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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;
FDA Trepper™: a licenced portfolio, based on FDA investment advice;
tailor-made services on demand.

downloadable sample reports

	Marks & Spencer company analysis (30 jul 2008)
	Wal-Mart Stores sustainability analysis (26 aug 2008)
	Weekly Market Comments (19 jul 2010)
	FDA Investment Trends (12 aug 2010)

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.

return % 2-9-2010	ytd	12mth	inc.*	inc.**
portfolio	-2.0	9.3	56.1	6.3
(excl. currency hedge)	3.9	16.7	55.0	6.2
benchmark	6.0	17.0	22.9	2.9
outperformance	-8.0	-7.7	33.2	3.4
benchmark: EUR-US Equity Composite TR (50/50)
turnover %	ytd	12mth		inc.**
turnover	32.5	44.0		33.0
(portfolio inception date 30-6-2003 / * annualized)

All portfolio changes are motivated to provide optimal transparency.

recent portfolio changes

30 Aug

BG Group

sold

[motivation]

The relatively large position in BG Group is scaled back to benefit from higher return investment opportunities elsewhere in the FDA universe. The group's sizeable reserve base enables strong production growth over the medium term. Production volumes are expected to grow at the upper end of the compound annual growth rate target range of 6-8% from 2010 to 2020, which positively distinguishes the company from peers. However, for 2010 only slight production growth is expected. Moreover, additional supply of unconventional gas is putting near term pressure on natural gas prices.

30 Aug

Hewlett-Packard

bought

[motivation]

In recent weeks, Hewlett-Packard's share price performed relatively poorly. The sudden departure of the successful CEO Mark Hurd was the main reason behind the disappointing stock price trend. Although uncertainty for the short term indeed increased, the share price reaction was, in our view, exaggerated, given that the market prospects are structurally favourable, while HP has strong positions world-wide. The departure of Hurd is not likely to cause a change in the current strategy, while efficiency improvements, his area of expertise and the highest priority when he took office, are now accomplished. As the company is extremely well positioned to benefit from the on-going recovery in worldwide IT spending, its shares are among the most attractive low-risk investment opportunities and the position in portfolios can be expanded.

23 Aug

Tesco

sold

[motivation]

After the recent reduction of the stake in Tesco, the shares are fully disposed from the portfolio. While Tesco's shares have continued to offer positive return at a relatively low level of risk, other investments in FDA's universe offer more attractive investment opportunities.

23 Aug

Colgate-Palmolive

sold

[motivation]

Colgate-Palmolive's relatively large presence in emerging markets, especially in the oral care segment, partly insulates the company from pressures emanating from the intensifying competition from Procter & Gamble and other consumer product groups. Despite that, weakening second quarter results due to an overestimation of its pricing power in pet food, which resulted in market share losses, and vulnerable positions in segments outside of oral care, highlight once again the uneven and therefore risky earnings base. For this reason the value of the stake in the portfolio is reduced

23 Aug

JPMorgan Chase & Co.

bought

[motivation]

Two of JPMorgan Chase's divisions, Card Services and Retail Financial Services, returned to profit in the second quarter, which points to a stabilisation of loss trends in the loan book. With the profit recovery of these two divisions, the group should be able to better balance its earnings structure in the coming quarters, with the group less dependent on its variable investment banking returns. In addition, the US financial sector reform bill is likely to affect JPMorgan Chase to a lesser extent than envisaged earlier as key aspects of the legislation have been watered down. At the same time, the Basel III framework is also less dramatic than the original proposal. Consequently, the group should be able absorb the effects of regulatory change. After the recent share price decline, the risk/return profile of the group is attractive relative to other financial companies in the FDA universe.