| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Capitec Bank Holdings Ltd. | 14,200 | 70,200 | 243.61 | 5.73 | 56,000 | 172.54 | 5.67 |
| Nedbank Group Ltd. | 110,000 | 685,000 | 146.62 | 3.45 | 575,000 | 147.33 | 4.84 |
| Standard Bank Group Ltd. | 300,000 | 1,000,000 | 236.26 | 5.56 | 700,000 | 168.12 | 5.52 |
| Nu Holdings Ltd | 40,000 | 40,000 | 11.03 | 0.26 | 0 | 0.00 | 0.00 |
| Banks Total | 464,200 | 1,795,200 | 637.52 | 15.01 | 1,331,000 | 487.99 | 16.03 |
| EOG Resources | -16,500 | 10,000 | 19.59 | 0.46 | 26,500 | 61.68 | 2.03 |
| Basic Resources Total | -16,500 | 10,000 | 19.59 | 0.46 | 26,500 | 61.68 | 2.03 |
| SA Bond EL29 | 0 | 3,000,000 | 5.06 | 0.12 | 3,000,000 | 4.88 | 0.16 |
| SA Bond EL30 | 0 | 3,000,000 | 4.80 | 0.11 | 3,000,000 | 4.63 | 0.15 |
| SA Bond EL31 | 0 | 700,000 | 1.02 | 0.02 | 700,000 | 0.97 | 0.03 |
| SA Bond ES33 | 0 | 2,893,000 | 2.56 | 0.06 | 2,893,000 | 2.32 | 0.08 |
| SA Bond FRBI33 | 4,700,000 | 4,700,000 | 12.77 | 0.30 | 0 | 0.00 | 0.00 |
| SA Bond FRC501 | 0 | 2,000,000 | 2.68 | 0.06 | 2,000,000 | 2.55 | 0.08 |
| SA Bond FRS137 | 0 | 450,000 | 1.12 | 0.03 | 450,000 | 1.07 | 0.04 |
| SA Bond I2033 | 17,000,000 | 24,500,000 | 32.84 | 0.77 | 7,500,000 | 9.56 | 0.31 |
| SA Bond I2038 | 0 | 6,000,000 | 8.69 | 0.20 | 6,000,000 | 8.28 | 0.27 |
| SA Bond R186 | 35,600,000 | 35,600,000 | 37.88 | 0.89 | 0 | 0.00 | 0.00 |
| SA Bond R2030 | 0 | 1,250,000 | 1.27 | 0.03 | 1,250,000 | 1.21 | 0.04 |
| SA Bond R2032 | 8,600,000 | 26,860,000 | 26.52 | 0.62 | 18,260,000 | 16.81 | 0.55 |
| SA Bond R2035 | 0 | 88,600,000 | 87.77 | 2.07 | 88,600,000 | 80.03 | 2.63 |
| SA Bond R2037 | -2,100,000 | 82,100,000 | 76.86 | 1.81 | 84,200,000 | 71.23 | 2.34 |
| SA Bond R2038 | 0 | 3,000,000 | 3.26 | 0.08 | 3,000,000 | 2.95 | 0.10 |
| SA Bond R2040 | 5,500,000 | 56,000,000 | 52.18 | 1.23 | 50,500,000 | 42.47 | 1.40 |
| SA Bond R2044 | 51,850,000 | 79,350,000 | 70.34 | 1.66 | 27,500,000 | 21.89 | 0.72 |
| SA Bond R2048 | 5,300,000 | 7,300,000 | 6.37 | 0.15 | 2,000,000 | 1.56 | 0.05 |
| SA Bond R209 | 0 | 23,000,000 | 18.28 | 0.43 | 23,000,000 | 16.31 | 0.54 |
| SA Bond R213 | 0 | 48,400,000 | 46.24 | 1.09 | 48,400,000 | 43.29 | 1.42 |
| SA Bond R214 | 41,750,000 | 41,750,000 | 30.50 | 0.72 | 0 | 0.00 | 0.00 |
| SA Bond SBSI14 | 0 | 1,466,442 | 3.99 | 0.09 | 1,466,442 | 3.83 | 0.13 |
| SA Bond TN30 | 0 | 1,500,000 | 1.66 | 0.04 | 1,500,000 | 1.54 | 0.05 |
| Bond Total | 168,200,000 | 543,419,442 | 534.67 | 12.59 | 375,219,442 | 337.40 | 11.09 |
| Cash on call | 0 | 0 | 37.88 | 0.89 | 0 | 15.06 | 0.49 |
| Margin Account | 0 | 0 | 37.66 | 0.89 | 0 | 11.53 | 0.38 |
| Cash on call Total | 0 | 0 | 75.54 | 1.78 | 0 | 26.59 | 0.87 |
