| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Bollore Logistics | 60,000 | 130,000 | 12.13 | 5.54 | 70,000 | 7.78 | 4.06 |
| Auto Total | 60,000 | 130,000 | 12.13 | 5.54 | 70,000 | 7.78 | 4.06 |
| Absa Group Ltd. | 8,000 | 30,000 | 7.18 | 3.28 | 22,000 | 3.87 | 2.02 |
| Nedbank Group Ltd. | 20,000 | 20,000 | 5.33 | 2.43 | 0 | 0.00 | 0.00 |
| ATLAS MARA LIMITED | 0 | 713,212 | 1.12 | 0.51 | 713,212 | 1.20 | 0.63 |
| Banks Total | 28,000 | 763,212 | 13.63 | 6.22 | 735,212 | 5.08 | 2.65 |
| Cash on call | 0 | 0 | 22.75 | 10.39 | 0 | 19.41 | 10.12 |
| Cash on call Total | 0 | 0 | 22.75 | 10.39 | 0 | 19.41 | 10.12 |
| Sasol Ltd. | -15,000 | 30,000 | 3.19 | 1.46 | 45,000 | 3.54 | 1.85 |
| Chemicals Total | -15,000 | 30,000 | 3.19 | 1.46 | 45,000 | 3.54 | 1.85 |
| Astoria Investment Ltd. | -297,193 | 0 | 0.00 | 0.00 | 297,193 | 2.08 | 1.08 |
| Closed End Investments Total | -297,193 | 0 | 0.00 | 0.00 | 297,193 | 2.08 | 1.08 |
| Aveng Ltd. | 0 | 681,150 | 4.44 | 2.03 | 681,150 | 4.07 | 2.12 |
| Calgro M3 Holdings Ltd. | 750,000 | 750,000 | 3.58 | 1.63 | 0 | 0.00 | 0.00 |
| Raubex Group Ltd. | 20,000 | 150,000 | 6.68 | 3.05 | 130,000 | 5.79 | 3.01 |
| Trellidor Holdings Ltd. | 300,000 | 2,621,606 | 4.93 | 2.25 | 2,321,606 | 4.46 | 2.32 |
| Wilson Bayly Holmes - Ovcon Ltd. | 15,000 | 40,000 | 6.68 | 3.05 | 25,000 | 4.62 | 2.41 |
| Construction and Materials Total | 1,085,000 | 4,242,756 | 26.31 | 12.02 | 3,157,756 | 18.93 | 9.86 |
| Zeda Ltd. | 0 | 400,000 | 5.64 | 2.58 | 400,000 | 4.92 | 2.57 |
| Consumer Services Total | 0 | 400,000 | 5.64 | 2.58 | 400,000 | 4.92 | 2.57 |
| Nexgen Energy Ltd | 0 | 35,000 | 5.34 | 2.44 | 35,000 | 4.32 | 2.25 |
| Uranium Energy Corp | -85,000 | 15,000 | 4.91 | 2.24 | 100,000 | 4.44 | 2.32 |
| Energy Total | -85,000 | 50,000 | 10.25 | 4.68 | 135,000 | 8.76 | 4.57 |
| Sprott physical gold and silver trust | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 2.47 | 1.29 |
| Equities Total | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 2.47 | 1.29 |
| Canada - Currency | 0 | 0 | 33.47 | 15.29 | 0 | 0.06 | 0.03 |
| European - Currency | 0 | 0 | 0.14 | 0.06 | 0 | 1.08 | 0.56 |
| Hong Kong - Currency | 0 | 0 | 0.19 | 0.09 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.02 | 0.01 | 0 | 2.59 | 1.35 |
| USA - Currency | 0 | 0 | 9.27 | 4.24 | 0 | 13.00 | 6.78 |
| For Currency Total | 0 | 0 | 43.09 | 19.68 | 0 | 16.73 | 8.72 |
| Foreign - Equities | 0 | 0 | 0.00 | 0.00 | 0 | 32.31 | 16.84 |
