| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -127,177 | 102,920 | 24.82 | 2.37 | 230,097 | 55.08 | 5.28 |
| Capitec Bank Holdings Ltd. | -721 | 3,228 | 13.31 | 1.27 | 3,949 | 16.41 | 1.57 |
| FirstRand Ltd. | -190,842 | 0 | 0.00 | 0.00 | 190,842 | 17.32 | 1.66 |
| Investec plc | 82,508 | 146,477 | 18.94 | 1.81 | 63,969 | 7.82 | 0.75 |
| Nedbank Group Ltd. | -78,757 | 0 | 0.00 | 0.00 | 78,757 | 20.97 | 2.01 |
| Standard Bank Group Ltd. | -58,369 | 112,716 | 34.32 | 3.28 | 171,085 | 49.68 | 4.76 |
| Banco Bradesco SA | 128,158 | 317,475 | 19.84 | 1.89 | 189,317 | 10.45 | 1.00 |
| Itau Unibanco Banco Multiplo S.A. | -914 | 0 | 0.00 | 0.00 | 914 | 0.59 | 0.06 |
| Banks Total | -246,114 | 682,816 | 111.22 | 10.62 | 928,930 | 178.31 | 17.09 |
| Alcoa Incorporated | -320 | 2,638 | 3.00 | 0.29 | 2,958 | 2.60 | 0.25 |
| BHP Group PLC | -263 | 0 | 0.00 | 0.00 | 263 | 0.13 | 0.01 |
| Freeport-McMoran C&G | -3,529 | 692 | 2.01 | 0.19 | 4,221 | 3.55 | 0.34 |
| Glencore Plc | -297 | 14,933 | 3.88 | 0.37 | 15,230 | 2.76 | 0.26 |
| Rheinmetal Berlin | 18,232 | 18,413 | 2.77 | 0.26 | 181 | 5.50 | 0.53 |
| YELLOW CAKE PLC | -581 | 29,225 | 3.94 | 0.38 | 29,806 | 3.93 | 0.38 |
| Basic Resources Total | 13,242 | 65,901 | 15.59 | 1.49 | 52,659 | 18.48 | 1.77 |
| SA Bond R2032 | 0 | 453,874 | 0.44 | 0.04 | 453,874 | 0.48 | 0.05 |
| Bond Total | 0 | 453,874 | 0.44 | 0.04 | 453,874 | 0.48 | 0.05 |
| iShares USD Treasury (7-10) | -7,203 | 362,189 | 19.99 | 1.91 | 369,392 | 19.94 | 1.91 |
| Bonds Total | -7,203 | 362,189 | 19.99 | 1.91 | 369,392 | 19.94 | 1.91 |
| Cash on call | 0 | 0 | 165.04 | 15.76 | 0 | 33.42 | 3.20 |
| Margin Account | 0 | 0 | 10.64 | 1.02 | 0 | 0.87 | 0.08 |
| Cash on call Total | 0 | 0 | 175.68 | 16.78 | 0 | 34.29 | 3.29 |
| Sasol Ltd. | -22,723 | 64,750 | 14.59 | 1.39 | 87,473 | 9.29 | 0.89 |
| Chemicals Total | -22,723 | 64,750 | 14.59 | 1.39 | 87,473 | 9.29 | 0.89 |
| Raubex Group Ltd. | -767 | 38,581 | 1.88 | 0.18 | 39,348 | 1.75 | 0.17 |
| Wilson Bayly Holmes - Ovcon Ltd. | -36,359 | 0 | 0.00 | 0.00 | 36,359 | 6.08 | 0.58 |
| Construction and Materials Total | -37,126 | 38,581 | 1.88 | 0.18 | 75,707 | 7.83 | 0.75 |
| Advtech Ltd. | -3,135 | 157,619 | 6.65 | 0.64 | 160,754 | 5.98 | 0.57 |
| Zeda Ltd. | -5,067 | 254,763 | 3.39 | 0.32 | 259,830 | 3.66 | 0.35 |
| Consumer Services Total | -8,202 | 412,382 | 10.04 | 0.96 | 420,584 | 9.65 | 0.92 |
| Alphabet Inc C | -5,234 | 0 | 0.00 | 0.00 | 5,234 | 27.15 | 2.60 |
| Constellation Brands Class A | -118 | 1,085 | 2.79 | 0.27 | 1,203 | 2.75 | 0.26 |
| Tencent Holdings Ltd | -80 | 4,000 | 4.33 | 0.41 | 4,080 | 5.18 | 0.50 |
| Cyclical Goods & Services Total | -5,432 | 5,085 | 7.11 | 0.68 | 10,517 | 35.07 | 3.36 |
