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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 June included Readcloud (RCL +24%) and AfterpayTouch (+20%). Key detractors included Roots (-23%) and AxsessToday (-7%). With respect to the Fund's holdings for the financial year to June 2018, Cyan noted the following results: Afterpay Touch (+217%), Moelis Australia (+74%), Axsess Today (+59%), Psc Insurance (+30%), Capitol Health (+27%), AMA Group (+10%), Opus Group (+7%), Experience Co (0%) and Kelly Partners (-11%). The Fund has taken a handful of new investment positions in the past couple of months, deploying a portion of its defensive cash balance. Cyan envisage further investment in the coming quarter as more new opportunities have now been identified. They noted they have also reduced a couple of exposure as they are approaching Cyan's valuation target. |
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