| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -159,000 | 0 | 0.00 | 0.00 | 159,000 | 28.78 | 1.16 |
| FirstRand Ltd. | 43,000 | 480,059 | 43.57 | 1.70 | 437,059 | 34.04 | 1.37 |
| Nedbank Group Ltd. | 21,000 | 172,399 | 45.90 | 1.79 | 151,399 | 32.47 | 1.31 |
| Standard Bank Group Ltd. | 10,000 | 139,500 | 40.51 | 1.58 | 129,500 | 30.66 | 1.23 |
| Banks Total | -85,000 | 791,958 | 129.98 | 5.06 | 876,958 | 125.95 | 5.07 |
| BHP Billiton UK | -39,650 | 0 | 0.00 | 0.00 | 39,650 | 18.98 | 0.76 |
| Basic Resources Total | -39,650 | 0 | 0.00 | 0.00 | 39,650 | 18.98 | 0.76 |
| SA Bond BNDS | 0 | 0 | 9.94 | 0.39 | 0 | 0.00 | 0.00 |
| SA Bond R186 | -96,000,000 | 0 | 0.00 | 0.00 | 96,000,000 | 102.16 | 4.11 |
| Bond Total | -96,000,000 | 0 | 9.94 | 0.39 | 96,000,000 | 102.16 | 4.11 |
| Cash on call | 0 | 0 | 39.03 | 1.52 | 0 | 61.24 | 2.47 |
| Cash on call Total | 0 | 0 | 39.03 | 1.52 | 0 | 61.24 | 2.47 |
| AECI Ltd. | 0 | 698,002 | 62.35 | 2.43 | 698,002 | 67.80 | 2.73 |
| Chemicals Total | 0 | 698,002 | 62.35 | 2.43 | 698,002 | 67.80 | 2.73 |
| Melco Resorts and Entertainment Ltd | -102,425 | 0 | 0.00 | 0.00 | 102,425 | 17.42 | 0.70 |
| Consumer Services Total | -102,425 | 0 | 0.00 | 0.00 | 102,425 | 17.42 | 0.70 |
| Galaxy Entertainment Group | 309,570 | 684,040 | 55.69 | 2.17 | 374,470 | 36.25 | 1.46 |
| Jumbo SA | 0 | 103,701 | 56.44 | 2.20 | 103,701 | 61.85 | 2.49 |
| Mondi Plc | 127,220 | 272,983 | 55.20 | 2.15 | 145,763 | 34.48 | 1.39 |
| Rémy Cointreau | 14,350 | 28,430 | 20.05 | 0.78 | 14,080 | 13.39 | 0.54 |
| Cyclical Goods & Services Total | 451,140 | 1,089,154 | 187.38 | 7.29 | 638,014 | 145.97 | 5.88 |
| Conocophillips Incorporated | 1,320 | 14,930 | 23.23 | 0.90 | 13,610 | 22.55 | 0.91 |
| Occidental Petroleum Corporation | -499 | 1 | 0.00 | 0.00 | 500 | 0.42 | 0.02 |
| Royal Dutch Shell Plc - A | 0 | 19,610 | 11.98 | 0.47 | 19,610 | 12.16 | 0.49 |
| Energy Total | 821 | 34,541 | 35.21 | 1.37 | 33,720 | 35.12 | 1.41 |
| Aylett Global Equity Fund | 0 | 91,087 | 218.40 | 8.50 | 91,087 | 216.02 | 8.70 |
| Dollar General Corp | 1,500 | 63,560 | 142.75 | 5.56 | 62,060 | 110.41 | 4.45 |
| Equities Total | 1,500 | 154,647 | 361.15 | 14.06 | 153,147 | 326.43 | 13.15 |
| Nutun Ltd. | 0 | 8,163,205 | 8.57 | 0.33 | 8,163,205 | 8.20 | 0.33 |
| Finance and Credit Services Total | 0 | 8,163,205 | 8.57 | 0.33 | 8,163,205 | 8.20 | 0.33 |
| Ninety One PLC | 0 | 750,982 | 36.15 | 1.41 | 750,982 | 35.35 | 1.42 |
| ST James Place | 3,000 | 260,701 | 80.36 | 3.13 | 257,701 | 75.60 | 3.04 |
| Financial Services Total | 3,000 | 1,011,683 | 116.52 | 4.54 | 1,008,683 | 110.95 | 4.47 |
| Groupe Bruxelles Lambert SA | -15,550 | 0 | 0.00 | 0.00 | 15,550 | 23.98 | 0.97 |
| Financials Total | -15,550 | 0 | 0.00 | 0.00 | 15,550 | 23.98 | 0.97 |
