26 February 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?
Cyclical progress continues to depend on a stronger growth profile than is currently anticipated.  US dollar weakness remains an ongoing possible source of support as monetary stimulus is wound back but an improvement in growth prospects depends on better productivity outcomes.   More...

Market Directions
Equity markets have stabilised but mining and oil and gas equity prices have generally underperformed improved macro outcomes and the cyclical positioning of commodity markets.  Stronger sector equity prices are likely to depend on a improved flows of funds based on a belief that cyclical progress will occur over a prolonged number of years. More...

Portfolio Performance and Positioning
Portfolio returns were generally better than overall sector outcomes during the past week although for the month to date the macro portfolio outcome has lagged the benchmark due to worse than average performance among the Phase II group of companies. Several weighting changes were made which reduced the tactical portfolio cash allocation in favour of a heavier bias to Phase I stocks. The portfolio retains a large cash holding reflecting the PortfolioDirect assessment of the scope for further cyclical improvement.    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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