Newsletter:

Subject:	New Market View - the Rand and SA equities
Date:	02 Dec 03

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"SA equity markets are likely to continue to offer reasonable investment opportunities in select shares but the overall market may well struggle to make headway....."

Almost two years ago when the rand was more than R13 to the dollar, Heiko van Wyngaarden came out with the radically contrarian view of R6.20 as being more like fair value, and a likely target. He has consistently held this view, and believes the next couple of weeks may take us there and perhaps a little further.

His market view also looks in detail at what we might expect from our local equities. You can read the full market view by clicking here -
http://equinox.co.za/default.asp?marketview

Our Managed Portfolios remain unchanged for now, and are performing rather nicely. We have updated performances to Dec 1st 2003 - although our figures are still penalised by not including the effects of reinvested distributions. (We hope to finally fix this oversight in the next couple of weeks!)

View the Portfolios here -
http://equinox.co.za/default.asp?portfolios

Investec has decided to restrict many of their existing funds, and introduce new classes of them with higher fees. The good news is that they will allow Equinox investors to continue investing into the R class (which is cheaper) of John Biccard's excellent Value Fund.

Until next time, then ....

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Rand at critical juncture says Investec
Rand at critical juncture - this last move has been Dollar weakness rather than Rand strength.

More at http://www.equinox.co.za/article_559.html

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Bond Value Update: Nedcor Retail Investments
The past quarter has seen indications of positive global economic growth. International equity markets have risen, while bonds yields have been pushed higher. There has been some retracement of the market since mid September, but the momentum over the last quarter has been positive for equities and negative for bonds.

More at http://www.equinox.co.za/article_561.html

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Investec to close R Class, increase annual fees
Asset management companies with regulated unit trusts (those launched before June 1998) have a choice when it comes to increasing the annual fees of unit trusts. They can ballot investors, asking permission to increase fees, (a time consuming and expensive process), or they can simply close the old funds, open new ones in a different class with higher annual fees. Investec Asset Management has chosen the second option.

More at http://www.equinox.co.za/article_563.html

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Signs that inflation is close to a turn: Investec
Signs that inflation is close to a turn – scope for aggressive rate cuts after 100bps in December limited.

More at http://www.equinox.co.za/article_560.html

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Sage SciTech ballot: Too many questions
Investors in the Sage SciTech funds will shortly be receiving ballot forms as Sage has proposed that the R47million fund should become a Fund of Funds.

More at http://www.equinox.co.za/article_562.html

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EQUINOX.co.za clients permitted special access to the Investec Value Fund
Investec Asset Management has granted special permission for EQUINOX.co.za clients to invest in the Investec Value Fund at the old annual fee of 1% per annum, instead of the new annual fee of 1.25% per annum.

More at http://www.equinox.co.za/article_564.html

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Best Regards
The Equinox Team

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