| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Auto1 Group SE | -161,685 | 780,554 | 438.01 | 3.45 | 942,239 | 380.75 | 3.40 |
| Rolls-Royce Plc | -784,080 | 0 | 0.00 | 0.00 | 784,080 | 139.53 | 1.25 |
| Wizz Air Holdings | -566,909 | 0 | 0.00 | 0.00 | 566,909 | 201.20 | 1.80 |
| Auto Total | -1,512,674 | 780,554 | 438.01 | 3.45 | 2,293,228 | 721.48 | 6.45 |
| Capitec Bank Holdings Ltd. | 8,623 | 107,096 | 380.29 | 2.99 | 98,473 | 305.53 | 2.73 |
| FirstRand Ltd. | -13,799 | 3,122,340 | 236.33 | 1.86 | 3,136,139 | 225.30 | 2.01 |
| Standard Bank Group Ltd. | 332,912 | 1,520,005 | 345.85 | 2.72 | 1,187,093 | 284.20 | 2.54 |
| Nu Holdings Ltd | -82,770 | 624,311 | 151.72 | 1.19 | 707,081 | 131.15 | 1.17 |
| Banks Total | 244,966 | 5,373,752 | 1,114.19 | 8.77 | 5,128,786 | 946.18 | 8.45 |
| Anheuser-Busch InBev SA/NV | -137,398 | 0 | 0.00 | 0.00 | 137,398 | 155.34 | 1.39 |
| Beverages Total | -137,398 | 0 | 0.00 | 0.00 | 137,398 | 155.34 | 1.39 |
| Cash on call | 0 | 0 | 63.21 | 0.50 | 0 | 92.04 | 0.82 |
| Cash on call Total | 0 | 0 | 63.21 | 0.50 | 0 | 92.04 | 0.82 |
| ADvTECH Ltd. | 27,768 | 5,790,100 | 189.39 | 1.49 | 5,762,332 | 189.81 | 1.70 |
| Melco Resorts and Entertainment Ltd | -1,284,164 | 0 | 0.00 | 0.00 | 1,284,164 | 123.05 | 1.10 |
| Consumer Services Total | -1,256,396 | 5,790,100 | 189.39 | 1.49 | 7,046,496 | 312.86 | 2.80 |
| Entain Plc | -13,920 | 1,058,691 | 232.55 | 1.83 | 1,072,611 | 149.52 | 1.34 |
| Flutter Entertainment | -10,777 | 32,079 | 160.77 | 1.27 | 42,856 | 171.99 | 1.54 |
| JDcom | -188,404 | 0 | 0.00 | 0.00 | 188,404 | 141.24 | 1.26 |
| Melco Crown Entertainment Ltd | 1,102,189 | 1,102,189 | 139.95 | 1.10 | 0 | 0.00 | 0.00 |
| Tencent Holdings Ltd | -703,310 | 0 | 0.00 | 0.00 | 703,310 | 184.59 | 1.65 |
| Cyclical Goods & Services Total | 185,778 | 2,192,959 | 533.28 | 4.20 | 2,007,181 | 647.33 | 5.78 |
| Equity Derivative | 0 | 0 | 317.60 | 2.50 | 0 | 233.03 | 2.08 |
| Derivatives Total | 0 | 0 | 317.60 | 2.50 | 0 | 233.03 | 2.08 |
| Block Inc | -151,521 | 0 | 0.00 | 0.00 | 151,521 | 149.09 | 1.33 |
| Charles Schwab Corp | -15,421 | 138,062 | 222.96 | 1.75 | 153,483 | 219.65 | 1.96 |
| Interactive Brokers Group | 151,513 | 151,513 | 147.28 | 1.16 | 0 | 0.00 | 0.00 |
| Mercadolibre Inc | -4,018 | 0 | 0.00 | 0.00 | 4,018 | 142.65 | 1.27 |
| ST James Place | 6,658 | 1,452,352 | 420.55 | 3.31 | 1,445,694 | 332.90 | 2.97 |
