Report Cover Page

Contents

Where are we in the Cycle?
There has been no improvement in overall cyclical positioning with commodity markets still classified as moving along the trough of the cycle. Exchange rate movements are playing an increasingly prominent role in investment decision making.   Currency markets are one of the few available release valves allowing relative price adjustments to central bank efforts to bid up financial asset prices. More...

Market Directions
Currency sensitivities have been prominent causes of market fluctuations. Oil, gold, European equities, Japanese equities and S&P 500 versus and the Russell 2000 were driven increasingly by exchange rate movements in the past week.       More...

Portfolio Performance and Positioning
Larger resources stocks performed better than the smaller cap companies. The Phase I group continues to face strong headwinds - unable to raise capital without exploration success and unable to find exploration success without adequate funding. There were no portfolio changes recommended in the past week.    More...

Stock Reviews and Rating Analysis More...

Alumina Limited (AWC:AU)
St Barbara Limited(SBM:AU)
Enterprise Metals Limited (ENT: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.

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.