| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Capitec Bank Holdings Ltd. | 10,816 | 66,095 | 234.70 | 6.14 | 55,279 | 171.51 | 5.38 |
| FirstRand Ltd. | 155,617 | 1,944,900 | 147.21 | 3.85 | 1,789,283 | 128.54 | 4.03 |
| Standard Bank Group Ltd. | 258,357 | 936,398 | 213.06 | 5.58 | 678,041 | 162.33 | 5.09 |
| Banks Total | 424,790 | 2,947,393 | 594.97 | 15.58 | 2,522,603 | 462.38 | 14.50 |
| Anheuser-Busch InBev SA/NV | -17,409 | 59,474 | 72.48 | 1.90 | 76,883 | 86.92 | 2.73 |
| Beverages Total | -17,409 | 59,474 | 72.48 | 1.90 | 76,883 | 86.92 | 2.73 |
| Cash on call | 0 | 0 | 18.11 | 0.47 | 0 | 21.51 | 0.67 |
| Cash on call Total | 0 | 0 | 18.11 | 0.47 | 0 | 21.51 | 0.67 |
| ADvTECH Ltd. | 236,176 | 3,425,278 | 112.04 | 2.93 | 3,189,102 | 105.05 | 3.29 |
| Consumer Services Total | 236,176 | 3,425,278 | 112.04 | 2.93 | 3,189,102 | 105.05 | 3.29 |
| Equity Derivative | 0 | 0 | 85.62 | 2.24 | 0 | 62.99 | 1.98 |
| Derivatives Total | 0 | 0 | 85.62 | 2.24 | 0 | 62.99 | 1.98 |
| Financials positions individually less than 1% of fund | 0 | 0 | 119.69 | 3.13 | 0 | 57.50 | 1.80 |
| General Financial Total | 0 | 0 | 119.69 | 3.13 | 0 | 57.50 | 1.80 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 234.90 | 6.15 | 0 | 230.57 | 7.23 |
| Mondi plc | 6,497 | 447,189 | 130.17 | 3.41 | 440,692 | 119.96 | 3.76 |
| General Industrials Total | 6,497 | 447,189 | 365.07 | 9.56 | 440,692 | 350.53 | 10.99 |
| Anglo American plc | 47,196 | 143,242 | 75.30 | 1.97 | 96,046 | 49.46 | 1.55 |
| Glencore plc | 851,508 | 1,433,738 | 99.72 | 2.61 | 582,230 | 39.17 | 1.23 |
| Industrial Metals and Mining Total | 898,704 | 1,576,980 | 175.01 | 4.58 | 678,276 | 88.64 | 2.78 |
| PSG Financial Services Ltd. | 701,381 | 4,265,191 | 94.39 | 2.47 | 3,563,810 | 64.36 | 2.02 |
| Quilter plc | 465,247 | 5,329,462 | 202.63 | 5.30 | 4,864,215 | 170.00 | 5.33 |
| Investment Banking and Brokerage Services Total | 1,166,628 | 9,594,653 | 297.01 | 7.78 | 8,428,025 | 234.37 | 7.35 |
| Discovery Ltd. | -36,264 | 216,721 | 46.55 | 1.22 | 252,985 | 50.47 | 1.58 |
| Life Insurance Total | -36,264 | 216,721 | 46.55 | 1.22 | 252,985 | 50.47 | 1.58 |
| Resources positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 27.25 | 0.85 |
| Mining Total | 0 | 0 | 0.00 | 0.00 | 0 | 27.25 | 0.85 |
| OUTsurance Group Ltd. | -555,321 | 0 | 0.00 | 0.00 | 555,321 | 38.71 | 1.21 |
| Santam Ltd. | -87,387 | 0 | 0.00 | 0.00 | 87,387 | 32.61 | 1.02 |
| Non-life Insurance Total | -642,708 | 0 | 0.00 | 0.00 | 642,708 | 71.31 | 2.24 |
| Exxaro Resources Ltd. | 401,859 | 401,859 | 59.05 | 1.55 | 0 | 0.00 | 0.00 |
| Oil, Gas and Coal Total | 401,859 | 401,859 | 59.05 | 1.55 | 0 | 0.00 | 0.00 |
| Bid Corporation Ltd. | -20,807 | 242,264 | 113.24 | 2.96 | 263,071 | 115.61 | 3.62 |
| Dis-Chem Pharmacies Ltd. | 185,841 | 4,064,993 | 131.30 | 3.44 | 3,879,152 | 117.54 | 3.69 |
| Shoprite Holdings Ltd. | 40,452 | 354,172 | 98.09 | 2.57 | 313,720 | 85.55 | 2.68 |
| Personal Care, Drug and Grocery Stores Total | 205,486 | 4,661,429 | 342.63 | 8.97 | 4,455,943 | 318.70 | 9.99 |
| Compagnie Financière Richemont SA | 20,194 | 45,179 | 150.49 | 3.94 | 24,985 | 79.20 | 2.48 |
| Personal Goods Total | 20,194 | 45,179 | 150.49 | 3.94 | 24,985 | 79.20 | 2.48 |
| Aspen Pharmacare Holdings Ltd. | 667,108 | 667,108 | 79.71 | 2.09 | 0 | 0.00 | 0.00 |
| Pharmaceuticals and Biotechnology Total | 667,108 | 667,108 | 79.71 | 2.09 | 0 | 0.00 | 0.00 |
| AngloGold Ashanti plc | -24,137 | 109,943 | 88.05 | 2.31 | 134,080 | 92.09 | 2.89 |
| Impala Platinum Holdings Ltd. | -310,116 | 0 | 0.00 | 0.00 | 310,116 | 39.05 | 1.22 |
| Northam Platinum Holdings Ltd. | -86,382 | 860,613 | 164.99 | 4.32 | 946,995 | 123.98 | 3.89 |
| Precious Metals and Mining Total | -420,635 | 970,556 | 253.04 | 6.62 | 1,391,191 | 255.12 | 8.00 |
| Property positions individually less than 1% of fund | 0 | 0 | 6.95 | 0.18 | 0 | 15.96 | 0.50 |
| Real Estate Total | 0 | 0 | 6.95 | 0.18 | 0 | 15.96 | 0.50 |
| Pepkor Holdings Ltd. | -98,278 | 3,086,980 | 84.06 | 2.20 | 3,185,258 | 81.32 | 2.55 |
| We Buy Cars Holdings Ltd. | 342,455 | 2,880,633 | 172.55 | 4.52 | 2,538,178 | 106.91 | 3.35 |
| Retailers Total | 244,177 | 5,967,613 | 256.61 | 6.72 | 5,723,436 | 188.23 | 5.90 |
| Bytes Technology Group plc | -52,039 | 347,896 | 43.83 | 1.15 | 399,935 | 46.10 | 1.45 |
| Naspers Ltd. | -3,269 | 69,538 | 383.53 | 10.04 | 72,807 | 328.94 | 10.31 |
| Prosus NV | -36,844 | 258,355 | 256.19 | 6.71 | 295,199 | 248.44 | 7.79 |
| Software and Computer Services Total | -92,152 | 675,789 | 683.55 | 17.90 | 767,941 | 623.48 | 19.55 |
| MTN Group Ltd. | -9,549 | 717,957 | 101.12 | 2.65 | 727,506 | 89.65 | 2.81 |
| Telecommunications Service Providers Total | -9,549 | 717,957 | 101.12 | 2.65 | 727,506 | 89.65 | 2.81 |
| Portfolio Total | 3,052,902 | 32,375,178 | 3,819.70 | 100.00 | 29,322,276 | 3,189.25 | 100.00 |