The New Zealand electricity company with a high and increasing dividend yield

20 May 2019 - Chris Tan - Pengana Capital Group

From an investment point of view, the New Zealand electricity industry can be considered as far more predictable and future-proof than that of most countries and certainly that of Australia.

Warning Signs in the US

15 May 2019 - Marcel von Pfyffer, Arminius Capital

Since the GFC, the world's central banks have got into the habit of publishing regular Financial Stability Reports (FSR). These documents are intended to function as an early warning system, by monitoring financial markets in order to...

Why conventional wisdom regarding China is wrong

6 May 2019 - Kevin Smith, Delft Partners Global Investment Management

Kevin Smith examines the misconceptions surrounding China's economic growth and provides insight gained from extensive engagement within the region. For such an important player in the world economy it is wildly misunderstood by many...

ESG Ratings, no quick fixes

1 May 2019 - - Morphic Asset Management

Stream Wars - The (Disney) Empire Strikes Back

1 May 2019 - Alex Pollak (CIO), Loftus Peak

Disney's share price is up 25% in 2019 off the back of the announcement of its Disney+ streaming service and record-breaking Avengers: Endgame. But will trading a steady cashflow from cable TV for its content for a more risky cashflow from...

Harley Davidson rides into a crowd of Millenials!

18 Apr 2019 - Insync Fund Managers

Harley Davidson, once a stock market darling and come-back king faces trouble ahead with hard-hitting consequences for its shareholders. A demographic seismic shift is occurring with those aged 19-35 (Millennials) and their younger cousins...

Active Management in Australian Small Companies - Skill versus Style

17 Apr 2019 - Flinders Investment Partners

In our first note on Active Manager Skill in Australian Small Companies (February 2019) we highlighted that in order to determine if a manager can deliver long-term alpha over the cycle, we must assess their performance in conditions of...

TomTom and the future of driverless cars

12 Apr 2019 - James McDonald - Pengana Capital Group

After disposing of its truck fleet management business, TomTom is now an attractively valued pure play mapping data business, posing an interesting takeover target for either the management of the company who own 45% of the shares, or one...

Performance Report: Cyan C3G Fund

11 Apr 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +3.2% in March, outperforming the ASX200 Accumulation Index by +2.47% and taking annualised performance since inception in August 2014 to +18.74% vs the Index's +6.74%.

11 Apr 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	11 April 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	March 2019
Latest Return	3.20%
Latest 6 Months	-4.79%
Latest 12 Months	-6.01%
Latest 24 Months	20.84%
Annualised Since Inception	18.74%
Inception Date	24 July 2014
FUM (millions)	AU$37
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. 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 Cyan C3G Fund rose +3.2% in March, outperforming the ASX200 Accumulation Index by +2.47% and taking annualised performance since inception in August 2014 to +18.74% vs the Index's +6.74%. The Fund's Sharpe and Sortino ratios, 1.45 and 2.86 respectively, relative to the Index's Sharpe ratio of 0.48 and Sortino ratio of 0.63 highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding much of the market's downside volatility. In addition, the Fund's down-capture ratio of -3.4% indicates that, on average, the Fund has risen during months where the market has fallen. Cyan noted general market conditions have improved and the extreme day-to-day volatility has subsided, however, post the February reporting season, individual stock performances at the smaller end have remained spotty. In March, a number of the Fund's positions rallied well and continue to enjoy strong momentum. Top contributors included Afterpay (+11%), AMA Group (12%), Atomos (+45%) and Splitit (+45%). The portfolio currently consists of 25 ASX listed emerging companies at varying stages of maturity along the growth stage of their lifecycle. Cyan have recently invested in a handful of opportunities which they saw emerge at the smaller end of the market and look forward to enjoying the rewards as they grow.
More Information	Fund Profile Manager's Report

Active Manager Skill in Australian Small Companies

10 Apr 2019 - Flinders Investment Partners

Active management has successfully delivered alpha from Australian small companies over the long-term. Further, in periods when the dispersion of stock returns within the benchmark has been high, the median manager has delivered strong...

Fund Monitors Pty Ltd

News

20 May 2019 - The New Zealand electricity company with a high and increasing dividend yield

15 May 2019 - Warning Signs in the US

6 May 2019 - Why conventional wisdom regarding China is wrong

1 May 2019 - ESG Ratings, no quick fixes

1 May 2019 - Stream Wars - The (Disney) Empire Strikes Back

18 Apr 2019 - Harley Davidson rides into a crowd of Millenials!

17 Apr 2019 - Active Management in Australian Small Companies - Skill versus Style

12 Apr 2019 - TomTom and the future of driverless cars

11 Apr 2019 - Performance Report: Cyan C3G Fund

10 Apr 2019 - Active Manager Skill in Australian Small Companies

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