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    Newsletter:
As promised EQUINOX.co.za Chairman, Heiko van Wyngaarden has updated our Market View: a short summary of the current investment environment. He suggests that one of the casualties of the Dubai G7 meeting in September may well be an exchange rate of R6.20 to the US dollar, which of course will have a significant effect on the profits of South African rand-hedge companies. At the moment our unit trust recommendations remain unchanged. The Association of Collective Investments has sent us an article dealing with the Capital Gains Tax consequences of fund mergers. Under normal circumstances, tax is payable when a unit trust is sold for more than the purchase or base price. In the case of mergers, losses should be realized at the time of the merger, while investors with gains have a choice of paying tax in the year of the merger or in the year of the eventual sale of the unit trusts. We were very impressed with Nedcor Collective Investments well- managed merger exercise. Read about the new look unit trust management company in our top story.
We really appreciate comments and feedback, so feel free to contact us. Nedcor Collective Investments: Post-merger profile After the recent merger with African Harvest, BoE, FTNIB and NIBi, Nedcor Collective Investments has R7.68 billion of unit trusts invested over a range of 24 unit trusts. The golden goose of the company is the Nedbank Rainmaker Fund, which has assets of over R2 billion. More at http://www.equinox.co.za/article_551.html Guidelines from the ACI on Capital Gains Tax and Unit Trust Mergers During November thousands of unit trust holders in African Harvest, BoE, NIBi, FTNIB, Nedbank, Standard Bank and Liberty will see their funds merge as a result of consolidation in the unit trust industry. This article from the Association of Collective Investments (ACI) describes the consequences of the mergers for the payment of Capital Gains Tax. More at http://www.equinox.co.za/article_552.html Best Regards 
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