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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 documentsKering Company Analysis (21 aug 2018)
pdf documentsNVIDIA Company Analysis (14 nov 2018)
pdf documentsPayPal Company Analysis (17 jun 2019)
pdf documentsFDA Investment Trends (14 okt 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 % 21-10-2019ytd12mthinc.*inc.**
portfolio28.220.1424.610.6
benchmark21.712.8225.87.5
outperformance6.57.3198.83.2
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover***9.012.2 11.3
months outperformance %12mth inc.**
outperformance / total 9 / 12 118 / 195
* portfolio inception date 30-6-2003
** annualised
*** Turnover is the value of sell transactions divided by the average value of the portfolio over a given period.

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
09 OctJPMorgan Chase & Cosold[motivation]

JPMorgan Chase came out of the 2008 financial crisis in a relatively strong position due to its well-diversified business model and more capable management team. The bank was able to gain market share in all of its business segments in the period following the crisis. However, the scope for further market share gains is gradually diminishing while the size of JPMorgan Chase coupled with the current market circumstances limit the growth opportunities. The uncertainty caused by the global trade tensions has hit investment banking revenues and has indirectly led to a less favourable interest rate environment in the US. This may affect the profitability in the bank's consumer banking activities. Consequently, the shares of JPMorgan Chase have been sold from the portfolio in favour of investments with better long-term growth prospects.

09 OctHennes & Mauritzbought[motivation]

The management of Hennes & Mauritz has made progress with the launch of additional store concepts and its transition to an omni-channel business model with integrated store and online retail channels. With multiple store formats, the group adds to it scale advantage and bargaining power while a digitalised business model allows the firm to better meet fast-changing consumer demand. The transformation of Hennes & Mauritz has been supported by the company's financial strength and the founding family's commitment to protecting the long-term growth prospects. The firm's shares have been added back to the portfolio in recognition of the improved sales and earnings outlook.

09 OctDeutsche Post AGreduced[motivation]

Deutsche Post is a well managed company that over the years has benefited from supportive external trends. Although the company is taking measures to address vulnerabilities related to the unfavourable trend in world trade resulting from the current geopolitical developments, its results remain sensitive to changes in its operating environment. To acknowledge this risk, the stake in the portfolio has been reduced.

09 OctSchindler Holdingbought[motivation]

Schindler is one of the global leaders in the elevator and escalator industry. The company has a long track record of growing faster than the underlying market without having to compromise on profitability or safety. The family controlled firm benefits from the management's long-term focus. The firm is well positioned to continue exploiting the opportunities resulting from ongoing urbanisation that drives the demand for its products and services. The shares have been added to the portfolio.

04 SepVisareduced[motivation]

Visa is one of the main beneficiaries of the growth of electronic payments across the globe. Government policies and measures by central banks aim to increase competition in the payment industry by developing potential alternatives to the existing global card networks of Visa and peer Mastercard. Nevertheless, the global scale of their networks in combination with substantial financial resources should provide both firms the time and means to defend their competitive position. Visa, however, has been somewhat less pro-active than Mastercard in responding to these threats. The stake in Visa is slightly lowered to bring it more in line with that of Mastercard and to create room for other attractive investment opportunities.