| Lowes Companies | 350 | 7,350 | 32.18 | 0.76 | 7,000 | 29.40 | 0.97 |
| Construction Total | 350 | 7,350 | 32.18 | 0.76 | 7,000 | 29.40 | 0.97 |
| Stadio Holdings Ltd. | 496,154 | 496,154 | 5.21 | 0.12 | 0 | 0.00 | 0.00 |
| Consumer Services Total | 496,154 | 496,154 | 5.21 | 0.12 | 0 | 0.00 | 0.00 |
| Howden Joinery Group PLC | -20,000 | 445,000 | 87.16 | 2.05 | 465,000 | 79.39 | 2.61 |
| Cyclical Goods & Services Total | -20,000 | 445,000 | 87.16 | 2.05 | 465,000 | 79.39 | 2.61 |
| Equity Derivative | 0 | 0 | 20.09 | 0.47 | 0 | 0.00 | 0.00 |
| Derivatives Total | 0 | 0 | 20.09 | 0.47 | 0 | 0.00 | 0.00 |
| Keyence Corporation | 4,000 | 4,000 | 25.85 | 0.61 | 0 | 0.00 | 0.00 |
| Equities Total | 4,000 | 4,000 | 25.85 | 0.61 | 0 | 0.00 | 0.00 |
| Derwent London | 37,000 | 259,500 | 106.33 | 2.50 | 222,500 | 98.09 | 3.22 |
| EXOR S.p.A | 5,500 | 56,500 | 95.48 | 2.25 | 51,000 | 85.20 | 2.80 |
| Interactive Brokers Group | 124,000 | 152,500 | 181.33 | 4.27 | 28,500 | 86.31 | 2.84 |
| Mastercard Inc | 100 | 1,400 | 13.75 | 0.32 | 1,300 | 12.92 | 0.42 |
| Mercadolibre Inc | 1,000 | 1,000 | 43.23 | 1.02 | 0 | 0.00 | 0.00 |
| Financial Services Total | 167,600 | 470,900 | 440.11 | 10.36 | 303,300 | 282.52 | 9.28 |
| Australia - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.02 | 0.00 |
| European - Currency | 8,336 | 8,336 | 0.17 | 0.00 | 0 | 0.57 | 0.02 |
| Foreign - Currency | 14,131 | 14,131 | 0.03 | 0.00 | 0 | 2.06 | 0.07 |
| Hong Kong - Currency | 806,683 | 806,683 | 1.79 | 0.04 | 0 | 0.01 | 0.00 |
| Japan - Currency | 642,965 | 642,965 | 0.08 | 0.00 | 0 | 0.07 | 0.00 |
| Switzerland - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.01 | 0.00 |
| United Kingdom - Currency | 312 | 312 | 0.01 | 0.00 | 0 | 0.06 | 0.00 |
| USA - Currency | 13,526 | 13,526 | 0.23 | 0.01 | 0 | 6.60 | 0.22 |
| For Currency Total | 1,485,953 | 1,485,953 | 2.31 | 0.05 | 0 | 9.39 | 0.31 |
| Foreign - Equities | 0 | 0 | 111.32 | 2.62 | 0 | 49.29 | 1.62 |
| Foreign Invest Total | 0 | 0 | 111.32 | 2.62 | 0 | 49.29 | 1.62 |
| British Land Company | 210,000 | 210,000 | 16.90 | 0.40 | 0 | 0.00 | 0.00 |
| NewRiver Retail Ltd | 220,000 | 2,910,000 | 48.68 | 1.15 | 2,690,000 | 44.46 | 1.46 |
| Unibail-Rodamco | 9,500 | 128,000 | 231.37 | 5.45 | 118,500 | 181.67 | 5.97 |
| Foreign Property Total | 439,500 | 3,248,000 | 296.95 | 6.99 | 2,808,500 | 226.12 | 7.43 |
| ASML Holding NV | -650 | 4,000 | 67.02 | 1.58 | 4,650 | 56.35 | 1.85 |
| Lam Research Corporation | 5,500 | 67,500 | 153.15 | 3.61 | 62,000 | 82.94 | 2.73 |
| Goods & Services Total | 4,850 | 71,500 | 220.17 | 5.18 | 66,650 | 139.29 | 4.58 |
| African Rainbow Minerals Ltd. | 137,500 | 137,500 | 25.50 | 0.60 | 0 | 0.00 | 0.00 |
| Afrimat Ltd. | 750,000 | 2,925,000 | 111.65 | 2.63 | 2,175,000 | 126.93 | 4.17 |
