Report Date: 24 April 2017

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Applications are now being considered.
Contents

Where are we in the Cycle?
Updated International Monetary Fund forecasts and GDP estimates from China are consistent with the bottom of a cycle but have not been as positive for the sector outlook as widely reported.  More...

Market Directions
Sector prices are struggling to improve despite apparently supportive commodity price movements and an improved financial market appetite for risk.  More...

Portfolio Performance and Positioning
The PortfolioDirect macro model moved against the market trend which was reflected in Phase III stocks.  Phase III losses were offset by a range of Phase I and Phase II company returns. No changes were made to the recommended portfolio holdings.   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...

Exploration Watch. Which exploration results are the most exciting, the most disappointing and the most anticipated?  More...

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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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