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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's Sortino ratio (since inception) of 1.22 vs the Index's 0.59, in conjunction with its down-capture ratio of 58.2%, highlights its capacity to outperform in falling and volatile markets over the long-term. The Fund returned -2.82% in May. There was significant dispersion in individual stock returns, with a handful of strong Fund performances being outweighed by the falls. Top contributors included Alcidion, Big River, Maggie Beer and Vita Group. Key detractors included Raiz, Mighty Craft, Swift Media, Quickstep, Schrole and Singular Health. |
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