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Printed: 07 July 2022 10:53 PM


16 Jul 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors

Report Date16 July 2021
ManagerCyan Investment Management
Fund NameCyan C3G Fund
StrategyEquity Long
Latest Return DateJune 2021
Latest Return1.40%
Latest 6 Months1.65%
Latest 12 Months31.76%
Latest 24 Months (pa)6.98%
Annualised Since Inception15.48%
Inception Date24 July 2014
FUM (millions)AU$41
Fund OverviewThe 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 CommentsThe Cyan C3G Fund returned +1.4% in June, a difference of -0.86% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +31.76%, compared with the index, which returned +27.8%, for a difference of +3.97%. Since inception in July, 2014, the fund has returned +15.48% per annum, a difference of +7.26% vs the index which has returned +8.22% over the same period.

The fund's Sharpe ratio has ranged from a high of 1.53 over the most recent 12 months, to a low of 0.31 over the past 3 years. Since inception the fund's Sharpe ratio has been 0.88 vs the index which has a Sharpe ratio of 0.54.

The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 3.97 over the most recent 12 months, to a low of 0.28 over the past 3 years. Since inception the fund's Sortino ratio has been 1.23 vs the index's 0.62.

Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has an up-capture ratio of 89.51% since inception and 119.34 over the past 12 months. Across all other time periods, it has ranged between 110.01% (2 years) and 83.12% (5 years).

The fund has a down-capture ratio of 58.2% since inception.
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