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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 fit one or more of the following criteria:
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 performance. However, companies in which the Fund invests may be leveraged.
The Cyan C3G Fund has a track record of 8 years and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with an annualised return of 11.96% compared with the index's return of 6.64% over the same period.
On a calendar year basis, the fund has only experienced a negative annual return once in the 8 years since its inception. Over the past 12 months, the fund's largest drawdown was -25.43% vs the index's -23.88%, and since inception in August 2014 the fund's largest drawdown was -36.45% vs the index's maximum drawdown over the same period of -29.12%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 4 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by February 2021.
The Manager has delivered these returns with 1.03% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.64 since inception. The fund has provided positive monthly returns 86% of the time in rising markets and 38% of the time during periods of market decline, contributing to an up-capture ratio since inception of 65% and a down-capture ratio of 65%.