Newsletter:

Subject:	Market View update, Portfolio changes...
Date:	07 Apr 03

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Right now there is a marked absence of commentators pronouncing their views on the future investing environment, due to the uncertain effects of the Iraq War. It stands to reason that a short war would have less impact on international markets than a more protracted war, but how long is a short war? The length of a movie with a happy ending? One week? One month?

As we write there is news of coalition forces taking over Baghdad and Basra, but the reception of the US and UK troops in the cities remains uncertain. Heiko van Wyngaarden posted a new Market View on Friday and then followed it up with another after the weekend incursions. He has also changed our Top Managers Portfolio and Speculators Portfolio positions.
(Note that investors in our Managed Portfolios incur NO switching fees.)

The Collective Investment Schemes Act, passed in March has two immediate consequences for investors. The first is the new single pricing system, and the second is the introduction of new regulations guiding investment limits in unit trust funds. Both of these changes are important, but if you have time to read only one of these articles, read the one on the new investment limits.

Other news worth reading includes the launch of Piet Viljoen’s unit trust fund. Latest news is that it looks as though investors will be able to invest in this fund through EQUINOX.co.za.

Regards
Liz Still
liz@equinox.co.za

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Read the latest Market View at http://equinox.co.za/default.asp?marketview

View Portfolio Changes at http://equinox.co.za/default.asp?portfolios

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New investment limits: Watch the gap between top and bottom performers grow
A close examination of quarter-end unit trust portfolios will no doubt show that some fund managers have started taking advantage of new legislation which has extended investment limits. Fund managers have been able to take advantage of an extended range of investment limits since the passing of the Collective Investment Schemes Control Act on March 3rd, 2003.

More at http://www.equinox.co.za/article_439.html

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Changes to African Harvest Unit Trust Funds effective from today
The FSB (Financial Service Board) has given African Harvest the green light to proceed with a number of changes to unit trusts. Clients with investments in the respective funds have been balloted over the course of the last few months and the proposed changes will be implemented with effect from today (April 1st, 2003)

More at http://www.equinox.co.za/article_438.html

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A thumbnail sketch of five new Acts which affect the financial services industry.
The financial service industry is already referring to "CISCA", "FAIS" and "FICA" as though they are old friends. This is despite the fact that investors, as well as industry players are still coming to terms with the five new Acts which came into effect either this year or late last year. The new Acts will dramatically affect the way financial institutions and advisors do business, leaving some out in the cold, and others relatively better able to comply. This article was written with information supplied by Fairheads Asset Management.

More at http://www.equinox.co.za/article_437.html

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Piet Viljoen's new unit trust fund
Yesterday (April 2nd) Moneyweb reported that former Investec employee Piet Viljoen has started his own company, Regarding Capital Management (Re:CM) and has started a unit trust fund. But this fund is not for everybody: entry level participation starts at R250 000.

More at http://www.equinox.co.za/article_440.html

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Investec Asset Management wins at Standard & Poor's ceremony
For the third year running, Investec Asset Management has won the coveted 'Best Larger Group over five years' award at the South African Standard & Poor's Awards. The awards, which were presented at a function in Cape Town last night, are made in association with the Financial Mail and cover all South African retail Unit Trusts.

More at http://www.equinox.co.za/article_436.html

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Best Regards
The Equinox Team

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