UK Smaller Companies
Review of 2008 –
Outlook and key buys for 2009

! An annus horribilis for UK mid-/small caps – the HGSC index delivers its worst
performance since 1974
! Earnings momentum remains negative, but plenty of scope for selective rerating
! Recommended UK mid-/small caps portfolio for 2009:
Aberdeen Asset Mgmt Ashtead Charter Domino Printing
Elementis Intec Telecom ITE Lancashire Holdings
Mouchel Senior Tribal Venture Production

Contents
An annus horribilis for UK small caps 2
Review of 2008 portfolio 3
Outlook for 2009 and our 12 key buys 4
The 2009 portfolio 5
Company profiles
Aberdeen Asset Mgmt 8
Ashtead 11
Charter 14
Domino Printing 17
Elementis 20
Intec Telecom 23
ITE 26
Lancashire Holdings 29
Mouchel 32
Senior 35
Tribal 38
Venture 41
UK market analysis 44
UK Smaller Companies 47
Appendix 88
Team 98
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