22 January 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?
Forecasters are revising upwards their global growth expectations for 2018 although a closer look suggests near term upgrades have been due to accelerating growth through 2017.  Beyond that, the pace stabilises leaving commodity markets without the future momentum needed to stimulate stronger offset growth.     More...

Market Directions
Strong sector equity market gains in the last quarter of 2017 have slackened in January. The smaller end driven by exploration companies has shown added strength.  Large declines in the US dollar have supported stronger commodity prices which have, in any event, underperformed their historical leverage to currency changes.    More...

Portfolio Performance and Positioning
Phase I companies were among the strongest part of the portfolio in the past week and, so far, in January.  Exploration success rather than general sector re-pricing has been the source of higher returns.  The portfolio recommendations remain tilted toward Phase I stocks in anticipation of a stronger flow of discoveries.  Overall cash holdings remain high to reflect the cyclical positioning of the industry.   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...

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.