| Equity Derivative | 0 | 0 | -41.54 | -3.97 | 0 | -15.12 | -1.45 |
| Derivatives Total | 0 | 0 | -41.54 | -3.97 | 0 | -15.12 | -1.45 |
| ChevronTexaco Corp | 566 | 566 | 2.00 | 0.19 | 0 | 0.00 | 0.00 |
| Gazprom OAO | -11,311 | 0 | 0.00 | 0.00 | 11,311 | 0.00 | 0.00 |
| Lukoil Holdings | 0 | 7,726 | 0.00 | 0.00 | 7,726 | 0.00 | 0.00 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | 13,248 | 17,036 | 20.94 | 2.00 | 3,788 | 4.61 | 0.44 |
| Energy Total | 2,503 | 25,328 | 22.95 | 2.19 | 22,825 | 4.61 | 0.44 |
| iShares MSCI Brazil Index Fund | -67 | 3,360 | 2.21 | 0.21 | 3,427 | 1.80 | 0.17 |
| iShares MSCI China ETF | -227 | 11,415 | 7.77 | 0.74 | 11,642 | 7.79 | 0.75 |
| LVMH Moet Hennessy | -8 | 387 | 3.53 | 0.34 | 395 | 4.96 | 0.48 |
| Equities Total | -302 | 15,162 | 13.51 | 1.29 | 15,464 | 14.56 | 1.40 |
| NewPall | 0 | 5 | 0.00 | 0.00 | 5 | 0.00 | 0.00 |
| NewPlat | -4,795 | 14,878 | 4.67 | 0.45 | 19,673 | 6.26 | 0.60 |
| NewGold | -14,526 | 39,023 | 28.32 | 2.70 | 53,549 | 35.60 | 3.41 |
| Exchange Traded Funds Total | -19,321 | 53,906 | 32.99 | 3.15 | 73,227 | 41.86 | 4.01 |
| Optasia Ltd. | -4,657 | 234,183 | 4.59 | 0.44 | 238,840 | 4.89 | 0.47 |
| Finance and Credit Services Total | -4,657 | 234,183 | 4.59 | 0.44 | 238,840 | 4.89 | 0.47 |
| Grupo Financiero Banamex Accival SA de CV | -356 | 17,877 | 16.97 | 1.62 | 18,233 | 14.02 | 1.34 |
| Mitsubishi UFJ Financial Group Inc | -536 | 26,929 | 7.82 | 0.75 | 27,465 | 7.22 | 0.69 |
| Financial Services Total | -892 | 44,806 | 24.79 | 2.37 | 45,698 | 21.24 | 2.04 |
| Astral Foods Ltd. | -24,864 | 0 | 0.00 | 0.00 | 24,864 | 6.63 | 0.64 |
| Food Producers Total | -24,864 | 0 | 0.00 | 0.00 | 24,864 | 6.63 | 0.64 |
| Australia - Currency | 0 | 0 | 0.22 | 0.02 | 0 | 0.19 | 0.02 |
| Brazil - Currency | 0 | 0 | 3.08 | 0.29 | 0 | 0.02 | 0.00 |
| European - Currency | 0 | 0 | 4.67 | 0.45 | 0 | 1.84 | 0.18 |
| Hong Kong - Currency | 0 | 0 | 0.02 | 0.00 | 0 | 0.02 | 0.00 |
| Japan - Currency | 0 | 0 | 5.06 | 0.48 | 0 | 4.97 | 0.48 |
| Mexican Peso | 0 | 0 | 4.81 | 0.46 | 0 | 4.64 | 0.45 |
| Norway - Cash | 0 | 0 | 0.03 | 0.00 | 0 | 0.02 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.55 | 0.05 | 0 | 0.31 | 0.03 |
| USA - Currency | 0 | 0 | 8.85 | 0.85 | 0 | 5.87 | 0.56 |
| For Currency Total | 0 | 0 | 27.28 | 2.61 | 0 | 17.89 | 1.72 |
| Foreign - Bonds | 0 | 0 | 163.22 | 15.59 | 0 | 156.86 | 15.03 |
| Foreign - Equities | 0 | 0 | 0.63 | 0.06 | 0 | 0.00 | 0.00 |
| Foreign - Unit Trusts | 0 | 0 | 0.00 | 0.00 | 0 | 4.99 | 0.48 |
| Foreign Invest Total | 0 | 0 | 163.86 | 15.65 | 0 | 161.84 | 15.51 |