| Industrial Metals and Mining Total | 887,500 | 3,062,500 | 137.14 | 3.23 | 2,175,000 | 126.93 | 4.17 |
| Hudaco Industries Ltd. | 72,500 | 487,500 | 84.83 | 2.00 | 415,000 | 78.64 | 2.58 |
| Industrial Support Services Total | 72,500 | 487,500 | 84.83 | 2.00 | 415,000 | 78.64 | 2.58 |
| AIA Group Limited | 118,400 | 900,000 | 149.22 | 3.51 | 781,600 | 108.25 | 3.56 |
| Insurance Total | 118,400 | 900,000 | 149.22 | 3.51 | 781,600 | 108.25 | 3.56 |
| JSE Ltd. | -140,000 | 130,000 | 16.60 | 0.39 | 270,000 | 33.59 | 1.10 |
| Investment Banking and Brokerage Services Total | -140,000 | 130,000 | 16.60 | 0.39 | 270,000 | 33.59 | 1.10 |
| Money Market Instrument | 0 | 0 | 10.76 | 0.25 | 0 | 35.01 | 1.15 |
| Granate BCI Money Market - C | 3,538 | 92,553 | 0.09 | 0.00 | 89,015 | 0.09 | 0.00 |
| Money Market Total | 3,538 | 92,553 | 10.85 | 0.26 | 89,015 | 35.10 | 1.15 |
| OUTsurance Group Ltd. | 520,000 | 2,360,000 | 168.60 | 3.97 | 1,840,000 | 128.43 | 4.22 |
| Santam Ltd. | 79,500 | 295,000 | 111.30 | 2.62 | 215,500 | 80.59 | 2.65 |
| Non-life Insurance Total | 599,500 | 2,655,000 | 279.90 | 6.59 | 2,055,500 | 209.02 | 6.87 |
| Shoprite Holdings Ltd. | 66,500 | 351,500 | 96.35 | 2.27 | 285,000 | 77.24 | 2.54 |
| Personal Care, Drug and Grocery Stores Total | 66,500 | 351,500 | 96.35 | 2.27 | 285,000 | 77.24 | 2.54 |
| SA Corporate Real Estate Ltd. | 5,000,000 | 35,000,000 | 108.50 | 2.55 | 30,000,000 | 78.00 | 2.56 |
| Real Estate Investment Trusts Total | 5,000,000 | 35,000,000 | 108.50 | 2.55 | 30,000,000 | 78.00 | 2.56 |
| Shopify | 21,750 | 21,750 | 56.01 | 1.32 | 0 | 0.00 | 0.00 |
| Retail Total | 21,750 | 21,750 | 56.01 | 1.32 | 0 | 0.00 | 0.00 |
| CA Sales Holdings Ltd. | 695,000 | 5,045,000 | 86.82 | 2.04 | 4,350,000 | 73.95 | 2.43 |
| KAL Group Ltd. | 725,000 | 2,625,000 | 109.20 | 2.57 | 1,900,000 | 79.12 | 2.60 |
| Mr Price Group Ltd. | 72,000 | 457,000 | 93.38 | 2.20 | 385,000 | 85.27 | 2.80 |
| Retailers Total | 1,492,000 | 8,127,000 | 289.40 | 6.81 | 6,635,000 | 238.33 | 7.83 |
| Applied Materials Incorporated | 0 | 30,000 | 106.26 | 2.50 | 30,000 | 80.01 | 2.63 |
| Microsoft Corporation | 300 | 5,800 | 51.58 | 1.21 | 5,500 | 38.30 | 1.26 |
| Taiwan Semiconductors | 6,000 | 64,000 | 302.94 | 7.13 | 58,000 | 176.79 | 5.81 |
| Tokyo Electron Ltd | 8,400 | 16,000 | 49.65 | 1.17 | 7,600 | 19.03 | 0.63 |
| Technology Total | 14,700 | 115,800 | 510.43 | 12.02 | 101,100 | 314.13 | 10.32 |
| British American Tobacco plc | -20,000 | 0 | 0.00 | 0.00 | 20,000 | 15.28 | 0.50 |
| Tobacco Total | -20,000 | 0 | 0.00 | 0.00 | 20,000 | 15.28 | 0.50 |
| Portfolio Total | 179,342,495 | 602,397,102 | 4,247.91 | 100.00 | 423,054,607 | 3,043.56 | 100.00 |