (www.icapital.biz)

Posted by dumbMoney > 2023-04-02 18:18 | Report Abuse

Given that Berkshire shares has a 1.6% weighting in the S&P500 index, and is No. 7 in market cap, it is impossible for it not to be owned by all the index funds tracking the US markets. Bearing in mind that Index funds have now overtaken active funds in US, it is impossible for funds not to be major holders of the shares. The latest filings are here https://fintel.io/so/us/brk.a

Posted by observatory > 2023-04-02 21:06 | Report Abuse

When Warren Buffett said "virtually all of our shareholders are individuals, not institutions", it was in 1985. Google it.
A full 38 years ago!
Warren Buffett has said so much in his life. Anyone can cherry pick enough words from Buffett to suit their personal agenda!

Posted by Just88 > 2023-04-02 22:21 | Report Abuse

Berkshire Hathaway is a public company whose shares are 68% owned by financial institutions. Vanguard, SSgA, and Blackrock are the largest investors owning 21% of Berkshire Hathaway

Posted by thetruthseeker > 2023-04-02 22:39 | Report Abuse

Red herring is a tactic used very frequently by some as they see the industry regulators doing little to nothing to regulate such statements/publications. Frequent changing of benchmarks, incompliance with industry-standard, changing comparison periods as they wish, narrative on how institutional holdings can adversely impact share price, etc., just to name a few. All these are just to support their narratives and shape shareholders' opinions to stay in the business.

The funniest thing is probably that they often compared certain fund's performance with benchmarks that exclude dividends, yet will bring back the dividends paid by the fund when shareholders questioned why the NAV hasn't increased much for the past decade. Don't the shareholders see the irony in this? They will continue to exploit the obedient and silent shareholders should everything stays the same.

Posted by JohnD0ugh > 2023-04-10 02:16 | Report Abuse

At RM1.99, icapital.biz Berhad (ICAP) is capitalised at RM278.6 mln. For this, what do investors get in return?

[1] Strong performance of ICAP and [2] impeccable integrity of Capital Dynamics
In the issue dated 8 Dec 2022, we showed the strong performance of ICAP from various angles. Let me recapitulate this. Since its Oct 2005 listing, ICAP has outperformed the MSCI Malaysia index

We also show ICAP outperforming many global closed-end funds, including the Taiwan Fund, which is heavily weighted in semiconductor/technology stocks

In addition, the share price performance of ICAP has handsomely beaten that of Maybank

What we would like to share this week is that the share price of ICAP from 1 Jul 2020, until 22 Dec 2022, has solidly outperformed that of Amazon.com

Given the Covid-19 pandemic and the boom in e-commerce, an investor would have thought that the stock price of e-commerce giant Amazon.com would have surely beaten that of "boring" ICAP. The truth is that ICAP has outperformed Amazon.com by a huge margin.

The same pattern can be seen when comparing the stock prices of ARK Disruptive Innovation ETF (ARKK) with that of ICAP. ARKK is the flagship fund of Cathie Woods, and it invests in disruptive innovation or technologies. ARKK invests in companies like ZOOM, Tesla, Exact Sciences, Telodoc, Invite, Roku, Coinbase, Shopify, Nvidia, and many more such companies.

The facts show that ICAP is truly a low risk, high return stock. This is what investors get. As I have always advised, value investing is great as it forces one to think about the margin of safety. When an investor does this, it leads to a low risk, high return investment.


i Capital Newsletter Volume 34 Issue 18 (www.icapital.biz)

Posted by speakup > 2023-04-10 07:40 | Report Abuse

TTB should do either:
1. share buyback
or
2. kasi dividend

@TTB, hope u are listening. reward lah your loyal shareholders

Posted by tantengbear > 2023-04-10 15:20 | Report Abuse

@JohnD0ugh selective comparison and misrepresentation of performance, how low ethically can you go? Comparing ICAP with Amazon.com only for the period 1 Jul 2020 until 22 Dec 2022? As a Guru who kept boasting about "long-term value investing", why not compare it since inception of ICAP in 2005? Should be long-term enough.
Comparing ICAP with literally no dividend and Maybank with 6% dividend yield? Amazing way to deceive.

Posted by stockraider > 2023-04-15 13:31 | Report Abuse

The best strategy is buy icap at Rm 1.98 & support the liquidation of this silly fund loh!

Posted by speakup > 2023-04-15 14:06 | Report Abuse

Agree General Raider!

Posted by Just88 > 2023-04-15 18:56 | Report Abuse

Can't agree more

Posted by JohnD0ugh > 2023-04-16 19:54 | Report Abuse

Recently, a young lady from Ipoh shared with us how she was conned out of RM50,000 in just a short time by someone impersonating Tan Teng Boo in WhatsApp. As she explained, she "made" US$591.5 in only 3 nights by believing this con artist.

