| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Autozone Incorporated | -2,200 | 0 | 0.00 | 0.00 | 2,200 | 132.18 | 2.01 |
| Auto Total | -2,200 | 0 | 0.00 | 0.00 | 2,200 | 132.18 | 2.01 |
| Absa Group Ltd. | -999,816 | 0 | 0.00 | 0.00 | 999,816 | 189.72 | 2.89 |
| Capitec Bank Holdings Ltd. | 24,768 | 74,294 | 199.16 | 3.14 | 49,526 | 155.23 | 2.37 |
| FirstRand Ltd. | -2,592,298 | 1,819,702 | 114.46 | 1.80 | 4,412,000 | 335.14 | 5.11 |
| Standard Bank Group Ltd. | 550,186 | 550,186 | 116.89 | 1.84 | 0 | 0.00 | 0.00 |
| Nu Holdings Ltd | -171,000 | 0 | 0.00 | 0.00 | 171,000 | 34.35 | 0.52 |
| Banks Total | -3,188,160 | 2,444,182 | 430.51 | 6.78 | 5,632,342 | 714.43 | 10.89 |
| Rheinmetal Berlin | -21,900 | 0 | 0.00 | 0.00 | 21,900 | 263.83 | 4.02 |
| Basic Resources Total | -21,900 | 0 | 0.00 | 0.00 | 21,900 | 263.83 | 4.02 |
| Cash on call | 0 | 0 | 189.03 | 2.98 | 0 | 71.17 | 1.08 |
| Margin Account | 0 | 0 | 0.00 | 0.00 | 0 | 12.40 | 0.19 |
| Cash on call Total | 0 | 0 | 189.03 | 2.98 | 0 | 83.58 | 1.27 |
| Thermo Fisher Scientific Inc | -13,000 | 0 | 0.00 | 0.00 | 13,000 | 127.28 | 1.94 |
| Chemicals Total | -13,000 | 0 | 0.00 | 0.00 | 13,000 | 127.28 | 1.94 |
| Raubex Group Ltd. | -1,924,160 | 0 | 0.00 | 0.00 | 1,924,160 | 101.98 | 1.55 |
| Construction and Materials Total | -1,924,160 | 0 | 0.00 | 0.00 | 1,924,160 | 101.98 | 1.55 |
| Alibaba Group Holdings Limited | -425,000 | 0 | 0.00 | 0.00 | 425,000 | 85.05 | 1.30 |
| Meituan Class B | 243,190 | 262,800 | 101.85 | 1.60 | 19,610 | 7.22 | 0.11 |
| Consumer Services Total | -181,810 | 262,800 | 101.85 | 1.60 | 444,610 | 92.27 | 1.41 |
| Alphabet Inc A | -13,868 | 46,732 | 131.96 | 2.08 | 60,600 | 218.57 | 3.33 |
| Booking Holdings | 1,945 | 1,945 | 162.60 | 2.56 | 0 | 0.00 | 0.00 |
| Eagle Materials | -16,400 | 0 | 0.00 | 0.00 | 16,400 | 76.32 | 1.16 |
| Intercos Spa | -324,400 | 0 | 0.00 | 0.00 | 324,400 | 88.51 | 1.35 |
| JDcom | -200,000 | 0 | 0.00 | 0.00 | 200,000 | 66.06 | 1.01 |
| L'Oreal | -10,000 | 0 | 0.00 | 0.00 | 10,000 | 67.05 | 1.02 |
| LI Ning Company Limited | -1,047,900 | 0 | 0.00 | 0.00 | 1,047,900 | 41.89 | 0.64 |
| Moncler SPA | -96,300 | 0 | 0.00 | 0.00 | 96,300 | 96.23 | 1.47 |
| Proya Cosmetics Co Ltd | 50,000 | 154,200 | 33.45 | 0.53 | 104,200 | 22.80 | 0.35 |
| Puig Brands SA | -165,000 | 0 | 0.00 | 0.00 | 165,000 | 57.86 | 0.88 |
| Puma AG Rudolf Dassler Sport | -52,100 | 0 | 0.00 | 0.00 | 52,100 | 45.30 | 0.69 |
