| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Rolls-Royce Plc | 567,734 | 567,734 | 156.92 | 0.52 | 0 | 0.00 | 0.00 |
| Auto Total | 567,734 | 567,734 | 156.92 | 0.52 | 0 | 0.00 | 0.00 |
| Absa Group Ltd. | -908,305 | 0 | 0.00 | 0.00 | 908,305 | 159.86 | 0.49 |
| Capitec Bank Holdings Ltd. | 0 | 183,056 | 635.94 | 2.11 | 183,056 | 650.02 | 1.99 |
| FirstRand Ltd. | -5,181,792 | 3,835,712 | 297.88 | 0.99 | 9,017,504 | 682.53 | 2.09 |
| Standard Bank Group Ltd. | 1,721,255 | 1,721,255 | 406.89 | 1.35 | 0 | 0.00 | 0.00 |
| Allied Irish Bank | 1,805,572 | 1,805,572 | 280.14 | 0.93 | 0 | 0.00 | 0.00 |
| Alpha Bank | 469,578 | 469,578 | 34.40 | 0.11 | 0 | 0.00 | 0.00 |
| National Bank of Greece S.A. | -554,087 | 1,493,880 | 374.46 | 1.24 | 2,047,967 | 462.68 | 1.42 |
| Banks Total | -2,647,779 | 9,509,053 | 2,029.70 | 6.74 | 12,156,832 | 1,955.10 | 5.99 |
| Kinross Gold | 870,664 | 870,664 | 372.37 | 1.24 | 0 | 0.00 | 0.00 |
| Northern Star Resources Limited | -1,487,838 | 0 | 0.00 | 0.00 | 1,487,838 | 321.43 | 0.99 |
| Rheinmetal Berlin | -2,316 | 12,652 | 507.57 | 1.69 | 14,968 | 557.98 | 1.71 |
| Teck Resources Limited | 0 | 236,669 | 177.54 | 0.59 | 236,669 | 171.10 | 0.52 |
| Basic Resources Total | -619,490 | 1,119,985 | 1,057.48 | 3.51 | 1,739,475 | 1,050.52 | 3.22 |
| SA Bond I2029 | 0 | 500,000,000 | 701.12 | 2.33 | 500,000,000 | 687.65 | 2.11 |
| SA Bond R186 | -933,800,000 | 0 | 0.00 | 0.00 | 933,800,000 | 971.19 | 2.98 |
| SA Bond R2035 | 0 | 682,300,000 | 675.30 | 2.24 | 682,300,000 | 657.50 | 2.02 |
| SA Bond R2037 | 0 | 1,505,900,000 | 1,407.42 | 4.68 | 1,505,900,000 | 1,363.97 | 4.18 |
| Bond Total | -933,800,000 | 2,688,200,000 | 2,783.83 | 9.25 | 3,622,000,000 | 3,680.31 | 11.28 |
| Cash on call | 0 | 0 | 1,458.23 | 4.85 | 0 | 2,957.93 | 9.07 |
| Margin Account | 0 | 0 | 134.65 | 0.45 | 0 | 215.62 | 0.66 |
| Cash on call Total | 0 | 0 | 1,592.88 | 5.29 | 0 | 3,173.55 | 9.73 |
| Booking Holdings | 0 | 1,727 | 160.96 | 0.53 | 1,727 | 175.71 | 0.54 |
| Lojas Renner SA | -5,562,623 | 0 | 0.00 | 0.00 | 5,562,623 | 353.55 | 1.08 |
| Netflix Inc | 0 | 12,667 | 259.40 | 0.86 | 12,667 | 299.20 | 0.92 |
| Cyclical Goods & Services Total | -5,562,623 | 14,394 | 420.36 | 1.40 | 5,577,017 | 828.46 | 2.54 |
| Valero Energy | 76,514 | 76,514 | 223.46 | 0.74 | 0 | 0.00 | 0.00 |
| Energy Total | 76,514 | 76,514 | 223.46 | 0.74 | 0 | 0.00 | 0.00 |
| Investec Global Focused Fund | -7,415,461 | 0 | 0.00 | 0.00 | 7,415,461 | 8,487.42 | 26.02 |
| Investec GSF Asia Pacific Francise Fund | -511,883 | 0 | 0.00 | 0.00 | 511,883 | 216.50 | 0.66 |
| Ninety One PCC Global Focused Fund | 7,415,461 | 7,415,461 | 8,736.95 | 29.03 | 0 | 0.00 | 0.00 |
