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Investec Glob Str Fd (88GY)

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Thursday 30 October, 2003

Investec Glob Str Fd

Interim Results


INVESTEC GLOBAL STRATEGY FUND LIMITED

We are pleased to advise that the Interim Report to 30 June 2003 of Investec
Global Strategy Fund Limited has been approved at a meeting of the Board of
Directors.

          Statement of                                  
          Total Return                                  
                                                        
          for the period                                
          ended 30 June                                 
          2003                                          
                                                        
   Period                                               
    ended                                               
                                                        
30 June                      2003    U.S. Sterling  Euro
                                   Dollar               
                                                        
2002                        Total   Money    Money Money
                                                        
US$ 000s                  US$000s US$000s    £000s €000s
                                                        
 (34,555) Net gain/        86,450    (13)      (1)     4
          (losses) on                                   
          investments                                   
                                                        
          during the                                    
          period                                        
                                                        
   33,472 Net gain/        15,721       -        -     -
          (losses) on                                   
          foreign                                       
          exchange                                      
                                                        
          during the                                    
          period                                        
                                                        
   26,973 Gross income     26,321     498      831   717
                                                        
  (9,799) Expenses        (9,129)   (261)    (143) (173)
                                                        
   17,174 Net income/      17,192     237      688   544
          (expenses)                                    
          before                                        
          taxation                                      
                                                        
          and                                           
          equalisation                                  
                                                        
  (1,529) Taxation        (1,526)       -        -     -
                                                        
   15,645 Net income/      15,666     237      688   544
          (expenses)                                    
          after taxation                                
                                                        
          and                                           
          equalisation                                  
                                                        
   14,562 Total return    117,837     224      687   548
          for the period                                
                                                        
 (15,449) Distributions  (12,870)   (169)    (692) (546)
                                                        
          Net increase/                                 
          (decrease) in                                 
          shareholders'                                 
                                                        
   $(887) funds from     $104,967     $55     £(5)    €2
          investment                                    
          activities                                    
                                                        

Statement of                                               
Total Return                                               
                                                           
for the period                                             
ended 30 June                                              
2003                                                       
                                                           
                                                     Global
                                                           
                                US                     High
                                                           
                   Managed  Dollar Sterling  Global  Income
                                                           
                  Currency Managed  Managed    Bond    Bond
                                                           
                   US$000s US$000s    £000s US$000s US$000s
                                                           
Net gain/(losses)      675      13      131   4,064   6,691
on investments                                             
                                                           
during the period                                          
                                                           
Net gain/(losses)      901    (17)     (13)   (666)   (639)
on foreign                                                 
exchange                                                   
                                                           
during the period                                          
                                                           
Gross income           642      38      293   1,623   2,861
                                                           
Expenses             (267)    (19)     (96)   (607)   (568)
                                                           
Net income/            375      19      197   1,016   2,293
(expenses) before                                          
taxation                                                   
                                                           
and equalisation                                           
                                                           
Taxation                 -       -        -       -    (28)
                                                           
Net income/            375      19      197   1,016   2,265
(expenses) after                                           
taxation                                                   
                                                           
and equalisation                                           
                                                           
Total return for     1,951      15      315   4,414   8,317
the period                                                 
                                                           
Distributions        (394)       -    (200) (1,043) (1,693)
                                                           
Net increase/                                              
(decrease) in                                              
shareholders'                                              
                                                           
funds from          $1,557     $15     £115  $3,371  $6,624
investment                                                 
activities                                                 
                                                           

Statement of                                              
Total Return                                              
                                                          
for the period                                            
ended 30 June                                             
2003                                                      
                                                          
                           U.S.          Sterling         
                         Dollar                           
                                                          
                           High              High         
                                                          
                   U.S.  Income Sterling   Income European
                 Dollar                                   
                                                          
                   Bond    Bond     Bond     Bond     Bond
                                                          
                US$000s US$000s    £000s    £000s    €000s
                                                          
Net gain/          (48)   3,480    1,170    1,582      286
(losses) on                                               
investments                                               
                                                          
during the                                                
period                                                    
                                                          
Net gain/          (30) (1,637)        1    (413)        4
(losses) on                                               
foreign                                                   
exchange                                                  
                                                          
during the                                                
period                                                    
                                                          
Gross income        934   1,106    1,670      675      870
                                                          
Expenses          (322)   (180)    (351)     (80)    (266)
                                                          
Net income/         612     926    1,319      595      604
(expenses)                                                
before taxation                                           
                                                          
and                                                       
equalisation                                              
                                                          
Taxation              -       -        -        -        -
                                                          
Net income/         612     926    1,319      595      604
(expenses)                                                
after taxation                                            
                                                          
and                                                       
equalisation                                              
                                                          
Total return        534   2,769    2,490    1,764      894
for the period                                            
                                                          
Distributions     (590)   (729)  (1,349)    (597)    (575)
                                                          
