HFG's share price has fallen 12% since reaching an all-time high of 610p on May 27th. The vast bulk of the fall has however occurred since June 2nd following the publication of the FTSE UK Index Series Annual Review June 2016. HFG will therefore drop out of the FTSE SmallCap Index on June 20th for liquidity reasons. On fundamental and valuation grounds, we see this 12% fall as unwarranted and therefore believe the current weakness in HFG's share price creates an attractive buying opportunity, ....