This is the 3rd half year report since my investment journey begun in April 2016. Portfolio Results Since the last portfolio review in March, time-weighted returns of my portfolio had increased from 34.01% to 55.43% (+21.42%). In contrast, the index had only gained +3.84% over the same period to finish at 19.35%. As a result, my portfolio's lead on the index had actually widened rather significantly since the last portfolio review. All-time XIRR since portfolio establishment in April 2016 stands at a healthy 27.38%. To recap, I had set myself the dual objective of attaining returns exceeding 10% per annum and beating the index (which is STI for now). Given my portfolio's returns, I am very satisfied to have fulfilled both objectives. Nonetheless, it is pertinent to note that short run out-performance can be influenced to a large extent by luck. Long run performance ......