Report Cover Page

Contents

Where are we in the Cycle?
Cyclical positioning has changed little with, at best, some moderation in the rate of decline. Evidence continues to emerge of China's transition to a less metal intensive economy. US investment outcomes are retarded by relatively weak sales growth. More...

Market Directions
A move to higher risk technology, biotech and emerging market investments has not been accompanied by greater resource sector interest. Markets most susceptible to liquidity flows are benefiting from accommodative monetary policies despite sometimes contrary movements in the real economy. Central bank liquidity is having a relatively minor impact on the global output growth rates critical to changing perceptions about resource sector outcomes. More...

Portfolio Performance and Positioning
There were small gains across all three portfolio segments although Phase I gains were more concentrated as exploration stage companies remain the least popular part of an unpopular sector. More...

Stock Reviews and Rating Analysis More...

Peel Mining Limited (PEX:AU) ~ update
Elementos Limited (ELT:AU) ~ update
Pura Vida Energy NL (PVD:AU) ~ update

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.

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