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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 -5.19% in September. More than half of the Fund's holdings encountered some price pressure during the month which Cyan believe was due to the weak market sentiment and investor profit taking rather than negative company-specific news. Key positive contributors included Kip McGrath Education and Jaxsta, while Quickfee, Swift Networks and City Chic were the main detractors. Cyan noted the divergence of financial performance from month-to-month and across differing companies and industry sectors remains significant. They've seen an enormous flow of capital raisings from companies impacted both positively and negatively by COVID-19 and a regular stream of new IPOs coming to market. Given that Cyan operates so actively in this environment, they're optimistic about the near-term opportunities for the Fund. |
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