22 April 2019

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?
Of the five PortfolioDirect cyclical guideposts, two are ‘red’ and three ‘amber’.  The cyclical positioning has been classified as ‘downswing’ with global growth decelerating, a loss of output momentum in China, the largest national user of metal, and less supportive monetary policy settings than have prevailed for most of the post-2009 period.      More...

Market Directions
Investors are pricing equities as though realisation of evident downside risks is unlikely.  Pivotal to the improved equity markets has been a switch in central bank thinking about the appropriateness of their policy settings.  Against the trend in headline equity indices, metal prices and related stock prices lost momentum during the past week.  Leaders continue to outperform the vast bulk of companies within the sector.  Prices of explorers remain anchored near historically low levels.    More...

Portfolio Performance and Positioning
Performance among selected portfolio stocks reflected broader sector weakness with similarly sized losses across all development categories. The portfolio remains weighted in favour of Phase I companies to take advantage of discovery opportunities, the historically depressed state of this part of the market and the ongoing cyclical risk which is likely to affect most detrimentally the largest stocks in the sector. No changes were been made to 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.    
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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.

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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