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Quality Research for Professional Investors

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.


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 documentsS&P Global Company Analysis (21 jul 2016)
pdf documentsStryker Company Analysis (5 aug 2016)
pdf documentsIntuitive Surgical Company Analysis (23 jan 2017)
pdf documentsFDA Investment Trends (16 nov 2017)

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 % 12-12-2017ytd12mthinc.*inc.**
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover17.919.1 13.8
months outperformance12mth inc.**
outperformance / total 9 / 12 112 / 173
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
06 DecSvenska Handelsbankenincreased[motivation]

Svenska Handelsbanken has benefited from the run up in house prices in Sweden and the associated increase in mortgage debt over the past few years. Mortgage credit growth may slow down as the Swedish government introduces measures to cool down the mortgage market and the central bank gradually increases short term rates, which will increase households' debt servicing costs. A mortgage crisis is unlikely, as Swedish mortgages are full recourse and Sweden has a strong social safety net. Moreover, Handelsbanken has a strong track record in risk management. Meanwhile, Handelsbanken's interest margin has been increasing and should benefit from a normalisation of monetary policy while credit demand from business is gradually picking up. The bank's expansion outside of Sweden remains on track. The position in the portfolio has been slightly increased.

29 NovPernod Ricardbought[motivation]

Pernod Ricard has been facing challenges in the US, its largest market, where growth of the spirits market is decelerating while competition from bigger rival Diageo has increased. In Asia, however, the impact of unfavourable government measures in India is fading and demand in China is recovering as private consumption, including by middle-class households, is picking up. The firm has also implemented cost savings and adjusted its product portfolio through acquisitions and disposals of non-core assets. Pernod Ricard's fundamental strengths remain its successful premiumisation strategy, which is reflected in the strength of its brand portfolio, and its decentralised organisation, which facilitates the adaptation of its strategy to local preferences and market conditions. Shares of Pernod Ricard have been added to the portfolio.

29 NovLindesold[motivation]

Linde and Praxair shareholders recently approved the merger plans. This will create the world's largest industrial gases company. Cost synergies and cross selling opportunities will likely be achieved but benefits might be limited as the supply of industrial gases is to a large extent a local activity. The merger requires substantial divestures and management attention while the restructuring programs at Linde will be continued. The time frame to carry this out is expected to be long. In addition, further pricing pressure in the US healthcare market, where Linde has a large presence, might lead to revenue declines in this segment while the firm remains vulnerable to changes in US healthcare regulations. Praxair and Linde's management have a different view on the future of the engineering division which creates further uncertainty. Although long term prospects remain positive, other companies offer a better risk reward profile and the shares are being sold from the portfolio.

01 NovAhold Delhaizesold[motivation]

Following the merger with Delhaize, the US has become Ahold Delhaize's largest market. This merger has enabled cost savings and strengthened the firm's bargaining power. Nevertheless, the changing competitive landscape in the country raises the risk that the margin trajectory reverses and revenue growth comes under pressure. European discounter Aldi recently announced expansion plans while another price fighter, Lidl, opened its first store on the east-coast in mid-June this year. Additionally, Amazon's acquisition of Whole Foods Market could pose a serious threat to Ahold Delhaize, as both grocers are positioned in the premium segment while Amazon has deeper pockets, a track record of disrupting other markets, and ambitions in technologically advanced supermarkets . The elevated uncertainties in the firm's largest market give reason to sell the stake in Ahold Delhaize from the portfolio.

01 NovNovozymes A/Sbought[motivation]

It is increasingly becoming visible that the management of Novozymes is taking appropriate steps to adjust to the relatively difficult operating environment especially in the biofuel and detergent markets. The profitability of the Danish firm remains at high levels thanks to its focus on efficient cost controls. Expansion in emerging markets is also progressing well. The structural trends that encourage replacement of chemicals and promote renewable energy remain intact and will drive the firm's performance in the coming years. The shares have been added to the portfolio.