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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 (17 sep 2018)
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 % 21-9-2018ytd12mthinc.*inc.**
portfolio15.822.2363.610.5
benchmark6.811.5200.87.4
outperformance8.910.7162.83.1
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover6.18.8 12.5
months outperformance %12mth inc.**
outperformance / total 8 / 12 112 / 182
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
12 SepWolters Kluwer NVbought[motivation]

The underlying structural growth profile of Wolters Kluwer has gradually improved throughout recent years. While a significant part of the activities still has modest growth prospects, the balance is gradually shifting towards the more promising activities. The firm does well in the healthcare segment, in which it has a strong market position. Also, the publisher is showing an increasingly solid performance in the important tax and accounting segment. The problems at Legal & Regulatory will not be solved easily and the rebound seen in the past half year is likely to be temporary. Still, slowly but surely, progress is being made winding down the printed publications businesses, while important digital products show success more recently. Cost reduction measures have been yielding effect on profitability and there is further upward potential from the still relatively low levels. Even as the developments in the reported results are sensitive to currency effects given that most of the sales are derived from North America, the underlying trends are sufficiently favourable to include Wolters Kluwer in the portfolio.

12 SepDeutsche Postincreased[motivation]

Deutsche Post's largest profit driver, the Express business, continues to perform strongly. Meanwhile, the management is taking measures to improve the earnings prospects of the Post- e-commerce-Parcel (PeP) business. Focus on IT infrastructure and analytics will be increased in order to realise higher synergies between its mail and parcel infrastructure. The firm remains well prepared to benefit from opportunities resulting from the growing world trade and rising e-commerce activities. The stake in portfolio has been increased.

12 SepING Groep NVsold[motivation]

The shortcomings of ING Group in its duties to combat money laundering within the Dutch commercial banking division have recently led to a settlement with the Dutch public prosecutors. Apart from the monetary cost of the settlement, it has been revealed that, within ING's management, significant failures have been detected in the system of internal controls as a result of unlawful negligence. At the same time, the response by ING to these events, both by the executive board and by the supervisory board, has not been convincing and suggests that the bank's leadership has significantly underestimated the extent of what was at stake, which has damaged the bank's reputation in ING's home market. The disclosures made clear that the bank's risk management function has been inadequate, largely as a result of the culture within the bank. For these reasons, the operational prospects for ING have to be revised, even more so taking into account the inherent risks to a financial institution the size of ING. Due to this, ING shares are being sold from the portfolio.

15 AugTesla Incsold[motivation]

The corporate governance risks associated with Tesla were highlighted when Elon Musk, in a tweet, stated his desire to take the firm private. Tesla has not yet provided sufficient details about the plan and the possibility of the highly influential CEO Musk facing legal actions for potentially manipulating the firm's share price appears to be high. The company was already confronted with elevated levels of operational and financial risks and hence the rise of uncertainties related to the firm's future strategic direction has created additional risks for investing in Tesla. As a result, despite the firm's strong position in the growing electric vehicle market, the shares have been sold from the portfolio.

15 AugElectronic Artsbought[motivation]

Electronic Arts (EA) has developed into one of the global leaders in the video game development and distribution. EA has a broad portfolio of video game titles, but its strength lies in sports games, where it has a near monopoly position thanks to its exclusive licensing agreements with major sport organisations. EA's transformation from a traditional publishing to a digital direct-to-consumer model is progressing well, allowing the firm to sell games as a more profitable service instead of a stand-alone product. Changing consumer preferences and profiles along with the rise of new gaming concepts remain the main risks for established firms in the gaming industry. However, EA should be able to adjust these changes thanks to its financial and competitive strength. EA's shares have been bought for the portfolio.