June porfolio update

My results from portfolio's inception to the end of June are summarised in the table below. 

	August 3, 2017	June 30, 2018	Since Inception	Annualised
G&W Portfolio	1.0000	1.0642	6.42%	7.08%
Benchmark (SPAX2F0)	61,250.80	69,053.5	12.74%	14.05%

The portfolio was up 0.37% in June, compared to the benchmark's strong return of 3.27%. Since inception, the portfolio is trailing the benchmark by 6.32%. While the underperformance is disappointing, I hope to make up the deficit by the end of the calendar year.

We made one purchase in June, of Mitula (ASX:MUA), but otherwise there were no major developments to report. Mitula was not an opportunity I spotted myself, but one that was pointed out by Tony Hansen of EGP Capital. Mitula is to be acquired under scheme of arrangement by a Japanese company, LIFULL. Under the scheme, MUA shareholders with less than 20,000 shares are entitled to receive a cash payment 80 cents per share — whereas larger holders must take the consideration in LIFULL shares. I purchased 7,000 shares in early June for 70 cents each, and some more after the end of the month for 71.5 cents, making MUA the second largest position in the portfolio. When the two purchases are combined, we stand to make 13.09% excluding brokerage, which annualises to more than 40% if the scheme is completed by September 30. While the deal could fall over, the likelihood of that happening appears very low, which makes the risk/reward proposition very compelling.