18 June 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?
Uncertainties over trade restrictions are putting corporate investment decisions at risk at a critical juncture in the cycle as supply constraints, monetary conditions and exchange rates become less supportive of cyclical progress. Weak productivity outcomes among advanced economies and structural impediments among developing economies are evident headwinds to the advancement of an already mature cycle.     More...

Market Directions
Metal prices were falling at the end of the week as the US dollar moved higher and nervousness about growth was compounded by the threat of a tot for tat trade dispute between the USA and everyone else. Resource sector equity prices were little changed for most of the week until late on the last day.  The smallest stocks in the sector were noticeably weaker after making up some lost ground in the prior week.  More...

Portfolio Performance and Positioning
Phase II companies led returns in the week (although they continue to lag the earlier and later development stages for the month to date) without any obvious common theme linking those that were strongest.  In line with the broader market, the earliest stage companies in the portfolio were among the weakest performers. 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.  A significant cash position remains.   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.

This communication is directed only to Australian wholesale investors and licensed financial advisers for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of a security.

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