30 July 2018
Where are we in the Cycle?
Cyclical positioning is approaching a tipping point. Global growth
downgrades are becoming more likely. Weak productivity outcomes among
advanced economies and structural impediments among developing economies are
evident headwinds to the advancement of an already mature cycle.
Uncertainties over trade restrictions are putting corporate investment
decisions at risk at a critical juncture.
More...
Market Directions
The downward trajectory of precious and industrial metal prices
continued. US trade policies have been blamed although signs of momentum
loss were evident since the first weeks of 2018. The smallest stocks in the
sector once again made up lost ground against the market leaders, consistent
with seasonal movements, but remain anchored near cyclical troughs without
benefitting significantly from recently improved cyclical conditions.
More...
Portfolio Performance and Positioning
Portfolio outcomes in the past week reflected strong gains from a
selection of uranium-related stocks benefitting from news of production cuts
offset by losses from several base metal and gold exploration stocks whose
reports have failed to sustain investors. The macro portfolio remains
tilted toward the smaller end of the market and advanced exploration efforts
where there is less correlation with broader equity market conditions. No
changes to the portfolio models have been suggested. A modest 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...