January portfolio update

Happy New Year to any readers out there. It's that time of month again, so here's the portfolio update.

The G&W portfolio was down 0.74% this month and trailed the benchmark (-0.45%).

	August 3, 2017	January 31, 2018	Since Inception	Annualised
G&W Portfolio	1.0000	1.0597	5.97%	13.04%
Benchmark (SPAX2F0)	61,250.80	65,918.88	7.62%	16.66%

Spicers, my largest position, is thinly traded and prone to frequent price fluctuations. This month it finished at 0.034, down 2.85% for the month. (It should be noted that this was after a 5.56% drop today — the final day of the month — for no apparent reason.) These fluctuations are of no consequence and, while my performance may be rocky, I expect Spicers to do substantially better than the broader sharemarket over a reasonable period.

I did not do any buying or selling during the month. I have found a few attractive situations where I may be able to put capital to work in future — but more work needs to be done before any dollars are put down.