| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Bollore Logistics | 0 | 60,000 | 6.44 | 3.71 | 60,000 | 6.96 | 3.79 |
| Auto Total | 0 | 60,000 | 6.44 | 3.71 | 60,000 | 6.96 | 3.79 |
| Absa Group Ltd. | -10,000 | 20,000 | 3.54 | 2.04 | 30,000 | 5.69 | 3.10 |
| ATLAS MARA LIMITED | 0 | 713,212 | 1.25 | 0.72 | 713,212 | 1.28 | 0.70 |
| Banks Total | -10,000 | 733,212 | 4.79 | 2.76 | 743,212 | 6.97 | 3.80 |
| African Minerals Limited | 0 | 100,000 | 2.63 | 1.51 | 100,000 | 2.59 | 1.41 |
| Basic Resources Total | 0 | 100,000 | 2.63 | 1.51 | 100,000 | 2.59 | 1.41 |
| Cash on call | 0 | 0 | 17.27 | 9.95 | 0 | 21.60 | 11.77 |
| Cash on call Total | 0 | 0 | 17.27 | 9.95 | 0 | 21.60 | 11.77 |
| Sasol Ltd. | 30,000 | 30,000 | 2.30 | 1.32 | 0 | 0.00 | 0.00 |
| Chemicals Total | 30,000 | 30,000 | 2.30 | 1.32 | 0 | 0.00 | 0.00 |
| Astoria Investment Ltd. | 0 | 274,649 | 2.06 | 1.19 | 274,649 | 2.27 | 1.23 |
| Closed End Investments Total | 0 | 274,649 | 2.06 | 1.19 | 274,649 | 2.27 | 1.23 |
| Aveng Ltd. | 100,000 | 680,237 | 4.91 | 2.83 | 580,237 | 7.31 | 3.98 |
| Raubex Group Ltd. | 0 | 140,000 | 6.17 | 3.55 | 140,000 | 7.42 | 4.04 |
| Trellidor Holdings Ltd. | 0 | 2,321,606 | 4.67 | 2.69 | 2,321,606 | 4.04 | 2.20 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 25,000 | 4.51 | 2.60 | 25,000 | 5.83 | 3.18 |
| Construction and Materials Total | 100,000 | 3,166,843 | 20.26 | 11.67 | 3,066,843 | 24.60 | 13.40 |
| Zeda Ltd. | 0 | 300,000 | 3.34 | 1.92 | 300,000 | 3.99 | 2.17 |
| Consumer Services Total | 0 | 300,000 | 3.34 | 1.92 | 300,000 | 3.99 | 2.17 |
| Louisiana-Pacific | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 1.18 | 0.64 |
| Cyclical Goods & Services Total | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 1.18 | 0.64 |
| Nexgen Energy Ltd | 7,000 | 27,000 | 2.23 | 1.28 | 20,000 | 2.49 | 1.36 |
| Uranium Energy Corp | 75,000 | 75,000 | 2.43 | 1.40 | 0 | 0.00 | 0.00 |
| Energy Total | 82,000 | 102,000 | 4.66 | 2.68 | 20,000 | 2.49 | 1.36 |
| iShares MSCI Brazil Index Fund | 0 | 10,000 | 4.75 | 2.74 | 10,000 | 4.25 | 2.31 |
| Sprott physical gold and silver trust | 0 | 100,000 | 2.31 | 1.33 | 100,000 | 2.48 | 1.35 |
| Equities Total | 0 | 110,000 | 7.07 | 4.07 | 110,000 | 6.73 | 3.66 |
| Ambev SA | 100,000 | 100,000 | 4.29 | 2.47 | 0 | 0.00 | 0.00 |
| Budweiser Brewing Company APAC Ltd | 200,000 | 200,000 | 4.43 | 2.55 | 0 | 0.00 | 0.00 |
| Food & Beverage Total | 300,000 | 300,000 | 8.72 | 5.02 | 0 | 0.00 | 0.00 |
| Canada - Currency | 0 | 0 | 0.07 | 0.04 | 0 | 0.08 | 0.04 |
| European - Currency | 0 | 0 | 0.01 | 0.01 | 0 | 0.10 | 0.05 |
| Hong Kong - Currency | 0 | 0 | 0.15 | 0.09 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.02 | 0.01 | 0 | 0.00 | 0.00 |
| USA - Currency | 0 | 0 | 1.26 | 0.73 | 0 | 5.16 | 2.81 |
| For Currency Total | 0 | 0 | 1.53 | 0.88 | 0 | 5.33 | 2.90 |
| Foreign - Equities | 0 | 0 | 28.65 | 16.50 | 0 | 21.68 | 11.81 |
