19 November 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?
None of the five PortfolioDirect cyclical guideposts are turned to ‘green’.  The cyclical positioning has been reclassified as ‘downswing’ with global growth decelerating and less supportive monetary policy settings. Unusually prolonged supply side constraints which have been offsetting the effect of weak demand growth are losing their impact as newly initiated production starts to flow in some metal categories.    More...

Market Directions
Mining and oil and gas stocks finished the week lower as they were caught up in broader market weakness led by declines in large US growth oriented momentum stocks. US-Sino trade tensions and fears that the US Federal Reserve will push interest rates too high in the coming year have been influential factors in the market direction as the slump in oil prices was taken to mean a slowing world economy.   More...

Portfolio Performance and Positioning
All development stages reflected the weakness in the broader market.  Phase II stocks have been especially vulnerable to the deterioration in market conditions over the past two months.  Phase I stocks have been relatively strong although Phase I stocks were the weakest of the three groups in the past week. The relatively large weighting in Phase I companies, which now have less downside risk due to having been omitted from the earlier cyclical rally, has been retained.  No changes have been made to the portfolio models.     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.    
More...

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.

Copyright 2018 PortfolioDirect All Rights Reserved.