language selection   select english    select dutch
Quality Research for Professional Investors

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.


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 documentsStryker Company Analysis (5 aug 2016)
pdf documentsMicrosoft Corporation Company Analysis (29 dec 2016)
pdf documentsIntuitive Surgical Company Analysis (23 jan 2017)
pdf documentsFDA Investment Trends (15 feb 2018)

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 % 22-2-2018ytd12mthinc.*inc.**
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover1.415.3 13.7
months outperformance %12mth inc.**
outperformance / total 9 / 12 114 / 175
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
15 FebBanco Santander SAsold[motivation]

Santander's resilience to shocks stems from its diversification across geographies where it has market leading positions. However, lingering political uncertainties in its major markets, including Spain, Brazil and the UK, have undermined the bank's recovery path. At the same time, the bank continues to adopt a gradual approach to meeting tighter regulatory requirements. The challenging political environment and the ongoing regulatory pressure may limit the group's growth opportunities and delay a further improvement in its performance. The shares have therefore been sold from the portfolio.

15 FebActivision Blizzard Incbought[motivation]

Activision Blizzard is well-positioned to benefit from growth opportunities in the global gaming market. The company has successfully expanded its strong market position in games for the PCs and consoles, while entering faster-growing segments such as mobile gaming and game events. The broad portfolio of popular titles and the dominant sales and distributions networks on each gaming platform present a significant advantage. At the same time, the firm can counter emerging competitive threats with acquisitions, thanks to its strong balance sheet and cash flows. The shares of Activision Blizzard have been added to the portfolio.

15 FebNovozymes A/Sincreased[motivation]

The fourth quarter results reflected the relative difficult operating environment for the firm's biofuel and detergent markets. Nevertheless, it is increasingly becoming visible that the management is taking appropriate steps to adjust to these market circumstances. The structural trends that encourage replacement of chemicals and promote renewable energy remain intact and will drive the firm's performance in the coming years. The position in Novozymes has been increased slightly after the recent share price decline.

07 FebPayPal Holdings Incincreased[motivation]

PayPal's partnership strategy continues to pay off. Payment volume going through its network is growing ahead of the market while the number of new account openings reached a record high in the most recent quarter. This bodes well for the future, as growing the number of merchants and consumers on its payment platform is the ultimate driver of the firm's competitive advantage. The loss of some of the eBay-volume in the second half of 2020 will have a very modest effect on profitability and is no indication of a deterioration of the competitive position. The recent deal with Synchrony Financial reduces PayPal's exposure to credit risk and improves free cash flow generation, which can be used for acquisitions or other investments to boost growth. The stake in the portfolio has been increased.

07 FebAppleincreased[motivation]

Revenue developments at Apple have strengthened in recent quarters and that trend is likely to continue. The iPhone activities have shown a clear improvement, driven by demand for the new models. There are also improvements visible in the performance og the newer activities. Thanks to the popularity of the iPhone and the range of products and services surrounding Apple's core product, the user base has increased by 30% during the past two years, with growing popularity of the paid services. This trend is expected to continue as well. Apple's unmatched financial position provides ample room for initiatives to boost the attractiveness of the overall proposition further as well as step up shareholder remuneration. After the recent declines in share prices, the position in Apple has been slightly increased.