| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 46,908 | 330,611 | 58.09 | 4.67 | 283,703 | 50.05 | 4.26 |
| Capitec Bank Holdings Ltd. | 0 | 3,641 | 12.95 | 1.04 | 3,641 | 11.22 | 0.96 |
| FirstRand Ltd. | 41,000 | 550,441 | 41.95 | 3.37 | 509,441 | 36.64 | 3.12 |
| Nedbank Group Ltd. | 33,279 | 184,954 | 45.15 | 3.63 | 151,675 | 38.86 | 3.31 |
| Standard Bank Group Ltd. | 13,600 | 233,033 | 53.06 | 4.26 | 219,433 | 52.70 | 4.49 |
| Banks Total | 134,787 | 1,302,680 | 211.20 | 16.96 | 1,167,893 | 189.47 | 16.15 |
| Cash on call | 0 | 0 | 11.48 | 0.92 | 0 | 38.95 | 3.32 |
| Cash on call Total | 0 | 0 | 11.48 | 0.92 | 0 | 38.95 | 3.32 |
| Thermo Fisher Scientific Inc | 1,851 | 1,851 | 13.45 | 1.08 | 0 | 0.00 | 0.00 |
| Chemicals Total | 1,851 | 1,851 | 13.45 | 1.08 | 0 | 0.00 | 0.00 |
| ADvTECH Ltd. | 0 | 730,935 | 23.87 | 1.92 | 730,935 | 24.18 | 2.06 |
| Consumer Services Total | 0 | 730,935 | 23.87 | 1.92 | 730,935 | 24.18 | 2.06 |
| Alphabet Inc A | 0 | 14,610 | 46.37 | 3.72 | 14,610 | 41.45 | 3.53 |
| Cyclical Goods & Services Total | 0 | 14,610 | 46.37 | 3.72 | 14,610 | 41.45 | 3.53 |
| Brookfield Corporation | 0 | 21,184 | 23.20 | 1.86 | 21,184 | 20.19 | 1.72 |
| Financial Services Total | 0 | 21,184 | 23.20 | 1.86 | 21,184 | 20.19 | 1.72 |
| European - Currency | 0 | 0 | 0.04 | 0.00 | 0 | 0.04 | 0.00 |
| Hong Kong - Currency | 0 | 0 | 0.10 | 0.01 | 0 | 0.10 | 0.01 |
| USA - Currency | 0 | 0 | 32.07 | 2.58 | 0 | 65.04 | 5.54 |
| For Currency Total | 0 | 0 | 32.21 | 2.59 | 0 | 65.18 | 5.55 |
| The Bidvest Group Ltd. | 73,500 | 212,671 | 50.00 | 4.02 | 139,171 | 32.76 | 2.79 |
| General Industrials Total | 73,500 | 212,671 | 50.00 | 4.02 | 139,171 | 32.76 | 2.79 |
| Novo-Nordisk A/S | 0 | 18,995 | 23.14 | 1.86 | 18,995 | 24.48 | 2.09 |
| Healthcare Total | 0 | 18,995 | 23.14 | 1.86 | 18,995 | 24.48 | 2.09 |
| Anglo American plc | -15,089 | 111,422 | 58.02 | 4.66 | 126,511 | 65.23 | 5.56 |
| Glencore plc | 183,000 | 613,000 | 42.54 | 3.42 | 430,000 | 28.78 | 2.45 |
| Industrial Metals and Mining Total | 167,911 | 724,422 | 100.55 | 8.08 | 556,511 | 94.01 | 8.01 |
| Nedgroup Investments Global EM Eqt Feed - C | 0 | 2,646,408 | 39.09 | 3.14 | 2,646,408 | 36.77 | 3.13 |
| Nedgroup Inv Global Equity Feeder - C | 0 | 2,623,795 | 47.69 | 3.83 | 2,623,795 | 48.15 | 4.10 |
| International Total | 0 | 5,270,203 | 86.78 | 6.97 | 5,270,203 | 84.92 | 7.24 |
| Ninety One Ltd. | 367,000 | 720,000 | 31.45 | 2.53 | 353,000 | 12.25 | 1.04 |
| Quilter plc | 0 | 956,147 | 36.29 | 2.91 | 956,147 | 33.90 | 2.89 |
| Remgro Ltd. | 41,000 | 367,605 | 57.89 | 4.65 | 326,605 | 50.83 | 4.33 |
