13 November 2017
Where are we in the Cycle?
The cyclical positioning has improved with commodity prices sitting in
line with historical outcomes and the market risk profile having been
reduced. The question now is whether there is enough growth momentum
to carry prices to the next stage of the cycle.
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Market Directions
Equity markets have been heavily influence by expectations about US tax
reform outcomes. Despite historically outstanding monetary support
buoying equity market conditions, the resources sector has been unable to
attract sufficient speculative funds for mining equities to match gains from
mining commodities.
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Portfolio Performance and Positioning
The strongest gains have been coming from the earliest stage stocks in
the sector in the past few weeks. The returns from exploration stocks have
reflected successful exploration programs as well as investors becoming more
responsive to exploration success. With large relative performance changes
among the stocks included in the portfolio modesl, significant alterations
have been made to stock weightings.
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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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