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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 documentsFacebook Inc Company Analysis (26 apr 2016)
pdf documentsS&P Global Company Analysis (21 jul 2016)
pdf documentsStryker Company Analysis (5 aug 2016)
pdf documentsFDA Investment Trends (16 okt 2017)
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 % 19-10-2017ytd12mthinc.*inc.**
portfolio13.117.8292.09.9
benchmark5.914.0176.47.3
outperformance7.23.8115.62.6
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover16.522.3 14.2
months outperformance12mth inc.**
outperformance / total 9 / 12 112 / 171
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
04 OctWells Fargo & Companysold[motivation]

Wells Fargo has been hurt by the sales-practices scandal in its flagship consumer business. The scandal brought Wells Fargo in the crosshairs of regulators. Its legal woes also received political attention, including heated congressional hearings. This damaged the bank's reputation and violated clients' trust. Besides the string of remedial actions in an attempt to repair the damaged reputation and to rebuild trust, management has taken additional measures to further improve profitability. While the immediate negative impact on operations and profits has been contained, rebuilding trust will require longer-term efforts. Political pressure on the bank has not eased, limiting the potential for a performance improvement. The shares have therefore been sold from the portfolio.

04 OctMastercardincreased[motivation]

Mastercard is adapting well to the changing dynamics in the payments industry by making its network accessible to many of the new players while investing in inorganic growth. The recent acquisition of Vocalink allows the firm to expand in non-card electronic payments and to more quickly enter the market for business-to-business payments. With the ongoing shift from cash to electronic payments, amongst others driven by the rising popularity of e-commerce, the growth opportunities for Mastercard remain bright. At the most recent investor day, management raised its medium term guidance for revenue growth, reflecting the strong momentum across the firm's markets. The stake in Mastercard has been increased.

04 OctAlphabetincreased[motivation]

Alphabet remains one of the best-positioned companies to benefit from the growth in online advertising. The success of YouTube increasingly supports that position, together with the investments in the area of artificial intelligence that made Google leading in this area. Artificial intelligence is considered pivotal for improving the effectiveness of online advertising. Alphabet's investments in data centers for enterprise cloud services have started to pay off. These investments, along with higher spending on increased distribution of the services through the mobile channel have recently put some pressure on the operating margin. The effects on the competitive position will in the end be positive, though. Recent developments point to an intensification of the regulation of online platforms, their services and their business models. However, leading players such as Alphabet are considered capable of dealing with developments on the regulatory front. The stake of Alphabet in the portfolio has been slightly increased.

04 OctColoplastbought[motivation]

Coloplast is among a few leading companies that are active in medical devices for ostomy care and continence care. Rising demand from ageing populations, the increased prevalence of chronic diseases and earlier detection of cancers support the firm's robust and steady growth. Patients, strongly dependent on the products, do not easily switch brands and remain a customer for many years. Solid market share gains and a persistent rise in profitability over the last decade reflect the firm's competitive strength. Coloplast's strong pricing power has withstood the pressure from measures to put a halt to the ongoing upward drift of healthcare budgets amid an environment of rising competition in a consolidating industry. Acquisitions continue to play an important role in Coloplast's growth strategy, especially in the US, where the firm is not yet as dominant as in Europe. Coloplast has limited debt and generates strong free cash flows, while its track record of solid results suggests high management quality. The shares have been added to the portfolio.

08 SepLindereduced[motivation]

The merger between Linde and Praxair will create the world's largest industrial gases company. It will offer more diversification, some cost synergies and cross selling opportunities in an oligopolistic market with attractive long term prospects. However, Linde will be involved in a lengthy merger process seeking shareholder and regulatory approval. Large divestures, possibly jeopardizing the merger, cannot be ruled out. Meanwhile, further pricing pressure in the US healthcare market, where Linde has a large presence, might lead to revenue declines in this segment. The position is reduced.