Did Icapital.biz outperform open-ended unit trusts?

The 5-year (longest period available) average return of equity Malaysia non-islamic unit trusts (which I think is most comparable to Icapital.biz) for the period between 27 June 2008 and 28 June 2013 was 68.14% while the 5-year growth in the NAV of Icapital.biz between 25 June 2008 and 26 June 2013 was lower at 62.09%. For the same period, the share price appreciation of Icapital.biz was significantly lower at 21.32%

	Period	Return
Icapital.biz	25 June 2008 – 26 June 2013	62.09% (NAV) 21.32% (share price)
Equity Malaysia, non-Islamic unit trusts	27 June 2008 – 28 June 2013	68.14% (average)

Source: The Edge Malaysia, page 50 (8 July 2013), ICAP bursa announcement

Closed-end funds do not experience inflows and outflows of funds, their fund managers have a broader range of investment choices and greater flexibility in deciding where and how to invest. 

Since closed-end funds have a fixed number of shares outstanding, they do not experience constant inflows and outflows of funds. Therefore, closed-end funds have less trading activities. With less buying and selling to do, closed-end fund would have less reinvestment decisions to make. The more reinvestment decisions there are, the higher the risks of making the wrong decisions and thus the higher the chances that the performance of a fund would be inferior. As a result, the chances of sucess for closed-end funds are much higher.

Source: www.icapital.biz