25 February 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
The post-Christmas recovery in stock prices has continued with lowered measures of volatility indicating a drift toward complacency about the key drivers of equity prices.  Optimism about the resolution of Sino-US trade frictions and confirmation from the US Federal Reserve of a shift in its policy bias away from monetary tightening has helped. Despite widespread belief that global economic growth is slowing, resources sector equity prices have retained their upward bias with gains across all principal development stages although the leverage among the smallest stocks in the sector remains modes     More...

Portfolio Performance and Positioning
Phase I stocks produced the strongest gains in the past week to bring this group into line with the other development segments for the month to date.  The Phase II companies, those most dependent on strong global growth and supportive financial market conditions, lost ground. Prices of all selected Phase III stocks have risen over the past four weeks.  A relatively large weighting in Phase I companies has been retained.  No portfolio changes have been recommended.  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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