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Investec Glob Str Fd (88GY)

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Friday 25 April, 2003

Investec Glob Str Fd

Statement of Total Return

Investec Global Strategy Fund Ld
25 April 2003


To: RNS  

We are pleased to advise that the Annual Report to 31st December 2002 of the 
Investec Global Strategy Fund Limited has been approved by a Directors 
sub-committee (as requested at a Board Meeting of the above-named company held 
in Guernsey on 31 March 2003).

Below is a copy of the Statement of Total Return which contains comparative
figures for the equivalent period in 2001.

Dividends payable by the Company are as per the schedule below, and approved by 
the Board at the above meeting.


From: Investec Asset Management Guernsey Limited                          




Statement of Total Return
for the year ended 31 December 2002


Year ended                                                               U.S.                                       U.S.
31 December                                                     2002   Dollar   Sterling      Euro     Managed    Dollar
2001                                                           Total    Money      Money     Money    Currency   Managed
US$000s                                             Notes    US$000s  US$000s      £000s     €000s     US$000s   US$000s

           Net gain/(losses) on investments
(211,795)  during the year                              8  (120,858)    (353)       (67)       (2)         795        56
           Net gain/(losses) on foreign exchange
 (15,636)  during the year                                    58,712      (1)          2         2       4,213        67

   54,282  Gross income                                 9     48,694    2,101      1,518     1,177       1,447       136
 (19,505)  Expenses                                    10   (18,903)    (593)      (233)     (225)       (445)      (40)

           Net income/(expenses)
  34,777   before taxation                                    29,791    1,508      1,285       952       1,002        96
 (2,431)   Taxation                                          (2,140)        -          -         -           -         -

  32,346   Net income/(expenses) after taxation               27,651    1,508      1,285       952       1,002        96

(195,085)  Total return for the year                        (34,495)    1,154      1,200       951       6,009       218
 (34,822)  Distributions                               11   (29,736)  (1,334)    (1,135)     (934)       (991)      (92)

           Net increase/(decrease) in shareholders'
$(229,907) funds from investment activities                $(64,231)   $(180)        £85       €17      $5,018      $127





                          Global               U.S. Dollar                   Sterling                European     Global
                            High         U.S.         High                       High                    High   balanced
Sterling     Global       Income       Dollar       Income     Sterling        Income     European     Income    US$000s
 Managed       Bond         Bond         Bond         Bond         Bond          Bond         Bond       Bond
   £000s    US$000s      US$000s      US$000s      US$000s        £000s         £000s        €000s      €000s

   (253)      6,440          701        3,228          387        1,560       (1,715)         (71)    (4,894)      (493)
     659      3,510        2,563            -      (1,921)            5         (260)          305        607        745

     843      3,309        3,823        2,688        1,898        4,958         1,282        2,369      2,458      1,199
   (217)    (1,007)        (606)        (742)        (270)        (949)         (156)        (670)      (369)      (586)

     626      2,302        3,217        1,946        1,628        4,009         1,126        1,699      2,087        613
       -       (73)           13            -            -            -           (2)         (84)        (2)       (68)
     626     2,229         3,230        1,946        1,628        4,009         1,124        1,615      2,085        545

   1,033    12,179         6,494        5,174           94        5,574         (851)        1,849    (2,202)        797
   (624)   (2,170)       (3,714)      (1,925)      (1,619)      (3,993)       (1,116)      (1,599)    (2,065)      (515)

    £409   $10,009        $2,780       $3,249     $(1,525)       £1,581      £(1,967)         €250   €(4,267)       $282

                                         


Statement of Total Return continued
for the year ended 31 December 2002                                           
                                                                                                       Asia        Hong
                                                       Global      American            U.K.             New        Kong
                                                       Equity        Equity          Equity         Economy      Equity
                                          Notes       US$000s       US$000s           £000s         US$000s     US$000s

Net gain/(losses) on investments              
 during the year                              8      (13,170)       (5,542)         (8,581)         (2,523)     (1,770)
Net gain/(losses) on foreign exchange
 during the year                              9            45           (8)               1             (8)           -

Gross income                                  9         1,400           433           1,484             494         432
Expenses                                     10       (1,323)         (433)           (759)           (546)       (231)

Net income/(expenses)                                      
 before taxation                                           77             -             725            (52)         201
Taxation                                                (287)         (127)             (9)            (73)         (5)

Net income/(expenses)after taxation                     (210)         (127)             716           (125)         196

Total return for the year                            (13,335)       (5,676)         (7,864)         (2,656)     (1,574)
Distributions                                11             -             -           (693)               -       (197)