| Investment Banking and Brokerage Services Total | 408,000 | 2,043,752 | 125.63 | 10.09 | 1,635,752 | 96.97 | 8.26 |
| Discovery Ltd. | -27,364 | 97,229 | 20.94 | 1.68 | 124,593 | 24.81 | 2.11 |
| Sanlam Ltd. | -33,191 | 318,627 | 28.31 | 2.27 | 351,818 | 29.37 | 2.50 |
| Life Insurance Total | -60,555 | 415,856 | 49.25 | 3.96 | 476,411 | 54.18 | 4.62 |
| Walt Disney Company | 0 | 12,445 | 27.15 | 2.18 | 12,445 | 22.44 | 1.91 |
| Media Total | 0 | 12,445 | 27.15 | 2.18 | 12,445 | 22.44 | 1.91 |
| Nedgroup Inv Money Market - B | 1 | 62 | 0.00 | 0.00 | 61 | 0.00 | 0.00 |
| Nedgroup Inv Money Market - C1 | 3,504 | 177,452 | 0.18 | 0.01 | 173,948 | 0.18 | 0.01 |
| Money Market Total | 3,505 | 177,514 | 0.18 | 0.01 | 174,009 | 0.18 | 0.01 |
| Bid Corporation Ltd. | 0 | 65,052 | 30.72 | 2.47 | 65,052 | 28.61 | 2.44 |
| The SPAR Group Ltd. | 105,000 | 310,171 | 33.43 | 2.69 | 205,171 | 24.42 | 2.08 |
| Personal Care, Drug and Grocery Stores Total | 105,000 | 375,223 | 64.15 | 5.15 | 270,223 | 53.03 | 4.52 |
| Compagnie Financière Richemont SA | 0 | 11,008 | 36.68 | 2.95 | 11,008 | 35.16 | 3.00 |
| Personal Goods Total | 0 | 11,008 | 36.68 | 2.95 | 11,008 | 35.16 | 3.00 |
| Aspen Pharmacare Holdings Ltd. | 12,875 | 188,875 | 22.58 | 1.81 | 176,000 | 28.61 | 2.44 |
| Pharmaceuticals and Biotechnology Total | 12,875 | 188,875 | 22.58 | 1.81 | 176,000 | 28.61 | 2.44 |
| Mr Price Group Ltd. | 0 | 91,562 | 20.30 | 1.63 | 91,562 | 20.28 | 1.73 |
| The Foschini Group Ltd. | 95,416 | 321,616 | 41.43 | 3.33 | 226,200 | 27.89 | 2.38 |
| Retailers Total | 95,416 | 413,178 | 61.73 | 4.96 | 317,762 | 48.17 | 4.11 |
| Altron Ltd. | -860,329 | 540,597 | 11.76 | 0.94 | 1,400,926 | 28.72 | 2.45 |
| Naspers Ltd. | 0 | 5,050 | 27.99 | 2.25 | 5,050 | 22.94 | 1.95 |
| Prosus NV | 0 | 78,555 | 77.80 | 6.25 | 78,555 | 66.13 | 5.64 |
| Software and Computer Services Total | -860,329 | 624,202 | 117.54 | 9.44 | 1,484,531 | 117.79 | 10.04 |
| Amazon.Com | 1,650 | 6,786 | 26.94 | 2.16 | 5,136 | 18.20 | 1.55 |
| Fiserv Incorporated | 4,350 | 4,350 | 13.33 | 1.07 | 0 | 0.00 | 0.00 |
| Technology Total | 6,000 | 11,136 | 40.27 | 3.23 | 5,136 | 18.20 | 1.55 |
| MTN Group Ltd. | -70,000 | 211,326 | 29.85 | 2.40 | 281,326 | 34.86 | 2.97 |
| Telecommunications Service Providers Total | -70,000 | 211,326 | 29.85 | 2.40 | 281,326 | 34.86 | 2.97 |
| British American Tobacco plc | -7,200 | 55,930 | 47.80 | 3.84 | 63,130 | 48.24 | 4.11 |
| Tobacco Total | -7,200 | 55,930 | 47.80 | 3.84 | 63,130 | 48.24 | 4.11 |
| Portfolio Total | 10,761 | 12,837,996 | 1,245.05 | 100.00 | 12,827,235 | 1,173.43 | 100.00 |