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...