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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 challenging market sentiment accelerated in December, impacting performance to the tune of -4.2%. This return was not attributed to any adverse stock specific news, a characteristic which Cyan believe is reassuring. In addition, in light of the bearish conditions, the Fund experienced 4 positions that rose, 3 that were flat and 17 that fell. Detractors included Murray River Organics (-16%), Experience Co (-13%) and AMA Group (-14%). Cyan say their views have not changed much from previous months, other than that company specific value appears to be increasingly attractive. Cyan emphasised that when assessing prospective investees they look at individual companies rather than overall markets and, given their strong growth profiles, they wholly believe that the companies in the Cyan C3G Fund will have more intrinsic value at the end of CY19 than they do presently. |
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