| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| FirstRand Ltd. | -55,948 | 169,052 | 12.16 | 0.53 | 225,000 | 17.09 | 0.75 |
| Banks Total | -55,948 | 169,052 | 12.16 | 0.53 | 225,000 | 17.09 | 0.75 |
| BHP Billiton UK | 9,000 | 15,000 | 6.56 | 0.29 | 6,000 | 2.77 | 0.12 |
| Basic Resources Total | 9,000 | 15,000 | 6.56 | 0.29 | 6,000 | 2.77 | 0.12 |
| Anheuser-Busch InBev SA/NV | -4,380 | 0 | 0.00 | 0.00 | 4,380 | 4.11 | 0.18 |
| Beverages Total | -4,380 | 0 | 0.00 | 0.00 | 4,380 | 4.11 | 0.18 |
| SA Bond R186 | -22,000,000 | 78,000,000 | 83.00 | 3.64 | 100,000,000 | 104.28 | 4.55 |
| SA Bond R2032 | -172,000,000 | 0 | 0.00 | 0.00 | 172,000,000 | 162.90 | 7.10 |
| Bond Total | -194,000,000 | 78,000,000 | 83.00 | 3.64 | 272,000,000 | 267.19 | 11.65 |
| Cash on call | 0 | 0 | 42.96 | 1.88 | 0 | 62.92 | 2.74 |
| Cash on call Total | 0 | 0 | 42.96 | 1.88 | 0 | 62.92 | 2.74 |
| AECI Ltd. | 128,240 | 711,752 | 69.43 | 3.04 | 583,512 | 51.01 | 2.22 |
| Chemicals Total | 128,240 | 711,752 | 69.43 | 3.04 | 583,512 | 51.01 | 2.22 |
| Curro Holdings Ltd. | 79,849 | 763,919 | 6.42 | 0.28 | 684,070 | 8.93 | 0.39 |
| Melco Resorts and Entertainment Ltd | 25,545 | 198,625 | 19.25 | 0.84 | 173,080 | 18.28 | 0.80 |
| Consumer Services Total | 105,394 | 962,544 | 25.67 | 1.12 | 857,150 | 27.21 | 1.19 |
| Galaxy Entertainment Group | 49,040 | 230,950 | 16.59 | 0.73 | 181,910 | 14.58 | 0.64 |
| Jumbo SA | 0 | 103,701 | 52.73 | 2.31 | 103,701 | 52.12 | 2.27 |
| Melco International Development | -854,500 | 0 | 0.00 | 0.00 | 854,500 | 9.26 | 0.40 |
| Cyclical Goods & Services Total | -805,460 | 334,651 | 69.33 | 3.04 | 1,140,111 | 75.95 | 3.31 |
| Conocophillips Incorporated | 1,100 | 13,110 | 24.67 | 1.08 | 12,010 | 21.99 | 0.96 |
| Royal Dutch Shell Plc - A | 0 | 15,610 | 10.38 | 0.46 | 15,610 | 9.21 | 0.40 |
| Woodside Energy Group Ltd | 0 | 35,810 | 9.92 | 0.43 | 35,810 | 10.30 | 0.45 |
| Energy Total | 1,100 | 64,530 | 44.98 | 1.97 | 63,430 | 41.51 | 1.81 |
| Aylett Global Equity Fund | 0 | 91,087 | 198.85 | 8.71 | 91,087 | 189.67 | 8.27 |
| Dollar General Corp | 10,090 | 49,600 | 78.52 | 3.44 | 39,510 | 56.40 | 2.46 |
| Equities Total | 10,090 | 140,687 | 277.36 | 12.15 | 130,597 | 246.07 | 10.73 |
| Nutun Ltd. | 0 | 8,313,993 | 17.46 | 0.76 | 8,313,993 | 20.29 | 0.88 |
| Finance and Credit Services Total | 0 | 8,313,993 | 17.46 | 0.76 | 8,313,993 | 20.29 | 0.88 |
| Ninety One PLC | 5,200 | 713,982 | 24.69 | 1.08 | 708,782 | 24.42 | 1.07 |
| ST James Place | 0 | 257,701 | 59.59 | 2.61 | 257,701 | 52.87 | 2.31 |
