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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 (15 jul 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 % 19-7-2019ytd12mthinc.*inc.**
portfolio26.212.9416.610.7
benchmark19.28.3219.17.4
outperformance7.04.7197.53.3
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover***5.712.9 11.5
months outperformance %12mth inc.**
outperformance / total 9 / 12 117 / 192
* 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
10 JulNetflix Incsold[motivation]

Netflix' current strategy is based on growing its original content library in order to expand its subscriber base. Although subscriber numbers have thus far been on the rise, it has become less certain whether this strategy can remain successful. Competition is set to increase from new streaming services from financially much stronger firms such as Apple and Walt Disney, making it difficult to raise prices further. At the same time, Netflix's access to attractive third-party content is diminishing, making the firm more reliant on original series and movies. The expenses related to content creation will need to increase further in order to remain attractive for TV watchers, but given Netflix' relatively weak financial position as compared to new entrants, it is uncertain whether the firm will be able to maintain a leading position in the online streaming market. The shares have been sold from portfolios.

10 JulSquare Incbought[motivation]

Square was recently incorporated in the universe of companies covered by FDA, based on the potential appeal of the ecosystem that the company is currently trying to build. The firm combines payment processing and other commercial software, and supplements it with other related services such as credit facilities and a digital wallet. This creates an ecosystem with potentially strong customer lock-in, contributing to a competitive advantage in the highly competitive yet fast-growing payment processing segment. The shares of Square have been added to the portfolio.

10 JulIntuitive Surgical Incincreased[motivation]

The strong growth prospects for Intuitive Surgical have not abated. In the US, adoption of robotic surgery for new procedures remains an important pillar for growth and a large opportunity still remains in terms of gaining market share from conventional surgical procedures. More recently, the firm started to see the effect from the approvals of robotic surgical procedures in Japan achieved earlier on, whereas in China, the finalisation of the laborious hospital budget process will give an impulse to system shipments to the country in coming quarters. Earlier this year, Intuitive received approval in the US to market a new system for lung biopsies, for which the market is large. The new flexible-catheter system is a valuable addition to Intuitive's portfolio. The portfolio position in Intuitive Surgical has been increased.

10 JulStrykerincreased[motivation]

For years in a row Stryker has outgrown the medical devices sector. The medical technology firm achieves strong organic sales growth on the back of ongoing product innovation and a sales approach organised around different specialists, such as orthopaedic surgeons and neurosurgeons. The firm complements its organic growth with takeovers of smaller innovation-driven rivals with still limited distribution power. Stryker generates revenue synergies from these deals, while it sells acquired products to broader categories of customers in current or additional markets. The shares of Stryker remain attractive as the company further increases its market power in a still very fragmented sector. The stake has been increased.

10 JulDiageoincreased[motivation]

Diageo has continued to deliver solid results based on its diversified brand portfolios and its focus on the premium spirits market. Thanks to its previous acquisitions, the company has gained a strong foothold in many fast-growing emerging markets and regions such as India and Africa. With rising personal income and increasing popularity of premium brands among consumers, those markets offer large growth potential for Diageo. The company is still faced with changing consumer preferences and increasing competition in developed markets including the US and Europe. However, it has sufficient financial means to adjust its portfolio to address those challenges through further acquisitions. The position of Diageo has been increased.