| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Bollore Logistics | 0 | 70,000 | 4.45 | 2.66 | 70,000 | 4.81 | 2.99 |
| Auto Total | 0 | 70,000 | 4.45 | 2.66 | 70,000 | 4.81 | 2.99 |
| Absa Group Ltd. | 30,000 | 30,000 | 4.75 | 2.84 | 0 | 0.00 | 0.00 |
| ATLAS MARA LIMITED | 513,212 | 713,212 | 1.24 | 0.74 | 200,000 | 5.06 | 3.14 |
| Banks Total | 543,212 | 743,212 | 5.99 | 3.58 | 200,000 | 5.06 | 3.14 |
| African Minerals Limited | -75,000 | 50,000 | 1.63 | 0.97 | 125,000 | 4.17 | 2.59 |
| Basic Resources Total | -75,000 | 50,000 | 1.63 | 0.97 | 125,000 | 4.17 | 2.59 |
| Cash on call | 0 | 0 | 12.49 | 7.46 | 0 | 22.09 | 13.71 |
| Cash on call Total | 0 | 0 | 12.49 | 7.46 | 0 | 22.09 | 13.71 |
| AECI Ltd. | 0 | 35,000 | 3.78 | 2.26 | 35,000 | 3.25 | 2.02 |
| Chemicals Total | 0 | 35,000 | 3.78 | 2.26 | 35,000 | 3.25 | 2.02 |
| Astoria Investment Ltd. | 80,400 | 274,649 | 2.22 | 1.33 | 194,249 | 1.56 | 0.97 |
| Closed End Investments Total | 80,400 | 274,649 | 2.22 | 1.33 | 194,249 | 1.56 | 0.97 |
| Aveng Ltd. | 0 | 580,237 | 4.03 | 2.40 | 580,237 | 3.43 | 2.13 |
| Raubex Group Ltd. | -30,000 | 180,000 | 7.20 | 4.30 | 210,000 | 6.49 | 4.03 |
| Trellidor Holdings Ltd. | 0 | 2,321,606 | 4.74 | 2.83 | 2,321,606 | 3.46 | 2.15 |
| Wilson Bayly Holmes - Ovcon Ltd. | 30,000 | 30,000 | 4.80 | 2.87 | 0 | 0.00 | 0.00 |
| Construction and Materials Total | 0 | 3,111,843 | 20.77 | 12.40 | 3,111,843 | 13.38 | 8.30 |
| Zeda Ltd. | 350,000 | 350,000 | 4.32 | 2.58 | 0 | 0.00 | 0.00 |
| Consumer Services Total | 350,000 | 350,000 | 4.32 | 2.58 | 0 | 0.00 | 0.00 |
| Sprott physical gold and silver trust | 0 | 100,000 | 4.08 | 2.44 | 100,000 | 4.66 | 2.89 |
| Equities Total | 0 | 100,000 | 4.08 | 2.44 | 100,000 | 4.66 | 2.89 |
| Canada - Currency | 0 | 0 | 0.08 | 0.05 | 0 | 4.98 | 3.09 |
| European - Currency | 0 | 0 | 3.03 | 1.81 | 0 | 0.02 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 1.47 | 0.88 | 0 | 0.11 | 0.07 |
| USA - Currency | 0 | 0 | 3.57 | 2.13 | 0 | 3.67 | 2.28 |
| For Currency Total | 0 | 0 | 8.14 | 4.86 | 0 | 8.77 | 5.44 |
| Foreign - Equities | 0 | 0 | 15.48 | 9.24 | 0 | 24.87 | 15.44 |
| Foreign Invest Total | 0 | 0 | 15.48 | 9.24 | 0 | 24.87 | 15.44 |
| York Timber Holdings Ltd. | 0 | 1,854,836 | 3.17 | 1.89 | 1,854,836 | 3.04 | 1.89 |
| Industrial Materials Total | 0 | 1,854,836 | 3.17 | 1.89 | 1,854,836 | 3.04 | 1.89 |
