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Printed: 06 July 2022 11:26 PM


15 Oct 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors

Report Date15 October 2021
ManagerCyan Investment Management
Fund NameCyan C3G Fund
StrategyEquity Long
Latest Return DateSeptember 2021
Latest Return3.40%
Latest 6 Months6.89%
Latest 12 Months20.19%
Latest 24 Months (pa)3.05%
Annualised Since Inception15.86%
Inception Date24 July 2014
FUM (millions)AU$42
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 rose by +3.4% in September, an outperformance of +5.54% compared with the ASX Small Ordinaries Total Return Index which fell by -2.14%. Over the past 12 months, the fund has risen by +20.19%, and since inception in August 2014, the fund has returned +15.86% per annum, a difference of +6.26% relative to the index which has returned +9.6% on an annualised basis over the same period.

The fund's returns over the past 12 months have been achieved with a volatility of 13.13% vs the index's 10.86%. The annualised volatility of the fund's returns since inception in August 2014 is 16.24% vs the index's 16.49%. Over all other periods, the fund's returns have been more volatile than the index.

The fund's down-capture ratio for returns since inception is 47.87%. Over all other periods, the fund's down-capture ratio has ranged from a high of 98.85% over the most recent 24 months to a low of -206.53% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
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