10 September 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?
Several years of global metal demand weakness have been offset in the latest cycle by unusually prolonged supply side constraints. Weak productivity outcomes among advanced economies and structural impediments among a large number of developing economies are now evident headwinds to the advancement of an already mature metal price cycle, with a rising probability that peak metal prices for the latest cycle were recorded in February 2018.  More...

Market Directions
Signs of momentum loss in industrial metal prices, evident since the first weeks of 2018, have been aggravated by US trade policies and worrying signs of developing economies suffering the consequences of currency losses. The largest stocks in the sector have given up all their gains from the past year. Metal related equity prices, in Australian dollars, have benefitted from the decline in the Australian dollar which has been caught up in the flight from developing country currencies.  More...

Portfolio Performance and Positioning
With sector losses accelerating in the past week, declines among portfolio stocks significantly exceeded the number of advancing stock prices. Advancing stocks were evenly split with declining stocks in the Phase I stock segment where broader equity market conditions were less influential. The macro portfolio remains tilted toward advanced exploration efforts.  No portfolio adjustments were made.   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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