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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 documentsMicrosoft Corporation Company Analysis (29 dec 2016)
pdf documentsIntuitive Surgical Company Analysis (23 jan 2017)
pdf documentsTesla Inc Company Analysis (11 jul 2017)
pdf documentsFDA Investment Trends (14 mei 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 % 21-5-2018ytd12mthinc.*inc.**
portfolio9.216.8337.510.3
benchmark3.66.7191.67.4
outperformance5.610.1145.92.9
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover3.312.3 13.1
months outperformance %12mth inc.**
outperformance / total 9 / 12 109 / 178
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
09 MayVopaksold[motivation]

The structural geographical imbalance between the production sites of crude oil and (petro-) chemical products and the refining and consumption locations will lead to more trade flows and hence to a growing, albeit modest, demand for Vopak's storage capacity. Important to mention, the firm's capacity growth will be delayed into 2019 by the ongoing portfolio optimization, divesting non-core assets in mature markets. Additionally, the currently less favourable oil market structure, with future prices lower than spot prices, may hamper demand for the firm's storage facilities in the short term. Meanwhile, the firm has to deal with elevated investments in new technology and start-up costs, what will reduce the improvement of profitability and entails risks. The shares of Vopak have therefore been sold to invest the proceeds in more attractive names.

09 MaySalesforce.comincreased[motivation]

The focussed approach of Salesforce versus its peers, which have more diversified activities, has helped the firm to develop better products. The fully cloud-based business model is increasingly proving to be advantageous, while demand for customer relationship management solutions, in which Salesforce has specialised, is growing strongly. Leading IT service providers, among which Accenture, are rapidly expanding their capacity to implement Salesforce's solutions at their clients. The technology of the recently acquired MuleSoft enhances Salesforce's capability to integrate the various software applications of customers with the CRM solutions. This is especially beneficial for the proposition towards larger firms. Salesforce is expected to continue to benefit from favourable market conditions and gain further market share. The position in the portfolio has been increased.

09 MayBiogenincreased[motivation]

Biogen recently reported continued strong growth. The reported results show that Biogen is well positioned in the multiple-sclerosis drug market with established treatments as well as through new drug development, even though competition has intensified. The company is also progressing to become to a dominant player in neurology. Most notably, it entered into a new 10-year partnership with Ionis providing the firm with a number of potential treatments for a broad range of neurological diseases with a high unmet need, although, most of them are still in an early stage of development. The new partnership comes shortly after the successful launch of Spinraza a drug against spinal muscular atrophy. The portfolio weighting of the shares has been increased.

09 MayAdobe Systems Incorporatedreduced[motivation]

Adobe's dominance in software used by the creative sector to create digital visual content is unmatched. Demand growth is structurally high, while the firm has innovated strongly and successfully throughout the years. Adobe will also continue to reap the growth opportunities in the market for software used to conduct and analyse e-commerce campaigns. Although Adobe continues to present an attractive investment, a part of the relatively large stake has been sold to allow for other investment opportunities.

09 MayAssa Abloy Bincreased[motivation]

Assa Abloy is a leader in the relatively fragmented market of locks, doors and door-opening and identification systems. The firm benefits from rising demand for digitised smart locks, in amongst others, the hotel industry, a large segment for the company. In the coming decade, the adoption of smart locks is set to increase substantially in the residential segment that is still in a very early stage of adoption. In addition, the firm has solid positions in government identification technology and it recently announced strategic partnerships with Amazon and Google for respectively their home delivery and smart home solutions. Assa Abloy has the advantage of its technological leadership, recognized brands and a strong distribution network. The firm acts as a consolidator in a fragmented market and continues to grow its market share by product innovation, geographical expansion and a successful bolt-on acquisition strategy. Therefore, the weight of Assa Abloy shares in the portfolio has been increased.