28 May 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 economic growth might have already peaked during a surge in the latter part of 2017.  Beneficial effects will linger but uncertainties over trade restrictions are now putting corporate investment decisions at risk at a critical juncture in the cycle as supply constraints, monetary conditions and exchange rates become less supportive.    More...

Market Directions
Trade policy, European political instability, Korean crisis management and interest rate policy were influential during the week. Resource sector equity prices were generally lower with the largest falls among the smallest stocks in the sector as the consensus about synchronized global growth outcomes seemed to wane.  A  higher US dollar affected commodity prices less than average but large foreign exchange swings are affecting the financial strategies of miners working in different locations.    More...

Portfolio Performance and Positioning
The macro portfolio remains tilted toward the smaller end of the market where there is less correlation with broader equity market conditions, mitigating the effects of the large fall in the prices of Phase III companies during the week.  Phase I companies led the returns in the week and for the month to date.  Phase II companies have been the weakest over the month. Changes made to model holdings, consistent with the PortfolioDirect stock rating framework, have reflected relative price movements. A significant cash position remains.    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.