| Sirius Real Estate Ltd | -3,457 | 173,815 | 3.63 | 0.35 | 177,272 | 3.80 | 0.36 |
| Foreign Property Total | -3,457 | 173,815 | 3.63 | 0.35 | 177,272 | 3.80 | 0.36 |
| MMC (Mining and Metallurgical Company NORILSK NICKEL) | -3,413 | 0 | 0.00 | 0.00 | 3,413 | 0.00 | 0.00 |
| Goods & Services Total | -3,413 | 0 | 0.00 | 0.00 | 3,413 | 0.00 | 0.00 |
| Netcare Ltd. | -13,395 | 673,505 | 11.13 | 1.06 | 686,900 | 10.87 | 1.04 |
| Health Care Providers Total | -13,395 | 673,505 | 11.13 | 1.06 | 686,900 | 10.87 | 1.04 |
| Anglo American plc | -27,190 | 20,722 | 14.92 | 1.43 | 47,912 | 32.82 | 3.15 |
| BHP Group Ltd. | 54 | 10,766 | 6.52 | 0.62 | 10,712 | 5.43 | 0.52 |
| Glencore plc | 205,876 | 248,012 | 31.74 | 3.03 | 42,136 | 3.84 | 0.37 |
| Industrial Metals and Mining Total | 178,740 | 279,500 | 53.18 | 5.08 | 100,760 | 42.10 | 4.03 |
| Alexander Forbes Group Holdings Ltd. | 60,365 | 60,365 | 0.40 | 0.04 | 0 | 0.00 | 0.00 |
| Coronation Fund Managers Ltd. | -133,674 | 334,676 | 14.78 | 1.41 | 468,350 | 21.90 | 2.10 |
| JSE Ltd. | -8,985 | 66,550 | 10.63 | 1.02 | 75,535 | 10.83 | 1.04 |
| Ninety One plc | -99,850 | 77,919 | 4.01 | 0.38 | 177,769 | 8.58 | 0.82 |
| PSG Financial Services Ltd. | -43,865 | 694,740 | 18.54 | 1.77 | 738,605 | 20.13 | 1.93 |
| Reinet Investments SCA | -7,679 | 0 | 0.00 | 0.00 | 7,679 | 4.45 | 0.43 |
| Investment Banking and Brokerage Services Total | -233,688 | 1,234,250 | 48.36 | 4.62 | 1,467,938 | 65.90 | 6.32 |
| Clientèle Ltd. | -42,850 | 79,114 | 1.31 | 0.13 | 121,964 | 1.71 | 0.16 |
| Discovery Ltd. | -30,368 | 39,346 | 9.77 | 0.93 | 69,714 | 15.87 | 1.52 |
| Old Mutual Ltd. | -1,254,562 | 0 | 0.00 | 0.00 | 1,254,562 | 18.69 | 1.79 |
| Life Insurance Total | -1,327,780 | 118,460 | 11.08 | 1.06 | 1,446,240 | 36.26 | 3.48 |
| Canal Plus | 80,532 | 80,532 | 3.63 | 0.35 | 0 | 0.00 | 0.00 |
| Media Total | 80,532 | 80,532 | 3.63 | 0.35 | 0 | 0.00 | 0.00 |
| iShares China Large Cap UCITS ETF | -206 | 2,685 | 4.66 | 0.45 | 2,891 | 5.30 | 0.51 |
| iShares Core MSCI EM IMI UCITS ETF | -3,640 | 6,236 | 4.83 | 0.46 | 9,876 | 7.38 | 0.71 |
| iShares Core MSCI Japan IMI UCITS ETF | 26,918 | 26,918 | 32.63 | 3.12 | 0 | 0.00 | 0.00 |
| Offshore Intern Total | 23,072 | 35,839 | 42.12 | 4.02 | 12,767 | 12.68 | 1.22 |
| BP Plc | 2,550 | 2,550 | 2.05 | 0.20 | 0 | 0.00 | 0.00 |
| TotalEnergies SE | 1,301 | 1,301 | 2.03 | 0.19 | 0 | 0.00 | 0.00 |
| Oil and Gas Total | 3,851 | 3,851 | 4.08 | 0.39 | 0 | 0.00 | 0.00 |
| Pick n Pay Stores Ltd. | 135,777 | 135,777 | 2.59 | 0.25 | 0 | 0.00 | 0.00 |
| Shoprite Holdings Ltd. | 37,885 | 37,885 | 10.45 | 1.00 | 0 | 0.00 | 0.00 |
| Personal Care, Drug and Grocery Stores Total | 173,662 | 173,662 | 13.04 | 1.25 | 0 | 0.00 | 0.00 |
