11 June 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?
Uncertainties over trade restrictions are now putting corporate investment decisions at risk at a critical juncture in the cycle as supply constraints, monetary conditions and exchange rates become less supportive of cyclical progress. Weak productivity outcomes among advanced economies and structural impediments among developing economies were evident headwinds to the advancement of an already mature cycle.    More...

Market Directions
A rebound in metal prices was helped by signs of US dollar weakness for the first time in several weeks.  European political instability seemed to ease, a Korean peninsula summit was proceeding and hope remained for a US-China trade rapprochement but anxieties about developing economy growth persisted.  Resource sector equity prices were generally higher with the smallest stocks in the sector making up some lost ground from recent weeks.      More...

Portfolio Performance and Positioning
In line with the broader market, the smallest stocks in the sector led returns in the portfolio models over the past week with Phase I uranium exposed stocks showing unusual strength. The macro portfolio remains tilted toward the smaller end of the market and advanced exploration efforts where there is less correlation with broader equity market conditions.  Modifications to the portfolio models reflected relative price movements. A significant cash position remains.       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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