| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Capitec Bank Holdings Ltd. | 3,780 | 55,279 | 171.51 | 5.38 | 51,499 | 161.42 | 5.22 |
| FirstRand Ltd. | -750,908 | 1,789,283 | 128.54 | 4.03 | 2,540,191 | 192.95 | 6.24 |
| Nedbank Group Ltd. | -216,156 | 0 | 0.00 | 0.00 | 216,156 | 60.89 | 1.97 |
| Standard Bank Group Ltd. | 186,990 | 678,041 | 162.33 | 5.09 | 491,051 | 108.90 | 3.52 |
| Banks Total | -776,294 | 2,522,603 | 462.38 | 14.50 | 3,298,897 | 524.16 | 16.96 |
| Anheuser-Busch InBev SA/NV | 30,620 | 76,883 | 86.92 | 2.73 | 46,263 | 43.39 | 1.40 |
| Beverages Total | 30,620 | 76,883 | 86.92 | 2.73 | 46,263 | 43.39 | 1.40 |
| Cash on call | 0 | 0 | 21.51 | 0.67 | 0 | 15.24 | 0.49 |
| Cash on call Total | 0 | 0 | 21.51 | 0.67 | 0 | 15.24 | 0.49 |
| ADvTECH Ltd. | 264,744 | 3,189,102 | 105.05 | 3.29 | 2,924,358 | 98.96 | 3.20 |
| Consumer Services Total | 264,744 | 3,189,102 | 105.05 | 3.29 | 2,924,358 | 98.96 | 3.20 |
| Equity Derivative | 0 | 0 | 62.99 | 1.98 | 0 | 75.53 | 2.44 |
| Derivatives Total | 0 | 0 | 62.99 | 1.98 | 0 | 75.53 | 2.44 |
| Financials positions individually less than 1% of fund | 0 | 0 | 57.50 | 1.80 | 0 | 128.09 | 4.15 |
| General Financial Total | 0 | 0 | 57.50 | 1.80 | 0 | 128.09 | 4.15 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 230.57 | 7.23 | 0 | 243.73 | 7.89 |
| Mondi plc | 52,999 | 440,692 | 119.96 | 3.76 | 387,693 | 107.58 | 3.48 |
| General Industrials Total | 52,999 | 440,692 | 350.53 | 10.99 | 387,693 | 351.31 | 11.37 |
| Anglo American plc | -72,820 | 96,046 | 49.46 | 1.55 | 168,866 | 93.19 | 3.02 |
| Glencore plc | 582,230 | 582,230 | 39.17 | 1.23 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 509,410 | 678,276 | 88.64 | 2.78 | 168,866 | 93.19 | 3.02 |
| PSG Financial Services Ltd. | 0 | 3,563,810 | 64.36 | 2.02 | 3,563,810 | 69.92 | 2.26 |
| Quilter plc | 345,043 | 4,864,215 | 170.00 | 5.33 | 4,519,172 | 160.70 | 5.20 |
| Investment Banking and Brokerage Services Total | 345,043 | 8,428,025 | 234.37 | 7.35 | 8,082,982 | 230.62 | 7.46 |
| Discovery Ltd. | -82,495 | 252,985 | 50.47 | 1.58 | 335,480 | 65.34 | 2.11 |
| Life Insurance Total | -82,495 | 252,985 | 50.47 | 1.58 | 335,480 | 65.34 | 2.11 |
| Resources positions individually less than 1% of fund | 0 | 0 | 27.25 | 0.85 | 0 | 44.75 | 1.45 |
| Mining Total | 0 | 0 | 27.25 | 0.85 | 0 | 44.75 | 1.45 |
| OUTsurance Group Ltd. | -550,618 | 555,321 | 38.71 | 1.21 | 1,105,939 | 73.54 | 2.38 |
| Santam Ltd. | -18,394 | 87,387 | 32.61 | 1.02 | 105,781 | 41.53 | 1.34 |
| Non-life Insurance Total | -569,012 | 642,708 | 71.31 | 2.24 | 1,211,720 | 115.08 | 3.72 |
| Bid Corporation Ltd. | 12,820 | 263,071 | 115.61 | 3.62 | 250,251 | 107.75 | 3.49 |
| Dis-Chem Pharmacies Ltd. | 122,805 | 3,879,152 | 117.54 | 3.69 | 3,756,347 | 135.60 | 4.39 |
| Shoprite Holdings Ltd. | 196,290 | 313,720 | 85.55 | 2.68 | 117,430 | 34.58 | 1.12 |
| Personal Care, Drug and Grocery Stores Total | 331,915 | 4,455,943 | 318.70 | 9.99 | 4,124,028 | 277.94 | 8.99 |
| Compagnie Financière Richemont SA | -15,240 | 24,985 | 79.20 | 2.48 | 40,225 | 111.66 | 3.61 |
| Personal Goods Total | -15,240 | 24,985 | 79.20 | 2.48 | 40,225 | 111.66 | 3.61 |
| AngloGold Ashanti plc | 56,790 | 134,080 | 92.09 | 2.89 | 77,290 | 32.54 | 1.05 |
| Impala Platinum Holdings Ltd. | -108,395 | 310,116 | 39.05 | 1.22 | 418,511 | 36.72 | 1.19 |
| Northam Platinum Holdings Ltd. | 176,837 | 946,995 | 123.98 | 3.89 | 770,158 | 75.02 | 2.43 |
| Precious Metals and Mining Total | 125,232 | 1,391,191 | 255.12 | 8.00 | 1,265,959 | 144.28 | 4.67 |
| Property positions individually less than 1% of fund | 0 | 0 | 15.96 | 0.50 | 0 | 5.89 | 0.19 |
| Real Estate Total | 0 | 0 | 15.96 | 0.50 | 0 | 5.89 | 0.19 |
| Pepkor Holdings Ltd. | 171,851 | 3,185,258 | 81.32 | 2.55 | 3,013,407 | 87.24 | 2.82 |
| The Foschini Group Ltd. | -247,555 | 0 | 0.00 | 0.00 | 247,555 | 41.99 | 1.36 |
| We Buy Cars Holdings Ltd. | 26,404 | 2,538,178 | 106.91 | 3.35 | 2,511,774 | 108.13 | 3.50 |
| Retailers Total | -49,300 | 5,723,436 | 188.23 | 5.90 | 5,772,736 | 237.36 | 7.68 |
| Bytes Technology Group plc | 399,935 | 399,935 | 46.10 | 1.45 | 0 | 0.00 | 0.00 |
| Naspers Ltd. | 4,410 | 72,807 | 328.94 | 10.31 | 68,397 | 285.44 | 9.24 |
| Prosus NV | 56,200 | 295,199 | 248.44 | 7.79 | 238,999 | 179.02 | 5.79 |
| Software and Computer Services Total | 460,545 | 767,941 | 623.48 | 19.55 | 307,396 | 464.46 | 15.03 |
| MTN Group Ltd. | 43,902 | 727,506 | 89.65 | 2.81 | 683,604 | 62.88 | 2.04 |
| Telecommunications Service Providers Total | 43,902 | 727,506 | 89.65 | 2.81 | 683,604 | 62.88 | 2.04 |
| Portfolio Total | 672,069 | 29,322,276 | 3,189.25 | 100.00 | 28,650,207 | 3,090.14 | 100.00 |