5 March 2018
Where are we in the Cycle?
Cyclical progress continues to depend on a stronger growth profile than
is currently anticipated with needed improvements in productivity outcomes
hard to foresee. Unusually constrained metal supplies, a weakening US dollar
and supportive monetary policies in all major economic regions - none of
which can be taken for granted - have dominated recent outcomes.
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Market Directions
Mining and oil and gas equity prices have generally shown little
leverage to the improved cyclical positioning of commodity markets. Across
the board, sector momentum has weakened with the threat to global trade
flows now adding to the uncertainty attached to business investment
decisions as monetary policy and exchange rates become less supportive.
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Portfolio Performance and Positioning
Portfolio returns were better than the benchmark outcome during the past
week enabling reversal of the performance difference in February as the more
heavily weighted Phase I and Phase II stocks regained some momentum. Three
new stocks in the Phase II category were introduced after poor recent market
performance and a resulting stronger value proposition. Cash holdings have
been reduced.
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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.
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