| Financial Services Total | 5,200 | 971,683 | 84.28 | 3.69 | 966,483 | 77.29 | 3.37 |
| Groupe Bruxelles Lambert SA | 0 | 15,550 | 21.30 | 0.93 | 15,550 | 20.12 | 0.88 |
| Financials Total | 0 | 15,550 | 21.30 | 0.93 | 15,550 | 20.12 | 0.88 |
| Anheuser Busch InBev | -1,391 | 47,389 | 54.05 | 2.37 | 48,780 | 45.80 | 2.00 |
| Becle SAB de CV | 1,367,148 | 1,367,148 | 22.95 | 1.01 | 0 | 0.00 | 0.00 |
| Coca Cola | -8,670 | 13,150 | 17.12 | 0.75 | 21,820 | 25.53 | 1.11 |
| Heineken Holding NV | -5,570 | 40,023 | 52.99 | 2.32 | 45,593 | 51.61 | 2.25 |
| Food & Beverage Total | 1,351,517 | 1,467,710 | 147.11 | 6.45 | 116,193 | 122.94 | 5.36 |
| European - Currency | 0 | 0 | 10.09 | 0.44 | 0 | 8.87 | 0.39 |
| Foreign - Money Market | 0 | 0 | 24.25 | 1.06 | 0 | 32.51 | 1.42 |
| Hong Kong - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 33.08 | 1.45 | 0 | 10.14 | 0.44 |
| USA - Currency | 0 | 0 | 4.85 | 0.21 | 0 | 5.24 | 0.23 |
| For Currency Total | 0 | 0 | 72.26 | 3.17 | 0 | 56.76 | 2.48 |
| Foreign - Bonds | 0 | 0 | 7.55 | 0.33 | 0 | 14.98 | 0.65 |
| Foreign Invest Total | 0 | 0 | 7.55 | 0.33 | 0 | 14.98 | 0.65 |
| Bowler Metcalf Ltd. | 0 | 1,722,682 | 23.95 | 1.05 | 1,722,682 | 23.46 | 1.02 |
| General Industrials Total | 0 | 1,722,682 | 23.95 | 1.05 | 1,722,682 | 23.46 | 1.02 |
| British American Tobacco Corporation | 5,380 | 124,022 | 94.84 | 4.16 | 118,642 | 82.37 | 3.59 |
| Delfi Ltd | 0 | 3,902,470 | 41.12 | 1.80 | 3,902,470 | 42.11 | 1.84 |
| Rubis SCA | 0 | 117,771 | 60.78 | 2.66 | 117,771 | 55.03 | 2.40 |
| Sabre Holdings Corporation | 0 | 325,610 | 18.32 | 0.80 | 325,610 | 22.11 | 0.96 |
| SBM Offshore NV | -2,800 | 203,065 | 79.59 | 3.49 | 205,865 | 68.60 | 2.99 |
| Goods & Services Total | 2,580 | 4,672,938 | 294.65 | 12.91 | 4,670,358 | 270.22 | 11.79 |
| Netcare Ltd. | 721,902 | 4,765,797 | 62.67 | 2.75 | 4,043,895 | 60.33 | 2.63 |
| Health Care Providers Total | 721,902 | 4,765,797 | 62.67 | 2.75 | 4,043,895 | 60.33 | 2.63 |
| IDEXX Laboratories | 100 | 100 | 0.76 | 0.03 | 0 | 0.00 | 0.00 |
| Healthcare Total | 100 | 100 | 0.76 | 0.03 | 0 | 0.00 | 0.00 |
| Hudaco Industries Ltd. | 2,000 | 181,638 | 34.42 | 1.51 | 179,638 | 38.80 | 1.69 |
| Industrial Support Services Total | 2,000 | 181,638 | 34.42 | 1.51 | 179,638 | 38.80 | 1.69 |
| Super Group Ltd. | 615,504 | 3,020,920 | 85.46 | 3.74 | 2,405,416 | 70.96 | 3.09 |
| Industrial Transportation Total | 615,504 | 3,020,920 | 85.46 | 3.74 | 2,405,416 | 70.96 | 3.09 |
| Berkshire Hathaway Inc | -2,350 | 10,315 | 99.81 | 4.37 | 12,665 | 108.01 | 4.71 |
| Moneysupermarket.com | 5,610 | 646,113 | 30.73 | 1.35 | 640,503 | 29.08 | 1.27 |
