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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 there were a couple of wins this month that helped drive the Fund higher. Their IPO investment in co-working space provider Victory Offices listed at a 10% premium; Cyan have since added to their initial position. The Fund's best performer in June was Kelly Partners (+25%). The other win they had this month was the revaluation of some escrowed Atomos shares Cyan purchased back in March at 60c. Atomos closed at $1.03 but has traded higher again in July having raised $7.5m in new capital and completed a sell-down. Cyan reiterate in this month's report 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 into the future. |
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