Net increase/(decrease) in shareholders'
 funds from investment activities                   $(13,335)      $(5,676)        £(8,557)        $(2,656)    $(1,771)



                             European          Global                                                        Wired 
  Japan      Continental      Smaller        Emerging        Global        Global             Global         Index
 Equity         European    Companies         Markets        Energy          Gold      Privatisation          Fund
US$000s          US$000s      US$000s         US$000s       US$000s       US$000s            US$000s       US$000s

(1,830)         (37,722)        (708)           (427)         1,008         2,654            (1,056)      (50,416)
     26              499            1               3            10          (34)            (1,181)             5

    152            2,786          209             137           256            97              2,252           914
  (274)          (2,787)        (135)           (111)         (226)         (101)            (1,670)       (1,724)

  (122)              (1)           74              26            30           (4)                582         (810)
   (30)            (666)         (50)            (17)          (59)           (4)              (434)         (152)

  (152)            (667)           24               9          (29)           (8)                148         (962)

(1,956)         (37,890)        (683)           (415)           987         2,612            (2,089)      (51,373)
      -              (3)         (24)            (11)             -             5              (150)             -

$(1,956)       $(37,893)       $(707)          $(426)          $987        $2,617           $(2,239)     $(51,373)




NAME               SHARE CLASS                                     DEC. DATE      PAY DATE          AMOUNT

GGS      Investec      A       Sterling Bond Fund                  31/12/2002     15/01/2003        £0.13
GEH      Investec      A       European High Inc. Bond Fund        31/12/2002     15/01/2003     EUR 0.35
GSH      Investec      A       Sterling High Income Bond Fund      31/12/2002     15/01/2003        £0.30
GHI      Investec      A       Global High Inc. Bond Fund          31/12/2002     15/01/2003        $0.29
GDH      Investec      A       US Dollar High Income Bond Fund     31/12/2002     15/01/2003        $0.54
GEF      Investec      A       Euro Money Fund                     31/12/2002     15/01/2003     EUR 0.34
GEB      Investec      A       European Bond Fund                  31/12/2002     15/01/2003     EUR 0.45
GES      Investec      A       European Smaller Companies          31/12/2002     15/01/2003       $0.045
GEM      Investec      A       Emerging Markets                    31/12/2002     15/01/2003        $0.02
GGB      Investec      A       Sterling Money Fund                 31/12/2002     15/01/2003        £0.16
GUK      Investec      A       U.K. Equity Fund                    31/12/2002     15/01/2003        £0.20
GMS      Investec      A       Sterling Managed Fund               31/12/2002     15/01/2003        £0.09
GPR      Investec      A       Privatisation Fund                  31/12/2002     15/01/2003        $0.06
GUS      Investec      A       U.S. Dollar Money Fund              31/12/2002     15/01/2003        $0.13
GMC      Investec      A       Managed Currency Fund               31/12/2002     15/01/2003        $0.32
GMD      Investec      A       Dollar Managed Fund                 31/12/2002     15/01/2003        $0.10
GBO      Investec      A       Global Bond Fund                    31/12/2002     15/01/2003        $0.53
GDB      Investec      A       U.S. Dollar Bond Fund               31/12/2002     15/01/2003        $0.42
GBG      Investec      A       Global Balanced Fund                31/12/2002     15/01/2003        $0.13
GHK      Investec      A       Hong Kong Equity Fund               31/12/2002     15/01/2003        $0.40
GMC      Investec      C       Managed Currency Fund               31/12/2002     15/01/2003        $0.04
GHI      Investec      C       Global High Inc. Bond Fund          31/12/2002     15/01/2003        $0.21
GBO      Investec      C       Global Bond Fund                    31/12/2002     15/01/2003        $0.21
GDB      Investec      C       U.S. Dollar Bond Fund               31/12/2002     15/01/2003        $0.27
GDH      Investec      C       US Dollar High Income Bond Fund     31/12/2002     15/01/2003        $0.33
GHK      Investec      C       Hong Kong Equity Fund               31/12/2002     15/01/2003        $0.06
GEF      Investec      D       Euro Money Fund                     31/12/2002     15/01/2003     EUR 0.31
GGB      Investec      D       Sterling Money Fund                 31/12/2002     15/01/2003        £0.10
GBG      Investec      D       Global Balanced Fund                31/12/2002     15/01/2003        $0.03
GBO      Investec      D       Global Bond Fund                    31/12/2002     15/01/2003        $0.17
GUS      Investec      D       U.S. Dollar Money Fund              31/12/2002     15/01/2003        $0.08
GMC      Investec      D       Managed Currency Fund               31/12/2002     15/01/2003        $0.38



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