4 March 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?
Of the five PortfolioDirect cyclical guideposts, two are ‘red’ and three ‘amber’.  The cyclical positioning has been classified as ‘downswing’ with global growth decelerating, a loss of output momentum in China, the largest national user of metal, and less supportive monetary policy settings than have prevailed for most of the post-2009 period.      More...

Market Directions
Equity prices generally maintained their upward trajectory in the face of cross currents from US-China trade talks and the failure of negotiations to denuclearise the Korean Peninsula.  Confirmation from the Federal Reserve chairman that the end of  the central bank’s balance sheet rundown is in sight reinforced the recent policy pivot which has buoyed markets. Commodity prices have reacted to news about US-China trade talks as if trade frictions are the principal reason for the slowing in global growth, setting up the sector for disappointment when structural impediments to growth remain evident after a trade deal is concluded.           More...

Portfolio Performance and Positioning
Several Phase II stocks produced strong recoveries unrelated to market conditions in the past week.  Partially offsetting those gains were losses in Phase I and Phase III stocks which were more closely linked to broader equity market dynamics.  A relatively large weighting in Phase I companies has been retained.  Portfolio changes have been made to reflect relative performance outcomes.  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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