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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 that the Fund struggled to find a position that rose in April, despite the positive underlying market. Two key detractors included BlueSky (BLA), which impacted performance at the start of the month, and Experience Co (EXP), which downgraded earnings on the 30th of April and thus impacted performance at the end of the month. Other detractors included AMA Group (-11%), Motorcycle Holdings (-20%) and Moelis (-10%). In light of recent price movements, Cyan's near-term outlook is positive. They feel there is some value creeping into their end of the market, and noted that they'll likely add to many of the Fund's existing holdings in the coming months in addition to searching for new core Fund positions. |
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