| Samsonite International | -1,549,800 | 0 | 0.00 | 0.00 | 1,549,800 | 81.30 | 1.24 |
| Tencent Holdings Ltd | -196,100 | 0 | 0.00 | 0.00 | 196,100 | 198.59 | 3.03 |
| Tongcheng Elong Holdings Ltd | -1,110,200 | 0 | 0.00 | 0.00 | 1,110,200 | 49.07 | 0.75 |
| Verisk Analytics | 18,362 | 18,362 | 105.57 | 1.66 | 0 | 0.00 | 0.00 |
| Cyclical Goods & Services Total | -4,711,761 | 221,239 | 433.59 | 6.83 | 4,933,000 | 1,109.55 | 16.90 |
| Equity Derivative | 0 | 0 | 0.00 | 0.00 | 0 | 240.94 | 3.67 |
| Derivatives Total | 0 | 0 | 0.00 | 0.00 | 0 | 240.94 | 3.67 |
| Beiersdorf | 33,221 | 33,221 | 83.88 | 1.32 | 0 | 0.00 | 0.00 |
| iShares MSCI ACWI ETF | -26,600 | 0 | 0.00 | 0.00 | 26,600 | 59.11 | 0.90 |
| Equities Total | 6,621 | 33,221 | 83.88 | 1.32 | 26,600 | 59.11 | 0.90 |
| NewGold | 636,350 | 636,350 | 341.53 | 5.38 | 0 | 0.00 | 0.00 |
| Exchange Traded Funds Total | 636,350 | 636,350 | 341.53 | 5.38 | 0 | 0.00 | 0.00 |
| London Stock Exchange Group Plc | 54,375 | 54,375 | 149.64 | 2.36 | 0 | 0.00 | 0.00 |
| Moody's Corporation | 13,678 | 13,678 | 109.16 | 1.72 | 0 | 0.00 | 0.00 |
| Financial Services Total | 68,053 | 68,053 | 258.81 | 4.08 | 0 | 0.00 | 0.00 |
| S&P Global Inc | 7,176 | 7,176 | 64.30 | 1.01 | 0 | 0.00 | 0.00 |
| Financials Total | 7,176 | 7,176 | 64.30 | 1.01 | 0 | 0.00 | 0.00 |
| Heineken Holding NV | -34,400 | 0 | 0.00 | 0.00 | 34,400 | 46.20 | 0.70 |
| Nestle SA | 70,407 | 70,407 | 137.08 | 2.16 | 0 | 0.00 | 0.00 |
| Food & Beverage Total | 36,007 | 70,407 | 137.08 | 2.16 | 34,400 | 46.20 | 0.70 |
| AVI Ltd. | 0 | 441,251 | 36.80 | 0.58 | 441,251 | 48.41 | 0.74 |
| Food Producers Total | 0 | 441,251 | 36.80 | 0.58 | 441,251 | 48.41 | 0.74 |
| European - Currency | 0 | 0 | 5.61 | 0.09 | 0 | 5.25 | 0.08 |
| Foreign - Currency | 0 | 0 | 0.74 | 0.01 | 0 | 0.73 | 0.01 |
| Hong Kong - Currency | 0 | 0 | 74.14 | 1.17 | 0 | 5.20 | 0.08 |
| United Kingdom - Currency | 0 | 0 | 0.75 | 0.01 | 0 | 0.72 | 0.01 |
| USA - Currency | 0 | 0 | -173.67 | -2.73 | 0 | 35.06 | 0.53 |
| For Currency Total | 0 | 0 | -92.42 | -1.46 | 0 | 46.95 | 0.72 |
| Intu Properties Plc | 8,688 | 8,688 | 95.94 | 1.51 | 0 | 0.00 | 0.00 |
| Foreign Property Total | 8,688 | 8,688 | 95.94 | 1.51 | 0 | 0.00 | 0.00 |
| KAP Ltd. | -10,502,133 | 0 | 0.00 | 0.00 | 10,502,133 | 32.24 | 0.49 |
| Mondi plc | 397,500 | 716,360 | 181.65 | 2.86 | 318,860 | 88.48 | 1.35 |
| The Bidvest Group Ltd. | -133,011 | 548,414 | 118.20 | 1.86 | 681,425 | 179.67 | 2.74 |
