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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 (17 jun 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 % 21-6-2019ytd12mthinc.*inc.**
portfolio23.613.0406.410.6
benchmark17.68.9214.87.4
outperformance6.04.2191.63.2
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover***4.312.3 11.7
months outperformance %12mth inc.**
outperformance / total 8 / 12 120 / 191
* 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
12 JunJPMorgan Chase & Coreduced[motivation]

JPMorgan Chase has been able to navigate the complex post-crisis period due to a well-diversified business model, its strong capital position and sound risk management system. The bank has resolved most of its legacy issues and has gained substantial market share in all of its business segments. While the bank benefits from the current emphasis on deregulation in the US under President Trump, the administration's more protectionist stance may affect the business environment negatively in the US and thereby have an impact on the bank's activities. This may also prolong the low interest rate environment, which on balance is negative for the firm. The bank still remains well-positioned to gain market share in the US but the stake in JPMorgan was reduced in favour of more attractive investment opportunities.

12 JunLVMHincreased[motivation]

LVMH has continued to strengthen its portfolio of prestigious brands with the recent acquisition of luxury brand Christian Dior and the takeover of Belmond, an operator of exclusive hotels and travel experiences. The deals add to the company's vast scale and allow for further cross-selling opportunities. The huge size of LVMH's portfolio makes it easier for the management to invest in ecommerce platforms and digital marketing in a cost-efficient manner. This puts LVMH in a strong position to benefit from rising demand for authentic luxury brands, especially from emerging markets such as China and India. The stake of LVMH in portfolio has been further raised.

29 MayMicrosoft Corporationreduced[motivation]

For numerous quarters, Microsoft has been reaping the fruits of the successful strategy of CEO Satya Nadella through which the firm anticipated important technology trends much better and quicker than the other large established software vendors. While the growth prospects have remained bright, a minor part of the share price gain is used to fund other investment possibilities.

29 MayAlphabetincreased[motivation]

With massively used online consumer services and a broad offering of attractive tools for advertisers, Alphabet `s main unit Google remains well-positioned to defend its leadership in the fast-growing online advertising market. Enterprise cloud services and mobility services represent large growth markets for Google and parent firm Alphabet beyond advertising. The management is expected to be able to deal with rising regulations and show responsibility by taking fierce action against inappropriate practices. The stake in the portfolio has been increased.

29 MayCisco Systems Incincreased[motivation]

Throughout recent quarters, the results at Cisco have underlined that the firm benefits strongly from favourable trends in the markets for IP networking equipment worldwide. The lead as compared to competitors has been increased thanks to a sound product development strategy, which now enables the firm to profit distinctively from the main trends and developments in technology. This applies both to the core activities as well as to the additional services, which exhibit high growth and currently complement the core activities better than was the case some years ago. The stake in Cisco has been increased.