| Equities Total | -511,883 | 7,415,461 | 8,736.95 | 29.03 | 7,927,344 | 8,703.92 | 26.68 |
| NewGold | 0 | 2,454,529 | 1,510.15 | 5.02 | 2,454,529 | 1,326.62 | 4.07 |
| Exchange Traded Funds Total | 0 | 2,454,529 | 1,510.15 | 5.02 | 2,454,529 | 1,326.62 | 4.07 |
| Goldman Sachs Group | -27,707 | 0 | 0.00 | 0.00 | 27,707 | 348.02 | 1.07 |
| Natwest Group PLC | -2,977,243 | 0 | 0.00 | 0.00 | 2,977,243 | 370.79 | 1.14 |
| Societe Generale | -135,717 | 0 | 0.00 | 0.00 | 135,717 | 137.45 | 0.42 |
| Financial Services Total | -3,140,667 | 0 | 0.00 | 0.00 | 3,140,667 | 856.26 | 2.63 |
| Australia - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| Canada - Currency | 0 | 0 | 0.33 | 0.00 | 0 | 0.01 | 0.00 |
| European - Currency | 0 | 0 | -149.12 | -0.50 | 0 | -60.76 | -0.19 |
| Foreign - Money Market | 0 | 0 | 551.78 | 1.83 | 0 | 1,209.94 | 3.71 |
| Hong Kong - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Japan - Currency | 0 | 0 | 3.56 | 0.01 | 0 | 3.75 | 0.01 |
| Sweden - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Switzerland - Currency | 0 | 0 | 0.04 | 0.00 | 0 | 0.04 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.02 | 0.00 |
| USA - Currency | 0 | 0 | 2,275.54 | 7.56 | 0 | 205.05 | 0.63 |
| For Currency Total | 0 | 0 | 2,682.15 | 8.91 | 0 | 1,358.07 | 4.16 |
| Foreign - Bonds | 0 | 0 | 288.61 | 0.96 | 0 | 1,432.37 | 4.39 |
| Foreign Invest Total | 0 | 0 | 288.61 | 0.96 | 0 | 1,432.37 | 4.39 |
| Airbus Group NV | 0 | 38,587 | 154.41 | 0.51 | 38,587 | 142.69 | 0.44 |
| Goods & Services Total | 0 | 38,587 | 154.41 | 0.51 | 38,587 | 142.69 | 0.44 |
| Anglo American plc | -160,909 | 579,599 | 374.71 | 1.25 | 740,508 | 389.25 | 1.19 |
| BHP Group Ltd. | 647,664 | 647,664 | 308.70 | 1.03 | 0 | 0.00 | 0.00 |
| Glencore plc | -4,314,891 | 5,401,900 | 430.53 | 1.43 | 9,716,791 | 675.80 | 2.07 |
| Industrial Metals and Mining Total | -3,828,136 | 6,629,163 | 1,113.94 | 3.70 | 10,457,299 | 1,065.05 | 3.27 |
| Reinet Investments SCA | -739,770 | 0 | 0.00 | 0.00 | 739,770 | 426.22 | 1.31 |
| Remgro Ltd. | 3,015,172 | 3,015,172 | 505.73 | 1.68 | 0 | 0.00 | 0.00 |
| Investment Banking and Brokerage Services Total | 2,275,402 | 3,015,172 | 505.73 | 1.68 | 739,770 | 426.22 | 1.31 |
| eMedia Holdings Ltd. | 1,265,299 | 1,265,299 | 2.28 | 0.01 | 0 | 0.00 | 0.00 |
| Media Total | 1,265,299 | 1,265,299 | 2.28 | 0.01 | 0 | 0.00 | 0.00 |
| Ninety One GSF Asia Pacific Franchise - A Acc | 511,882 | 511,882 | 228.73 | 0.76 | 0 | 0.00 | 0.00 |
| Ninety One GSF US Dollar Money A Acc | 3,027 | 143,552 | 50.12 | 0.17 | 140,525 | 51.06 | 0.16 |
| Offshore Intern Total | 514,909 | 655,434 | 278.85 | 0.93 | 140,525 | 51.06 | 0.16 |
