The gap between NAV of iCAP is growing bigger and bigger. It's almost 28% now. I do not know why vultures are not circling this closed-end fund yet.
The fund NAV gap and KLCI is also getting wider and wider. The fund is clearly outperforming the index. Again, why no vultures circling this closed-end fund yet?
1 comment:
Generally close-end funds are traded below NAV. Maybe because of the annual management fees, or people just do not like them because of lack of control of their money. But for icap, I think the discount of 22.3%(2.16/2.78-1)(not 28%)is a bit too much, especially in view that TTB has been proven to be a savvy fund manager. I believe the discount will disappear when the bull market arrives.
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