| Foreign Invest Total | 0 | 0 | 0.00 | 0.00 | 0 | 32.31 | 16.84 |
| York Timber Holdings Ltd. | 0 | 1,933,429 | 4.27 | 1.95 | 1,933,429 | 3.87 | 2.02 |
| Industrial Materials Total | 0 | 1,933,429 | 4.27 | 1.95 | 1,933,429 | 3.87 | 2.02 |
| African Rainbow Minerals Ltd. | 0 | 40,000 | 7.96 | 3.63 | 40,000 | 6.88 | 3.59 |
| Glencore plc | 8,000 | 90,000 | 8.20 | 3.75 | 82,000 | 5.70 | 2.97 |
| Master Drilling Group Ltd. | 0 | 262,881 | 4.21 | 1.92 | 262,881 | 4.20 | 2.19 |
| Industrial Metals and Mining Total | 8,000 | 392,881 | 20.37 | 9.30 | 384,881 | 16.78 | 8.75 |
| Bell Equipment Ltd. | -6,551 | 123,449 | 5.18 | 2.37 | 130,000 | 5.23 | 2.72 |
| Grindrod Ltd. | -60,000 | 0 | 0.00 | 0.00 | 60,000 | 0.75 | 0.39 |
| Industrial Transportation Total | -66,551 | 123,449 | 5.18 | 2.37 | 190,000 | 5.97 | 3.11 |
| Fairfax India Holdings Corp | 0 | 17,000 | 4.93 | 2.25 | 17,000 | 5.59 | 2.91 |
| Insurance Total | 0 | 17,000 | 4.93 | 2.25 | 17,000 | 5.59 | 2.91 |
| Hosken Consolidated Investments Ltd. | 40,000 | 85,000 | 13.26 | 6.06 | 45,000 | 5.73 | 2.98 |
| Investment Banking and Brokerage Services Total | 40,000 | 85,000 | 13.26 | 6.06 | 45,000 | 5.73 | 2.98 |
| Valaris Plc | 0 | 5,000 | 4.18 | 1.91 | 5,000 | 3.74 | 1.95 |
| Oil and Gas Total | 0 | 5,000 | 4.18 | 1.91 | 5,000 | 3.74 | 1.95 |
| Jubilee Metals Group plc | 1,000,000 | 4,000,000 | 3.24 | 1.48 | 3,000,000 | 2.55 | 1.33 |
| Sibanye Stillwater Ltd. | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 3.23 | 1.68 |
| Valterra Platinum Ltd. | -5,000 | 0 | 0.00 | 0.00 | 5,000 | 3.95 | 2.06 |
| Precious Metals and Mining Total | 895,000 | 4,000,000 | 3.24 | 1.48 | 3,105,000 | 9.73 | 5.07 |
| Goldrush Holdings Ltd. | 35,663 | 387,393 | 2.70 | 1.24 | 351,730 | 2.81 | 1.47 |
| Preference Shares Total | 35,663 | 387,393 | 2.70 | 1.24 | 351,730 | 2.81 | 1.47 |
| CA Sales Holdings Ltd. | -52,660 | 350,000 | 5.19 | 2.37 | 402,660 | 6.91 | 3.60 |
| KAL Group Ltd. | 0 | 207,796 | 10.39 | 4.75 | 207,796 | 8.73 | 4.55 |
| Retailers Total | -52,660 | 557,796 | 15.58 | 7.12 | 610,456 | 15.64 | 8.15 |
| Famous Brands Ltd. | 100,000 | 100,000 | 5.35 | 2.44 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | 75,000 | 75,000 | 2.90 | 1.32 | 0 | 0.00 | 0.00 |
| Travel and Leisure Total | 175,000 | 175,000 | 8.25 | 3.77 | 0 | 0.00 | 0.00 |
| Portfolio Total | 1,710,259 | 13,292,916 | 218.95 | 100.00 | 11,582,657 | 191.88 | 100.00 |