| General Industrials Total | -10,237,644 | 1,264,774 | 299.85 | 4.72 | 11,502,418 | 300.40 | 4.58 |
| ASML Holding NV | 13,315 | 13,315 | 157.51 | 2.48 | 0 | 0.00 | 0.00 |
| Check Point Software Technologies | 23,686 | 23,686 | 98.76 | 1.56 | 0 | 0.00 | 0.00 |
| Philip Morris International | 34,861 | 34,861 | 104.27 | 1.64 | 0 | 0.00 | 0.00 |
| Samsung Electronics Company Ltd (Korea) | -6,600 | 0 | 0.00 | 0.00 | 6,600 | 113.27 | 1.73 |
| Siemens AG | -36,400 | 0 | 0.00 | 0.00 | 36,400 | 134.53 | 2.05 |
| Trex Company Inc | -71,000 | 0 | 0.00 | 0.00 | 71,000 | 92.70 | 1.41 |
| Goods & Services Total | -42,138 | 71,862 | 360.53 | 5.68 | 114,000 | 340.51 | 5.19 |
| Align Technology Inc | -8,400 | 0 | 0.00 | 0.00 | 8,400 | 32.73 | 0.50 |
| Edwards Lifescience | 76,281 | 76,281 | 103.41 | 1.63 | 0 | 0.00 | 0.00 |
| Icon Plc | 30,206 | 30,206 | 88.16 | 1.39 | 0 | 0.00 | 0.00 |
| Johnson & Johnson | 33,041 | 33,041 | 99.90 | 1.57 | 0 | 0.00 | 0.00 |
| Healthcare Total | 131,128 | 139,528 | 291.47 | 4.59 | 8,400 | 32.73 | 0.50 |
| Anglo American plc | -463,347 | 0 | 0.00 | 0.00 | 463,347 | 255.70 | 3.90 |
| BHP Group Ltd. | 510,270 | 663,680 | 269.87 | 4.25 | 153,410 | 70.63 | 1.08 |
| Industrial Metals and Mining Total | 46,923 | 663,680 | 269.87 | 4.25 | 616,757 | 326.32 | 4.97 |
| Remgro Ltd. | 844,188 | 844,188 | 117.54 | 1.85 | 0 | 0.00 | 0.00 |
| Investment Banking and Brokerage Services Total | 844,188 | 844,188 | 117.54 | 1.85 | 0 | 0.00 | 0.00 |
| Sanlam Ltd. | -2,202,226 | 0 | 0.00 | 0.00 | 2,202,226 | 191.33 | 2.92 |
| Life Insurance Total | -2,202,226 | 0 | 0.00 | 0.00 | 2,202,226 | 191.33 | 2.92 |
| Nedgroup Investments Corporate Money Market - C25 | 962 | 962 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Money Market Total | 962 | 962 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | -446,512 | 0 | 0.00 | 0.00 | 446,512 | 29.69 | 0.45 |
| Santam Ltd. | 182,094 | 403,019 | 145.12 | 2.29 | 220,925 | 86.74 | 1.32 |
| Non-life Insurance Total | -264,418 | 403,019 | 145.12 | 2.29 | 667,437 | 116.44 | 1.77 |
| Bid Corporation Ltd. | 454,676 | 454,676 | 196.11 | 3.09 | 0 | 0.00 | 0.00 |
| Boxer Retail Ltd. | -494,100 | 0 | 0.00 | 0.00 | 494,100 | 31.82 | 0.48 |
| Shoprite Holdings Ltd. | 495,753 | 860,453 | 215.30 | 3.39 | 364,700 | 107.40 | 1.64 |
| The SPAR Group Ltd. | -360,000 | 0 | 0.00 | 0.00 | 360,000 | 52.59 | 0.80 |
| Personal Care, Drug and Grocery Stores Total | 96,329 | 1,315,129 | 411.41 | 6.48 | 1,218,800 | 191.82 | 2.92 |