| Anheuser Busch InBev | 0 | 57,619 | 61.56 | 2.40 | 57,619 | 59.60 | 2.40 |
| Becle SAB de CV | 8,600 | 1,416,923 | 26.91 | 1.05 | 1,408,323 | 25.67 | 1.03 |
| Budweiser Brewing Company APAC Ltd | 131,270 | 1,474,240 | 23.77 | 0.93 | 1,342,970 | 24.70 | 0.99 |
| Heineken Holding NV | -11,732 | 38,351 | 46.59 | 1.81 | 50,083 | 59.24 | 2.39 |
| Nestle SA | -6,040 | 0 | 0.00 | 0.00 | 6,040 | 9.56 | 0.39 |
| Food & Beverage Total | 122,098 | 2,987,133 | 158.83 | 6.18 | 2,865,035 | 178.77 | 7.20 |
| Oceana Group Ltd. | 17,570 | 689,105 | 38.41 | 1.50 | 671,535 | 33.60 | 1.35 |
| Food Producers Total | 17,570 | 689,105 | 38.41 | 1.50 | 671,535 | 33.60 | 1.35 |
| European - Currency | 0 | 0 | 49.71 | 1.94 | 0 | 2.31 | 0.09 |
| Foreign - Money Market | 0 | 0 | 76.81 | 2.99 | 0 | 3.02 | 0.12 |
| Hong Kong - Currency | 0 | 0 | -0.33 | -0.01 | 0 | 0.00 | 0.00 |
| Mexican Peso | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 2.14 | 0.09 |
| USA - Currency | 0 | 0 | 8.22 | 0.32 | 0 | 5.78 | 0.23 |
| For Currency Total | 0 | 0 | 134.42 | 5.23 | 0 | 13.25 | 0.53 |
| Foreign - Bonds | 0 | 0 | 0.00 | 0.00 | 0 | 7.07 | 0.28 |
| Foreign - Equities | 0 | 0 | 26.47 | 1.03 | 0 | 3.32 | 0.13 |
| Foreign Invest Total | 0 | 0 | 26.48 | 1.03 | 0 | 10.39 | 0.42 |
| Bowler Metcalf Ltd. | -500 | 1,722,182 | 24.09 | 0.94 | 1,722,682 | 22.83 | 0.92 |
| General Industrials Total | -500 | 1,722,182 | 24.09 | 0.94 | 1,722,682 | 22.83 | 0.92 |
| British American Tobacco Corporation | 3,000 | 135,642 | 129.08 | 5.02 | 132,642 | 120.85 | 4.87 |
| Delfi Ltd | 100,000 | 4,002,470 | 41.47 | 1.61 | 3,902,470 | 41.30 | 1.66 |
| Philip Morris International | 5,400 | 5,400 | 14.57 | 0.57 | 0 | 0.00 | 0.00 |
| Rubis SCA | -40,576 | 0 | 0.00 | 0.00 | 40,576 | 26.08 | 1.05 |
| Sabre Holdings Corporation | -325,610 | 0 | 0.00 | 0.00 | 325,610 | 10.35 | 0.42 |
| SBM Offshore NV | -23,929 | 0 | 0.00 | 0.00 | 23,929 | 10.61 | 0.43 |
| Goods & Services Total | -281,715 | 4,143,512 | 185.12 | 7.21 | 4,425,227 | 209.19 | 8.43 |
| Netcare Ltd. | 817,797 | 6,656,472 | 105.37 | 4.10 | 5,838,675 | 83.55 | 3.37 |
| Health Care Providers Total | 817,797 | 6,656,472 | 105.37 | 4.10 | 5,838,675 | 83.55 | 3.37 |
| Hudaco Industries Ltd. | 12,340 | 198,400 | 40.67 | 1.58 | 186,060 | 32.68 | 1.32 |
| Industrial Support Services Total | 12,340 | 198,400 | 40.67 | 1.58 | 186,060 | 32.68 | 1.32 |
| Super Group Ltd. | -25,000 | 3,529,890 | 66.75 | 2.60 | 3,554,890 | 45.32 | 1.83 |
| Industrial Transportation Total | -25,000 | 3,529,890 | 66.75 | 2.60 | 3,554,890 | 45.32 | 1.83 |
| Berkshire Hathaway Inc | -2,545 | 0 | 0.00 | 0.00 | 2,545 | 21.96 | 0.88 |
| Moneysupermarket.com | -646,113 | 0 | 0.00 | 0.00 | 646,113 | 29.82 | 1.20 |
