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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 contributors in November included Experience Co (+19%), Moelis (+10%) and Spirit Telecom (+30%). Negative contributors included Bluesky Alternatives (-9%), Kelly Partners (-6%), PSC Insurance (-4%), Axsesstoday (-2%). Cyan noted none of these retracements were due to company specific news, they view it as short-term profit taking and remain very optimistic about the medium term outlook of each business. Cyan noted the small cap market remains relatively buoyant and their outlook for the companies they hold is positive. Some of the Fund's larger holdings Cyan expect to generate meaningful returns into 2018 include Axsesstoday, Kelly Partners, Experience Co, Motorcycle Holdings, PSC Insurance and Bluesky Alternatives. Cyan hope to complement these with some new positions taken recently in both the IPO and secondary markets. The Fund continues to hold a significant cash balance which Cyan will look to carefully deploy as opportunities arise. |
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