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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 (16 nov 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 % 15-11-2018ytd12mthinc.*inc.**
portfolio9.411.2338.210.0
benchmark2.55.0188.77.1
outperformance6.96.2149.52.9
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.
9.610.5 12.8
months outperformance %12mth inc.**
outperformance / total 8 / 12 113 / 184
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
14 NovMorgan Stanleysold[motivation]

Morgan Stanley's increased focus on wealth-management activities in the aftermath of 2008 financial crisis reduced the dependency on the more volatile investment banking activities. Over the past few years, the firm has gained market share in both wealth management and investment banking, partly due to the relatively weak position of its European peers. However, the growth of wealth-management revenues is expected to come increasingly from the lending to clients, which is more risky and also procyclical by nature. The operating margin in the division has reached historically high levels, which suggests that there is limited scope for further improvement in margins. Meanwhile, circumstances are becoming less conducive for investment banking activities in the US, among others due to the gradual tightening of US monetary policy. Given this, the stake in Morgan Stanley has been sold.

14 NovIlluminabought[motivation]

Illumina is the dominant market leader in genome sequencing instruments. The company supplies instruments and matching consumables and services, combining knowledge in biotechnology, software, instruments and complex data processing. Capable management with strong relevant expertise helped in creating a strong competitive advantage to withstand rising competition. Illumina built sufficient scale to buy smaller competitors such as Pacific Biosciences. In addition, its entrepreneurial management invests in adjacent business initiatives under the umbrella of Illumina Ventures. These initiatives provide early access to innovative technologies and services. Genetic tests provide a more precise diagnosis which may lead to more effective treatments. The genome sequencing market is expected to grow at around 15 to 20 percent annually in the coming years on the back of technological advances and lower sequencing costs. The shares have been added to the portfolio.

10 OctAppleincreased[motivation]

The continued popularity of iPhone's latest models, in spite of the price increases, confirms the benefits of the unique ecosystem that support Apple's strong competitive position. A large and expanding user base, which is also supported by introduction of lower-priced models, in combination with structurally growing spending on apps and subscription services such as Apple Music has improved the firm's sales and earnings prospects for the longer term. Apple's other product categories including accessories and Mac continue to perform strongly. The company is unmatched in financial terms, which positions it well to enter new growth segments such as video streaming or automated driving. The stake in Apple has been increased.

10 OctKBC Group NVreduced[motivation]

KBC Group's solid capital position leaves room for lending growth. The Belgian bank insurer should be able to grow in Eastern Europe and Ireland by gaining market share. However, for the time being the results depend primarily on developments in the group's home market. The room for market share gains in Belgium is limited, as KBC already has a sizeable market share. Moreover, the interest margin will likely remain under pressure as KBC is lowering lending rates to defend its market position amid fierce competition in the Belgian mortgage market. This limits near-term profit growth, also because loan loss provisions are likely to trend upward from the current extremely low levels. The position in the portfolio has been slightly reduced to accommodate investments in firms with better growth prospects and a lower risk profile.

10 OctElectronic Artsincreased[motivation]

Electronic Arts (EA) is one of the global leaders in the video game development and distribution. The firm has a broad portfolio, but its strength lies in sports games, a fast-growing segment where EA 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, which is positive for longer-term growth opportunities and for the profitability. Changing consumer preferences and profiles along with the rise of new gaming concepts remain the main risks for established firms in the gaming industry but EA is well-placed to adjust to shifts in consumer preferences. The stake in the portfolio has been increased.