| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 19,161 | 72,871 | 11.08 | 2.67 | 53,710 | 8.69 | 2.28 |
| Capricorn Group Ltd. | 0 | 1,361,429 | 21.59 | 5.20 | 1,361,429 | 21.10 | 5.52 |
| FirstRand Ltd. | 7,426 | 214,760 | 13.52 | 3.26 | 207,334 | 13.53 | 3.54 |
| FirstRand Namibia Ltd. | 0 | 489,048 | 19.80 | 4.77 | 489,048 | 21.24 | 5.56 |
| Investec Ltd. | 12 | 50,305 | 4.24 | 1.02 | 50,293 | 3.97 | 1.04 |
| Nedbank Group Ltd. | -24,360 | 0 | 0.00 | 0.00 | 24,360 | 6.69 | 1.75 |
| Nedbank Group Ltd. | -65 | 26,645 | 6.69 | 1.61 | 26,710 | 7.34 | 1.92 |
| Standard Bank Group Ltd. | 467 | 71,737 | 13.29 | 3.20 | 71,270 | 12.70 | 3.33 |
| Banks Total | 2,641 | 2,286,795 | 90.22 | 21.75 | 2,284,154 | 95.28 | 24.94 |
| Namibia Breweries Ltd. | 0 | 424,384 | 20.37 | 4.91 | 424,384 | 19.73 | 5.17 |
| Beverages Total | 0 | 424,384 | 20.37 | 4.91 | 424,384 | 19.73 | 5.17 |
| Namibia Cash | 0 | 0 | 31.99 | 7.71 | 0 | 23.64 | 6.19 |
| Cash on call Total | 0 | 0 | 31.99 | 7.71 | 0 | 23.64 | 6.19 |
| Sasol Ltd. | 213 | 44,368 | 19.97 | 4.81 | 44,155 | 18.77 | 4.91 |
| Chemicals Total | 213 | 44,368 | 19.97 | 4.81 | 44,155 | 18.77 | 4.91 |
| Wilson Bayly Holmes - Ovcon Ltd. | -36,920 | 0 | 0.00 | 0.00 | 36,920 | 4.88 | 1.28 |
| Construction and Materials Total | -36,920 | 0 | 0.00 | 0.00 | 36,920 | 4.88 | 1.28 |
| Equity Derivative | 0 | 0 | 0.09 | 0.02 | 0 | 0.03 | 0.01 |
| Derivatives Total | 0 | 0 | 0.09 | 0.02 | 0 | 0.03 | 0.01 |
| Reunert Ltd. | 109,758 | 109,758 | 7.79 | 1.88 | 0 | 0.00 | 0.00 |
| Electronic and Electrical Equipment Total | 109,758 | 109,758 | 7.79 | 1.88 | 0 | 0.00 | 0.00 |
| Clover Industries Ltd. | 32,140 | 243,710 | 5.76 | 1.39 | 211,570 | 3.84 | 1.00 |
| Food Producers Total | 32,140 | 243,710 | 5.76 | 1.39 | 211,570 | 3.84 | 1.00 |
| Financials positions individually less than 1% of fund | 0 | 0 | 7.04 | 1.70 | 0 | 6.37 | 1.67 |
| General Financial Total | 0 | 0 | 7.04 | 1.70 | 0 | 6.37 | 1.67 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 22.75 | 5.48 | 0 | 21.74 | 5.69 |
| General Industrials Total | 0 | 0 | 22.75 | 5.48 | 0 | 21.74 | 5.69 |
| African Rainbow Minerals Ltd. | -3,404 | 52,016 | 8.83 | 2.13 | 55,420 | 7.89 | 2.07 |
| Anglo American plc | 764 | 38,738 | 14.95 | 3.60 | 37,974 | 12.24 | 3.20 |
| Glencore plc | -109,780 | 0 | 0.00 | 0.00 | 109,780 | 5.88 | 1.54 |
| Industrial Metals and Mining Total | -112,420 | 90,754 | 23.77 | 5.73 | 203,174 | 26.01 | 6.81 |
| Alexander Forbes Group Holdings Ltd. | 3,720 | 939,220 | 4.72 | 1.14 | 935,500 | 4.81 | 1.26 |
