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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.

Sample reports

	Yum! Brands company analysis (15 Mar 2011)
	Yahoo! Inc (21 Sep 2011)
	PepsiCo Inc Sustainability analysis (19 Oct 2011)
	Weekly Market Comments (9 Jan 2012)
	FDA Investment Trends (12 Jan 2012)

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 % 3-2-2012	ytd	12mth	inc.*	inc.**
portfolio	7.2	-0.7	84.0	7.2
(excl. currency hedge)	6.5	1.0	80.8	7.0
benchmark	6.1	2.2	40.6	4.0
outperformance	1.1	-2.9	43.4	3.2
benchmark: EUR-US Equity Composite TR (50/50)
turnover %	ytd	12mth		inc.**
turnover	1.1	23.6		26.6
months outperformance		12mth		inc.**
outperformance / total		5 / 12		58 / 103
(portfolio inception date 30-6-2003 / * annualized)

All portfolio changes are motivated to provide optimal transparency.

Recent portfolio changes

10 Jan

ASML

sold

[motivation]

ASML's share price performance has been very strong during the past half year. Despite ambiguous developments in the market conditions, the company stayed on track to meet its targets, which were even raised, and made convincing progress tackling the technological challenges with its new generation of lithographic machines. Favourable new tax legislation also supported the bottom-line results. Currently, the share price has rebounded to about the highest level seen in years. Although structural conditions look favourable, while ASML's competitive edge seems to be consolidated with the introduction of the new generation of machines, conditions in the new year are expected to be considerably more challenging than in 2011. The contribution of the new product line to the overall sales will only increase gradually from mid-2012 onwards and this year's results are set to come in well below the 2011 levels. A positive valuation recommendation remains warranted, but at the current high level the shares no longer offer a return sufficient to justify maintaining it in the portfolio. The stock is sold to take profits and free funds for a more promising investment opportunity.

10 Jan

Roche

bought

[motivation]

Roche remains the most attractive of the major pharmaceutical names, given its pipeline and portfolio of young and innovative (targeting) oncology brands. The company also still has a better track record than most in getting regulatory approvals. There have also been more aggressive cost cutting measures imposed, and a rise in the dividend is under consideration.

15 Dec

Nestlé

sold

[motivation]

The negative result on the expiration of the US dollar hedge has led to a cash shortage. The investments in Nestlé were used as a source of funds to rebuild a positive cash position.

02 Dec

Hewlett-Packard

sold

[motivation]

During the short reign of former CEO Leo Apotheker, investors were confronted with guidance downgrades and disappointing bold strategic decisions. HP's share price performed relatively poorly and the risk profile worsened substantially. The new management will follow a conservative course and be presumably able to avoid further disappointments. The possibilities to swiftly improve the operational performance are however quite limited, while it recently became visible that corporate clients that are of high importance to HP got more cautious as well. As there is no ground to assume this caution to wane again shortly, while HP's main consumer markets are expected to stay weak for a while, HP's results are not set for improvement in the near term, rather the opposite. Hence, neither the trend in the results nor strategic changes under the new management are expected to accommodate a rebound in the share price in the near term, while the risk profile will remain on the weaker side. HP shares are being sold from portfolios to fund more promising investment opportunities.

02 Dec

Technip

bought

[motivation]

Oil prices are expected to remain high in the near future meaning that the oil and gas companies will continue investing in exploring new fields. Hence, Technip, thanks to its good quality management and strong market position, is expected to keep on benefitting from the trend. Therefore, we are increasing the stake of Technip's shares in the portfolio.