Report Cover Page

Contents

Where are we in the Cycle?
All the commentary this week is about sources of slowing global growth and the likelihood of a more prolonged cyclical adjustment. This was not by design but just the bias in the data flow. Scarcer sources of momentum improvement are showing up in weakening metal usage statistics. More...

Market Directions
Equity prices have continued to hover around or exceed record levels. The more monetary stimulus the better. Australian resources stock prices have been performing better than the banks by a healthy double digit margin so far in 2015 but the impact on the longer term price differential has been barely discernible. More...

Portfolio Performance and Positioning
Strong price gains among the explorers in the recommended Phase I portfolio showed the strength of bottom of the cycle leverage. Even after 20%+ rises, prices remain anchored near cyclically low points. Several changes were made to recommended positioning. Among the explorers, Stavely Minerals was deleted in favour of Elementos. PanAust made way for South32. More...

Stock Reviews and Rating Analysis More...

Carbine Resources Limited (CRB:AU)
Gryphon Minerals Limited (GRY:AU) ~ update
Deep Yellow Limited (DYL: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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