Newsletter:

Subject:	Confidence seeping back to the market
Date:	14 May 08

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Barry Shamley, manager of the Equinox managed portfolios draws attention to the US Federal Reserve hints that their recent rates cut could be the last in this cycle. This has strengthened the USD, and could potentially weigh on some commodity prices, as commodity prices are priced in USD.

'Assuming equal supply and demand,' writes Barry, 'a stronger USD implies a weaker commodity price.'

In the course of the month he has therefore moved some cash into a 20% equity exposure as the JSE broke to new highs.

'Given how difficult it is for fund managers to outperform our local index due to the narrowing list of stocks leading the index we decided that the most prudent route was to invest via a TOP40 tracker fund,' he writes.

To read more, click on the following link:

http://equinox.co.za/default.asp?marketview

In other news, if you wish to see the winners of the recent Micropal Awards, click on the PDF document listed under 'Docs and Fund Manager Reports' on the front page of our website.

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What is happening with the Investec Value Fund?
Despite stellar long term performance that saw the Investec Value Fund deliver 36.0% return per annum since January 2001 versus the FTSE/All Share Index of 20.5%, * the start of 2008 has been disappointing. The fund returned -11.5% over the quarter, against the All Share Index return of 2.9% resulting in a 12 month return to the end of March of -11.8%. John Biccard, fund manager of the Investec Value Fund answers some questions.

More at http://www.equinox.co.za/article_1951.html

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New Chief Investment Officer for Coronation Asset Managers
Coronation Asset Managers has announced the appointment of head of research, Karl Leinberger, as chief investment officer. He takes the place of Louis Stassen, who has decided to step down for health reasons.

More at http://www.equinox.co.za/article_1952.html

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Best Regards
The Equinox Team

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