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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.
On a calendar year basis, the fund has only experienced a negative annual return once in the 8 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -44.03% vs the index's -24.12%, and since inception in August 2014 the fund's largest drawdown was -45.18% vs the index's maximum drawdown over the same period of -29.12%. The fund's maximum drawdown began in November 2021 and has so far lasted 1 year, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -24.24%.
The Manager has delivered these returns with 0.9% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.35 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 35% of the time during periods of market decline, contributing to an up-capture ratio since inception of 54% and a down-capture ratio of 83%.