Paul's 2023 watchlist - half-year update

Paul’s 2023 Watchlist - half year update
I came up with a watchlist for 2023 in Jan 2023, which I posted here. The idea was this list was to highlight my best small cap share ideas which had come up in the SCVRs during late 2022. My original selection criteria in Jan 2023 were simple -
Good business model, as far as I can tell,Trading well, with positive outlook comments,Sound balance sheet, hence little to no insolvency/dilution risk, and Modest valuation with clear upside.

It was obvious early in 2023 that this would be a difficult year for macro, so I knew that some of the shares I picked would issue profit warnings, but not which ones! Hence the importance of balance sheet strength, which would allow any under-performers to recover in time.
Wasn’t it crazy to create a top 20 when markets looked so wobbly? Not really - there’s more upside on shares when valuations are cheap, and confidence is low, so weak markets are often a good time to buy, if you're patient.
Results so far - my top 20 list of shares are up 7% at the half year stage...