4 February 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
A post-Christmas recovery in equity prices has helped carry resource sector prices higher.  Mining stocks at all stages of development have benefitted although this has occurred at a time of rising concerns about the global growth outlook.  Higher corporate bond prices have contributed to the more favourable view of the sector, especially those requiring funds. Lower bond yields have lifted gold prices which have combined with a downward bias to the Australian dollar to improve the valuation of Australian gold equities.   More...

Portfolio Performance and Positioning
Reflecting broad market trends, all portfolio segments have shown gains over the first days of January with the earliest stage companies producing at least as strong a performance as the more established producers, although early stage companies would have normally displayed stronger leverage to improved underlying economic conditions, if they were actually the driver of better performance. A relatively large weighting in Phase I companies had been retained .  No portfolio changes have been recommended.       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.

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.

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