Newsletter:

Subject:	New fund classifications, Absa, Allan Gray, AMB Foord...
Date:	30 Sep 03

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The Association of Collective Investments has made a number of important changes to the unit trust classification system. The most significant of these is the introduction of a Targeted Absolute and Real Return fund category, within the Asset Allocation sector. The association has also increased the offshore allowance of domestic unit trusts from 15% to 30%.

Read the details of the press release as well as a short interview with Di Turpin, executive director of the Association of Collective Investments.

October 1st saw the fifth anniversary of one of South Africa's most successful unit trust management companies, Allan Gray Unit Trusts Ltd. The Allan Gray Equity Fund has made significant inroads into the retail investment industry, and with assets of R3.45billion is a whisker away from becoming the largest fund in its sector.

Another company worth keeping an eye on is Absa Fund Managers. With the recent announcement that ABSA had won the 'Best Employer' award for the second consecutive year, perhaps competitors should evaluate the link between happy employees and fund performance!

Kind Regards, The EQUINOX.co.za team

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Coronation Aggressive Absolute Fund changes name to Coronation Absolute Fund
The change of name was approved by the FSB with effect from 1 October 2003. The objective, mandate and benchmark and fund managers of the fund remain unchanged.

More at http://www.equinox.co.za/article_530.html

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ACI's New Unit Trust Fund Classification Code
A press release from the Association of Collective Investments has announced changes to the existing classification system.

More at http://www.equinox.co.za/article_526.html

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Nedcor Retail Investments appoint African Harvest to run Nedbank Equity Fund
Nedcor Retail Investments have announced they have appointed Rob Nagel and Rowan Williams-Short of African Harvest Fund Managers to run the Nedbank Equity Fund with effect from 1 November 2003.

More at http://www.equinox.co.za/article_528.html

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ABSA Fund Managers: Creeping up the performance rankings
Over the last few years, Absa unit trusts have managed to escape the attention of most unit trust commentators. However the performance of the company's unit trusts has been picking up slowly from a low point of 11th out of 13 over a five year period to 7th out of 17 funds over a one year period.*

More at http://www.equinox.co.za/article_524.html

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Allan Gray Unit Trusts: Solid growth over five years.
Allan Gray's first unit trust, the Allan Gray Equity Fund, turned five on October 1st, this year. The company has good reason to celebrate: over the last five years Allan Gray Unit Trust Management Ltd has launched an additional five unit trusts and attracted R7 billion.

More at http://www.equinox.co.za/article_531.html

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Interview with Di Turpin: Executive Vice Chairperson of the Association of Collective Investments
A new unit trust classification system launched on Friday makes it easier to compare funds both within and across categories as well as analyzing different fund types. We spoke to Di Turpin about the thinking behind some of the changes. For the original press release see 'ACI's New Unit Trust Fund Classification Code.'

More at http://www.equinox.co.za/article_529.html

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AMB Foord Unit Trusts Buy Out Empowerment Partners.
AMB Foord Unit Trusts Limited was established in 2002 as a joint venture initiative between Foord Asset Management, financial services group AMB Holdings Ltd and the management team.

More at http://www.equinox.co.za/article_527.html

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m Cubed Cautiously Optimistic
The interim unaudited results for m Cubed Holdings - South Africa's premier provider of risk-targeted investment solutions for individual and institutional investors - show that while margins remained tight, a focus on cost control and margin management ensured that headline earnings increased by 12% to R17.3m (31 August 2002: R15.4m).

More at http://www.equinox.co.za/article_525.html

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Best Regards
The Equinox Team

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