The impersonator even sent her a photograph of a 12-year-old girl, saying that she was Tan Teng Boo's granddaughter. The only problem is that the son and daughter of the CEO of Capital Dynamics are still single. The unwitting victim expressed her joy at earning US$591.5 in 3 nights.

We share this very valuable experience not to embarrass this young Ipoh lady but to show that it is so easy to lose one's money.

Whether it is due to a con person or through the plunging stock prices of Top Glove or ARKK or Amazon.com or many more, subscribers need to remember that the only way to achieve sustained high return is to consistently take low risk. And one needs to have the discipline to stick to this philosophy.

In May 2022, an 86-year-old person who has 3 types of cancer told Tan Teng Boo that he regretted not having invested in his Fund.


i Capital Newsletter Volume 34 Issue 18 (www.icapital.biz)

Posted by speakup > 2023-04-16 21:07 | Report Abuse

Scammers caught should be jailed minimum 10 years & whipped minimum 5 lashes

Posted by RealValueInvestor > 2023-04-17 22:49 | Report Abuse

People want to impersonate Tan Teng Boo?!! Why?

Posted by gohkimhock > 2023-04-17 23:12 | Report Abuse

this kind of pathetic quarter result. Close shop better..

Posted by speakup > 2023-04-18 07:50 | Report Abuse

ya lor, just close shop and return rm3.40 to shareholders!
TTB are u listening?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-04-18 21:35 | Report Abuse

In essence, it was not demonstrated that the High Court plainly erred in arriving at this decision that
ICAP's claim should be dismissed. The Court of Appeal concludes that the appeal has no merits in law
or fact and accordingly dismisses the appeal

The minority judgment of the Court of Appeal found in favour of ICAP on the following grounds:-
.
.
.
.
As a result of the above, the Board of Directors of ICAP will seek to apply for leave to appeal to the Federal
Court against the majority judgment of the Court of Appeal.

The Company will make further announcement on the developments of the above matter as and when is
necessary.


Comment: What a waste of time, money and effort. Focus on growing the net asset value of iCap. Stop appealing.

Posted by RealValueInvestor > 2023-04-19 00:51 | Report Abuse

Investors only get to profit FULLY from NAV when the discount is zero. While the discount remains then an investor who wishes to sell only receives the price which right now at 1.98 is very different from the NAV at 3.48. Investors are being robbed of 1.50 by the continued presence of a 44% discount. Something needs to change. Maybe ICAP should hire the FAKE TTB?

Posted by speakup > 2023-04-19 09:29 | Report Abuse

Aiyar narrow the discount 44% to 20% first

Posted by Nepo > 2023-04-19 12:03 | Report Abuse

once Airasia flies, then gap will narrow
only icap gives potential, then the gap will narrow
this is the same as for some co which do not expand, PE is low, you see Magni Tech's share price, PE =4, because lack of growth, i believe you know what i m talking about

Posted by stockraider > 2023-04-19 12:08 | Report Abuse

U see the discount of close end fund to share price is quite normal loh!

But the discount should not be more than 20% like the case of ICAP, especially the dissolution voting dates for ICAP is quite close loh!

The strategy is buy ICAP....votes for dissolution of the fund

Posted by speakup > 2023-04-19 12:38 | Report Abuse

General Raider is right, discount is wayyyyy tooooo bigggggg

Posted by stockraider > 2023-04-19 12:46 | Report Abuse

Correctloh....stop abusing the court process & stop wasting shareholders monies loh!

Just put the money to good use & narrow the discount loh!

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 15 hours ago | Report Abuse

In essence, it was not demonstrated that the High Court plainly erred in arriving at this decision that
ICAP's claim should be dismissed. The Court of Appeal concludes that the appeal has no merits in law
or fact and accordingly dismisses the appeal

The minority judgment of the Court of Appeal found in favour of ICAP on the following grounds:-
.
.
.
.
As a result of the above, the Board of Directors of ICAP will seek to apply for leave to appeal to the Federal
Court against the majority judgment of the Court of Appeal.

The Company will make further announcement on the developments of the above matter as and when is
necessary.


Comment: What a waste of time, money and effort. Focus on growing the net asset value of iCap. Stop appealing.

Posted by dumbMoney > 2023-04-19 13:03 | Report Abuse

@stockraider These are the options: 1. Wait for the company to call a vote on the continuation of the fund, which is scheduled for the 2025 AGM. If this is passed (simple majority), the fund will continue for another 5 years. If rejected, the company will propose a special resolution (75% majority required) to wind up the fund. As I have mentioned before, there will be a no man's land situation if this winding up resolution fails. The company is supposed to be discontinued, but cannot be liquidated. Option 2 - without waiting for the 2025 AGM, any party or parties holding more than 10% votes can call for an EGM to vote on the special resolution to wind up the company, again 75% vote is required. So think carefully whether you can achieve the 75% threshold (of those present and voting, not of the total capital) to achieve your objective. I think this is what is holding back the vulture funds, in spite of the deep discount. They don't want to end up like COL, trapped with a big position and unable to exit one way or another.

