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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 October the Fund returned -6.2%, falling roughly in line with the market. Broadly, the impact of the market correction was felt across the Fund. Key detractors included Afterpay (-30%) and Readcloud (-30%). There were approximately 20 other positions which all fell by various amounts and, in total, contributed around 5% of the Fund's underperformance. The major positive was Freelancer (+37%). In addition, Cyan added Murray River Organics (MRG) to the portfolio in October. Cyan noted the Fund has remained diversified with 24 positions and no individual holding representing more than 5% of the total portfolio. The Fund has also retained more than 35% in cash but they have begun to deploy further capital into new and existing positions as prices become more attractive. Cyan continue to have compelling expectations for the companies in which they have invested and believe these businesses will grow materially over the next year. |
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