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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 | Top contributors included Alcidion, Isentia, AMA Group and ReadCloud. Detractors included Kelly Partners, Experience Co and Afterpay, although smaller weightings in these companies curtailed any material negative Fund performance. The Fund has subscribed to a number of smaller placements but has also taken stock in a handful of new IPO's due to list in the next month or two. Some of these include Victory Offices who operate 19 flexible workspace locations, and Quickfee who offer premium funding and payment solutions to the accounting and legal industries in both Australia and the US. Cyan emphasise that, whilst month-to-month volatility can be expected, they have a firm view of long-term opportunity and remain confident in the outlook for the Fund. |
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