| Insurance Total | 3,260 | 656,428 | 130.54 | 5.72 | 653,168 | 137.09 | 5.98 |
| Reinet Investments SCA | -4,380 | 340,458 | 152.60 | 6.69 | 344,838 | 154.20 | 6.72 |
| Remgro Ltd. | 18,400 | 381,610 | 59.39 | 2.60 | 363,210 | 56.33 | 2.46 |
| Investment Banking and Brokerage Services Total | 14,020 | 722,068 | 211.99 | 9.29 | 708,048 | 210.53 | 9.18 |
| Caxton and CTP Publishers and Printers Ltd. | -60,000 | 820,241 | 9.96 | 0.44 | 880,241 | 10.75 | 0.47 |
| Media Total | -60,000 | 820,241 | 9.96 | 0.44 | 880,241 | 10.75 | 0.47 |
| Money Market - 3 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 1.08 | 0.05 |
| Nedgroup Inv Money Market - C | 39,000,000 | 39,250,000 | 39.48 | 1.73 | 250,000 | 0.28 | 0.01 |
| Ninety One Money Market - A | 42,541,736 | 42,730,326 | 42.97 | 1.88 | 188,590 | 0.21 | 0.01 |
| Prescient Money Market - B1 | 38,500,000 | 38,750,000 | 38.98 | 1.71 | 250,000 | 0.27 | 0.01 |
| Money Market Total | 120,041,736 | 120,730,326 | 121.43 | 5.32 | 688,590 | 1.84 | 0.08 |
| TotalEnergies SE | 0 | 10,020 | 11.86 | 0.52 | 10,020 | 10.46 | 0.46 |
| Oil and Gas Total | 0 | 10,020 | 11.86 | 0.52 | 10,020 | 10.46 | 0.46 |
| The SPAR Group Ltd. | 242,877 | 346,287 | 41.22 | 1.81 | 103,410 | 15.11 | 0.66 |
| Personal Care, Drug and Grocery Stores Total | 242,877 | 346,287 | 41.22 | 1.81 | 103,410 | 15.11 | 0.66 |
| Goldrush Holdings Ltd. | 0 | 979,615 | 5.38 | 0.24 | 979,615 | 6.37 | 0.28 |
| Preference Shares Total | 0 | 979,615 | 5.38 | 0.24 | 979,615 | 6.37 | 0.28 |
| Stor-Age Property REIT Ltd. | 43,615 | 152,494 | 2.22 | 0.10 | 108,879 | 1.70 | 0.07 |
| Real Estate Investment Trusts Total | 43,615 | 152,494 | 2.22 | 0.10 | 108,879 | 1.70 | 0.07 |
| Bath & Body Works Inc | 0 | 91,885 | 52.29 | 2.29 | 91,885 | 67.38 | 2.94 |
| Victorias Secret and Co | 0 | 72,861 | 24.54 | 1.08 | 72,861 | 57.56 | 2.51 |
| Retail Total | 0 | 164,746 | 76.83 | 3.37 | 164,746 | 124.94 | 5.45 |
| We Buy Cars Holdings Ltd. | -79,314 | 2,191,892 | 91.56 | 4.01 | 2,271,206 | 97.78 | 4.26 |
| Retailers Total | -79,314 | 2,191,892 | 91.56 | 4.01 | 2,271,206 | 97.78 | 4.26 |
| Southern Sun Ltd. | 471,960 | 7,360,561 | 61.46 | 2.69 | 6,888,601 | 62.55 | 2.73 |
| Spur Corporation Ltd. | 0 | 694,192 | 22.56 | 0.99 | 694,192 | 24.27 | 1.06 |
| Tsogo Sun Ltd. | -264,239 | 1,459,535 | 12.19 | 0.53 | 1,723,774 | 17.58 | 0.77 |
| Travel and Leisure Total | 207,721 | 9,514,288 | 96.21 | 4.22 | 9,306,567 | 104.40 | 4.55 |
| Portfolio Total | -71,499,246 | 241,819,632 | 2,282.50 | 100.00 | 313,318,878 | 2,292.93 | 100.00 |