22 October 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?
Global growth is decelerating as monetary policy settings become less supportive in an already mature metal price cycle. 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.  None of the five PortfolioDirect cyclical guideposts are turned to ‘green’.   More...

Market Directions
Mining and oil and gas stocks have been caught up in the broader equity market decline although the sector has displayed a surprising resilience against a backdrop of investor worries about the momentum of global economic growth.  Gold stocks have benefitted from the search for a safe haven after gold prices rose slightly with the Australian gold sector receiving an added benefit from a weaker Australian dollar.  More...

Portfolio Performance and Positioning
Gains among the Phase I stocks permitted a portfolio gain ahead of the market benchmark during the week were less pronounced than the market benchmark.  Phase I stocks have shown greater resilience over the past four weeks in part because they had participated least in the cyclical improvement evident since the beginning of 2017.  The Phase II companies, typically at critical junctures in their development paths and most sensitive to changes in current conditions, have tended to perform least well. There were no suggested portfolio adjustments.       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.