| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Capitec Bank Holdings Ltd. | 3,000 | 70,754 | 294.04 | 6.54 | 67,754 | 235.38 | 5.63 |
| FirstRand Ltd. | -204,240 | 1,050,829 | 95.36 | 2.12 | 1,255,069 | 97.47 | 2.33 |
| Standard Bank Group Ltd. | 53,620 | 995,738 | 289.16 | 6.44 | 942,118 | 222.71 | 5.33 |
| Banks Total | -147,620 | 2,117,321 | 678.56 | 15.10 | 2,264,941 | 555.55 | 13.29 |
| Anheuser-Busch InBev SA/NV | 2,920 | 69,722 | 74.64 | 1.66 | 66,802 | 68.59 | 1.64 |
| Beverages Total | 2,920 | 69,722 | 74.64 | 1.66 | 66,802 | 68.59 | 1.64 |
| Cash on call | 0 | 0 | 22.01 | 0.49 | 0 | 19.11 | 0.46 |
| Margin Account | 0 | 0 | 0.00 | 0.00 | 0 | 115.13 | 2.75 |
| Cash on call Total | 0 | 0 | 22.01 | 0.49 | 0 | 134.24 | 3.21 |
| ADvTECH Ltd. | 41,572 | 3,622,535 | 134.87 | 3.00 | 3,580,963 | 112.73 | 2.70 |
| Stadio Holdings Ltd. | 154,811 | 4,629,296 | 61.57 | 1.37 | 4,474,485 | 46.98 | 1.12 |
| Consumer Services Total | 196,383 | 8,251,831 | 196.44 | 4.37 | 8,055,448 | 159.71 | 3.82 |
| Equity Derivative | 0 | 0 | 126.07 | 2.81 | 0 | 0.00 | 0.00 |
| Derivatives Total | 0 | 0 | 126.07 | 2.81 | 0 | 0.00 | 0.00 |
| Financials positions individually less than 1% of fund | -5,441,965 | 0 | 73.86 | 1.64 | 5,441,965 | 75.34 | 1.80 |
| General Financial Total | -5,441,965 | 0 | 73.86 | 1.64 | 5,441,965 | 75.34 | 1.80 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 230.96 | 5.14 | 0 | 187.00 | 4.47 |
| Mondi plc | 108,011 | 559,883 | 113.99 | 2.54 | 451,872 | 106.47 | 2.55 |
| General Industrials Total | 108,011 | 559,883 | 344.95 | 7.68 | 451,872 | 293.47 | 7.02 |
| Anglo American plc | -87,726 | 0 | 0.00 | 0.00 | 87,726 | 56.71 | 1.36 |
| Glencore plc | 412,760 | 1,352,826 | 123.31 | 2.74 | 940,066 | 74.92 | 1.79 |
| Industrial Metals and Mining Total | 325,034 | 1,352,826 | 123.31 | 2.74 | 1,027,792 | 131.64 | 3.15 |
| PSG Financial Services Ltd. | 324,060 | 4,781,371 | 130.29 | 2.90 | 4,457,311 | 101.63 | 2.43 |
| Quilter plc | -86,310 | 5,274,090 | 213.86 | 4.76 | 5,360,400 | 205.25 | 4.91 |
| Investment Banking and Brokerage Services Total | 237,750 | 10,055,461 | 344.16 | 7.66 | 9,817,711 | 306.88 | 7.34 |
| Discovery Ltd. | 5,870 | 319,512 | 72.71 | 1.62 | 313,642 | 61.79 | 1.48 |
| Life Insurance Total | 5,870 | 319,512 | 72.71 | 1.62 | 313,642 | 61.79 | 1.48 |
| Resources positions individually less than 1% of fund | 0 | 0 | 46.79 | 1.04 | 0 | 42.86 | 1.03 |
| Mining Total | 0 | 0 | 46.79 | 1.04 | 0 | 42.86 | 1.03 |
| Exxaro Resources Ltd. | -90,501 | 274,514 | 49.14 | 1.09 | 365,015 | 65.77 | 1.57 |
| Oil, Gas and Coal Total | -90,501 | 274,514 | 49.14 | 1.09 | 365,015 | 65.77 | 1.57 |
| Bid Corporation Ltd. | 35,350 | 302,271 | 127.52 | 2.84 | 266,921 | 115.38 | 2.76 |
| Dis-Chem Pharmacies Ltd. | 502,977 | 4,322,405 | 151.28 | 3.37 | 3,819,428 | 125.05 | 2.99 |
| Shoprite Holdings Ltd. | 36,500 | 429,508 | 116.07 | 2.58 | 393,008 | 107.69 | 2.58 |
| Personal Care, Drug and Grocery Stores Total | 574,827 | 5,054,184 | 394.87 | 8.79 | 4,479,357 | 348.11 | 8.33 |
| Compagnie Financière Richemont SA | -8,890 | 49,356 | 179.02 | 3.98 | 58,246 | 190.42 | 4.55 |
| Personal Goods Total | -8,890 | 49,356 | 179.02 | 3.98 | 58,246 | 190.42 | 4.55 |
| Aspen Pharmacare Holdings Ltd. | 166,222 | 995,032 | 116.21 | 2.59 | 828,810 | 80.30 | 1.92 |
| Pharmaceuticals and Biotechnology Total | 166,222 | 995,032 | 116.21 | 2.59 | 828,810 | 80.30 | 1.92 |
| AngloGold Ashanti plc | -53,341 | 115,854 | 166.04 | 3.70 | 169,195 | 205.32 | 4.91 |
| Gold Fields Ltd. | -3,590 | 225,486 | 163.64 | 3.64 | 229,076 | 167.02 | 4.00 |
| Northam Platinum Holdings Ltd. | 0 | 749,389 | 252.63 | 5.62 | 749,389 | 210.58 | 5.04 |
| Precious Metals and Mining Total | -56,931 | 1,090,729 | 582.30 | 12.96 | 1,147,660 | 582.92 | 13.94 |
| Property positions individually less than 1% of fund | 0 | 0 | 6.64 | 0.15 | 0 | 6.86 | 0.16 |
| Real Estate Total | 0 | 0 | 6.64 | 0.15 | 0 | 6.86 | 0.16 |
| Pepkor Holdings Ltd. | 2,293,185 | 2,293,185 | 60.65 | 1.35 | 0 | 0.00 | 0.00 |
| We Buy Cars Holdings Ltd. | 42,600 | 2,838,694 | 135.77 | 3.02 | 2,796,094 | 154.85 | 3.70 |
| Retailers Total | 2,335,785 | 5,131,879 | 196.43 | 4.37 | 2,796,094 | 154.85 | 3.70 |
| Bytes Technology Group plc | 151,663 | 1,026,421 | 83.62 | 1.86 | 874,758 | 80.74 | 1.93 |
| Naspers Ltd. | 326,026 | 395,183 | 436.48 | 9.71 | 69,157 | 432.55 | 10.35 |
| Prosus NV | -46,309 | 208,906 | 213.82 | 4.76 | 255,215 | 308.99 | 7.39 |
| Software and Computer Services Total | 431,380 | 1,630,510 | 733.93 | 16.33 | 1,199,130 | 822.29 | 19.67 |
| MTN Group Ltd. | 90,870 | 773,742 | 131.15 | 2.92 | 682,872 | 99.02 | 2.37 |
| Telecommunications Service Providers Total | 90,870 | 773,742 | 131.15 | 2.92 | 682,872 | 99.02 | 2.37 |
| Portfolio Total | -1,270,855 | 37,726,502 | 4,493.17 | 100.00 | 38,997,357 | 4,180.59 | 100.00 |