12 February 2018
Where are we in the Cycle?
The cyclical position is approaching the peak most frequently associated
with earlier cycles leaving further progress to depend on a stronger growth
profile than is currently anticipated and needing policies supporting
stronger productivity growth in advanced economies.
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Market Directions
Market conditions have been dominated by the volatile response to the
latest US labour statistics. Although commodity markets would have
benefitted from the higher wages outcomes which caused the volatility,
sector equity prices were more highly correlated with equity markets than
the corresponding commodity price outcomes.
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Portfolio Performance and Positioning
Portfolio model returns in the past week reflected the smallest stocks
in the sector once again being among the weakest performers as equity market
conditions encouraged a flight from risk. No changes have been recommended.
The portfolio retains a large cash holding reflecting the PortfolioDirect
assessment of the scope for further cyclical improvement.
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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.
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The 'Steak or Sizzle' blog provides summary judgements on
the top performing ASX-listed resources stocks.
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