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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 (13 jul 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 % 19-7-2018ytd12mthinc.*inc.**
portfolio14.420.4358.210.6
benchmark4.78.0194.77.4
outperformance9.712.4163.43.2
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover3.810.1 12.7
months outperformance %12mth inc.**
outperformance / total 9 / 12 112 / 180
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
18 JulTotal SAreduced[motivation]

Total has been improving its operational performance as well as its growth outlook by initiating new projects and acquiring assets while benefitting from the cost deflation in the oil and gas services industry. Consequently prospects are good as underpinned by its ambition to post around five percent production growth annually between 2018 and 2022, one of the most dynamic growth rates among peers. Although Total remains attractive investment, a part of the stake has been sold to free up funds for new investment opportunities.

18 JulRichemontincreased[motivation]

Richemont's broad portfolio of prestigious jewellery and watch brands is well-positioned to benefit from ongoing solid demand growth, in particular from Chinese customers. The firm has transitioned to a new executive management team, extended its portfolio to more affordable price ranges, and continued to further develop its company-controlled distribution network. The firm acquired YOOX Net-A-Porter to strengthen its online presence and will continue the integration of its various sales channels. The favourable spending trends for luxury goods have been confirmed by Richemont's rivals, including Swiss peer Swatch. The weight of Richemont in portfolio has been increased.

18 JulKBC Group NVreduced[motivation]

KBC Group had to extensively restructure its activities as a result of the state aid it received during the global financial crisis. This led to a more focused bank that is well managed and strongly capitalised. It is well positioned for a pickup in credit demand in the euro area while it has room for substantial investments in its digital banking platform. Nevertheless, the overall improvement in the group's results is likely to remain modest for the time being. Notwithstanding the prospect of higher interest rates, the net interest margin is set to remain under pressure for some time, the current very low cost of credit is likely to normalise and lending growth in its main market, Belgium, is set to remain sluggish while the room for gaining market share is limited. The position is slightly reduced to finance investments in companies with better growth prospects.

18 JulMicrosoft Corporationincreased[motivation]

Because of the well-executed strategy under the lead of CEO Satya Nadella, Microsoft has adjusted much faster to technological changes than other legacy rivals such as Oracle and IBM. It has been building up a strong position in enterprise cloud services by integrating products that already had a strong market position, such as the Office software. The integration of LinkedIn has contributed to the broader growth possibilities as well, just as the gaming activities that have a strong market position. The substantial investments in R&D and strategic reorientation are expected to result in stronger financial and operation performance as compared to many of the rivals. The stake in Microsoft has been increased.

11 JulSalesforce.comincreased[motivation]

Recent-quarter results indicate that Salesforce's revenue distribution is becoming more balanced. Sales growth at Sales Cloud, the most important product, remained at double-digits, but the three smaller CRM solutions gained ground in relative terms. From a geographical perspective, a similar trend was visible. High growth in Europe and Asia, especially Japan, increased the relevance of these regions, vis-a-vis the large US home market. Both these developments point to favourable growth prospects, also for the longer term. Salesforce distinguishes itself by focussing solely on the CRM software market for which it offers a comprehensive set of complementary solutions that are fully cloud-based. The stake of Salesforce in the portfolio has been increased.