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ICAP (5108)  iCapital.biz - Further comment on NAV annualised return

I have sourced the NAV of iCapitall.biz from Bursa weekly announcement from 2005 to 2020 and tried to compare the growth rate with that of KLCI as shown in Table 5 on page 5 of 2020 Annual Report.


Below is the line charts that I got.


Fig. 1

       A            B              C           D    

iCapital.biz was first listed on Bursa Malaysia on 17-10-2005

Therefore I have chosen its NAV as at 19-10-2005 as the first data.  And subsequently every year on the 19th day of October (+/- 5 days), the NAV figure will be taken. (The +/- 5 days is to make allowance for the NAV which are published on Bursa not on a daily basis but on a weekly basis).  The same anniversary date as far as possible is chosen so that consistency is preserved.

As for KLCI annualised return rate, I have adopted the figures from Table 5 of page 5 of 2020 Annual Report.  (I don’t know the source of these data, but just to borrow it for a cursory comparison).  Personally I think a comparison of a Closed-end Fund with KLCI may not be the best approach.  But that will be another topic later.


The data in Column B in Fig. 1 are sourced from the weekly Bursa announcement over the years.  There is a 9.5 sen added back to the NAV from 2013 onward to adjust for the one-off dividend paid in 2013. (Anyway this this does not make much difference)

The data in Column C in Fig. 1 are derived from Column B.

Data on Column D are taken from Table 5 of page 5 in 2020 Annual Report.