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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 | Cyan noted the Fund's defensive cash position alleviated some of the market weakness. One clear positive was the Fund's biggest holding, equipment financier Axsess Today (+8%). Negative contributors included AMA Group, Afterpay Touch, Motorcycle Holdings, Experience Co and Moelis, however, Cyan noted the most material negative contributor was BlueSky Alternatives (BLA) which they discuss in depth in their latest report. Cyan first invested in BLA in October 2014 at $2.80 and built upon this position over time, however, after the release of Glaucus' negative report on the business at the end of March, Cyan decided sell their position completely. The Fund is currently defensively positioned, with a substantial cash holding complemented by 20 positions. Cyan look forward to deploying further cash as opportunities are identified but remain acutely aware of inconsistent sentiment and patches of extreme volatility that the market is currently experiencing, particularly at the smaller end. |
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