18 February 2019

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?
Of the five, PortfolioDirect cyclical guideposts two are ‘red’ and three ‘amber’.  The cyclical positioning has been classified as ‘downswing’ with global growth decelerating, a loss of output momentum in China and the emergence of less supportive monetary policy settings than had prevailed after 2009.    More...

Market Directions
The post-Christmas recovery in stock prices continued. Anticipated volatility diminished leading to further flow-through gains in resource sector equities despite professed nervousness among investors about the global growth outlook. The smallest stocks in the sector continued to trail the sector leaders indicating a reluctance to embrace such stocks among the retail investors typically recruited to fund smaller companies. Large numbers of exploration companies are trading at historically low prices. Climbing prices for higher risk corporate bonds implies more favourable conditions for companies seeking development funding.      More...

Portfolio Performance and Positioning
The strongest investment returns have once again been apparent among the most established stocks in the sector.  Exploration stocks are lagging.  Phase II companies which had been lagging the leaders outperformed them in the past week and have edged ahead for the month to date. A relatively large weighting in Phase I companies has been retained.  No portfolio changes have been recommended.  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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