11 December 2017
Where are we in the Cycle?
Cyclical positioning is approaching an awkward standoff between the
benefits of a less risky growth outcome which have underpinned gains already
made and an apparent loss of momentum undermining the chance of cyclical
gains in the future.
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Market Directions
Record levels among major equity indices were paralleled in the past
week by less buoyant conditions among more risky equity sectors.
Financial market prices continue to indicate scepticism about the extent to
which stronger growth or higher inflation, embedded in equity outcomes, are
likely to occur. Sector prices generally drifted lower as commodity
prices and related equities generally retreated from recently elevated
levels.
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Portfolio Performance and Positioning
Phase I stocks again preformed the most strongly of the three
development classes with stronger outcomes among uranium related equities
contributing. Phase II stocks have continued to face headwinds due to
a combination of commodity exposures and realisation of execution risks.
Reflecting the relatively weak cyclical momentum, the models have retained a
large cash (or alternative asset) position in anticipation of
future stronger cyclical conditions.
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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.
For company reports
& ratings...
The 'Steak or Sizzle' blog provides summary judgements on
the top performing ASX-listed resources stocks.
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