13 August 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?
Weak productivity outcomes among advanced economies and structural impediments among developing economies are evident headwinds to the advancement of an already mature cycle.  Uncertainties over trade restrictions are putting corporate investment decisions at risk at a critical juncture.  A range of adverse influences is edging the cycle toward a tipping point. Two of the five cyclical guideposts have been downgraded.    More...

Market Directions
The downward trajectory of precious and industrial metal prices continued with an added impetus to flee risky investments arising from sharp losses in developing market currencies.  US trade policies have been blamed although signs of momentum loss in industrial metal prices were evident since the first weeks of 2018. Metal related equity prices were firmer than the movements in metal prices amid some scepticism that the cyclical conditions have actually worsened. The exploration end of the market again showed relative strength.     More...

Portfolio Performance and Positioning
Losses in Phase I and Phase II investments offset a modest gain in the Phase III portfolio segment in the past week.  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.  Portfolio adjustments have reflected relative price movements.  The cash position has increased slightly.     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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