| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Capitec Bank Holdings Ltd. | 1,659 | 67,754 | 235.38 | 5.63 | 66,095 | 234.70 | 6.14 |
| FirstRand Ltd. | -689,831 | 1,255,069 | 97.47 | 2.33 | 1,944,900 | 147.21 | 3.85 |
| Standard Bank Group Ltd. | 5,720 | 942,118 | 222.71 | 5.33 | 936,398 | 213.06 | 5.58 |
| Banks Total | -682,452 | 2,264,941 | 555.55 | 13.29 | 2,947,393 | 594.97 | 15.58 |
| Anheuser-Busch InBev SA/NV | 7,328 | 66,802 | 68.59 | 1.64 | 59,474 | 72.48 | 1.90 |
| Beverages Total | 7,328 | 66,802 | 68.59 | 1.64 | 59,474 | 72.48 | 1.90 |
| Cash on call | 0 | 0 | 19.11 | 0.46 | 0 | 18.11 | 0.47 |
| Margin Account | 0 | 0 | 115.13 | 2.75 | 0 | 0.00 | 0.00 |
| Cash on call Total | 0 | 0 | 134.24 | 3.21 | 0 | 18.11 | 0.47 |
| ADvTECH Ltd. | 155,685 | 3,580,963 | 112.73 | 2.70 | 3,425,278 | 112.04 | 2.93 |
| Stadio Holdings Ltd. | 4,474,485 | 4,474,485 | 46.98 | 1.12 | 0 | 0.00 | 0.00 |
| Consumer Services Total | 4,630,170 | 8,055,448 | 159.71 | 3.82 | 3,425,278 | 112.04 | 2.93 |
| Equity Derivative | 0 | 0 | 0.00 | 0.00 | 0 | 85.62 | 2.24 |
| Derivatives Total | 0 | 0 | 0.00 | 0.00 | 0 | 85.62 | 2.24 |
| Financials positions individually less than 1% of fund | 5,441,965 | 5,441,965 | 75.34 | 1.80 | 0 | 119.69 | 3.13 |
| General Financial Total | 5,441,965 | 5,441,965 | 75.34 | 1.80 | 0 | 119.69 | 3.13 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 187.00 | 4.47 | 0 | 234.90 | 6.15 |
| Mondi plc | 4,683 | 451,872 | 106.47 | 2.55 | 447,189 | 130.17 | 3.41 |
| General Industrials Total | 4,683 | 451,872 | 293.47 | 7.02 | 447,189 | 365.07 | 9.56 |
| Anglo American plc | -55,516 | 87,726 | 56.71 | 1.36 | 143,242 | 75.30 | 1.97 |
| Glencore plc | -493,672 | 940,066 | 74.92 | 1.79 | 1,433,738 | 99.72 | 2.61 |
| Industrial Metals and Mining Total | -549,188 | 1,027,792 | 131.64 | 3.15 | 1,576,980 | 175.01 | 4.58 |
| PSG Financial Services Ltd. | 192,120 | 4,457,311 | 101.63 | 2.43 | 4,265,191 | 94.39 | 2.47 |
| Quilter plc | 30,938 | 5,360,400 | 205.25 | 4.91 | 5,329,462 | 202.63 | 5.30 |
| Investment Banking and Brokerage Services Total | 223,058 | 9,817,711 | 306.88 | 7.34 | 9,594,653 | 297.01 | 7.78 |
| Discovery Ltd. | 96,921 | 313,642 | 61.79 | 1.48 | 216,721 | 46.55 | 1.22 |
| Life Insurance Total | 96,921 | 313,642 | 61.79 | 1.48 | 216,721 | 46.55 | 1.22 |
| Resources positions individually less than 1% of fund | 0 | 0 | 42.86 | 1.03 | 0 | 0.00 | 0.00 |
| Mining Total | 0 | 0 | 42.86 | 1.03 | 0 | 0.00 | 0.00 |
| Exxaro Resources Ltd. | -36,844 | 365,015 | 65.77 | 1.57 | 401,859 | 59.05 | 1.55 |
| Oil, Gas and Coal Total | -36,844 | 365,015 | 65.77 | 1.57 | 401,859 | 59.05 | 1.55 |
| Bid Corporation Ltd. | 24,657 | 266,921 | 115.38 | 2.76 | 242,264 | 113.24 | 2.96 |
| Dis-Chem Pharmacies Ltd. | -245,565 | 3,819,428 | 125.05 | 2.99 | 4,064,993 | 131.30 | 3.44 |
| Shoprite Holdings Ltd. | 38,836 | 393,008 | 107.69 | 2.58 | 354,172 | 98.09 | 2.57 |
| Personal Care, Drug and Grocery Stores Total | -182,072 | 4,479,357 | 348.11 | 8.33 | 4,661,429 | 342.63 | 8.97 |
| Compagnie Financière Richemont SA | 13,067 | 58,246 | 190.42 | 4.55 | 45,179 | 150.49 | 3.94 |
| Personal Goods Total | 13,067 | 58,246 | 190.42 | 4.55 | 45,179 | 150.49 | 3.94 |
| Aspen Pharmacare Holdings Ltd. | 161,702 | 828,810 | 80.30 | 1.92 | 667,108 | 79.71 | 2.09 |
| Pharmaceuticals and Biotechnology Total | 161,702 | 828,810 | 80.30 | 1.92 | 667,108 | 79.71 | 2.09 |
| AngloGold Ashanti plc | 59,252 | 169,195 | 205.32 | 4.91 | 109,943 | 88.05 | 2.31 |
| Gold Fields Ltd. | 229,076 | 229,076 | 167.02 | 4.00 | 0 | 0.00 | 0.00 |
| Northam Platinum Holdings Ltd. | -111,224 | 749,389 | 210.58 | 5.04 | 860,613 | 164.99 | 4.32 |
| Precious Metals and Mining Total | 177,104 | 1,147,660 | 582.92 | 13.94 | 970,556 | 253.04 | 6.62 |
| Property positions individually less than 1% of fund | 0 | 0 | 6.86 | 0.16 | 0 | 6.95 | 0.18 |
| Real Estate Total | 0 | 0 | 6.86 | 0.16 | 0 | 6.95 | 0.18 |
| Pepkor Holdings Ltd. | -3,086,980 | 0 | 0.00 | 0.00 | 3,086,980 | 84.06 | 2.20 |
| We Buy Cars Holdings Ltd. | -84,539 | 2,796,094 | 154.85 | 3.70 | 2,880,633 | 172.55 | 4.52 |
| Retailers Total | -3,171,519 | 2,796,094 | 154.85 | 3.70 | 5,967,613 | 256.61 | 6.72 |
| Bytes Technology Group plc | 526,862 | 874,758 | 80.74 | 1.93 | 347,896 | 43.83 | 1.15 |
| Naspers Ltd. | -381 | 69,157 | 432.55 | 10.35 | 69,538 | 383.53 | 10.04 |
| Prosus NV | -3,140 | 255,215 | 308.99 | 7.39 | 258,355 | 256.19 | 6.71 |
| Software and Computer Services Total | 523,341 | 1,199,130 | 822.29 | 19.67 | 675,789 | 683.55 | 17.90 |
| MTN Group Ltd. | -35,085 | 682,872 | 99.02 | 2.37 | 717,957 | 101.12 | 2.65 |
| Telecommunications Service Providers Total | -35,085 | 682,872 | 99.02 | 2.37 | 717,957 | 101.12 | 2.65 |
| Portfolio Total | 6,622,179 | 38,997,357 | 4,180.59 | 100.00 | 32,375,178 | 3,819.70 | 100.00 |