| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Auto1 Group SE | -891,475 | 942,239 | 380.75 | 3.40 | 1,833,714 | 560.77 | 4.94 |
| Rolls-Royce Plc | 784,080 | 784,080 | 139.53 | 1.25 | 0 | 0.00 | 0.00 |
| Wizz Air Holdings | 85,074 | 566,909 | 201.20 | 1.80 | 481,835 | 163.88 | 1.44 |
| Auto Total | -22,321 | 2,293,228 | 721.48 | 6.45 | 2,315,549 | 724.65 | 6.39 |
| Capitec Bank Holdings Ltd. | 1,700 | 98,473 | 305.53 | 2.73 | 96,773 | 303.32 | 2.67 |
| FirstRand Ltd. | -1,529,706 | 3,136,139 | 225.30 | 2.01 | 4,665,845 | 354.42 | 3.12 |
| Standard Bank Group Ltd. | 278,697 | 1,187,093 | 284.20 | 2.54 | 908,396 | 201.45 | 1.78 |
| Nu Holdings Ltd | 707,081 | 707,081 | 131.15 | 1.17 | 0 | 0.00 | 0.00 |
| Banks Total | -542,228 | 5,128,786 | 946.18 | 8.45 | 5,671,014 | 859.18 | 7.58 |
| Anheuser-Busch InBev SA/NV | 137,398 | 137,398 | 155.34 | 1.39 | 0 | 0.00 | 0.00 |
| Beverages Total | 137,398 | 137,398 | 155.34 | 1.39 | 0 | 0.00 | 0.00 |
| Cash on call | 0 | 0 | 92.04 | 0.82 | 0 | 203.40 | 1.79 |
| Cash on call Total | 0 | 0 | 92.04 | 0.82 | 0 | 203.40 | 1.79 |
| ADvTECH Ltd. | 231,386 | 5,762,332 | 189.81 | 1.70 | 5,530,946 | 187.17 | 1.65 |
| Melco Resorts and Entertainment Ltd | 1,284,164 | 1,284,164 | 123.05 | 1.10 | 0 | 0.00 | 0.00 |
| Consumer Services Total | 1,515,550 | 7,046,496 | 312.86 | 2.80 | 5,530,946 | 187.17 | 1.65 |
| Accor SA | -137,615 | 0 | 0.00 | 0.00 | 137,615 | 126.58 | 1.12 |
| Entain Plc | 133,745 | 1,072,611 | 149.52 | 1.34 | 938,866 | 152.49 | 1.34 |
| Flutter Entertainment | 9,464 | 42,856 | 171.99 | 1.54 | 33,392 | 163.53 | 1.44 |
| JDcom | 188,404 | 188,404 | 141.24 | 1.26 | 0 | 0.00 | 0.00 |
| Just Eat Plc | -535,669 | 0 | 0.00 | 0.00 | 535,669 | 139.66 | 1.23 |
| Tencent Holdings Ltd | 703,310 | 703,310 | 184.59 | 1.65 | 0 | 0.00 | 0.00 |
| Cyclical Goods & Services Total | 361,639 | 2,007,181 | 647.33 | 5.78 | 1,645,542 | 582.26 | 5.13 |
| Equity Derivative | 0 | 0 | 233.03 | 2.08 | 0 | 224.83 | 1.98 |
| Derivatives Total | 0 | 0 | 233.03 | 2.08 | 0 | 224.83 | 1.98 |
| Block Inc | 151,521 | 151,521 | 149.09 | 1.33 | 0 | 0.00 | 0.00 |
| Charles Schwab Corp | 153,483 | 153,483 | 219.65 | 1.96 | 0 | 0.00 | 0.00 |
| Interactive Brokers Group | -48,217 | 0 | 0.00 | 0.00 | 48,217 | 162.74 | 1.43 |
| Mercadolibre Inc | 4,018 | 4,018 | 142.65 | 1.27 | 0 | 0.00 | 0.00 |
| Schwab Charles Corporation | -118,457 | 0 | 0.00 | 0.00 | 118,457 | 165.18 | 1.46 |
| ST James Place | -64,207 | 1,445,694 | 332.90 | 2.97 | 1,509,901 | 309.76 | 2.73 |
| Financial Services Total | 78,141 | 1,754,716 | 844.29 | 7.54 | 1,676,575 | 637.68 | 5.62 |
