5 February 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?
Cyclical conditions have gradually improved with an increasing reliance on a weaker US dollar as global growth nears its peak for the cycle and as opportunities for upside surprise are limited by generally weak productivity outcomes.      More...

Market Directions
Metal prices are near peak values for the past year with currency movements conspicuously benefitting prices.  Better than expected US employment and wages outcomes should benefit the sector despite the adverse equity market reaction at the end of last week. Gold prices are potentially lower.     More...

Portfolio Performance and Positioning
The smallest stocks in the sector were among the weakest performers in the past week due to a combination of market conditions and some retracement of gains by specific stocks where exploration outcomes had been influential previously. No changes have been recommended. The portfolio retains a large cash holding reflecting the PortfolioDirect assessment of the scope for further cyclical improvement.    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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