| African Rainbow Minerals Ltd. | 20,000 | 20,000 | 4.54 | 2.71 | 0 | 0.00 | 0.00 |
| Glencore plc | 0 | 40,000 | 4.17 | 2.49 | 40,000 | 4.18 | 2.60 |
| Master Drilling Group Ltd. | 0 | 500,000 | 6.00 | 3.58 | 500,000 | 6.15 | 3.82 |
| Industrial Metals and Mining Total | 20,000 | 560,000 | 14.71 | 8.79 | 540,000 | 10.33 | 6.41 |
| Bell Equipment Ltd. | -36,231 | 130,000 | 3.87 | 2.31 | 166,231 | 4.12 | 2.56 |
| Grindrod Ltd. | -400,000 | 0 | 0.00 | 0.00 | 400,000 | 5.19 | 3.22 |
| Industrial Transportation Total | -436,231 | 130,000 | 3.87 | 2.31 | 566,231 | 9.31 | 5.78 |
| Fairfax India Holdings Corp | -33,000 | 17,000 | 4.47 | 2.67 | 50,000 | 4.22 | 2.62 |
| Insurance Total | -33,000 | 17,000 | 4.47 | 2.67 | 50,000 | 4.22 | 2.62 |
| Hosken Consolidated Investments Ltd. | 10,000 | 35,000 | 6.14 | 3.67 | 25,000 | 4.30 | 2.67 |
| JSE Ltd. | 50,000 | 50,000 | 5.44 | 3.25 | 0 | 0.00 | 0.00 |
| Investment Banking and Brokerage Services Total | 60,000 | 85,000 | 11.58 | 6.91 | 25,000 | 4.30 | 2.67 |
| The SPAR Group Ltd. | 40,000 | 40,000 | 4.73 | 2.83 | 0 | 0.00 | 0.00 |
| Personal Care, Drug and Grocery Stores Total | 40,000 | 40,000 | 4.73 | 2.83 | 0 | 0.00 | 0.00 |
| Pan African Resources plc | 0 | 748,888 | 4.53 | 2.71 | 748,888 | 4.04 | 2.50 |
| Sibanye Stillwater Ltd. | 0 | 100,000 | 1.97 | 1.18 | 100,000 | 2.17 | 1.35 |
| Precious Metals and Mining Total | 0 | 848,888 | 6.50 | 3.88 | 848,888 | 6.21 | 3.85 |
| Goldrush Holdings Ltd. | 0 | 341,070 | 2.73 | 1.63 | 341,070 | 2.80 | 1.74 |
| Preference Shares Total | 0 | 341,070 | 2.73 | 1.63 | 341,070 | 2.80 | 1.74 |
| CA Sales Holdings Ltd. | 0 | 550,000 | 6.90 | 4.12 | 550,000 | 6.25 | 3.88 |
| KAL Group Ltd. | 0 | 192,447 | 9.14 | 5.46 | 192,447 | 7.70 | 4.78 |
| Retailers Total | 0 | 742,447 | 16.04 | 9.58 | 742,447 | 13.95 | 8.65 |
| CTS Corporation | 0 | 60,000 | 6.43 | 3.84 | 60,000 | 7.60 | 4.71 |
| IAC Interactive | 0 | 32,000 | 4.21 | 2.52 | 32,000 | 4.85 | 3.01 |
| Technology Total | 0 | 92,000 | 10.65 | 6.36 | 92,000 | 12.44 | 7.72 |
| Mustek Ltd. | 0 | 200,000 | 1.96 | 1.17 | 200,000 | 1.93 | 1.20 |
| Technology Hardware and Equipment Total | 0 | 200,000 | 1.96 | 1.17 | 200,000 | 1.93 | 1.20 |
| Sun International Ltd. | 100,000 | 100,000 | 3.70 | 2.21 | 0 | 0.00 | 0.00 |
| Travel and Leisure Total | 100,000 | 100,000 | 3.70 | 2.21 | 0 | 0.00 | 0.00 |
| Portfolio Total | 649,381 | 9,745,945 | 167.47 | 100.00 | 9,096,564 | 161.16 | 100.00 |