25 March 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
Equity markets finished the week moving lower as a partial inversion of the US yield curve raised fears about the likelihood of a recession.  The yield curve change, although it comes with an uncertain connection to growth outcomes, was added pressure for a market already becoming increasingly anxious about the outlook for global growth. Mining sector equities and their related commodity prices have remained surprisingly resilient against the deteriorating economic backdrop.    More...

Portfolio Performance and Positioning
Established producers once again performed better than exploration companies although the magnitude of market moves within each of the development stages was modest.  Companies which had earlier failed to meet development milestones have tended to be the better performers over the past four weeks as they have turned expectations in their favour Uranium related investments featured among the best performers in the past week. After several portfolio changes at the beginning of March to reflect relative performance outcomes, no further changes have been made.    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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