Report Date: 13 July 2015


Where are we in the Cycle?
Cyclical conditions continue to worsen.  The International Monetary Fund has restated its slow growth (and implicitly anti-metals cycle) hypothesis as it has again downgraded expected growth outcomes.  Also: iron ore prices and the Australian dollar and why gold is not needed   More...

Market Directions
Greece, China and Iran all seemed to be helping equity markets by the end of the week.  There were signs large cap resource stocks needed to adjust to the growth picture more than the smaller companies which had already experienced a prolonged and deep repricing.     More...

Portfolio Performance and Positioning
The macro driven portfolio model continues to run ahead of the benchmark with a higher cash allocation than at any time since the inception of the model.  Kasbah Resources was removed from the model and Hazelwood Resources was taken out after trading resumed from a lengthy suspension.     More...

Stock Reviews and Rating Analysis 
The rating for Aurelia Metals (AMI:AU) has been suspended following a dispute with its major funder and a shortfall in operational outcomes at its Hera copper mine. Real Energy Corporation (RLE:AU) has been given an initial PortfolioDirect rating of  '3+' on the five point rating scale.  The company offers relatively low risk exposure to relatively high quality oil and gas prospects in the Cooper Basin.     For recent company reports...

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

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