| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 908,305 | 908,305 | 159.86 | 0.49 | 0 | 0.00 | 0.00 |
| Capitec Bank Holdings Ltd. | -33,885 | 183,056 | 650.02 | 1.99 | 216,941 | 673.09 | 2.20 |
| FirstRand Ltd. | -1,079,368 | 9,017,504 | 682.53 | 2.09 | 10,096,872 | 725.36 | 2.37 |
| Investec Ltd. | -292,977 | 0 | 0.00 | 0.00 | 292,977 | 33.39 | 0.11 |
| Investec plc | -2,851,995 | 0 | 0.00 | 0.00 | 2,851,995 | 324.84 | 1.06 |
| BANCO SANTANDER SA | -2,492,745 | 0 | 0.00 | 0.00 | 2,492,745 | 306.85 | 1.00 |
| Barclays Plc | -2,292,496 | 0 | 0.00 | 0.00 | 2,292,496 | 156.63 | 0.51 |
| National Bank of Greece S.A. | 433,340 | 2,047,967 | 462.68 | 1.42 | 1,614,627 | 303.13 | 0.99 |
| Banks Total | -7,701,821 | 12,156,832 | 1,955.10 | 5.99 | 19,858,653 | 2,523.29 | 8.24 |
| Kinross Gold | -2,301,696 | 0 | 0.00 | 0.00 | 2,301,696 | 531.49 | 1.73 |
| Northern Star Resources Limited | 1,487,838 | 1,487,838 | 321.43 | 0.99 | 0 | 0.00 | 0.00 |
| Rheinmetal Berlin | 0 | 14,968 | 557.98 | 1.71 | 14,968 | 389.85 | 1.27 |
| Teck Resources Limited | 236,669 | 236,669 | 171.10 | 0.52 | 0 | 0.00 | 0.00 |
| Basic Resources Total | -577,189 | 1,739,475 | 1,050.52 | 3.22 | 2,316,664 | 921.34 | 3.01 |
| SA Bond I2029 | 0 | 500,000,000 | 687.65 | 2.11 | 500,000,000 | 676.55 | 2.21 |
| SA Bond R186 | -595,900,000 | 933,800,000 | 971.19 | 2.98 | 1,529,700,000 | 1,628.10 | 5.31 |
| SA Bond R2032 | -736,558,600 | 0 | 0.00 | 0.00 | 736,558,600 | 677.61 | 2.21 |
| SA Bond R2035 | 682,300,000 | 682,300,000 | 657.50 | 2.02 | 0 | 0.00 | 0.00 |
| SA Bond R2037 | 798,700,000 | 1,505,900,000 | 1,363.97 | 4.18 | 707,200,000 | 598.07 | 1.95 |
| Bond Total | 148,541,400 | 3,622,000,000 | 3,680.31 | 11.28 | 3,473,458,600 | 3,580.32 | 11.69 |
| Cash on call | 0 | 0 | 2,957.93 | 9.07 | 0 | 3,254.52 | 10.62 |
| Margin Account | 0 | 0 | 215.62 | 0.66 | 0 | 161.33 | 0.53 |
| Cash on call Total | 0 | 0 | 3,173.55 | 9.73 | 0 | 3,415.84 | 11.15 |
| Booking Holdings | 0 | 1,727 | 175.71 | 0.54 | 1,727 | 142.14 | 0.46 |
| Lojas Renner SA | 5,562,623 | 5,562,623 | 353.55 | 1.08 | 0 | 0.00 | 0.00 |
| Netflix Inc | 12,667 | 12,667 | 299.20 | 0.92 | 0 | 0.00 | 0.00 |
| Tencent Holdings Ltd | -264,900 | 0 | 0.00 | 0.00 | 264,900 | 311.22 | 1.02 |
| Cyclical Goods & Services Total | 5,310,390 | 5,577,017 | 828.46 | 2.54 | 266,627 | 453.36 | 1.48 |
| Investec Global Focused Fund | 0 | 7,415,461 | 8,487.42 | 26.02 | 7,415,461 | 7,710.77 | 25.17 |
| Investec GSF Asia Pacific Francise Fund | 0 | 511,883 | 216.50 | 0.66 | 511,883 | 208.15 | 0.68 |
| Equities Total | 0 | 7,927,344 | 8,703.92 | 26.68 | 7,927,344 | 7,918.92 | 25.84 |