| TotalEnergies SE | -288,178 | 0 | 0.00 | 0.00 | 288,178 | 313.21 | 0.96 |
| Oil and Gas Total | -288,178 | 0 | 0.00 | 0.00 | 288,178 | 313.21 | 0.96 |
| Bid Corporation Ltd. | 318,462 | 1,111,462 | 480.43 | 1.60 | 793,000 | 370.67 | 1.14 |
| Shoprite Holdings Ltd. | -2,057,921 | 0 | 0.00 | 0.00 | 2,057,921 | 569.94 | 1.75 |
| Personal Care, Drug and Grocery Stores Total | -1,739,459 | 1,111,462 | 480.43 | 1.60 | 2,850,921 | 940.61 | 2.88 |
| Compagnie Financière Richemont SA | -87,130 | 0 | 0.00 | 0.00 | 87,130 | 290.23 | 0.89 |
| Personal Goods Total | -87,130 | 0 | 0.00 | 0.00 | 87,130 | 290.23 | 0.89 |
| AngloGold Ashanti plc | -26,235 | 374,389 | 454.33 | 1.51 | 400,624 | 320.86 | 0.98 |
| Harmony Gold Mining Company Ltd. | 906,561 | 906,561 | 285.44 | 0.95 | 0 | 0.00 | 0.00 |
| Impala Platinum Holdings Ltd. | 1,057,326 | 1,821,078 | 401.64 | 1.33 | 763,752 | 121.38 | 0.37 |
| Sibanye Stillwater Ltd. | 3,127,646 | 3,127,646 | 154.16 | 0.51 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | 514,326 | 722,576 | 892.65 | 2.97 | 208,250 | 164.58 | 0.50 |
| Precious Metals and Mining Total | 5,579,624 | 6,952,250 | 2,188.22 | 7.27 | 1,372,626 | 606.82 | 1.86 |
| Adidas-Salomon AG | -51,144 | 0 | 0.00 | 0.00 | 51,144 | 212.37 | 0.65 |
| Next Plc | -64,845 | 107,344 | 308.53 | 1.03 | 172,189 | 521.65 | 1.60 |
| Retail Total | -115,989 | 107,344 | 308.53 | 1.03 | 223,333 | 734.01 | 2.25 |
| Pepkor Holdings Ltd. | -3,049,027 | 18,503,354 | 449.82 | 1.49 | 21,552,381 | 586.87 | 1.80 |
| Woolworths Holdings Ltd. | 8,305,602 | 8,305,602 | 417.69 | 1.39 | 0 | 0.00 | 0.00 |
| Retailers Total | 5,256,575 | 26,808,956 | 867.51 | 2.88 | 21,552,381 | 586.87 | 1.80 |
| Naspers Ltd. | 0 | 128,718 | 805.09 | 2.68 | 128,718 | 709.93 | 2.18 |
| Prosus NV | 0 | 910,906 | 1,102.84 | 3.66 | 910,906 | 903.26 | 2.77 |
| Software and Computer Services Total | 0 | 1,039,624 | 1,907.93 | 6.34 | 1,039,624 | 1,613.19 | 4.95 |
| Amazon.Com | -89,940 | 0 | 0.00 | 0.00 | 89,940 | 353.51 | 1.08 |
| Meta Platforms Inc | 23,922 | 23,922 | 303.23 | 1.01 | 0 | 0.00 | 0.00 |
| Microsoft Corporation | 35,588 | 35,588 | 317.32 | 1.05 | 0 | 0.00 | 0.00 |
| SAP SE (spons. ADRs) | -44,964 | 0 | 0.00 | 0.00 | 44,964 | 242.23 | 0.74 |
| Taiwan Semiconductor Manufacturing Co Ltd | -85,300 | 0 | 0.00 | 0.00 | 85,300 | 341.91 | 1.05 |
| Technology Total | -160,694 | 59,510 | 620.55 | 2.06 | 220,204 | 937.65 | 2.87 |
| British American Tobacco plc | -445,737 | 204,343 | 186.40 | 0.62 | 650,080 | 546.59 | 1.68 |
| Tobacco Total | -445,737 | 204,343 | 186.40 | 0.62 | 650,080 | 546.59 | 1.68 |
| Portfolio Total | -937,411,708 | 2,757,244,814 | 30,097.27 | 100.00 | 3,694,656,522 | 32,619.38 | 100.00 |