Net increase/                                             
(decrease) in                                             
shareholders'                                             
                                                          
funds from        $(56)  $2,040   £1,141   £1,167     €319
investment                                                
activities                                                
                                                          

Statement of                                             
Total Return                                             
                                                         
for the period                                           
ended 30 June                                            
2003                                                     
                                                         
                European                                 
                                                         
                    High           Global American   U.K.
                                                         
                  Income   Global  Equity   Equity Equity
                                                         
                    Bond Balanced US$000s  US$000s  £000s
                                                         
                   €000s  US$000s                        
                                                         
Net gain/          1,938    2,983   9,227    4,277  1,825
(losses) on                                              
investments                                              
                                                         
during the                                               
period                                                   
                                                         
Net gain/            543    (480)      16        -      -
(losses) on                                              
foreign                                                  
exchange                                                 
                                                         
during the                                               
period                                                   
                                                         
Gross income       1,497      578     754      208    865
                                                         
Expenses           (222)    (334)   (589)    (221)  (384)
                                                         
Net income/        1,275      244     165     (13)    481
(expenses)                                               
before taxation                                          
                                                         
and                                                      
equalisation                                             
                                                         
Taxation               2     (28)   (150)     (62)    (4)
                                                         
Net income/        1,277      216      15     (75)    477
(expenses)                                               
after taxation                                           
                                                         
and                                                      
equalisation                                             
                                                         
Total return       3,758    2,719   9,258    4,202  2,302
for the period                                           
                                                         
Distributions    (1,220)    (236)       1        -  (497)
                                                         
Net increase/                                            
(decrease) in                                            
shareholders'                                            
                                                         
funds from        €2,538   $2,483  $9,259   $4,202 £1,805
investment                                               
activities                                               
                                                         

Statement of                                                  
Total Return                                                  
                                                              
for the period                                                
ended 30 June                                                 
2003                                                          
                                                              
                            Hong                      European
                                                              
                    Asia    Kong   Japan Continental   Smaller
                                                              
                  Equity  Equity  Equity    European Companies
                                                              
                 US$000s US$000s US$000s     US$000s   US$000s
                                                              
Net gain/          3,587   1,419   (185)       7,896     1,181
(losses) on                                                   
investments                                                   
                                                              
during the                                                    
period                                                        
                                                              
Net gain/           (29)   (224)       7          23      (55)
(losses) on                                                   
foreign exchange                                              
                                                              
during the                                                    
period                                                        
                                                              
Gross income         543     268      90       2,784       178
                                                              
Expenses           (260)    (89)   (100)     (1,109)      (56)
                                                              
Net income/          283     179    (10)       1,675       122
(expenses)                                                    
before taxation                                               
                                                              
and equalisation                                              
                                                              
Taxation            (61)     (3)     (8)       (704)      (33)
                                                              
Net income/          222     176    (18)         971        89
(expenses) after                                              
taxation                                                      
                                                              
and equalisation                                              
                                                              
Total return for   3,780   1,371   (196)       8,890     1,215
the period                                                    
                                                              
Distributions        178     (3)     (1)          48      (16)
                                                              
Net increase/                                                 
(decrease) in                                                 
shareholders'                                                 
                                                              
funds from        $3,958  $1,368  $(197)      $8,938    $1,199
investment                                                    
activities                                                    
                                                              

Statement of Total                                           
Return                                                       
                                                             
for the period                                               
ended 30 June 2003                                           
                                                             
                     Global                    Global        
                                                             
                   Emerging  Global  Global Strategic  Global
                                                             
                    Markets  Energy    Gold     Value  Growth
                                                             
                    US$000s US$000s US$000s   US$000s US$000s
                                                             
Net gain/(losses)       822   1,750     260     9,829  18,515
on investments                                               
                                                             
during the period                                            
                                                             
Net gain/(losses)      (61)    (19)       6     (571)      90
on foreign                                                   
exchange                                                     
                                                             
during the period                                            
                                                             
Gross income             89     199     115     1,473     647
                                                             
Expenses               (31)   (124)   (137)     (722)   (638)
                                                             
Net income/              58      75    (22)       751       9
(expenses) before                                            
taxation                                                     
                                                             
and equalisation                                             
                                                             
Taxation               (10)    (40)     (6)     (278)   (108)
                                                             
Net income/              48      35    (28)       473    (99)
(expenses) after                                             
taxation                                                     
                                                             
and equalisation                                             
                                                             
Total return for        809   1,765     238     9,731  18,506
the period                                                   
                                                             
Distributions          (46)       4       1         8       -
                                                             
Net increase/                                                
(decrease) in                                                
shareholders'                                                
                                                             
funds from             $763  $1,769    $239    $9,739 $18,506
investment                                                   
activities                                                   
                                                             


                                                                                                                                                                                        

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