Fiducian Portfolio Services Limited (ASX:FPS) is a small fund manager that also owns a small network of financial planners and even accountants, and software on which planners can run their business. Shares are up over 40% since I put Fiducian Portfolio Services into the Hypothetical Ethical Equities Portfolio.

I bought shares in Fiducian Portfolio Services a couple of weeks ago because, based on a conservative discounted cashflow valuation, I believed their shares were undervalued. I'm now adding Fiducian Portfolio Services to the Hypothetical Sample Ethical Portfolio, with the caveat that 10% of the profits of Fiducian should be donated to charity, because Fiducian is not a particularly ethical investment. The hidden report contains a discussion of the ethics of investing in Fiducian.