| Northam Platinum Holdings Ltd. | -37,062 | 46,624 | 15.86 | 1.51 | 83,686 | 28.21 | 2.70 |
| Pan African Resources plc | -908,261 | 361,047 | 11.37 | 1.09 | 1,269,308 | 34.18 | 3.28 |
| Valterra Platinum Ltd. | -13,901 | 16,427 | 23.01 | 2.20 | 30,328 | 42.75 | 4.10 |
| Precious Metals and Mining Total | -959,224 | 424,098 | 50.24 | 4.80 | 1,383,322 | 105.14 | 10.08 |
| Emira Property Fund Ltd. | -2,319 | 116,626 | 1.57 | 0.15 | 118,945 | 1.62 | 0.15 |
| Fairvest Ltd. | -5,465 | 274,778 | 1.75 | 0.17 | 280,243 | 2.01 | 0.19 |
| Real Estate Investment Trusts Total | -7,784 | 391,404 | 3.33 | 0.32 | 399,188 | 3.63 | 0.35 |
| Combined Motor Holdings Ltd. | -3,174 | 283,887 | 9.99 | 0.95 | 287,061 | 10.59 | 1.02 |
| Lewis Group Ltd. | -50,190 | 232,171 | 18.34 | 1.75 | 282,361 | 25.40 | 2.43 |
| Motus Holdings Ltd. | -31,443 | 87,331 | 10.13 | 0.97 | 118,774 | 14.48 | 1.39 |
| Mr Price Group Ltd. | 33,956 | 38,369 | 5.88 | 0.56 | 4,413 | 0.77 | 0.07 |
| Woolworths Holdings Ltd. | -3,440 | 172,954 | 8.77 | 0.84 | 176,394 | 9.88 | 0.95 |
| Retailers Total | -54,291 | 814,712 | 53.12 | 5.07 | 869,003 | 61.12 | 5.86 |
| Altron Ltd. | 87,931 | 256,826 | 5.11 | 0.49 | 168,895 | 3.36 | 0.32 |
| Datatec Ltd. | 66,495 | 66,495 | 4.66 | 0.44 | 0 | 0.00 | 0.00 |
| Karooooo Ltd. | -522 | 5,736 | 4.89 | 0.47 | 6,258 | 4.72 | 0.45 |
| Naspers Ltd. | -3,290 | 33,461 | 28.84 | 2.75 | 36,751 | 40.59 | 3.89 |
| Prosus NV | -195 | 9,790 | 7.53 | 0.72 | 9,985 | 10.22 | 0.98 |
| Software and Computer Services Total | 150,419 | 372,308 | 51.02 | 4.87 | 221,889 | 58.89 | 5.64 |
| Amazon.Com | -860 | 2,365 | 8.43 | 0.81 | 3,225 | 12.33 | 1.18 |
| Dell Technologies Inc | -55 | 2,749 | 7.72 | 0.74 | 2,804 | 5.85 | 0.56 |
| Meta Platforms Inc | -7 | 370 | 3.62 | 0.35 | 377 | 4.12 | 0.40 |
| Microsoft Corporation | 2,361 | 2,361 | 14.96 | 1.43 | 0 | 0.00 | 0.00 |
| Nvidia Corporation | 1,481 | 5,268 | 15.73 | 1.50 | 3,787 | 11.70 | 1.12 |
| Taiwan Semiconductor Manufacturing Co Ltd | -478 | 1,006 | 5.82 | 0.56 | 1,484 | 7.47 | 0.72 |
| Technology Total | 2,442 | 14,119 | 56.28 | 5.38 | 11,677 | 41.48 | 3.98 |
| MTN Group Ltd. | 38,827 | 67,520 | 13.20 | 1.26 | 28,693 | 4.86 | 0.47 |
| Telkom SA SOC Ltd. | -29,328 | 233,705 | 13.74 | 1.31 | 263,033 | 15.52 | 1.49 |
| Telecommunications Service Providers Total | 9,499 | 301,225 | 26.94 | 2.57 | 291,726 | 20.39 | 1.95 |
| Sun International Ltd. | -12,895 | 228,460 | 10.82 | 1.03 | 241,355 | 9.33 | 0.89 |
| Travel and Leisure Total | -12,895 | 228,460 | 10.82 | 1.03 | 241,355 | 9.33 | 0.89 |
| Portfolio Total | -2,354,801 | 7,778,703 | 1,047.00 | 100.00 | 10,133,504 | 1,043.33 | 100.00 |