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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 August result was also well ahead of both the 0.8% gain in the ASX All Ordinaries Accumulation Index and the 1.7% delivered by the ASX Small Industrials Accumulation Index. Importantly, it was delivered through an earnings season when most (if not all) of the Fund's return was driven by holdings reporting impressive business performance. Commenting on the market performance in August Cyan noted the fall in the very widely-held Telstra (that the Fund does not and has never owned), which plummeted 15% from its intra-month highs after cutting its dividend. TLS now finds itself trading at a 5 year low, 45% below recent highs in July 2015 highlighting the manager's view that large ASX listed companies are not necessarily defensive. At month's end the Fund's cash weighting was 37%, with 24 individual holdings and no position accounting for more than 7% of the total Fund. The companies span 6 broad industry sectors including: consumer staples and discretionary; industrials; health care; technology and financials with a weighted average market cap of approximately $300m. |
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