11 February 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?
The PortfolioDirect cyclical guideposts have been downgraded to two ‘red’ and three ‘amber’.  The cyclical positioning has been classified as ‘downswing’ with global growth decelerating, a loss of output momentum in China and the emergence of less supportive monetary policy settings.       More...

Market Directions
After strong equity price increases through January, momentum waned during the past week.  Despite constant chatter about a global growth slowdown, metal prices held earlier gains and related equity prices reflected the direction of the broader market. Resources sector stock prices continued to display a disparity between the performance of the market leaders, more aligned with movements in broader market conditions, and the bulk of companies in the sector which remain mired in a prolonged cyclical slump. The change in emphasis on the part of the US Federal Reserve has raised hopes that a policy mistake precipitating a recession can be avoided.      More...

Portfolio Performance and Positioning
The strongest investment returns have once again been apparent among the most established stocks in the sector with exploration stocks biased to the downside.  Phase II companies which had been lagging the leaders replicated their performance in the past week and have matched their uptick for the month to date. A relatively large weighting in Phase I companies had been retained.  No portfolio changes have been recommended.   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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