| Financial Services Total | -12,789 | 1,741,927 | 790.80 | 6.22 | 1,754,716 | 844.29 | 7.54 |
| Foreign - Equities | 0 | 0 | 2,724.30 | 21.44 | 0 | 1,033.29 | 9.23 |
| Foreign Invest Total | 0 | 0 | 2,724.30 | 21.44 | 0 | 1,033.29 | 9.23 |
| Financials positions individually less than 1% of fund | 0 | 0 | 279.38 | 2.20 | 0 | 324.57 | 2.90 |
| General Financial Total | 0 | 0 | 279.38 | 2.20 | 0 | 324.57 | 2.90 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 610.93 | 4.81 | 0 | 525.36 | 4.69 |
| Mondi plc | -50,381 | 729,683 | 212.40 | 1.67 | 780,064 | 212.33 | 1.90 |
| General Industrials Total | -50,381 | 729,683 | 823.32 | 6.48 | 780,064 | 737.70 | 6.59 |
| Airbus Group NV | -4,974 | 49,613 | 183.46 | 1.44 | 54,587 | 176.53 | 1.58 |
| ASML Holding NV | -1,400 | 10,797 | 152.62 | 1.20 | 12,197 | 146.84 | 1.31 |
| Coupang Inc | -169,746 | 366,857 | 196.92 | 1.55 | 536,603 | 214.11 | 1.91 |
| Ryanair Holdings plc | -18,829 | 126,953 | 130.38 | 1.03 | 145,782 | 112.50 | 1.01 |
| Goods & Services Total | -194,949 | 554,220 | 663.38 | 5.22 | 749,169 | 649.99 | 5.81 |
| Glencore plc | 2,360,473 | 2,360,473 | 164.17 | 1.29 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 2,360,473 | 2,360,473 | 164.17 | 1.29 | 0 | 0.00 | 0.00 |
| Elevance Health Inc | 30,263 | 30,263 | 208.24 | 1.64 | 0 | 0.00 | 0.00 |
| Insurance Total | 30,263 | 30,263 | 208.24 | 1.64 | 0 | 0.00 | 0.00 |
| PSG Financial Services Ltd. | 605,897 | 7,350,322 | 162.66 | 1.28 | 6,744,425 | 121.80 | 1.09 |
| Quilter plc | -271,354 | 4,302,153 | 163.57 | 1.29 | 4,573,507 | 159.84 | 1.43 |
| Investment Banking and Brokerage Services Total | 334,543 | 11,652,475 | 326.23 | 2.57 | 11,317,932 | 281.65 | 2.52 |
| Warner Bros. Discovery International | -25,650 | 855,032 | 174.06 | 1.37 | 880,682 | 166.75 | 1.49 |
| Media Total | -25,650 | 855,032 | 174.06 | 1.37 | 880,682 | 166.75 | 1.49 |
| Resources positions individually less than 1% of fund | 0 | 0 | 218.11 | 1.72 | 0 | 276.45 | 2.47 |
| Mining Total | 0 | 0 | 218.11 | 1.72 | 0 | 276.45 | 2.47 |
| Bid Corporation Ltd. | -79,707 | 389,513 | 182.07 | 1.43 | 469,220 | 206.20 | 1.84 |
| Dis-Chem Pharmacies Ltd. | -192,266 | 6,618,898 | 213.79 | 1.68 | 6,811,164 | 206.38 | 1.84 |
| Shoprite Holdings Ltd. | 29,767 | 576,276 | 159.60 | 1.26 | 546,509 | 149.04 | 1.33 |
| Personal Care, Drug and Grocery Stores Total | -242,206 | 7,584,687 | 555.46 | 4.37 | 7,826,893 | 561.62 | 5.02 |
