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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 | Despite pulling back -4.2% in December and -8.8% over Q4, the Fund ended CY19 up +19.5%. Cyan put the recent retracement down to a lack of momentum resulting in smaller stocks being sold off aggressively for no particular fundamental reason, and widespread forced selling of smaller cap ASX stocks due to a number of bigger institutional funds pulling large mandates from Cyan's competitors. During December the Fund generated some strong positive performance from three recent IPO's - Carbon Revolution (CBR), Aerometrix (AMX) and Amearo (3DA). Key detractors included Alcidion (ALC), Atomos (AMS), Quickstep (QHL), Oventus (OVN), Readcloud (RCL), Victory Offices (VOL) and Jaxsta (JXT). So far in January 2020 the Fund has already pared back more than half its December losses. Cyan's view is that, on the whole due to little negative underlying news, the new year is starting from an attractive base and they hold good hopes for another profitable year in 2020. |
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