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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 returned -11.9% in February. Mid-month Cyan cut positions in three companies that they considered would be directly impacted by COVID-19: Atomos, McPhersons and Webjet. In the latter days of February and early March after further share price weakness they took the opportunity to add slightly to existing positions in Alcidion, Kelly Partners, Quickstep, Schrole and Vita Group. Cyan noted all of these businesses are well funded, enjoy growing revenue streams and in the case of Kelly Partners and Vita Group, enjoy dividend yields above 6%. Whilst the Fund is continuing to be impacted by the continued weakness in global markets, Cyan noted it has been holding reasonable amounts of cash for some time which is hugely beneficial in the current conditions. They are taking this opportunity to deploy some of this cash by increasing some existing positions and finding entry points for a number of new companies. They expect markets could see a swift and considerable upturn even before the current uncertainty clears. |
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