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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 (14 dec 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 % 14-12-2018ytd12mthinc.*inc.**
portfolio6.04.9324.59.7
benchmark-1.2-1.9178.26.8
outperformance7.26.8146.32.9
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
Turnover is the number of sell transactions divided by the average value of the portfolio. The average value is the average of the value at the start and at the end of the period.
12.312.2 12.9
months outperformance %12mth inc.**
outperformance / total 9 / 12 114 / 185
(*portfolio inception date 30-6-2003 / ** annualised)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes
28 NovSchlumbergersold[motivation]

Schlumberger distinguishes itself from peers by its technological strength and globally diversified presence. However, its latest quarterly results were relatively weak. The demand for the firm's activities is coming under pressure in the North American region because of capacity constraints in the Permian Basin. Going forward, oil prices will be affected by the substitution to renewable energy sources which are increasingly becoming cost-competitive due to technological advancements and better economies of scale. The weaker prospects will affect investments in the oil and gas industry, implying that the operating environment of Schlumberger will become more challenging over time. The shares of Schlumberger have been sold from the portfolio.

28 NovLowe's Companiesbought[motivation]

In the past decade, Lowe's has been underperforming its larger rival Home Depot, due to its less-efficient operations as well as slower strategic moves into new areas such as e-commerce. However, under the new CEO, the company is undergoing a number of changes, including exiting from underperforming stores, in order to improve the efficiency at its core business. It has also been focussing on attracting more customers from the fast-growing professional segment. Despite Lowe's underperformance compared to Home Depot, it still enjoys a strong market position in the US and will therefore likely further benefit from the growing home improvement market in the country. The shares of Lowe's have been added to the portfolio.

21 NovApplied Materials Incbought[motivation]

Applied Material's results in the recent years have highlighted that the firm can benefit strongly from the trend towards smaller, faster and more energy efficient semiconductor chips. Even though the growth in the first half of 2019 is expected to slow down, the firm's prospects appear solid. Supported by explosive growth in the user-generated data and increasing adoption of new technologies such as Artificial Intelligence and Internet-of-Things, the demand for ICs is set to continue to rise. Applied Material's market leading position in equipment for many of the sub-segments within semiconductor and display manufacturing processes implies that the company is well-positioned to capture these growth opportunities. The shares are added to the portfolio.

21 NovAppleincreased[motivation]

The strong uptake of the latest iPhone models, with sharp price increases, underpins Apple's strong competitive position in the high-end smartphone segment. The company's flagship models are likely to show stable or modest volume growth in coming years but rising spending on Apple's services and apps on its platforms is set to support earnings growth. Additionally, a solid net cash position leaves ample room for the firm to explore new growth opportunities. The stake in Apple has been increased.

21 NovIlluminaincreased[motivation]

Illumina is the dominant market leader in genome sequencing instruments, matching consumables and services. The capable management helped in creating a strong competitive advantage to withstand rising competition. Genetic tests provide a more precise diagnosis which may lead to more effective treatments. The genome sequencing market is expected to grow at around 15 to 20 percent annually in the coming years on the back of technological advances and lower sequencing costs. The stake of Illumina in the portfolio has been increased.