| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Capitec Bank Holdings Ltd. | -3,886 | 66,868 | 275.65 | 6.19 | 70,754 | 294.04 | 6.54 |
| FirstRand Ltd. | 160,149 | 1,210,978 | 107.45 | 2.41 | 1,050,829 | 95.36 | 2.12 |
| Standard Bank Group Ltd. | 280,382 | 1,276,120 | 388.51 | 8.73 | 995,738 | 289.16 | 6.44 |
| Banks Total | 436,645 | 2,553,966 | 771.62 | 17.33 | 2,117,321 | 678.56 | 15.10 |
| Anheuser-Busch InBev SA/NV | -12,944 | 56,778 | 66.92 | 1.50 | 69,722 | 74.64 | 1.66 |
| Beverages Total | -12,944 | 56,778 | 66.92 | 1.50 | 69,722 | 74.64 | 1.66 |
| Cash on call | 0 | 0 | 26.62 | 0.60 | 0 | 22.01 | 0.49 |
| Cash on call Total | 0 | 0 | 26.62 | 0.60 | 0 | 22.01 | 0.49 |
| Advtech Ltd. | 65,066 | 3,687,601 | 154.10 | 3.46 | 3,622,535 | 134.87 | 3.00 |
| Stadio Holdings Ltd. | 335,268 | 4,964,564 | 57.34 | 1.29 | 4,629,296 | 61.57 | 1.37 |
| Consumer Services Total | 400,334 | 8,652,165 | 211.45 | 4.75 | 8,251,831 | 196.44 | 4.37 |
| Equity Derivative | 0 | 0 | 117.70 | 2.64 | 0 | 126.07 | 2.81 |
| Derivatives Total | 0 | 0 | 117.70 | 2.64 | 0 | 126.07 | 2.81 |
| Financials positions individually less than 1% of fund | 0 | 0 | 114.29 | 2.57 | 0 | 73.86 | 1.64 |
| General Financial Total | 0 | 0 | 114.29 | 2.57 | 0 | 73.86 | 1.64 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 178.67 | 4.01 | 0 | 230.96 | 5.14 |
| Mondi plc | -135,132 | 424,751 | 81.80 | 1.84 | 559,883 | 113.99 | 2.54 |
| General Industrials Total | -135,132 | 424,751 | 260.46 | 5.85 | 559,883 | 344.95 | 7.68 |
| Glencore plc | 121,308 | 1,474,134 | 188.67 | 4.24 | 1,352,826 | 123.31 | 2.74 |
| South32 Ltd. | 1,268,856 | 1,268,856 | 65.04 | 1.46 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 1,390,164 | 2,742,990 | 253.72 | 5.70 | 1,352,826 | 123.31 | 2.74 |
| PSG Financial Services Ltd. | -49,984 | 4,731,387 | 125.29 | 2.81 | 4,781,371 | 130.29 | 2.90 |
| Quilter plc | -672,018 | 4,602,072 | 181.60 | 4.08 | 5,274,090 | 213.86 | 4.76 |
| Investment Banking and Brokerage Services Total | -722,002 | 9,333,459 | 306.88 | 6.89 | 10,055,461 | 344.16 | 7.66 |
| Discovery Ltd. | 13,468 | 332,980 | 83.05 | 1.87 | 319,512 | 72.71 | 1.62 |
| Life Insurance Total | 13,468 | 332,980 | 83.05 | 1.87 | 319,512 | 72.71 | 1.62 |
| Resources positions individually less than 1% of fund | 0 | 0 | 22.42 | 0.50 | 0 | 46.79 | 1.04 |
| Mining Total | 0 | 0 | 22.42 | 0.50 | 0 | 46.79 | 1.04 |
| Exxaro Resources Ltd. | -274,514 | 0 | 0.00 | 0.00 | 274,514 | 49.14 | 1.09 |
