Newsletter:

Subject:	Behavioral Finance, Marriott and Easy Money
Date:	21 Nov 03

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Income fund specialists Marriott announced this week that they were closing their Core Income Fund, on the grounds that new cash investments would dilute the yields of existing clients. We respect this decision and hope that by closing the fund to new investments the Durban-based company will benefit in the long run.

As the dollar continues to weaken against major currencies, read the article by Martin Jankelowitz, head of market and economic research at Investment Solutions, who looks at the consequences for the sea of easy money for South Africa.

The Behavioral Finance article from RMB Asset Management is particularly well timed for the current spate of investment volatility.

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A look at 'Behavioral Finance' with RMB Asset Management
What role does investor psychology play in the choice of investments? This article from Rand Merchant Bank makes some interesting observations.

More at http://www.equinox.co.za/article_554.html

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A sea of easy money: Implications for South Africa
Martin Jankelowitz, head of market and economic research at Investment Solutions writes that a 2004 US election looming, there continues to be total commitment by the US authorities to reflate the economy and stimulate economic growth. Consequently, an extremely stimulatory monetary and fiscal policy continues to prevail.

More at http://www.equinox.co.za/article_557.html

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Change in Coronation International Active Fund of Funds initial and annual fees
We have been informed by Coronation Asset Management that the initial fees of the Coronation International Active Fund of Funds have reverted to 0.25%, from 0%. The annual fees levied by the fund managers have been changed from a flat fee + a performance-based fee to a flat fee only of 1.5%.

More at http://www.equinox.co.za/article_555.html

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Marriott's Core Income Fund to close until further notice
Marriott Asset Management has announced that no new lump sum or debit order investments will be accepted into their Core Income Fund until further notice. Existing debit orders will continue to be processed.

More at http://www.equinox.co.za/article_558.html

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Best Regards
The Equinox Team

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