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Investec Glob Str Fd (88GY)

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Wednesday 30 June, 2004

Investec Glob Str Fd

Statement of Total Return

Investec Global Strategy Fund Ld
30 June 2004


To: RNS  

We are pleased to advise that the Annual Report to 31st December 2003 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 8th March 2004).

Below is a copy of the Statement of Total Return which contains comparative
figures for the equivalent period in 2002.

From: Investec Asset Management Guernsey Limited                          




Statement of Total Return
for the year ended 31 December 2003


Year ended                                                               U.S.                                       U.S.
31 December                                                     2003   Dollar   Sterling      Euro     Managed    Dollar
2002                                                           Total    Money      Money     Money    Currency   Managed
US$000s                                             Notes    US$000s  US$000s      £000s     €000s     US$000s   US$000s

           Net gain/(losses) on investments
(120,858)  during the year                              8  (262,278)      (5)        (6)       (6)       2,352        56

           Net gain/(losses) on foreign exchange
  58,712   during the year                                    58,103       -         (2)         1       2,946      (17)

  48,694   Gross income                                 9     57,660      883      1,569     1,265       1,615        38
 (18,903)  Expenses                                    10   (21,415)    (495)      (279)     (337)       (613)      (19)

           Net income/(expenses)
  29,791   before taxation                                    36,245      388      1,290       928       1,002        19
 (2,140)   Taxation                                          (2,638)        -          -         -           -         -

  27,651   Net income/(expenses) after taxation               33,607      388      1,290       928       1,002        19

 (34,495)  Total return for the year                         353,988      383      1,282       923       6,300        15
 (29,736)  Distributions                               11  (34,599)     (356)    (1,320)     (943)     (1,011)         -

           Net increase/(decrease) in shareholders'
 $(64,231) funds from investment activities                 $319,389      $27      £(38)     €(20)      $5,289       $15


           Total Expense Ratios                        26
           A Share Class                                                 0.639    0.635      0.639       1.056         -
           B/I Share Class                                                   -        -          -           -         -
           C Share Class                                                 2.039    2.035      2.039       2.056         -
           D Share Class                                                 0.789    0.785      0.789       2.306         -
           E/Z Share Class                                                   -        -          -           -         -




                          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

      37      6,677       17,690      (1,121)        7,030          670        2,363         (413)     3,011       7,886
       4      1,759       (1,086)           1      (4,393)           (2)       (395)          (60)     1,160         496

     618      3,349        8,602        1,584        2,857        4,401         1,461        1,693      2,974      1,231
   (191)    (1,235)      (1,578)        (589)        (411)        (918)         (180)        (509)      (442)      (766)

     427      2,114        7,024          995        2,446        3,483         1,281        1,184      2,532        465
       -          -          (27)           -            -            -             -            -          2       (58)


     427     2,114         6,997          995        2,446        3,483         1,281        1,184      2,534        407

     468    10,550        23,601        (125)        5,083        4,151         3,249          711      6,705      8,789
   (421)   (2,158)       (7,033)      (1,020)      (2,448)      (3,471)       (1,286)      (1,194)    (2,556)      (427)

     £47    $8,392       $16,568     $(1,145)      $2,635          £680        £1,963       €(483)     €4,149     $8,362


   1.076     1.428         1.448        1.165       1.200         1.170         1.197        1.432      1.442      1.694
       -         -             -            -           -             -             -            -          -          -
       -     2.428         2.448        2.165       2.200             -             -            -          -      2.694
       -     1.928             -        1.665           -             -             -            -          -      2.294
       -     2.678         2.698        2.415           -             -             -            -          -          -



Statement of Total Return continued
for the year ended 31 December 2003                                           
                                                                                                       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       27,137        12,741           7,486          21,561      1,419

Net gain/(losses) on foreign exchange
 during the year                                          47             -               1            (46)       (224)

Gross income                                  9        1,461           807           1,750           1,588         268
Expenses                                     10      (1,339)         (855)           (859)           (810)        (89)

Net income/(expenses)                                      
 before taxation                                         122          (48)             891             778         179
Taxation                                               (297)         (242)            (91)           (219)         (3)

Net income/(expenses)after taxation                    (175)         (290)             800             559         176

Total return for the year                             27,009        12,451           8,287          22,074       1,371
Distributions                                11            1             -           (811)           (553)          (3)

Net increase/(decrease) in shareholders'
 funds from investment activities                    $27,010       $12,451          £7,476         $21,521      $1,368


Total Expense Ratios                         26
A Share Class                                          1.679         1.657           1.661           1.771         -
B/I Share Class                                            -             -               -               -         -
C Share Class                                          2.679         2.657               -           2.771         -
D Share Class                                          2.279             -               -               -         -
E/Z Share Class                                            -             -               -               -         -




                             European          Global                                         Global
  Japan      Continental      Smaller        Emerging        Global        Global          Strategic        Global
 Equity         European    Companies         Markets        Energy          Gold              Value        Growth
US$000s          US$000s      US$000s         US$000s       US$000s       US$000s            US$000s       US$000s

  4,273           40,220       1,181              822         6,178        12,201            32,607         39,257
    (8)              453        (55)             (61)          (12)             -             (481)            121

    170            3,350         178               89           400           338             2,520          1,309
  (255)          (2,448)        (56)             (31)         (300)         (432)           (1,676)        (1,449)

   (85)              902         122              58            100          (94)                844         (140)
   (16)            (820)        (33)            (10)           (86)          (20)              (416)         (230)

  (101)               82          89              48             14         (114)                428         (370)

 4,164            40,755       1,215             809           6,180        12,087             32,554        39,008
    (1)              (81)        (16)           (46)            (12)             1              (430)             -

$4,163           $40,674       $1,199           $763          $6,168       $12,088            $32,124       $39,008

 1.677             1.677            -              -           1.675         1.693              1.957         1.918
     -                 -            -              -               -             -                  -         0.868
 2.677             2.677            -              -           2.675             -              2.957         2.918
     -             2.277            -              -               -             -              2.557         2.518
     -                 -            -              -               -             -                  -         1.418


                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                                                                                                                                                                                      

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