| Foreign - Equities | 0 | 0 | 1,033.29 | 9.23 | 0 | 1,469.25 | 12.95 |
| Foreign Invest Total | 0 | 0 | 1,033.29 | 9.23 | 0 | 1,469.25 | 12.95 |
| Equity | 0 | 0 | 0.00 | 0.00 | 0 | 210.97 | 1.86 |
| General Equity Total | 0 | 0 | 0.00 | 0.00 | 0 | 210.97 | 1.86 |
| Financials positions individually less than 1% of fund | 0 | 0 | 324.57 | 2.90 | 0 | 439.31 | 3.87 |
| General Financial Total | 0 | 0 | 324.57 | 2.90 | 0 | 439.31 | 3.87 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 525.36 | 4.69 | 0 | 707.83 | 6.24 |
| Mondi plc | 61,906 | 780,064 | 212.33 | 1.90 | 718,158 | 199.29 | 1.76 |
| General Industrials Total | 61,906 | 780,064 | 737.70 | 6.59 | 718,158 | 907.12 | 8.00 |
| Airbus Group NV | -1,688 | 54,587 | 176.53 | 1.58 | 56,275 | 170.91 | 1.51 |
| ASML Holding NV | 12,197 | 12,197 | 146.84 | 1.31 | 0 | 0.00 | 0.00 |
| Coupang Inc | 89,756 | 536,603 | 214.11 | 1.91 | 446,847 | 187.27 | 1.65 |
| Global Payments Inc | -78,284 | 0 | 0.00 | 0.00 | 78,284 | 163.64 | 1.44 |
| Ryanair Holdings plc | 145,782 | 145,782 | 112.50 | 1.01 | 0 | 0.00 | 0.00 |
| Goods & Services Total | 167,763 | 749,169 | 649.99 | 5.81 | 581,406 | 521.82 | 4.60 |
| Anglo American plc | -309,613 | 0 | 0.00 | 0.00 | 309,613 | 170.86 | 1.51 |
| Industrial Metals and Mining Total | -309,613 | 0 | 0.00 | 0.00 | 309,613 | 170.86 | 1.51 |
| PSG Financial Services Ltd. | -75,320 | 6,744,425 | 121.80 | 1.09 | 6,819,745 | 133.80 | 1.18 |
| Quilter plc | -61,147 | 4,573,507 | 159.84 | 1.43 | 4,634,654 | 164.81 | 1.45 |
| Investment Banking and Brokerage Services Total | -136,467 | 11,317,932 | 281.65 | 2.52 | 11,454,399 | 298.61 | 2.63 |
| Discovery Ltd. | -626,620 | 0 | 0.00 | 0.00 | 626,620 | 122.05 | 1.08 |
| Life Insurance Total | -626,620 | 0 | 0.00 | 0.00 | 626,620 | 122.05 | 1.08 |
| Warner Bros. Discovery International | -186,747 | 880,682 | 166.75 | 1.49 | 1,067,429 | 211.60 | 1.87 |
| Media Total | -186,747 | 880,682 | 166.75 | 1.49 | 1,067,429 | 211.60 | 1.87 |
| Resources positions individually less than 1% of fund | 0 | 0 | 276.45 | 2.47 | 0 | 0.00 | 0.00 |
| Mining Total | 0 | 0 | 276.45 | 2.47 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | -2,028,516 | 0 | 0.00 | 0.00 | 2,028,516 | 134.90 | 1.19 |
| Non-life Insurance Total | -2,028,516 | 0 | 0.00 | 0.00 | 2,028,516 | 134.90 | 1.19 |
| Bid Corporation Ltd. | 7,657 | 469,220 | 206.20 | 1.84 | 461,563 | 198.74 | 1.75 |
| Dis-Chem Pharmacies Ltd. | -133,524 | 6,811,164 | 206.38 | 1.84 | 6,944,688 | 250.70 | 2.21 |
