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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 | After such a negative year in 2018, Cyan feel that markets are more conducive to rewarding measured investment philosophies and are thus more optimistic that the underlying fundamentals of companies are being considered in a more pragmatic light. The Cyan C3G Fund comprises 24 companies, with no individual position representing more than 6% of the total portfolio, and a cash holding of 40%. Positive contributors throughout January included Murray River Group (+58%), Afterpay Touch (+28%), Spicers (+21%) and Splitit (+175%). Key detractors included Freelancer (-18%), EVZ (-12%) and Acrow (-7%). Cyan noted that, with February reporting season upon us, they are confident that their investee companies will deliver a solid set of numbers and outlook statements, providing positive share-price catalysts. |
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