| Oil, Gas and Coal Total | -274,514 | 0 | 0.00 | 0.00 | 274,514 | 49.14 | 1.09 |
| Bid Corporation Ltd. | -114,724 | 187,547 | 76.44 | 1.72 | 302,271 | 127.52 | 2.84 |
| Dis-Chem Pharmacies Ltd. | 68,422 | 4,390,827 | 162.86 | 3.66 | 4,322,405 | 151.28 | 3.37 |
| Shoprite Holdings Ltd. | -189,819 | 239,689 | 66.11 | 1.48 | 429,508 | 116.07 | 2.58 |
| Personal Care, Drug and Grocery Stores Total | -236,121 | 4,818,063 | 305.40 | 6.86 | 5,054,184 | 394.87 | 8.79 |
| Compagnie Financière Richemont SA | -12,223 | 37,133 | 109.86 | 2.47 | 49,356 | 179.02 | 3.98 |
| Personal Goods Total | -12,223 | 37,133 | 109.86 | 2.47 | 49,356 | 179.02 | 3.98 |
| Aspen Pharmacare Holdings Ltd. | 104,645 | 1,099,677 | 144.50 | 3.25 | 995,032 | 116.21 | 2.59 |
| Pharmaceuticals and Biotechnology Total | 104,645 | 1,099,677 | 144.50 | 3.25 | 995,032 | 116.21 | 2.59 |
| AngloGold Ashanti plc | -43,414 | 72,440 | 118.98 | 2.67 | 115,854 | 166.04 | 3.70 |
| Gold Fields Ltd. | -83,665 | 141,821 | 107.85 | 2.42 | 225,486 | 163.64 | 3.64 |
| Impala Platinum Holdings Ltd. | 228,552 | 228,552 | 54.61 | 1.23 | 0 | 0.00 | 0.00 |
| Northam Platinum Holdings Ltd. | 209,802 | 959,191 | 326.24 | 7.33 | 749,389 | 252.63 | 5.62 |
| Pan African Resources plc | 1,709,506 | 1,709,506 | 53.85 | 1.21 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 2,020,781 | 3,111,510 | 661.53 | 14.86 | 1,090,729 | 582.30 | 12.96 |
| Property positions individually less than 1% of fund | 0 | 0 | 6.66 | 0.15 | 0 | 6.64 | 0.15 |
| Real Estate Total | 0 | 0 | 6.66 | 0.15 | 0 | 6.64 | 0.15 |
| Pepkor Holdings Ltd. | 724,926 | 3,018,111 | 68.21 | 1.53 | 2,293,185 | 60.65 | 1.35 |
| We Buy Cars Holdings Ltd. | 33,365 | 2,872,059 | 113.73 | 2.55 | 2,838,694 | 135.77 | 3.02 |
| Retailers Total | 758,291 | 5,890,170 | 181.94 | 4.09 | 5,131,879 | 196.43 | 4.37 |
| Bytes Technology Group plc | 101,009 | 1,127,430 | 70.43 | 1.58 | 1,026,421 | 83.62 | 1.86 |
| Naspers Ltd. | -7,200 | 387,983 | 334.43 | 7.51 | 395,183 | 436.48 | 9.71 |
| Prosus NV | 101,576 | 310,482 | 238.65 | 5.36 | 208,906 | 213.82 | 4.76 |
| Software and Computer Services Total | 195,385 | 1,825,895 | 643.51 | 14.46 | 1,630,510 | 733.93 | 16.33 |
| MTN Group Ltd. | 61,801 | 835,543 | 163.31 | 3.67 | 773,742 | 131.15 | 2.92 |
| Telecommunications Service Providers Total | 61,801 | 835,543 | 163.31 | 3.67 | 773,742 | 131.15 | 2.92 |
| Portfolio Total | 3,988,578 | 41,715,080 | 4,451.83 | 100.00 | 37,726,502 | 4,493.17 | 100.00 |