19 February 2018
Where are we in the Cycle?
The cyclical position has not changed with further progress depending on
a stronger growth profile than is currently anticipated. If the needed
stronger productivity growth fails to eventuate, US dollar weakness remains
an ongoing possible source of support.
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Market Directions
Markets bounced after investors concluded that the inflation outlook is
not likely to require an imminent change in the trajectory of monetary
policy, at least while earnings and global growth remain sufficiently
supportive to offset the effect of a change in monetary conditions.
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Portfolio Performance and Positioning
The biggest companies reacted most strongly to the quick change in the
direction of equity prices with portfolio returns reflecting the overall
pattern of market outcomes. Reward Minerals and Altech Chemicals were added
to the portfolio models. Several weighting changes were made which reduced
the tactical portfolio cash allocation in favour of a heavier bias to Phase
I stocks. The portfolio retains a large cash holding reflecting the
PortfolioDirect assessment of the scope for further cyclical improvement.
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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.
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The 'Steak or Sizzle' blog provides summary judgements on
the top performing ASX-listed resources stocks.
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