| Shoprite Holdings Ltd. | 546,509 | 546,509 | 149.04 | 1.33 | 0 | 0.00 | 0.00 |
| Personal Care, Drug and Grocery Stores Total | 420,642 | 7,826,893 | 561.62 | 5.02 | 7,406,251 | 449.44 | 3.96 |
| Compagnie Financière Richemont SA | -29,967 | 44,151 | 139.95 | 1.25 | 74,118 | 205.74 | 1.81 |
| Personal Goods Total | -29,967 | 44,151 | 139.95 | 1.25 | 74,118 | 205.74 | 1.81 |
| AngloGold Ashanti plc | 239,624 | 239,624 | 164.58 | 1.47 | 0 | 0.00 | 0.00 |
| Northam Platinum Holdings Ltd. | 274,754 | 1,697,309 | 222.21 | 1.99 | 1,422,555 | 138.57 | 1.22 |
| Precious Metals and Mining Total | 514,378 | 1,936,933 | 386.79 | 3.46 | 1,422,555 | 138.57 | 1.22 |
| Property positions individually less than 1% of fund | 0 | 0 | 30.28 | 0.27 | 0 | 12.40 | 0.11 |
| Real Estate Total | 0 | 0 | 30.28 | 0.27 | 0 | 12.40 | 0.11 |
| Skechers | 61,373 | 168,526 | 173.14 | 1.55 | 107,153 | 136.86 | 1.21 |
| Tapestry Inc | -191,172 | 0 | 0.00 | 0.00 | 191,172 | 237.33 | 2.09 |
| Retail Total | -129,799 | 168,526 | 173.14 | 1.55 | 298,325 | 374.19 | 3.30 |
| Pepkor Holdings Ltd. | 197,954 | 5,722,189 | 146.09 | 1.31 | 5,524,235 | 159.93 | 1.41 |
| We Buy Cars Holdings Ltd. | 4,480 | 4,880,658 | 205.57 | 1.84 | 4,876,178 | 209.92 | 1.85 |
| Retailers Total | 202,434 | 10,602,847 | 351.66 | 3.14 | 10,400,413 | 369.85 | 3.26 |
| Naspers Ltd. | -1,081 | 158,928 | 718.04 | 6.42 | 160,009 | 667.75 | 5.89 |
| Prosus NV | 82,007 | 347,947 | 292.83 | 2.62 | 265,940 | 199.20 | 1.76 |
| Software and Computer Services Total | 80,926 | 506,875 | 1,010.87 | 9.03 | 425,949 | 866.96 | 7.64 |
| Adyen N.V. | 5,350 | 5,350 | 149.44 | 1.34 | 0 | 0.00 | 0.00 |
| Amazon.Com | 6,503 | 36,507 | 124.83 | 1.12 | 30,004 | 125.24 | 1.10 |
| Delivery Hero | -240,185 | 0 | 0.00 | 0.00 | 240,185 | 127.69 | 1.13 |
| Meta Platforms Inc | -3,868 | 14,670 | 151.77 | 1.36 | 18,538 | 206.73 | 1.82 |
| Spotify Technology | -8,121 | 18,612 | 182.92 | 1.63 | 26,733 | 227.80 | 2.01 |
| Taiwan Semiconductors | 51,448 | 51,448 | 154.91 | 1.38 | 0 | 0.00 | 0.00 |
| Technology Total | -188,873 | 126,587 | 763.88 | 6.82 | 315,460 | 687.46 | 6.06 |
| Sea Ltd. (Singapore) | -26,068 | 80,862 | 189.41 | 1.69 | 106,930 | 216.77 | 1.91 |
| Telecom Total | -26,068 | 80,862 | 189.41 | 1.69 | 106,930 | 216.77 | 1.91 |
| MTN Group Ltd. | 64,258 | 1,317,826 | 162.40 | 1.45 | 1,253,568 | 115.32 | 1.02 |
| Telecommunications Service Providers Total | 64,258 | 1,317,826 | 162.40 | 1.45 | 1,253,568 | 115.32 | 1.02 |
| Portfolio Total | -622,184 | 54,707,152 | 11,192.94 | 100.00 | 55,329,336 | 11,342.35 | 100.00 |