| 1nvestPlatinum ETF | -2,259,316 | 0 | 0.00 | 0.00 | 2,259,316 | 397.80 | 1.30 |
| NewGold | 0 | 2,454,529 | 1,326.62 | 4.07 | 2,454,529 | 1,305.37 | 4.26 |
| Exchange Traded Funds Total | -2,259,316 | 2,454,529 | 1,326.62 | 4.07 | 4,713,845 | 1,703.17 | 5.56 |
| Coinbase Global Inc | -25,488 | 0 | 0.00 | 0.00 | 25,488 | 78.79 | 0.26 |
| Goldman Sachs Group | 27,707 | 27,707 | 348.02 | 1.07 | 0 | 0.00 | 0.00 |
| Natwest Group PLC | 0 | 2,977,243 | 370.79 | 1.14 | 2,977,243 | 319.32 | 1.04 |
| Societe Generale | 0 | 135,717 | 137.45 | 0.42 | 135,717 | 111.60 | 0.36 |
| Financial Services Total | 2,219 | 3,140,667 | 856.26 | 2.63 | 3,138,448 | 509.71 | 1.66 |
| JP Morgan Chase & Company | -62,816 | 0 | 0.00 | 0.00 | 62,816 | 278.87 | 0.91 |
| Financials Total | -62,816 | 0 | 0.00 | 0.00 | 62,816 | 278.87 | 0.91 |
| Australia - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.02 | 0.00 |
| Canada - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| European - Currency | 0 | 0 | -60.76 | -0.19 | 0 | -59.86 | -0.20 |
| Foreign - Money Market | 0 | 0 | 1,209.94 | 3.71 | 0 | 407.66 | 1.33 |
| Hong Kong - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.07 | 0.00 |
| Japan - Currency | 0 | 0 | 3.75 | 0.01 | 0 | 3.74 | 0.01 |
| Sweden - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Switzerland - Currency | 0 | 0 | 0.04 | 0.00 | 0 | 0.03 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.02 | 0.00 | 0 | 17.84 | 0.06 |
| USA - Currency | 0 | 0 | 205.05 | 0.63 | 0 | 999.46 | 3.26 |
| For Currency Total | 0 | 0 | 1,358.07 | 4.16 | 0 | 1,368.97 | 4.47 |
| Foreign - Bonds | 0 | 0 | 1,432.37 | 4.39 | 0 | 1,320.86 | 4.31 |
| Foreign Invest Total | 0 | 0 | 1,432.37 | 4.39 | 0 | 1,320.86 | 4.31 |
| Airbus Group NV | 0 | 38,587 | 142.69 | 0.44 | 38,587 | 124.79 | 0.41 |
| Goods & Services Total | 0 | 38,587 | 142.69 | 0.44 | 38,587 | 124.79 | 0.41 |
| Anglo American plc | 198,594 | 740,508 | 389.25 | 1.19 | 541,914 | 276.89 | 0.90 |
| Glencore plc | 9,716,791 | 9,716,791 | 675.80 | 2.07 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 9,915,385 | 10,457,299 | 1,065.05 | 3.27 | 541,914 | 276.89 | 0.90 |
| Muenchener Ruek Versicherungs-Gesellschaft | -31,737 | 0 | 0.00 | 0.00 | 31,737 | 368.47 | 1.20 |
| Insurance Total | -31,737 | 0 | 0.00 | 0.00 | 31,737 | 368.47 | 1.20 |
| Reinet Investments SCA | -103,492 | 739,770 | 426.22 | 1.31 | 843,262 | 375.43 | 1.23 |
| Investment Banking and Brokerage Services Total | -103,492 | 739,770 | 426.22 | 1.31 | 843,262 | 375.43 | 1.23 |
| Money Market - 2 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 668.89 | 2.18 |
| Ninety One Corporate Money Market - A | -3,630,000 | 0 | 0.00 | 0.00 | 3,630,000 | 3.63 | 0.01 |
