29 January 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?
The industry is emerging from a cyclical trough but may not have enough momentum for a genuine cyclical upswing without stronger global growth which is nearing peak rates already without an evident source of further strengthening.  US dollar weakness currently favours higher metal prices.     More...

Market Directions
Currency movements have conspicuously altered the forces affecting metal prices which are near the peak values reached over the past year.  Gold prices have especially benefitted. The smallest companies are the least likely to have benefitted from the exchange rate effects on the sector which has shown less currency leverage than in the past.     More...

Portfolio Performance and Positioning
Larger and more liquid stocks tended to produce stronger returns over the past week although the exploration segment of the portfolio has remained the strongest part for the duration of January. Companies reporting exploration successes have led the exploration group which has also benefitted from generally improved market sentiment. The portfolio retains a large cash holding reflecting the PortfolioDirect reading of the stage of the economic cycle.    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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