| Insurance Total | -648,658 | 0 | 0.00 | 0.00 | 648,658 | 51.78 | 2.09 |
| Reinet Investments SCA | 4,500 | 357,273 | 207.22 | 8.07 | 352,773 | 178.19 | 7.18 |
| Remgro Ltd. | 31,649 | 552,170 | 100.28 | 3.90 | 520,521 | 87.93 | 3.54 |
| Investment Banking and Brokerage Services Total | 36,149 | 909,443 | 307.50 | 11.97 | 873,294 | 266.11 | 10.72 |
| Caxton and CTP Publishers and Printers Ltd. | -491,800 | 0 | 0.00 | 0.00 | 491,800 | 6.69 | 0.27 |
| eMedia Holdings Ltd. | -217,097 | 0 | 0.00 | 0.00 | 217,097 | 0.38 | 0.02 |
| Media Total | -708,897 | 0 | 0.00 | 0.00 | 708,897 | 7.07 | 0.28 |
| Money Market - 4 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 9.76 | 0.39 |
| Coronation Money Market - P | -500,000 | 50,000 | 0.05 | 0.00 | 550,000 | 0.55 | 0.02 |
| Nedgroup Inv Money Market - C | 45,000,000 | 60,725,000 | 61.12 | 2.38 | 15,725,000 | 15.86 | 0.64 |
| Ninety One Money Market - A | -11,843,077 | 1,359,566 | 1.37 | 0.05 | 13,202,643 | 13.34 | 0.54 |
| Prescient Money Market - B1 | 41,200,000 | 58,425,000 | 58.80 | 2.29 | 17,225,000 | 17.37 | 0.70 |
| Money Market Total | 73,856,923 | 120,559,566 | 121.34 | 4.72 | 46,702,643 | 56.88 | 2.29 |
| TotalEnergies SE | 0 | 12,020 | 13.10 | 0.51 | 12,020 | 12.59 | 0.51 |
| Oil and Gas Total | 0 | 12,020 | 13.10 | 0.51 | 12,020 | 12.59 | 0.51 |
| The SPAR Group Ltd. | -8,770 | 587,400 | 56.10 | 2.18 | 596,170 | 57.66 | 2.32 |
| Personal Care, Drug and Grocery Stores Total | -8,770 | 587,400 | 56.10 | 2.18 | 596,170 | 57.66 | 2.32 |
| Goldrush Holdings Ltd. | 0 | 954,615 | 6.66 | 0.26 | 954,615 | 6.68 | 0.27 |
| Preference Shares Total | 0 | 954,615 | 6.66 | 0.26 | 954,615 | 6.68 | 0.27 |
| Stor-Age Property REIT Ltd. | 430,889 | 1,779,302 | 31.90 | 1.24 | 1,348,413 | 20.81 | 0.84 |
| Real Estate Investment Trusts Total | 430,889 | 1,779,302 | 31.90 | 1.24 | 1,348,413 | 20.81 | 0.84 |
| Bath & Body Works Inc | 9,180 | 126,855 | 42.35 | 1.65 | 117,675 | 53.00 | 2.13 |
| Diageo | 15,179 | 86,439 | 30.86 | 1.20 | 71,260 | 29.20 | 1.18 |
| Victorias Secret and Co | -60,221 | 0 | 0.00 | 0.00 | 60,221 | 27.57 | 1.11 |
| Retail Total | -35,862 | 213,294 | 73.21 | 2.85 | 249,156 | 109.77 | 4.42 |
| We Buy Cars Holdings Ltd. | 368,179 | 2,560,071 | 122.45 | 4.77 | 2,191,892 | 121.65 | 4.90 |
| Retailers Total | 368,179 | 2,560,071 | 122.45 | 4.77 | 2,191,892 | 121.65 | 4.90 |
| Southern Sun Ltd. | 156,550 | 7,790,256 | 79.77 | 3.11 | 7,633,706 | 65.42 | 2.64 |
| Spur Corporation Ltd. | 0 | 694,192 | 26.56 | 1.03 | 694,192 | 23.68 | 0.95 |
| Tsogo Sun Ltd. | -1,369,535 | 0 | 0.00 | 0.00 | 1,369,535 | 8.92 | 0.36 |
| Travel and Leisure Total | -1,212,985 | 8,484,448 | 106.33 | 4.14 | 9,697,433 | 98.02 | 3.95 |
| Portfolio Total | -23,046,606 | 167,930,043 | 2,568.86 | 100.00 | 190,976,649 | 2,482.80 | 100.00 |