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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 mrt 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 % 20-3-2019ytd12mthinc.*inc.**
portfolio15.315.2372.610.3
benchmark13.110.0202.77.2
outperformance2.25.2169.93.1
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover***1.611.7 12.2
months outperformance %12mth inc.**
outperformance / total 8 / 12 117 / 188
* 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
06 MarBooking Holdingsincreased[motivation]

Booking Holdings' results in the recent quarters were characterized by market share gains, which were coupled with a deceleration in sales and profit growth, though due to firm's growing scale. The slowdown is likely to continue. At the same, with further strengthening of its competitive position in the travel market, the leading online accommodation booking provider is well-positioned to reap the profit opportunities in attractive segments. Europe, Booking's main market and stronghold, remains a popular destination among western holiday-makers as well as travelers from China and India, where wealth levels are set to rise further. On top of this, the company is managed well, with the leadership making better strategic choices than most other rivals. The stake in Booking Holdings is raised to benefit from the recent downward movement in the share price.

13 FebCelgene Corporationsold[motivation]

Celgene is performing well on a stand-alone basis as reflected by its quarterly and annual results while its prospects are strong as underpinned by its pipeline. The company however is determined to be acquired by Bristol-Myers Squibb. Following an acquisition, Celgene may benefit from additional resources to commercialise its portfolio. Yet, with the proposed takeover and payment being for a large part in shares of Bristol-Myers Squibb, the expected return on Celgene shares will basically rely on the performance of Bristol-Myers Squibb. This firm's flagship drug Opdivo is facing increasingly strong competition from Merck & Co's rivalling drug Keytruda. Bristol-Myers Squibb recently announced to withdraw the regulatory submission of Opdivo as a first-line treatment for advanced non-small-cell lung cancer in patients. This is a significant setback. Against this background, shares of Celgene have been sold to accommodate investments in firms with a better risk-return profile.

13 FebGileadbought[motivation]

Gilead has made significant progress in its late-stage pipeline amid continued strong growth of its HIV treatments and more clarity on expected revenues from its hepatitis C treatments. From 2019 onwards, growth in HIV is expected to more than offset further declines in hepatitis C to a level of around 13 percent of sales. Gilead benefits from ongoing strong demand for newer generation HIV treatments. In addition, large growth opportunities remain for its HIV prevention drug that is gaining traction helped by prevention programs initiated by the US government. In the past two years, Gilead entered the oncology cell therapy market by acquisitions. The firm is one of the few specialists, together with Celgene and Novartis that may address a sizeable market over time. In the pipeline, it has made notable progress with Filgotinib, a treatment that addresses large market segments such as rheumatoid arthritis, Crohn's disease and ulcerative colitis. An extensive test has proven that the treatment is more effective and has a better safety profile than current products. The treatment's launch is expected in 2020. Gilead remains relatively profitable while it owns a large cash position to support growth initiatives. The shares of Gilead have been added to the portfolio.

16 JanS&P Globalreduced[motivation]

S&P Global has been able to extend its dominant position in financial services after the regulatory pressure on capital and commodity markets increased in the wake of the financial crisis. The firm is well-positioned to gain further market share in ratings, data-analytics, and indices. Despite temporary headwinds to its flagship ratings franchise, we remain positive on S&P Global's long-term growth prospects. Nevertheless, the position in the portfolio has been reduced to make room for new investment opportunities that also offer attractive upside potential.

16 JanHome Depotreduced[motivation]

As the largest player in the US home improvement market, Home Depot has been able to strengthen its market position over smaller rivals and improve its margins in the past decade. The company is well positioned in the fast-growing and more profitable professional segment, while it has been investing in the digital business that will likely drive growth in the future. The company will also continue to benefit from the strong economic conditions in the US. The US housing market, however, is likely to normalize from the rapid growth after recovering from the crisis, which can limit the upward potential of the company's shares in the coming quarters. The position of Home Depot has been reduced in order to create room for new investment opportunities.