Posted by stockraider > 2023-04-19 13:09 | Report Abuse

Just votes for discontinuation 1st mah!

Then the next is liquidation loh!

Once capital dynamic is terminated .....the war is over loh!

All the icap shareholders will act rational will get back their monies with a good profit loh!

Posted by stockraider > 2023-04-19 13:12 | Report Abuse

3rd option....is call for an EGM to remove the directors & appoint a new one that act for the shareholders interest loh!

This Capital dynamic ala Icap trying to resist thru the court action loh!

But time is running out for Icap loh!

Posted by dumbMoney > 5 minutes ago | Report Abuse

@stockraider These are the options: 1. Wait for the company to call a vote on the continuation of the fund, which is scheduled for the 2025 AGM. If this is passed (simple majority), the fund will continue for another 5 years. If rejected, the company will propose a special resolution (75% majority required) to wind up the fund. As I have mentioned before, there will be a no man's land situation if this winding up resolution fails. The company is supposed to be discontinued, but cannot be liquidated. Option 2 - without waiting for the 2025 AGM, any party or parties holding more than 10% votes can call for an EGM to vote on the special resolution to wind up the company, again 75% vote is required. So think carefully whether you can achieve the 75% threshold (of those present and voting, not of the total capital) to achieve your objective. I think this is what is holding back the vulture funds, in spite of the deep discount. They don't want to end up like COL, trapped with a big position and unable to exit one way or another.

Posted by dumbMoney > 2023-04-19 13:31 | Report Abuse

I am not saying it is an impossible task. Just look at PH, can move from being in the opposition to now in government with 2/3 majority in one election. Just requires present management to continue doing nothing about the discount except blaming the shareholders, until there is no alternative (TINA) but to vote for change. Also, for John Dough to continue posting to hasten the process of self-revelations.
The minority judgment in the Court of Appeal hearing is on the basis of lifting the corporate veil in the case of the same shareholders accumulating more than the permitted shares using different nominees. Here, it was never alleged that the various funds managed by COL belong to the same owners, so it is not relevant.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-04-19 15:20 | Report Abuse

Salutica Berhad
no of shares 1,700,200

iCap has 1,700,200 shares of Salutica in its portfolio in its latest quarterly announcement.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-04-19 15:22 | Report Abuse

Net Asset Value per share of icapital.biz Berhad as at 12 April 2023 is 3.48.

Posted by observatory > 2023-04-19 22:03 | Report Abuse

Comparing ICAP to Magni?

I checked tradingview. On dividend and split adjusted basis, ICAP total return was about 1 time since its debut in Oct 2005 until today in Apr 2023. The annual return on compounded basis is 4.3%. In other words, over the 17.5-year period, ICAP has successfully earned the FD rate for its unit holders!

Magni, on the other hand, has registered a return > 17 times during the same period. CAGR is 18%.

Magni normally pays dividends on quarterly basis. At current price the TTM dividend yield is about 5%.

Meanwhile ICAP has paid dividend twice in its entire 17.5 years of existence. Not sure how to calculate its dividend yield. Maybe ICAP will pay its third dividend on its 20th anniversary, the time when it faces the unit holders’ vote to dissolve the fund?

Posted by stockraider > 2023-04-20 11:11 | Report Abuse

Correctloh....Management who take care of shareholders like Magni v Icap that do not really take care shareholders mean alot to the stock valuation it command mah!

Icap poor & low confidence valuation are due to the above issue loh!

Posted by observatory > 13 hours ago | Report Abuse

Comparing ICAP to Magni?

I checked tradingview. On dividend and split adjusted basis, ICAP total return was about 1 time since its debut in Oct 2005 until today in Apr 2023. The annual return on compounded basis is 4.3%. In other words, over the 17.5-year period, ICAP has successfully earned the FD rate for its unit holders!

Magni, on the other hand, has registered a return > 17 times during the same period. CAGR is 18%.

Magni normally pays dividends on quarterly basis. At current price the TTM dividend yield is about 5%.

Meanwhile ICAP has paid dividend twice in its entire 17.5 years of existence. Not sure how to calculate its dividend yield. Maybe ICAP will pay its third dividend on its 20th anniversary, the time when it faces the unit holders’ vote to dissolve the fund?

