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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 | After a run of positive months, the Fund returned -3.1% in March. Two strong performers during the month included Alcidion and Universal Biosensors, while some of the Fund's longer-term holdings including Swift Media, Readcloud, Mighty Craft and Quickstep retraced more than 10%, and a handful including Raiz, Vita Group and Kip McGrath experienced smaller declines. Cyan noted the majority of these stocks had posted significant gains in recent months, so last month's declines weren't unexpected. Cyan remains positive on the long-term positioning of these companies and stay committed to their investments unless there are significant negative fundamental changes. In the coming months Cyan expect some good news from their already-committed pipeline of IPO and pre-IPO positions in companies such as the Afterpay-backed venture capital company AP Ventures and influencer marketing platform Tribe. The Fund has enjoyed a strong start to April and Cyan are excited about a number of company specific opportunities that should play out in the coming months. |
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