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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The Fund benefitted from price strength in a few of its key long-term holdings. This included Afterpay (AFY) and Touchcorpo (TCH). The AFY share price was up 9% in April, with TCH up 14%. Other contributors included Skydive the Beach (SKB) up 8%, Capitol Health (CAJ) up 12%, and Getswift (GSW) up 48%. The key performance detractors were Money3 (MNY) and Freelancer (FLN), down 4% and 13% respectively for the month. However, the investment team believes that both companies have a positive medium-term growth outlook and therefore continue to hold their positions in these two stocks. The Fund is currently conservatively positioned, however, the investment team has started to see positive signs in the market that the rotation of interest has returned to the small cap sector and thereby creating new investment opportunities for the Fund. |
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