| Compagnie Financière Richemont SA | 28,942 | 73,093 | 243.47 | 1.92 | 44,151 | 139.95 | 1.25 |
| Personal Goods Total | 28,942 | 73,093 | 243.47 | 1.92 | 44,151 | 139.95 | 1.25 |
| Aspen Pharmacare Holdings Ltd. | 1,080,966 | 1,080,966 | 129.16 | 1.02 | 0 | 0.00 | 0.00 |
| Pharmaceuticals and Biotechnology Total | 1,080,966 | 1,080,966 | 129.16 | 1.02 | 0 | 0.00 | 0.00 |
| AngloGold Ashanti plc | -57,040 | 182,584 | 146.23 | 1.15 | 239,624 | 164.58 | 1.47 |
| Northam Platinum Holdings Ltd. | -304,962 | 1,392,347 | 266.93 | 2.10 | 1,697,309 | 222.21 | 1.99 |
| Precious Metals and Mining Total | -362,002 | 1,574,931 | 413.16 | 3.25 | 1,936,933 | 386.79 | 3.46 |
| Property positions individually less than 1% of fund | 0 | 0 | 15.96 | 0.13 | 0 | 30.28 | 0.27 |
| Real Estate Total | 0 | 0 | 15.96 | 0.13 | 0 | 30.28 | 0.27 |
| Skechers | -168,526 | 0 | 0.00 | 0.00 | 168,526 | 173.14 | 1.55 |
| Retail Total | -168,526 | 0 | 0.00 | 0.00 | 168,526 | 173.14 | 1.55 |
| Pepkor Holdings Ltd. | -596,331 | 5,125,858 | 139.58 | 1.10 | 5,722,189 | 146.09 | 1.31 |
| We Buy Cars Holdings Ltd. | -92,104 | 4,788,554 | 286.83 | 2.26 | 4,880,658 | 205.57 | 1.84 |
| Retailers Total | -688,435 | 9,914,412 | 426.41 | 3.36 | 10,602,847 | 351.66 | 3.14 |
| Naspers Ltd. | -28,687 | 130,241 | 718.33 | 5.65 | 158,928 | 718.04 | 6.42 |
| Prosus NV | -25,170 | 322,777 | 320.07 | 2.52 | 347,947 | 292.83 | 2.62 |
| Software and Computer Services Total | -53,857 | 453,018 | 1,038.40 | 8.17 | 506,875 | 1,010.87 | 9.03 |
| Adyen N.V. | -5,350 | 0 | 0.00 | 0.00 | 5,350 | 149.44 | 1.34 |
| Amazon.Com | 3,254 | 39,761 | 156.31 | 1.23 | 36,507 | 124.83 | 1.12 |
| Meta Platforms Inc | -3,155 | 11,515 | 151.68 | 1.19 | 14,670 | 151.77 | 1.36 |
| Spotify Technology | -18,612 | 0 | 0.00 | 0.00 | 18,612 | 182.92 | 1.63 |
| Taiwan Semiconductors | 667 | 52,115 | 209.48 | 1.65 | 51,448 | 154.91 | 1.38 |
| Technology Total | -23,196 | 103,391 | 517.46 | 4.07 | 126,587 | 763.88 | 6.82 |
| Sea Ltd. (Singapore) | -18,499 | 62,363 | 176.42 | 1.39 | 80,862 | 189.41 | 1.69 |
| Telecom Total | -18,499 | 62,363 | 176.42 | 1.39 | 80,862 | 189.41 | 1.69 |
| MTN Group Ltd. | -153,141 | 1,164,685 | 164.03 | 1.29 | 1,317,826 | 162.40 | 1.45 |
| Telecommunications Service Providers Total | -153,141 | 1,164,685 | 164.03 | 1.29 | 1,317,826 | 162.40 | 1.45 |
| Portfolio Total | -634,168 | 54,072,984 | 12,707.61 | 100.00 | 54,707,152 | 11,192.94 | 100.00 |