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. 


<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)

<ul><li>FY2025 improved the quality of growth more than it changed the headline story.</li><li>Revenue rose to US$419.5m and annual recurring revenue (ARR) reached US$416.8m, with SaaS now at 76% of revenue.</li><li>That makes the business look less like a transition case and more like a scaled recurring software model. </li></ul>

FY2025 improved the quality of growth more than it changed the headline story.Revenue rose to US$419.5m and annual recurring revenue (ARR) reached US$416.8m, with SaaS now at 76% of revenue.That makes the business look less like a transition case and more like a scaled recurring software model. 

<ul><li>AvePoint is a global subscription software company that helps organizations manage, protect and govern collaboration data sitting in cloud platforms such as Microsoft 365 and other SaaS tools.</li><li>Its platform combines backup, data protection, governance and modernization so that customers can keep using these tools and newer AI features without losing control of security or compliance.</li><li>In 2024 it generated US$330m of revenue, up 22% from 2023, with SaaS contributing roughly 70% of the total and recurring revenue 87%.</li></ul>

AvePoint is a global subscription software company that helps organizations manage, protect and govern collaboration data sitting in cloud platforms such as Microsoft 365 and other SaaS tools.Its platform combines backup, data protection, governance and modernization so that customers can keep using these tools and newer AI features without losing control of security or compliance.In 2024 it generated US$330m of revenue, up 22% from 2023, with SaaS contributing roughly 70% of the total and recurring revenue 87%.

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


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. 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

AvePoint Inc. Results Update

FY2025 improved the quality of growth more than it changed the headline story. Revenue rose to US$419.5m and annual recurring revenue (ARR)...

ICAM

AvePoint Inc: Initiating Coverage

AvePoint is a global subscription software company that helps organizations manage, protect and govern collaboration data sitting in cloud...

ICAM

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

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