18 December 2017

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?
Cyclical positioning is approaching an awkward standoff between the benefits of a less risky growth outcome which have underpinned gains already made and an apparent loss of growth momentum undermining the chance of cyclical gains in the future.    More...

Market Directions
Realisation of US corporate tax cuts is helping to validate record market values. Financial market prices continue to suggest little upside to growth or inflation over coming years. Commodity prices have passed their peak for the time being at least without an additional macro impetus. Among sector stocks, gains have been made across all the main market segments late in the year with the explorers finishing the year particularly strongly despite a weaker outcome in the past week.   More...

Portfolio Performance and Positioning
Phase II companies were among the strongest part of the portfolio in the past week although changes for the month of December have been generally subdued.  The portfolio recommendations remain tilted toward Phase I stocks in anticipation of a stronger flow of discoveries, as financing conditions ease, and cash in the absence of stronger cyclical conditions.  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.    
For company reports & ratings...

The 'Steak or Sizzle' blog provides summary judgements on the top performing ASX-listed resources stocks. More...

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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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