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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 | In September the Fund returned -2.2%, taking the gain for the first quarter of FY19 to a modest +0.7% (after all fees). Throughout the month, there were three positive performers - Acrow, Noni B and newly added Spicers Paper. The remaining 20 or so positions fell between 1% - 13% which Cyan noted was in part due to the slightly bearish market disposition mirrored by the -1.1% fall in the All Ords. In addition, Cyan have been involved in a number of transactions (both IPO's and placements) that they expect to add meaningful value to the Fund in the coming months. Cyan noted that, in light of recent performance, their philosophy acknowledges the reality of stock volatility. They noted that even great multi-year investments will have periods of retracement and consolidation, highlighting the fact that CSL, despite rising more than 500% over the past 10 years, has suffered 15 monthly falls of more than 5% during that timeframe. Cyan aim to ignore market gyrations and focus on the underlying fundamentals and growth paths of their investee companies. Cyan remain confident in the future earnings capabilities of their investments. |
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