| Foreign Invest Total | 0 | 0 | 28.65 | 16.50 | 0 | 21.68 | 11.81 |
| York Timber Holdings Ltd. | 0 | 1,854,836 | 3.93 | 2.26 | 1,854,836 | 4.27 | 2.32 |
| Industrial Materials Total | 0 | 1,854,836 | 3.93 | 2.26 | 1,854,836 | 4.27 | 2.32 |
| African Rainbow Minerals Ltd. | 10,000 | 40,000 | 5.84 | 3.36 | 30,000 | 4.51 | 2.46 |
| Glencore plc | 32,000 | 72,000 | 4.84 | 2.79 | 40,000 | 3.34 | 1.82 |
| Master Drilling Group Ltd. | -75,314 | 274,686 | 4.04 | 2.33 | 350,000 | 4.76 | 2.59 |
| Industrial Metals and Mining Total | -33,314 | 386,686 | 14.72 | 8.47 | 420,000 | 12.61 | 6.87 |
| Bell Equipment Ltd. | 0 | 130,000 | 4.78 | 2.75 | 130,000 | 5.28 | 2.88 |
| Industrial Transportation Total | 0 | 130,000 | 4.78 | 2.75 | 130,000 | 5.28 | 2.88 |
| Fairfax India Holdings Corp | 0 | 17,000 | 5.23 | 3.01 | 17,000 | 5.13 | 2.80 |
| Insurance Total | 0 | 17,000 | 5.23 | 3.01 | 17,000 | 5.13 | 2.80 |
| Hosken Consolidated Investments Ltd. | 0 | 35,000 | 4.72 | 2.72 | 35,000 | 5.74 | 3.13 |
| JSE Ltd. | -30,000 | 0 | 0.00 | 0.00 | 30,000 | 3.62 | 1.97 |
| Investment Banking and Brokerage Services Total | -30,000 | 35,000 | 4.72 | 2.72 | 65,000 | 9.36 | 5.10 |
| Havas Advertising | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 1.27 | 0.69 |
| Vivendi | 0 | 40,000 | 2.19 | 1.26 | 40,000 | 2.01 | 1.10 |
| Media Total | -40,000 | 40,000 | 2.19 | 1.26 | 80,000 | 3.28 | 1.79 |
| Valaris Plc | 5,000 | 5,000 | 3.61 | 2.08 | 0 | 0.00 | 0.00 |
| Oil and Gas Total | 5,000 | 5,000 | 3.61 | 2.08 | 0 | 0.00 | 0.00 |
| Jubilee Metals Group plc | 0 | 3,000,000 | 2.46 | 1.42 | 3,000,000 | 2.64 | 1.44 |
| Pan African Resources plc | -300,000 | 0 | 0.00 | 0.00 | 300,000 | 2.46 | 1.34 |
| Sibanye Stillwater Ltd. | 0 | 100,000 | 2.08 | 1.20 | 100,000 | 1.50 | 0.82 |
| Precious Metals and Mining Total | -300,000 | 3,100,000 | 4.54 | 2.62 | 3,400,000 | 6.60 | 3.59 |
| Goldrush Holdings Ltd. | 0 | 341,070 | 1.87 | 1.08 | 341,070 | 2.22 | 1.21 |
| Preference Shares Total | 0 | 341,070 | 1.87 | 1.08 | 341,070 | 2.22 | 1.21 |
| CA Sales Holdings Ltd. | 0 | 450,000 | 7.65 | 4.40 | 450,000 | 7.29 | 3.97 |
| KAL Group Ltd. | 0 | 192,447 | 7.79 | 4.49 | 192,447 | 9.81 | 5.35 |
| Retailers Total | 0 | 642,447 | 15.44 | 8.89 | 642,447 | 17.10 | 9.32 |
| CTS Corporation | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 1.92 | 1.05 |
| IAC Interactive | 0 | 32,000 | 2.92 | 1.68 | 32,000 | 3.50 | 1.90 |
| Technology Total | -40,000 | 32,000 | 2.92 | 1.68 | 72,000 | 5.42 | 2.95 |
| Mustek Ltd. | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 1.59 | 0.87 |
| Technology Hardware and Equipment Total | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 1.59 | 0.87 |
| Sun International Ltd. | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 4.35 | 2.37 |
| Travel and Leisure Total | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 4.35 | 2.37 |
| Portfolio Total | -176,314 | 11,760,743 | 173.67 | 100.00 | 11,937,057 | 183.59 | 100.00 |