Posted by JohnD0ugh > 2023-04-23 16:55 | Report Abuse

Let me share some of the meaningful lyrics from the song "Yesterday When I Was Young":

Yesterday when I was young
The taste of life was sweet as rain upon my tongue
I teased at life as if it were a foolish game
The way the evening breeze may tease a candle flame
The thousand dreams I dreamed, the splendid things I planned
I always built, alas, on weak and shifting sand
I lived by night and shunned the naked light of day And only now I see how the years ran away.

As for the impeccable integrity of Capital Dynamics, let me quote the 1995 tribute I made to my father.

A Tribute To A Superior Man
According to Confucius, the great Chinese Teacher; there is a superior man and there is a small man. My father was a superior man. A superior man is one who is defined by his virtues, by his moral character: 2 virtues which Confucius emphasised as part of being a superior man are human-heartedness and righteousness. A rich man, a Datuk, can be a small man, for example. My father has always taught me to be a superior man. Integrity, trustworthiness and believing in honour were among his greatest hallmarks.

As a businessman, he does not believe in making money at the expense of others. He would rather work extra hard than to deceive others. We were not only taught not to cheat in our dealings but also not to be cheated. His word was his bond.

These virtuous teachings of my father run through the philosophy of i Capital and Capital Dynamics (the same applies to my mother as well, a fierce fighter of fairness and justice).

So, with the strong performance of icapital.biz Berhad and the impeccable integrity of Capital Dynamics, i Capital retains its long-term Buy rating on icapital.biz Berhad.


i Capital Newsletter Volume 34 Issue 18 (www.icapital.biz)

Posted by Sslee > 2023-04-23 18:15 | Report Abuse

My father come from China with gradpa. He was uneducated but work hard to put food on the table and provide for his children education and insist his children to study hard.

We the children are thankful for the education we have and grateful for our father' hard work he had to endure for the better tomorrow of his children.

My father is just an ordinary person but a great father to us and we the children will past down this better tomorrow to our children.

My late father we love you.

Posted by dumbMoney > 2023-04-24 02:29 | Report Abuse

i3Investor should charge John Dough for blatant advertising. If iCapital feels so strongly about iCapital.biz, put your money where your mouth is and do a share buyback. Otherwise, money talks and bullshit walks.

Posted by Mikecyc > 2023-04-24 07:30 |

Post removed.Why?

Posted by StartOfTheBull > 2023-04-24 07:45 | Report Abuse

Good script. Let's give konartist Lee a clap.

Posted by StartOfTheBull > 2023-04-24 13:41 | Report Abuse

Konartist Lee when to show your happy hour time with bird bird in China?

Posted by Sslee > 2023-04-25 08:21 | Report Abuse

What have went wrong with our education nowadays. Do school or parent teach their children mannerisms and critical thinking anymore?

Why so many can't think logically with reasoning and have to resort to insults, namecalling, cyber bullying and what say you?

Posted by Mikecyc > 2023-04-25 08:58 |

Post removed.Why?

Posted by StartOfTheBull > 2023-04-25 09:03 | Report Abuse

I don't think konartist Lee is an honest person. More like a pretender.

Posted by stockraider > 2023-04-25 11:16 | Report Abuse

General Raider can attest....Sifu is a kind helpful & honest man mah!

He is a Guy people should emulate for their improvement & good loh!

Posted by stockraider > 2023-04-25 11:16 | Report Abuse

Raider mean Sifu Sslee loh!

Posted by speakup > 2023-04-25 12:24 | Report Abuse

Yes agree can trust Sslee

Posted by dumbMoney > 2023-04-26 00:12 | Report Abuse

It has been argued by the company that cash is a free call option, which can be used to buy shares at the opportune time. With the same logic, any liquid share in the portfolio also has a free put option, as it can be sold and converted to cash any time as well. There is no rule or law to say that one is better than the other, For those who are not familiar with options, at the money, there is call/put price parity, i.e. the values of both options are the same because there is a 50:50 chance of the share price moving in either direction with the next move, so one bet is as good as the other. In corporate finance, the investment decision is separate from the financing decision. So one only buys a share because it is deemed to be a better investment than what one is presently holding, be it cash or other shares. So if it is going to be better than the shares on hand, just sell some and buy it, what's the problem? If it is worse than the existing portfolio, why want to buy it in the first place?

Posted by dumbMoney > 2023-04-26 11:18 | Report Abuse

Holding cash is indeed a low risk high returns investment for the fund manager, but there is practically little returns left for the shareholders after management fees and taxes, as shown by the latest quarterly results.

Posted by dumbMoney > 2023-04-26 13:04 | Report Abuse

We all know what equities risk premium is. If it is indeed possible to have low risk and high returns, it should then be called risk discount instead, similar to negative good will in accounting. Another of John Dough's myth.