20 August 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?
Peak metal prices were recorded in February 2018.  Weak productivity outcomes among advanced economies and structural impediments among developing economies are evident headwinds to the advancement of an already mature cycle.  Uncertainties over trade restrictions are putting corporate investment decisions at risk at a critical juncture.  A range of adverse influences is edging the cycle toward a tipping point.     More...

Market Directions
The downward trajectory of precious and industrial metal prices continued.  US trade policies have been blamed although signs of momentum loss in industrial metal prices were evident since the first weeks of 2018. Metal related equity prices began to reflect the recent sharp metal price losses largely removing the earlier evidence of scepticism among equity investors that cyclical conditions had actually worsened. All development segments in the sector were displaying losses.      More...

Portfolio Performance and Positioning
A large majority of Phase I, Phase II and Phase III stocks produced losses in the past week reflective of the broader move in the key sector benchmark.  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.  No portfolio adjustments were made.  The cash position has increased slightly.          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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