Report Date: 9 January 2017

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Contents

Where are we in the Cycle?
Sector investment returns over the holiday period are a combination of cyclical and seasonal outcomes.  The two weeks since Christmas have been the seventeenth consecutive occasion on which the small resources share price index has produced a positive outcome in the days immediately following Christmas.      More...

Market Directions
The key investment question at the start of 2017 is whether too much improvement in underlying economic conditions has already been factored into rising equity prices. The track of the small resources share price index provides a partial answer to this question   More...

Portfolio Performance and Positioning
Gains across all portfolio segments have resulted in a positive start to the new year.  Seasonal strength needs to be considered in coming to a judgment about the sustainability of the gains.  The smaller end of the market is the most susceptible to holiday liquidity constraints. Uranium exposed stocks have headed the performance table.     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.    
For company reports & ratings...

The 'Steak or Sizzle' blog provides summary judgements on the top performing ASX-listed resources stocks. More...

Exploration Watch. Which exploration results are the most exciting, the most disappointing and the most anticipated?  More...

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Although the statements of fact in this communication have been added from and are based upon sources E.I.M. Capital Managers Pty Ltd, the publisher, believes to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed. 

All opinions and estimates in this communication constitute judgments by E.I.M. Capital Managers as of the date of this communication and are subject to change without notice.  The publisher is under no obligation to make public any change in view about any matter referred to in this or any linked documents.

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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