TABLE OF CONTENTS
Executive summary .............................................................................................................6
FPK’s focus stocks..............................................................................................................8
After the rally ......................................................................................................................11
Valuation .............................................................................................................................13
Deflation.............................................................................................................................17
Catalysts .............................................................................................................................20
Our strategic view...........................................................................................................................20
Potential triggers .............................................................................................................................22
Sector summaries..............................................................................................................29
Asset management .........................................................................................................................30
Brokers...........................................................................................................................................34
Lloyd’s vehicles ...............................................................................................................................40
Valuations and strategy scoring ......................................................................................................41
Credit finance .................................................................................................................................42
UK personal financial advice ...........................................................................................................45
Companies.........................................................................................................................47
Aberdeen Asset Management Outperform ..................................................................................48
Advent Capital In Line..................................................................................................................50
Ambrian Capital In Line ...............................................................................................................52
Arbuthnot Banking Underperform ................................................................................................54
Arden Partners In Line.................................................................................................................56
Ashmore Outperform.................................................................................................................58
Beazley In Line...........................................................................................................................60
Begbies Traynor Outperform .......................................................................................................62
BlueBay Asset Management In Line............................................................................................64
Blue Oar Underperform.............................................................................................................66
Brewin Dolphin Outperform .........................................................................................................68
Brit Insurance In Line...................................................................................................................70
Brooks Macdonald In Line ...........................................................................................................72
Canaccord Capital In Line ...........................................................................................................74
Catlin Outperform.......................................................................................................................76
Cavanagh Underperform.............................................................................................................78
Cenkos In Line...........................................................................................................................80
Charles Stanley Underperform ....................................................................................................82
Chaucer In Line ........................................................................................................................84
Climate Exchange Outperform ....................................................................................................86
Close Brothers Underperform......................................................................................................88
Collins Stewart In Line.................................................................................................................90
Daniel Stewart Underperform ......................................................................................................92
Davenham Underperform .........................................................................................................94
Evolution Outperform.................................................................................................................96
F&C Asset Management In Line..................................................................................................98
Fairpoint In Line ......................................................................................................................100
Hansard Global Outperform ......................................................................................................102
Hargreaves Lansdown Outperform............................................................................................104
Henderson Group Outperform...................................................................................................106
Hiscox Outperform ..................................................................................................................108
IFG Group Outperform ...........................................................................................................110
IG Group In Line ......................................................................................................................112
Intermediate Capital In Line.......................................................................................................114
International Personal Finance Underperform...........................................................................116
Invista Real Estate In Line.........................................................................................................118
Lancashire Holdings Outperform...............................................................................................120
Lighthouse Underperform .......................................................................................................122
Liontrust Asset Management Underperform..............................................................................124
Mattioli Woods Underperform....................................................................................................126
MCB Finance In Line.................................................................................................................128
Moneysupermarket.com In Line ................................................................................................130
Neovia Outperform ..................................................................................................................132
Numis Outperform ..................................................................................................................134
Panmure Gordon In Line ...........................................................................................................136
Paragon Outperform...............................................................................................................138