| Money Market Total | -3,630,000 | 0 | 0.00 | 0.00 | 3,630,000 | 672.52 | 2.19 |
| Ninety One GSF US Dollar Money A Acc | 0 | 140,525 | 51.06 | 0.16 | 140,525 | 52.28 | 0.17 |
| Offshore Intern Total | 0 | 140,525 | 51.06 | 0.16 | 140,525 | 52.28 | 0.17 |
| TotalEnergies SE | 288,178 | 288,178 | 313.21 | 0.96 | 0 | 0.00 | 0.00 |
| Oil and Gas Total | 288,178 | 288,178 | 313.21 | 0.96 | 0 | 0.00 | 0.00 |
| Bid Corporation Ltd. | -323,817 | 793,000 | 370.67 | 1.14 | 1,116,817 | 490.79 | 1.60 |
| Shoprite Holdings Ltd. | -16,713 | 2,057,921 | 569.94 | 1.75 | 2,074,634 | 565.77 | 1.85 |
| Personal Care, Drug and Grocery Stores Total | -340,530 | 2,850,921 | 940.61 | 2.88 | 3,191,451 | 1,056.56 | 3.45 |
| Compagnie Financière Richemont SA | -899 | 87,130 | 290.23 | 0.89 | 88,029 | 279.04 | 0.91 |
| Personal Goods Total | -899 | 87,130 | 290.23 | 0.89 | 88,029 | 279.04 | 0.91 |
| AngloGold Ashanti plc | 400,624 | 400,624 | 320.86 | 0.98 | 0 | 0.00 | 0.00 |
| Gold Fields Ltd. | -1,036,235 | 0 | 0.00 | 0.00 | 1,036,235 | 420.11 | 1.37 |
| Impala Platinum Holdings Ltd. | 763,752 | 763,752 | 121.38 | 0.37 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | 208,250 | 208,250 | 164.58 | 0.50 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 336,391 | 1,372,626 | 606.82 | 1.86 | 1,036,235 | 420.11 | 1.37 |
| Adidas-Salomon AG | 0 | 51,144 | 212.37 | 0.65 | 51,144 | 219.88 | 0.72 |
| Next Plc | 0 | 172,189 | 521.65 | 1.60 | 172,189 | 453.12 | 1.48 |
| Retail Total | 0 | 223,333 | 734.01 | 2.25 | 223,333 | 672.99 | 2.20 |
| Pepkor Holdings Ltd. | 2,959,260 | 21,552,381 | 586.87 | 1.80 | 18,593,121 | 474.68 | 1.55 |
| Retailers Total | 2,959,260 | 21,552,381 | 586.87 | 1.80 | 18,593,121 | 474.68 | 1.55 |
| Naspers Ltd. | -75,141 | 128,718 | 709.93 | 2.18 | 203,859 | 921.03 | 3.01 |
| Prosus NV | 910,906 | 910,906 | 903.26 | 2.77 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 835,765 | 1,039,624 | 1,613.19 | 4.95 | 203,859 | 921.03 | 3.01 |
| Amazon.Com | -7,884 | 89,940 | 353.51 | 1.08 | 97,824 | 334.56 | 1.09 |
| Meta Platforms Inc | -27,359 | 0 | 0.00 | 0.00 | 27,359 | 283.23 | 0.92 |
| SAP SE (spons. ADRs) | 44,964 | 44,964 | 242.23 | 0.74 | 0 | 0.00 | 0.00 |
| Taiwan Semiconductor Manufacturing Co Ltd | 85,300 | 85,300 | 341.91 | 1.05 | 0 | 0.00 | 0.00 |
| Technology Total | 95,021 | 220,204 | 937.65 | 2.87 | 125,183 | 617.79 | 2.02 |
| British American Tobacco plc | 208,624 | 650,080 | 546.59 | 1.68 | 441,456 | 333.13 | 1.09 |
| Tobacco Total | 208,624 | 650,080 | 546.59 | 1.68 | 441,456 | 333.13 | 1.09 |
| Portfolio Total | 153,784,833 | 3,694,656,522 | 32,619.38 | 100.00 | 3,540,871,689 | 30,640.38 | 100.00 |