| Compagnie Financière Richemont SA | 56,442 | 80,862 | 240.81 | 3.79 | 24,420 | 67.79 | 1.03 |
| Personal Goods Total | 56,442 | 80,862 | 240.81 | 3.79 | 24,420 | 67.79 | 1.03 |
| Valterra Platinum Ltd. | -61,331 | 0 | 0.00 | 0.00 | 61,331 | 34.89 | 0.53 |
| Precious Metals and Mining Total | -61,331 | 0 | 0.00 | 0.00 | 61,331 | 34.89 | 0.53 |
| Diageo | 163,157 | 313,157 | 155.59 | 2.45 | 150,000 | 89.96 | 1.37 |
| Visa Inc | 8,771 | 42,071 | 262.52 | 4.13 | 33,300 | 198.03 | 3.02 |
| Retail Total | 171,928 | 355,228 | 418.11 | 6.58 | 183,300 | 287.99 | 4.39 |
| Pepkor Holdings Ltd. | -9,100,000 | 0 | 0.00 | 0.00 | 9,100,000 | 263.45 | 4.01 |
| The Foschini Group Ltd. | -461,300 | 0 | 0.00 | 0.00 | 461,300 | 78.24 | 1.19 |
| Woolworths Holdings Ltd. | -2,450,000 | 0 | 0.00 | 0.00 | 2,450,000 | 152.76 | 2.33 |
| Retailers Total | -12,011,300 | 0 | 0.00 | 0.00 | 12,011,300 | 494.44 | 7.53 |
| Naspers Ltd. | -77,329 | 0 | 0.00 | 0.00 | 77,329 | 322.71 | 4.92 |
| Prosus NV | 771,930 | 771,930 | 625.97 | 9.86 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 694,601 | 771,930 | 625.97 | 9.86 | 77,329 | 322.71 | 4.92 |
| Amazon.Com | -51,000 | 0 | 0.00 | 0.00 | 51,000 | 212.86 | 3.24 |
| Autodesk Incorporated | 17,229 | 17,229 | 81.33 | 1.28 | 0 | 0.00 | 0.00 |
| Electronic Arts Incorporated | 37,498 | 37,498 | 101.92 | 1.60 | 0 | 0.00 | 0.00 |
| Microsoft Corporation | 10,899 | 35,699 | 250.55 | 3.94 | 24,800 | 198.71 | 3.03 |
| Netease.Com | 53,704 | 53,704 | 100.21 | 1.58 | 0 | 0.00 | 0.00 |
| Taiwan Semiconductor Manufacturing Co Ltd | 43,643 | 43,643 | 121.80 | 1.92 | 0 | 0.00 | 0.00 |
| Verisign Incorporated | 14,371 | 14,371 | 68.31 | 1.08 | 0 | 0.00 | 0.00 |
| Technology Total | 126,344 | 202,144 | 724.11 | 11.40 | 75,800 | 411.57 | 6.27 |
| MTN Group Ltd. | -1,942,200 | 0 | 0.00 | 0.00 | 1,942,200 | 178.66 | 2.72 |
| Telecommunications Service Providers Total | -1,942,200 | 0 | 0.00 | 0.00 | 1,942,200 | 178.66 | 2.72 |
| British American Tobacco plc | 113,457 | 401,099 | 310.29 | 4.89 | 287,642 | 198.51 | 3.02 |
| Tobacco Total | 113,457 | 401,099 | 310.29 | 4.89 | 287,642 | 198.51 | 3.02 |
| Famous Brands Ltd. | 986,056 | 986,056 | 55.22 | 0.87 | 0 | 0.00 | 0.00 |
| Travel and Leisure Total | 986,056 | 986,056 | 55.22 | 0.87 | 0 | 0.00 | 0.00 |
| Portfolio Total | -32,772,995 | 11,693,828 | 6,351.20 | 100.00 | 44,466,823 | 6,562.82 | 100.00 |