Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul>
<li>Net income over the twelve months to June 2026 grew 103.5% and pre-tax income grew 41.5%.</li>
<li>A single tax entry separates them: A US$19.9m release of a valuation allowance on deferred tax assets, which brought in no cash and cannot arrive twice.</li>
<li>On reported earnings the shares trade at 41.7x; strip the release and the same price is 57.8x. </li>
</ul>


Net income over the twelve months to June 2026 grew 103.5% and pre-tax income grew 41.5%.
A single tax entry separates them: A US$19.9m release of a valuation allowance on deferred tax assets, which brought in no cash and cannot arrive twice.
On reported earnings the shares trade at 41.7x; strip the release and the same price is 57.8x. 


Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

<ul>
<li>2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of management guidance and street consensus.</li>
<li>The negative blip came from weaker-than-expected margins and a lowered FY26 guidance QoQ, largely attributed to FX headwinds and continued increased investment spending.</li>
<li>AvePoint continued a high clip of share buybacks, spending another ~USD50mn repurchasing shares in 2Q26, bringing 1H26 share repurchases to USD111mn.</li>
</ul>


2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of management guidance and street consensus.
The negative blip came from weaker-than-expected margins and a lowered FY26 guidance QoQ, largely attributed to FX headwinds and continued increased investment spending.
AvePoint continued a high clip of share buybacks, spending another ~USD50mn repurchasing shares in 2Q26, bringing 1H26 share repurchases to USD111mn.


AvePoint Inc: Midyear Update (17 August 2026)

Thematic (Sector/Industry)

<ul><li>The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of the sector as competitive advantages are being reassessed.</li><li>This year, the development of agentic AI has threatened various SaaS companies as the viability of their business models is put to the test.</li><li>We find the risk is uneven. It is highest where customers pay for work AI can now do and where revenue scales with the number of people doing it.</li></ul>

The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of the sector as competitive advantages are being reassessed.This year, the development of agentic AI has threatened various SaaS companies as the viability of their business models is put to the test.We find the risk is uneven. It is highest where customers pay for work AI can now do and where revenue scales with the number of people doing it.

Sorting the Software Sector AI Exposure, Defensibility, and Where Singapore Sits

<ul>
<li>AvePoint is a global data-management software company founded in 2001 and headquartered in Jersey City, New Jersey, listed on Nasdaq since July 2021 via SPAC merger and secondarily listed on SGX since September 2025.</li>
<li>Its AvePoint Confidence Platform consists of three interconnected suites (Control, Resilience, Modernization) that secures, governs, backs up and migrates unstructured data across Microsoft 365, Google, Salesforce, AWS and other cloud environments, sold as subscription SaaS directly and through ~6,000 channel partners.</li>
<li>A fourth suite (AgentPulse) is recently set up to help with agent governance. The company compounded Annual Recurring Revenue (ARR) at 27% CAGR for the past 4 years and reached GAAP profitability in FY25.</li>
</ul>


AvePoint is a global data-management software company founded in 2001 and headquartered in Jersey City, New Jersey, listed on Nasdaq since July 2021 via SPAC merger and secondarily listed on SGX since September 2025.
Its AvePoint Confidence Platform consists of three interconnected suites (Control, Resilience, Modernization) that secures, governs, backs up and migrates unstructured data across Microsoft 365, Google, Salesforce, AWS and other cloud environments, sold as subscription SaaS directly and through ~6,000 channel partners.
A fourth suite (AgentPulse) is recently set up to help with agent governance. The company compounded Annual Recurring Revenue (ARR) at 27% CAGR for the past 4 years and reached GAAP profitability in FY25.


<ul><li>AvePoint’s Q1FY2026 result was ahead of the prior midpoint, but the May update did not become a clean full-year upgrade.</li><li>Revenue reached US$117.2m versus a US$116.0m midpoint, while non-GAAP operating income reached US$20.5m versus a US$20.0m midpoint.</li><li>The central update is that operating performance beat plan, but FX more than offset that beat in the full-year bridge.</li></ul>

AvePoint’s Q1FY2026 result was ahead of the prior midpoint, but the May update did not become a clean full-year upgrade.Revenue reached US$117.2m versus a US$116.0m midpoint, while non-GAAP operating income reached US$20.5m versus a US$20.0m midpoint.The central update is that operating performance beat plan, but FX more than offset that beat in the full-year bridge.

AvePoint Inc. Results Update (08 May 2026)

United States

AvePoint develops software products for data management, migration, protection, and security across major cloud platforms like Microsoft 365, Google, and Salesforce. The company's solutions help organizations streamline data governance, ensure compliance, and optimize operations in the digital workplace. AvePoint is headquartered in Jersey City, New Jersey, and was founded in 2001.

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AvePoint (AVPT SP)

AvePoint Inc: 2QFY2026 Update

Net income over the twelve months to June 2026 grew 103.5% and pre-tax income grew 41.5%. A single tax entry separates them: A US$19.9m release of...

ICAM

AvePoint Inc: Midyear Update (17 August 2026)

2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of...

Swaen Capital

Sorting the Software Sector AI Exposure, Defensibility, and Where Singapore Sits

The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of...

Swaen Capital

AvePoint: Data Confidence in the AI Era

ARR growth re-accelerated out of FY22’s software downcycle. 12 straight quarters of double-digit organic net-new ARR growth.

Swaen Capital

AvePoint Inc. Results Update (08 May 2026)

AvePoint’s Q1FY2026 result was ahead of the prior midpoint, but the May update did not become a clean full-year upgrade. Revenue reached US$117.2m...

ICAM

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