Investment strategy 3
We stay long European
equities – Q4 09 to Q1 10 10
European Small/Mid Cap
quant picks 20
Regional focus: Austria 24
Regional focus: France 26
Regional focus: Germany 28
Regional focus: Greece 30
Regional focus: UK 32
European Small/Mid Cap top
picks Q4 09 – Q1 10 34
Company profiles 35
Andritz 36
Bull 42
Chemring 46
Debenhams 50
Derwent London 54
Fuchs Petrolub Ords 58
GEK Group 64
Hellenic Exchanges 68
Intercell 72
Lanxess 76
Publicis Groupe 80
Schoeller-Bleckmann 84
SES SA 88
Sidenor 92
Sopra 96
Vossloh 100
Wacker Chemie 106
Wolseley 110
HSBC European Small/Mid
Caps universe 114
Disclosure appendix 124
Disclaimer 127
Contents