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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 | Positive performers in October included Afterpay Touch (+25%), BlueSky Alternative Investments (+28%), AxsessToday (+11%) and Motorcycle Holdings (+15%). The only detractor was cyber safety business Family Zone (-8%), however, the Manager noted the Fund had been reducing its holding as the stock rose and hence the recent retracement was immaterial to the Fund's overall return. Cyan noted that, in recent months, the small cap market has been conducive to making money and they believe there's no sign of it slowing at this stage. That said, Cyan noted one of their ongoing focal points is the risk/reward metric and they therefore retain a relatively high proportion of cash. The Fund is well diversified, with 22 individual holdings and no position accounting for more than 9% of the total fund. |
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