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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 documentsKering Company Analysis (21 Aug 2018)
pdf documentsNVIDIA Company Analysis (14 Nov 2018)
pdf documentsPayPal Company Analysis (17 Jun 2019)
pdf documentsFDA Investment Trends (13 Aug 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 % 21-8-2019ytd12mthinc.*inc.**
portfolio26.913.0419.410.7
benchmark17.45.1214.27.3
outperformance9.57.9205.23.4
benchmark: EUR-US Equity Composite TR (50/50)
turnover % ytd12mth inc.**
turnover***7.113.2 11.5
months outperformance %12mth inc.**
outperformance / total 9 / 12 118 / 193
* 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
14 AugSvenska Handelsbankensold[motivation]

Svenska Handelsbanken is unable to escape the currently challenging environment that is affecting European banks. Extremely low interest rates across European markets, including in the Swedish home market, have been putting pressure on the net interest margin while the rising popularity of digital banking services forces the bank to invest substantially in IT. The economic weakness in the UK caused by the uncertainty about Brexit is affecting the lender's most important growth market. Lending growth has nonetheless remained robust and some of the cost headwinds are transitory while credit quality is unlikely to substantially deteriorate due to the bank's sound risk management. This provides the foundation for profitability growth but this is unlikely to materialise as long as market circumstances remain as challenging as they are currently. Consequently, the shares have been sold from the portfolio in favour of a more attractive investment opportunity.

14 AugJPMorgan Chase & Coreduced[motivation]

JPMorgan Chase is among the main pillars of the US financial system. The bank has extensive market share in retail banking and deposits, but also has systemic relevance given its position in wholesale financial markets, for example in investment banking activities, asset management and clearing. However, growth perspectives are coming under pressure as the US economy adjusts to the erratic trade policies by the Trump administration. This may affect volume growth but also margins as US interest rates have receded. While JPMorgan is uniquely positioned among US financial service providers to deal with the consequences of this environment, the position is reduced in favour of more attractive investment opportunities.

14 AugOréal L'increased[motivation]

L'Oréal benefits from robust demand growth in Asia for premium skin care and other cosmetics products, which is driven by expansion of the middle class in that region. The French group reported its highest comparable sales growth in more than a decade for the first half-year. Although there was a slight weakening in sales growth during the second quarter, due to weaker makeup sales in the US, this does not come as a surprise following years of booming demand that was driven by the rising popularity of social media. Weaker traffic at department stores and other traditional brick-and-mortar retail channels is affecting the sales at large cosmetics groups such as L'Oréal, but this is more than offset by improved direct access to consumers over the internet. The brands in L'Oréal's extended portfolio have their own specific and well-defined position in the market, increasing the firm's pricing power and flexibility to respond to changing consumer preferences. The stake in the portfolio has been slightly increased.

14 AugCoca-Cola Companybought[motivation]

The repositioning of The Coca-Cola Company's largest brands, Coca-Cola, Fanta and Sprite, with an increased emphasis on smaller packaging and a stepped-up focus on low-calorie versions, has driven a reacceleration in sales growth for the world's largest non-alcoholic beverage group. For the first time in many years, the company is currently being led by a CEO with a background in marketing, which is a further indication that internal restructuring operations have been completed and the firm has left behind its troubled relationship with independent bottling entities. The firm now works on improving its presence in high-growth-potential product categories where it yet has to establish a strong position, as reflected in the takeover of Costa Coffee, a takeover that was completed earlier this year. Expansion in the more fast-growing segments will be supported by the unrivalled global distribution strength of the company. The shares have been added to the portfolio.

10 JulNetflix Incsold[motivation]

Netflix' current strategy is based on growing its original content library in order to expand its subscriber base. Although subscriber numbers have thus far been on the rise, it has become less certain whether this strategy can remain successful. Competition is set to increase from new streaming services from financially much stronger firms such as Apple and Walt Disney, making it difficult to raise prices further. At the same time, Netflix's access to attractive third-party content is diminishing, making the firm more reliant on original series and movies. The expenses related to content creation will need to increase further in order to remain attractive for TV watchers, but given Netflix' relatively weak financial position as compared to new entrants, it is uncertain whether the firm will be able to maintain a leading position in the online streaming market. The shares have been sold from portfolios.