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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 Sharpe and Sortino ratios (since inceptino), 0.92 and 1.28 respectively, by comparison with Index's Sharpe of 0.43 and Sortino of 0.47, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's down-side volatility. The Fund's up-capture and down-capture ratios (since inception), 104.1% and 58.2% respectively, indicate that, on average ,the Fund has outperformed in both the market's positive and negative months. Two stocks succumbed to double digit percentage falls during the month: Readcloud (-15%) and Playside Studios (-17%). However, this was offset by strong results from Raiz and Alcidion. Cyan's view is that, while it can feel challenging to invest through periods of acute volatility, this volatility provides a number of opportunities which likely wouldn't be available in quieter market periods. They noted that, not only has the corporate window opened wide in January but Cyan's key holdings continue to post promising numbers and outlooks. There are more than three IPOs in Cyan's sights along with the pleasing results from their existing exposures. Cyan are confident about 2021 and noted that, at the time of writing their latest monthly report, February has seen a further positive momentum in the Fund's unit price. |
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