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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 | Throughout August there were less than a handful of positions in the portfolio that fell while more than half of the Fund's holdings enjoyed double-digit rises. Notable positive contributors included QuickFee (+25%), Raiz (+23%), Kelly Partners (+22%), Jumbo Interactive (+24%), and New Zealand Coastal (+89%). Through a number of recent corporate opportunities including IPOs and placements, Cyan have committed to making new investments and adding to existing ones such as: Spirit Telecom, Universal Biosensors, City Chic, Kip McGrath and Harvest Technologies. Cyan noted the dichotomy between the strong performance of sections of the market and the current economic outlook feels acute. They believe the challenge is striking a balance between enjoying the market tailwinds whilst being cognisant of the challenging economic headwinds. |
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