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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 | The Fund posted a modest gain of 0.6% in February following on from a 4.0% rise in January. 8 out of the Fund's 25 positions moved in excess of 20% during the month. Top contributors included Splitit (+58%), Experience Co (+22%) and Afterpay (+15%). Detractors included Murray River Group (-20%) and Motorcycle Holdings (-28%). Despite regretting not having participated in more of the market's upside in recent months, Cyan maintain that the market was too volatile to have been fully invested at the end of 2018. They noted they've added a couple of new and exciting positions to the portfolio and they feel that positive and unexpected (or undiscovered) company performances will be well-rewarded. |
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