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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 included Afterpay Touch (+20%), Bluesky Alternative (+13%), Kelly Partners (+9%) and Motorcycle Holdings (+7%). Positions in Longtable (LON) and Credible (CRD) also contributed positively. Top contributors over 2017 included Afterpay Touch (+136%), Bluesky (+108%), PSI Insurance (+63%), Experience Co. (+40%), Kelly Partners (+74%), Moelis (+62%), Motorcycle Holdings (+22%) and Family Zone (+86%). Cyan noted the Fund remains well diversified with 26 individual holdings and no position accounting for more than 7% of the total Fund. The weighted average market cap is approximately $300m and all have met or exceeded recent expectations for business performance. In addition, they all contain what Cyan believe to be positive business catalysts over the short to medium term. The Fund continues to hold a significant defensive cash balance (currently over 35%) which Cyan will look to carefully deploy as opportunities arise. |
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