Report Cover Page

Contents

Where are we in the Cycle?
The cyclical position continues to deteriorate as prospects of a global growth acceleration appear to diminish and statistics on near term usage patterns point to slowing growth in metal offtake.   More...

Market Directions
There were less event driven market outcomes in the past week as broader economic influences, particularly slower growth in China and the Asian region, led to a re-pricing of equity markets. Commodity prices were driven by similar influences.    More...

Portfolio Performance and Positioning
The portfolio models retain high cash holdings to reflect the cyclical positioning of the industry. Relatively strong price gains have been recorded by some Phase I stocks reflecting high leverage to the ebbs and flows of buying pressures in depressed markets.    More...

Stock Reviews and Rating Analysis
Enterprise Metals (ENT:AU) warrants interest from investors looking for exploration exposure. Its Western Australian exploration tenements could cover an extension of mineralisation within the nearby Sandfire/Talisman properties at a fraction of the cost and with far greater leverage. The downside is the company's currently insufficient funding to take advantage of the favourable geological positioning. A successful capital raising would change the outlook. For recent company reports...

DAILY BRIEFING: The PortfolioDirect market diary offers brief thoughts on current issues affecting sector investment strategies.

Although the statements of fact in this communication have been added from and are based upon sources E.I.M. Capital Managers Pty Ltd, the publisher, believes to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed.

All opinions and estimates in this communication constitute judgments by E.I.M. Capital Managers as of the date of this communication and are subject to change without notice. The publisher is under no obligation to make public any change in view about any matter referred to in this or any linked documents.

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.