Interneuron Freestyle comment - Oct 05 - Fund Manager Comment16 Nov 2005
Interneuron attempts to achieve its investment targets by avoiding large losses.
Our process does, however, result in us taking a number of small losses in order to avoid the large ones. This happened again in October, where our hedging actions cost you (and us) money when the market rebounded strongly.
Interneuron Freestyle comment - Sep 05 - Fund Manager Comment07 Oct 2005
The leadership in the market has now been taken over by the Resources sector - despite the fact that the rand strengthened in the course of the month.
This is a health development, as many of the resource shares are not yet at extreme price levels.
Interneuron Freestyle comment - Jun 05 - Fund Manager Comment07 Jul 2005
The market continues to reward risk-taking with excessive returns. If you expect this to continue for a long time, you don't really need Interneuron as your portfolio manager. We have managed a return of "only" 27,9% over the past 12 months.
Interneuron Freestyle comment - May 05 - Fund Manager Comment07 Jun 2005
Since January this year, we have been selling shares like Edcon (which was trading at R65 three years ago and at R266 now) out of the portfolio, and buying shares like Amplats (which was R475 three years ago, and is at R292 now).
So far, these transactions have not borne fruit - but we remain confident that we are reducing the risk in your portfolio by a significant margin.
Interneuron Freestyle comment - Apr 05 - Fund Manager Comment10 May 2005
We are concerned about the current decline in the level of the market.
No sub-sector is providing any leadership. A new leading sector is required.
Interneuron Freestyle comment - Mar 05 - Fund Manager Comment05 Apr 2005
The past few months reminds us of the period March to May 2002, when we also significantly underperformed the market and our benchmarks. That time, our preparations eventually saved us from the 29% decline in the All Share Index that followed between May 2002 and April 2003.
This time round, we do not envisage such a large market decline (at least not in Rand terms) but a change in market behaviour and sector leadership.
Interneuron Freestyle comment - Feb 05 - Fund Manager Comment08 Mar 2005
The good news continues to flow for goods-based economies such as South Africa. The annual budget was also profit-friendly for listed companies. The market responded by rising to record highs. With our naturally risk-averse stance, we are struggling to keep up.
Interneuron Freestyle comment - Dec 04 - Fund Manager Comment22 Feb 2005
Our quantitative analysis suggests that equities will produce a return of 11% in 2005.
Our behavioural analysis reminds us that the actual outcome may be much higher or lower than this number.
Nevertheless, we continue to prefer shares over other available investment opportunities.