| RMB Holdings Ltd. | -332 | 76,168 | 5.79 | 1.40 | 76,500 | 6.04 | 1.58 |
| Investment Banking and Brokerage Services Total | 3,388 | 1,015,388 | 10.51 | 2.53 | 1,012,000 | 10.84 | 2.84 |
| Sanlam Ltd. | -2,958 | 130,879 | 9.65 | 2.33 | 133,837 | 10.68 | 2.80 |
| Life Insurance Total | -2,958 | 130,879 | 9.65 | 2.33 | 133,837 | 10.68 | 2.80 |
| Resources positions individually less than 1% of fund | 0 | 0 | 13.96 | 3.36 | 0 | 11.26 | 2.95 |
| Mining Total | 0 | 0 | 13.96 | 3.36 | 0 | 11.26 | 2.95 |
| Exxaro Resources Ltd. | 136 | 50,986 | 8.38 | 2.02 | 50,850 | 7.01 | 1.84 |
| Oil, Gas and Coal Total | 136 | 50,986 | 8.38 | 2.02 | 50,850 | 7.01 | 1.84 |
| Bid Corporation Ltd. | -16,970 | 0 | 0.00 | 0.00 | 16,970 | 4.50 | 1.18 |
| Personal Care, Drug and Grocery Stores Total | -16,970 | 0 | 0.00 | 0.00 | 16,970 | 4.50 | 1.18 |
| Impala Platinum Holdings Ltd. | 72,524 | 72,524 | 4.42 | 1.07 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 72,524 | 72,524 | 4.42 | 1.07 | 0 | 0.00 | 0.00 |
| Oryx Property Ltd Namibia | 0 | 0 | 5.85 | 1.41 | 0 | 5.85 | 1.53 |
| Property positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 4.88 | 1.28 |
| Real Estate Total | 0 | 0 | 5.85 | 1.41 | 0 | 10.74 | 2.81 |
| Fortress Real Estate Investments Ltd. | 230,554 | 698,494 | 7.53 | 1.82 | 467,940 | 6.79 | 1.78 |
| MAS plc | 167,966 | 167,966 | 3.68 | 0.89 | 0 | 0.00 | 0.00 |
| NEPI Rockcastle NV | 46,294 | 46,294 | 5.62 | 1.36 | 0 | 0.00 | 0.00 |
| Real Estate Investment and Services Total | 444,814 | 912,754 | 16.83 | 4.06 | 467,940 | 6.79 | 1.78 |
| Burstone Group Ltd. | 155,438 | 155,438 | 2.32 | 0.56 | 0 | 0.00 | 0.00 |
| Equites Property Fund Ltd. | -66,320 | 167,220 | 3.26 | 0.79 | 233,540 | 4.52 | 1.18 |
| Vukile Property Fund Ltd. | -112,078 | 154,154 | 3.08 | 0.74 | 266,232 | 5.20 | 1.36 |
| Real Estate Investment Trusts Total | -22,960 | 476,812 | 8.67 | 2.09 | 499,772 | 9.73 | 2.55 |
| Naspers Ltd. | 155 | 25,723 | 85.71 | 20.66 | 25,568 | 73.95 | 19.36 |
| Software and Computer Services Total | 155 | 25,723 | 85.71 | 20.66 | 25,568 | 73.95 | 19.36 |
| MTN Group Ltd. | 366 | 98,615 | 8.74 | 2.11 | 98,249 | 8.74 | 2.29 |
| Paratus Namibia Holdings Ltd. | 0 | 140,040 | 1.54 | 0.37 | 140,040 | 1.54 | 0.40 |
| Telecommunications Service Providers Total | 366 | 238,655 | 10.28 | 2.48 | 238,289 | 10.28 | 2.69 |
| British American Tobacco plc | 5,467 | 18,105 | 10.82 | 2.61 | 12,638 | 5.93 | 1.55 |
| Tobacco Total | 5,467 | 18,105 | 10.82 | 2.61 | 12,638 | 5.93 | 1.55 |
| Portfolio Total | 479,374 | 6,141,595 | 414.85 | 100.00 | 5,662,221 | 381.99 | 100.00 |