Newsletter:

Subject:	Market View Update, Managed Portfolios...
Date:	17 Feb 03

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17 Feb 2003 - Update to our Current Market View

Remain cautious for now. Possible 'relief rally' ahead.
"Our market view of 13 December remains appropriate and sets out our views for the medium term. The following observations provide an update...."

Read the full text at http://equinox.co.za/default.asp?marketview

We are also pleased to announce that we have revised our fees on our newly launched EQUINOX Managed Portfolios. Investors in these portfolios will NOT incur any switching fees when the underlying funds are changed.

This change means that our investment managers will be able to concentrate purely on optimising performance, without any conflicts of interest, or worries that smaller investors in these products will be prejudiced by the costs of switching.

To read more about our new Managed Portfolios, please go to http://equinox.co.za/default.asp?portfolios

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Bonds are Expensive, Equities are Cheap, Maybe, Maybe Not…
Prudential Plc’s Director of Tactical Asset Allocation, Dave Fishwick, was recently in South Africa to deliver an address on Prudential’s view of global asset classes. This article is a summary of that presentation

More at http://www.equinox.co.za/article_420.html

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Investing in Offshore Unit Trusts: Latest Trends
South Africans over the age of 18 and in good standing with the Receiver of Revenue have been permitted to invest a maximum of R750 000 offshore since March 1999. Many South Africans have chosen to invest their offshore allowance in unit trusts, of which there are an estimated 30 000.

More at http://www.equinox.co.za/article_413.html

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Read this well written analysis of the current bond environment
Bonds have been neglected by South African investors for two reasons: they do not perform well in a high inflation environment, and in the past they have been less tax- friendly than equities. Perhaps the ground rules have changed.

More at http://www.equinox.co.za/article_419.html

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Comment on the AUT/ Persfin Raging Bull Award Ceremony
EQUINOX.co.za would like to congratulate winners of the AUT/ Personal Finance Raging Bull Awards for 2002. The AUT/ Personal Finance Raging Bull award ceremony is one of two annual reward ceremonies held to recognize the performance of fund managers managing unit trust funds. The other is the Financial Mail/ Standard and Poor's Award Ceremony held in the middle of the year.

More at http://www.equinox.co.za/article_412.html

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Best Regards
The Equinox Team

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