3 December 2018

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?
None of the five PortfolioDirect cyclical guideposts are turned to ‘green’.  The cyclical positioning has been reclassified as ‘downswing’ with global growth decelerating and less supportive monetary policy settings. Unusually prolonged supply side constraints which have been offsetting the effect of weak demand growth are losing their impact as newly initiated production starts to flow in some metal categories.    More...

Market Directions
Equity prices strengthened sharply during the week, amid wide intra-day fluctuations, after expectations rose of a solution to the Sino-US trade dispute and investors began reappraising the extent to which US monetary policy will change during 2019.  Widening judgements that global growth is slowing has fed into financial, equity, metal and oil market outcomes as clearer signs emerge of a change in cyclical positioning for major markets.    More...

Portfolio Performance and Positioning
Large negative returns across Phase II and Phase III companies have reflected broader market trends.  By the end of November, Phase I portfolio stocks had managed a small positive change in defiance of the headline benchmarks, contributing to a better than benchmark portfolio performance.  The relatively large weighting in Phase I companies, which now have less downside risk due to having been omitted from the earlier cyclical rally, has been retained  No changes have been made to the portfolio models.   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.    
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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.

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