| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -29,882 | 300,729 | 71.98 | 5.16 | 330,611 | 59.82 | 4.57 |
| FirstRand Ltd. | 0 | 552,441 | 50.13 | 3.59 | 552,441 | 43.00 | 3.29 |
| Nedbank Group Ltd. | 0 | 224,828 | 59.86 | 4.29 | 224,828 | 48.12 | 3.68 |
| Standard Bank Group Ltd. | -24,875 | 208,768 | 60.63 | 4.34 | 233,643 | 55.20 | 4.22 |
| Banks Total | -54,757 | 1,286,766 | 242.61 | 17.37 | 1,341,523 | 206.15 | 15.76 |
| Cash on call | 0 | 0 | 49.86 | 3.57 | 0 | 6.51 | 0.50 |
| Cash on call Total | 0 | 0 | 49.86 | 3.57 | 0 | 6.51 | 0.50 |
| Thermo Fisher Scientific Inc | 0 | 2,451 | 23.66 | 1.69 | 2,451 | 19.58 | 1.50 |
| Chemicals Total | 0 | 2,451 | 23.66 | 1.69 | 2,451 | 19.58 | 1.50 |
| ADvTECH Ltd. | 0 | 730,935 | 27.21 | 1.95 | 730,935 | 23.07 | 1.76 |
| Consumer Services Total | 0 | 730,935 | 27.21 | 1.95 | 730,935 | 23.07 | 1.76 |
| Alphabet Inc A | -2,694 | 11,916 | 61.85 | 4.43 | 14,610 | 61.62 | 4.71 |
| Cyclical Goods & Services Total | -2,694 | 11,916 | 61.85 | 4.43 | 14,610 | 61.62 | 4.71 |
| Brookfield Corporation | 5,742 | 17,226 | 13.19 | 0.94 | 11,484 | 13.72 | 1.05 |
| Financial Services Total | 5,742 | 17,226 | 13.19 | 0.94 | 11,484 | 13.72 | 1.05 |
| European - Currency | 0 | 0 | 0.04 | 0.00 | 0 | 0.04 | 0.00 |
| Hong Kong - Currency | 0 | 0 | 0.09 | 0.01 | 0 | 0.10 | 0.01 |
| USA - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 19.50 | 1.49 |
| For Currency Total | 0 | 0 | 0.13 | 0.01 | 0 | 19.64 | 1.50 |
| The Bidvest Group Ltd. | 0 | 274,671 | 65.23 | 4.67 | 274,671 | 57.94 | 4.43 |
| General Industrials Total | 0 | 274,671 | 65.23 | 4.67 | 274,671 | 57.94 | 4.43 |
| Novo-Nordisk A/S | 0 | 25,995 | 22.02 | 1.58 | 25,995 | 24.93 | 1.91 |
| Healthcare Total | 0 | 25,995 | 22.02 | 1.58 | 25,995 | 24.93 | 1.91 |
| Anglo American plc | -10,000 | 101,422 | 69.48 | 4.98 | 111,422 | 71.87 | 5.49 |
| Glencore plc | 0 | 613,000 | 55.87 | 4.00 | 613,000 | 49.05 | 3.75 |
| Industrial Metals and Mining Total | -10,000 | 714,422 | 125.36 | 8.98 | 724,422 | 120.92 | 9.24 |
| Nedgroup Investments Global EM Eqt Feed - C | 0 | 2,646,408 | 41.44 | 2.97 | 2,646,408 | 40.77 | 3.12 |
| Nedgroup Inv Global Equity Feeder - C | 0 | 2,623,795 | 46.13 | 3.30 | 2,623,795 | 46.85 | 3.58 |
| International Total | 0 | 5,270,203 | 87.57 | 6.27 | 5,270,203 | 87.62 | 6.70 |
| Ninety One Ltd. | 0 | 720,000 | 34.42 | 2.47 | 720,000 | 32.75 | 2.50 |
| Quilter plc | 0 | 956,147 | 38.77 | 2.78 | 956,147 | 36.69 | 2.80 |
| Reinet Investments SCA | 0 | 60,392 | 35.03 | 2.51 | 60,392 | 30.53 | 2.33 |
| Remgro Ltd. | 0 | 367,605 | 66.76 | 4.78 | 367,605 | 62.08 | 4.74 |
