2 January 2019

Remuneration Report Analysis and Commentary: PortfolioDirect scores annual remuneration reports from ASX listed companies against a consistent analytical framework designed to help assess which reports are most worthy of shareholder support. 
Contents

Where are we in the Cycle?
The PortfolioDirect cyclical guideposts have been downgraded to two ‘red’ and three ‘amber’.  The cyclical positioning has been classified as ‘downswing’ with global growth decelerating, a loss of output momentum in China and the emergence of less supportive monetary policy settings.       More...

Market Directions
Highly volatile equity prices have persisted as worries about slowing US and global economic growth have coincided with concerns that the view of the US economy held by the Federal Reserve may be too optimistic, raising the chance of a 2019 recession.  A European Central Bank commitment to stop buying securities, as regional growth is slowing, also signaled a transition in policy settings. The leading mining stocks continue to hold up relatively well despite the growth uncertainties as some of the more growth oriented companies which took markets higher have faced the brunt of the recent selling surge.       More...

Portfolio Performance and Positioning
Early stage companies continue to perform poorly. Phase III stocks posted positive returns for December even as global equity markets fell dramatically. The relatively large weighting in Phase I companies had been retained  to take advantage of their potentially strong leverage to positive changes in sentiment at the bottom of the cycle, leaving the overall portfolio results lagging the Phase III dominated benchmark.      More...

Stock Reviews and Rating Analysis 
PortfolioDirect rating reports analyse the quality and risk attributes of proposed mineral developments.  Rating criteria apply to mining and oil and gas stocks at any stage of development.  PortfolioDirect uses a five point rating scale to measure the risk adjusted quality of proposed mineral developments or companies.    
More...

The 'Steak or Sizzle' blog provides summary judgements on the top performing ASX-listed resources stocks. More...

Although the statements of fact in this report have been added from and are based upon sources the authors of the report believe to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed.  To the extent permitted by law, the authors of the report are not liable for any loss or damage arising as a result of reliance placed on the contents of this report.  

All opinions and estimates in this communication constitute judgments by the authors at the report date and are subject to change without notice.  The report publisher is under no obligation to make public any change in view about any matter referred to in this document.    

No references to past investment performance should be taken to indicate anything about future performance.

This communication is directed only to Australian wholesale investors and licensed financial advisers for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of a security.

Copyright 2018 PortfolioDirect All Rights Reserved.