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Quality Research for Professional Investors
GENERAL

Financiele Diensten Amsterdam (FDA) has been providing investment advice based on a combination of independent equity research and macroeconomic analysis to investors since 1986.
  • Unbiased: FDA is completely independent and free of potential conflicts of interest. Our customers pay directly for our advice and research. We do not have a brokerage arm or derive any revenue from the transactions of our clients.
  • Focussed and Reliable: FDA strives to produce research of the highest quality, focusing on a carefully selected universe of international blue chip companies.
  • Transparent methodology: investment choices are reflected in a straightforward risk/return matrix that at any given moment reflects our preferences across the research universe.
  • Responsible: corporate responsibility assessment is an integral part of our analysis of a company.
  • Affordable: the remuneration is based on returns, ie the value created by FDA for the client.


PRODUCTS

Our customers (pension funds, banks, family offices, charity funds and other investors) benefit from FDA's expertise in several ways, depending on the size and characteristics of their portfolios:
  • access to the on-line research system, FDA Consultancy, which contains the daily output of the FDA team
  • full portfolio advice service, including private consultation, access to FDA Consultancy, statistical data and reporting
  • tailor-made services on demand


Sample reports
pdf documentsIntuitive Surgical Company Analysis (23 Jan 2017)
pdf documentsTesla Inc Company Analysis (11 Jul 2017)
pdf documentsVisa Company Analysis (9 Jan 2018)
pdf documentsFDA Investment Trends (14 Jan 2019)
PORTFOLIOS

The value-added of our research is best reflected in a disciplined investment process and the strong performance of our portfolios, including the FDA Blue Chips Equity model portfolio.


Portfolio performance


return % 21-1-2019ytd12mthinc.*inc.**
portfolio6.04.3334.49.8
benchmark6.0-2.4183.76.9
outperformance0.06.7150.72.9
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
Turnover is the number of sell transactions divided by the average value of the portfolio. The average value is the average of the value at the start and at the end of the period.
0.713.2 12.7
months outperformance %12mth inc.**
outperformance / total 9 / 12 116 / 186
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
16 JanS&P Globalreduced[motivation]

S&P Global has been able to extend its dominant position in financial services after the regulatory pressure on capital and commodity markets increased in the wake of the financial crisis. The firm is well-positioned to gain further market share in ratings, data-analytics, and indices. Despite temporary headwinds to its flagship ratings franchise, we remain positive on S&P Global's long-term growth prospects. Nevertheless, the position in the portfolio has been reduced to make room for new investment opportunities that also offer attractive upside potential.

16 JanHome Depotreduced[motivation]

As the largest player in the US home improvement market, Home Depot has been able to strengthen its market position over smaller rivals and improve its margins in the past decade. The company is well positioned in the fast-growing and more profitable professional segment, while it has been investing in the digital business that will likely drive growth in the future. The company will also continue to benefit from the strong economic conditions in the US. The US housing market, however, is likely to normalize from the rapid growth after recovering from the crisis, which can limit the upward potential of the company's shares in the coming quarters. The position of Home Depot has been reduced in order to create room for new investment opportunities.

16 JanAmazon.comreduced[motivation]

Amazon.com continues to benefit from its dominant position and scale advantage in ecommerce, which facilitates its expansion in a variety of other adjacent segments. Supported by a strong ecosystem, the firm's competitive strength in ecommerce and cloud computing services remains unrivalled. Fast-growing advertising income is likely to boost the company's profitability in coming years. A sizeable stake in the portfolio will be maintained, as the firm's expected high revenue and earnings growth sufficiently compensates for increasing regulatory risk. However, some additional funds from recent gains in the share price of Amazon will be used to increase positions in other attractive investment opportunities. It is FDA's policy for the Blue Chips Equity Portfolio to limit the maximum weight of individual positions to 5%.

16 JanIlluminaincreased[motivation]

Illumina is the market leader in the segment of genome sequencing instruments. The company supplies instruments and matching consumables and services, combining knowledge in biotechnology, software, instruments and complex data processing. The capable management team with relevant expertise has helped in creating competitive advantages to withstand rising competition. Illumina has built sufficient scale to buy smaller competitors, such as Pacific Biosciences. In addition, the entrepreneurial management invests in adjacent business initiatives under the umbrella of Illumina Ventures. Through these initiatives the firm gains early access to innovative technologies and services. Genetic tests provide a more precise diagnosis and open the way for more effective treatments. Revenues are expected to continue the double-digit growth path for the foreseeable future. Growth is driven by the ongoing adoption of genome sequencing, more deeply in current disease areas, a broadening of applications into other disease areas as well as further geographical expansion. The shares have been added to the portfolio.

16 JanAppleincreased[motivation]

Despite the recent downward revision of the sales projection for the December-quarter, Apple's strong competitive position in the high-end smartphone segment remains intact. Even as the upgrade cycle for phones lengthens, the growing user base is expected to continue to spend heavily on the services and apps on Apple's platform. The company's prospects are also supported by its strong balance sheet, which is likely to be used to further strengthen its ecosystem with new products and services. The stake in Apple has been increased.