| Investment Banking and Brokerage Services Total | 0 | 2,104,144 | 174.98 | 12.53 | 2,104,144 | 162.05 | 12.39 |
| Discovery Ltd. | 0 | 97,729 | 22.24 | 1.59 | 97,729 | 19.34 | 1.48 |
| Sanlam Ltd. | 0 | 318,627 | 31.38 | 2.25 | 318,627 | 26.45 | 2.02 |
| Life Insurance Total | 0 | 416,356 | 53.62 | 3.84 | 416,356 | 45.79 | 3.50 |
| Walt Disney Company | 3,727 | 16,172 | 30.84 | 2.21 | 12,445 | 24.69 | 1.89 |
| eMedia Holdings Ltd. | -154,247 | 0 | 0.00 | 0.00 | 154,247 | 0.27 | 0.02 |
| Media Total | -150,520 | 16,172 | 30.84 | 2.21 | 166,692 | 24.96 | 1.91 |
| Nedgroup Inv Money Market - B | 1 | 64 | 0.00 | 0.00 | 63 | 0.00 | 0.00 |
| Nedgroup Inv Money Market - C1 | 3,379 | 184,307 | 0.19 | 0.01 | 180,928 | 0.18 | 0.01 |
| Money Market Total | 3,380 | 184,371 | 0.19 | 0.01 | 180,991 | 0.18 | 0.01 |
| Bid Corporation Ltd. | 0 | 65,052 | 27.44 | 1.97 | 65,052 | 28.10 | 2.15 |
| The SPAR Group Ltd. | 40,000 | 350,171 | 33.44 | 2.40 | 310,171 | 29.99 | 2.29 |
| Personal Care, Drug and Grocery Stores Total | 40,000 | 415,223 | 60.88 | 4.36 | 375,223 | 58.09 | 4.44 |
| Compagnie Financière Richemont SA | -2,419 | 11,189 | 40.58 | 2.91 | 13,608 | 44.49 | 3.40 |
| Personal Goods Total | -2,419 | 11,189 | 40.58 | 2.91 | 13,608 | 44.49 | 3.40 |
| Aspen Pharmacare Holdings Ltd. | 0 | 188,875 | 22.06 | 1.58 | 188,875 | 18.13 | 1.39 |
| Pharmaceuticals and Biotechnology Total | 0 | 188,875 | 22.06 | 1.58 | 188,875 | 18.13 | 1.39 |
| Mr Price Group Ltd. | 0 | 91,562 | 16.02 | 1.15 | 91,562 | 18.71 | 1.43 |
| The Foschini Group Ltd. | 78,938 | 400,554 | 34.15 | 2.45 | 321,616 | 34.89 | 2.67 |
| Retailers Total | 78,938 | 492,116 | 50.17 | 3.59 | 413,178 | 53.60 | 4.10 |
| Bytes Technology Group plc | 79,000 | 473,408 | 38.57 | 2.76 | 394,408 | 36.26 | 2.77 |
| Prosus NV | 0 | 78,555 | 80.40 | 5.76 | 78,555 | 96.21 | 7.35 |
| Software and Computer Services Total | 79,000 | 551,963 | 118.97 | 8.52 | 472,963 | 132.47 | 10.13 |
| Amazon.Com | 0 | 6,786 | 26.10 | 1.87 | 6,786 | 26.06 | 1.99 |
| Fiserv Incorporated | 0 | 8,964 | 10.01 | 0.72 | 8,964 | 20.21 | 1.54 |
| Technology Total | 0 | 15,750 | 36.11 | 2.59 | 15,750 | 46.27 | 3.54 |
| MTN Group Ltd. | 0 | 211,326 | 35.82 | 2.57 | 211,326 | 29.64 | 2.27 |
| Telecommunications Service Providers Total | 0 | 211,326 | 35.82 | 2.57 | 211,326 | 29.64 | 2.27 |
| British American Tobacco plc | 0 | 55,930 | 53.40 | 3.82 | 55,930 | 50.94 | 3.89 |
| Tobacco Total | 0 | 55,930 | 53.40 | 3.82 | 55,930 | 50.94 | 3.89 |
| Portfolio Total | -13,330 | 12,998,000 | 1,396.32 | 100.00 | 13,011,330 | 1,308.32 | 100.00 |