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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 February included Spirit Telecom (+27%), Axsess Today (+20%) and Readcload (+90%). Negative contributors included Motorcycle Holdings (-12%), Experience Co (-5%), Kelly Partners (-9%). To date, Cyan has taken a placement in BlueSky (BLA) and subscribed for some shares in a new IPO. During the market weakness there were a number of Fund holdings that Cyan added to, including AMA Group (AMA) and Moelis (MOE) which, Cyan noted, have been rewarded. The Fund currently has just over 20 positions and in excess of 45% of the Fund's total capital invested in cash. Even with this controlled portfolio, Cyan are confident they can provide solid returns to their clients. Cyan continue to adhere to their long-held investment philosophies, ride out the current volatility and make opportunistic investments they deem appropriate within the Fun's risk parameters. |
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