Report Cover Page

Contents

Where are we in the Cycle?
Cyclical conditions continue to deteriorate with a widening array of signs that global growth will struggle to meet already pared forecasts.   More...

Market Directions
Market volatility has been stoked by a cocktail of China growth fears, uncertainty about US interest rate policy and its ongoing effects on equity values, the redistributive effects of oil prices and disappointing corporate earnings. None of these market features appear easily resolved in the near term.    More...

Portfolio Performance and Positioning
Paladin Energy was added to the Phase III portfolio model to reflect recent price action and to provide some additional commodity diversification for that part of the portfolio. Impact Minerals and Minotaur Exploration were positively reweighed within the Phase I portfolio model.    More...

Stock Reviews and Rating Analysis
Impact Minerals (IPT:AU) has commenced a four week drilling program near Broken Hill to test earlier indications for platinum group and base metals. The company is led by an executive with strong exploration credentials having gained experience with the relevant mineralisation types while leading a discovery team at Western Mining. The company is in the midst of a partially underwritten rights issue. Impact Minerals has retained a '4' rating on the five point PortfolioDirect rating scale for Phase I companies since being first reviewed in July 2014.
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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.

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