Newsletter:

Subject:	Nedcor Merger, RE:CM, Foord...
Date:	07 Nov 03

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It's been a hectic week for us with the new Nedcor Collective Investments merging and renaming funds that were previously African Harvest, FTNIB, BoE and NIBi. The process has gone pretty smoothly and is now complete. Top funds such as the Tim Allsop's Rainmaker have simply undergone a name change (now 'Nedbank' Rainmaker, rather confusingly). Most others have been more complex. Liz Still details the numerous changes in her article below.

Liz also focusses on Foord Asset Management, a boutique investment manager with a particularly long and successful record, and she looks at offshore funds in the light of the strong rand. There's an interesting discussion on investment philosophy from RE:CM's Daniel Malan, and another great reading article from Investec's Jeremy Gardiner (which we forgot to tell you about last week - apologies!).

Almost all our investors have enjoyed some great returns over the last quarter, with Property funds once again having a flyer of a time. But, be careful of investing at a peak. Heiko van Wyngaarden has just posted us another Market View which we will have up on the site on Monday.

We've also made a few changes to the website, so let us know what you think. Feedback is always appreciated. And so, have a good weekend!

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Investing as Unusual: Regarding Capital Management
Regarding Capital Management was launched in June 2003 by Piet Viljoen, who made his name managing the Investec Opportunities Fund. In this article, colleague Daniel Malan describes the company’s investment philosophy, illustrating his points by sharing the company outlook on Omnia and Rainbow Chickens.

More at http://www.equinox.co.za/article_549.html

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Foord Asset Management: Veterans of the Industry
Foord Asset Management has the longest investment performance, based on the expertise of the same people in the South African asset management industry today. Chairman of the company, David Foord, has been at his post for over 25 years.

More at http://www.equinox.co.za/article_548.html

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Successful ballot for Nedcor Collective Investments
Nedcor Retail Investments, a division of Nedcor Wealth Management has announced that investors in African Harvest, BoE, FTNIB, NIB Multi-Manager and Nedcor Bank Unit Trusts have voted in favour of the proposed scheme and portfolio amalgamations.

More at http://www.equinox.co.za/article_544.html

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Bump and Grind - Much ado About Nothing: Jeremy Gardiner
How does the strength of US dollar, or the current valuation of the US economy affect the stock market in South Africa? Jeremy Gardiner, director of Investec Asset Management, gives us his view.

More at http://www.equinox.co.za/article_542.html

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Nedcor Collective Investments: Update and Clarification
The merger of the Nedcor Collective Investment funds is now complete and we would like to thank our clients for their patience during the renaming and transfer process.

More at http://www.equinox.co.za/article_550.html

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Strong rand: Good time to invest offshore?
The strong rand has prompted equiries about which rand denominated unit trust funds are open and which are closed. Remember that you do not need to be over 18 or get tax clearance to invest in rand-denominated funds as these investments do not form part of your R750 000 offshore allowance.

More at http://www.equinox.co.za/article_543.html

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Foreign unit trust outflows continue declining
Outflows from foreign denominated unit trusts registered in South Africa continued to slow in the September quarter, says Di Turpin executive vice chairperson of the Association of Collective Investments.

More at http://www.equinox.co.za/article_545.html

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Best Regards
The Equinox Team

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