| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -10,588 | 230,097 | 55.08 | 5.28 | 240,685 | 43.59 | 4.19 |
| Capitec Bank Holdings Ltd. | -236 | 3,949 | 16.41 | 1.57 | 4,185 | 14.54 | 1.40 |
| FirstRand Ltd. | -79,075 | 190,842 | 17.32 | 1.66 | 269,917 | 20.96 | 2.01 |
| Investec plc | -4,072 | 63,969 | 7.82 | 0.75 | 68,041 | 8.72 | 0.84 |
| Nedbank Group Ltd. | 32,524 | 78,757 | 20.97 | 2.01 | 46,233 | 9.87 | 0.95 |
| Standard Bank Group Ltd. | -3,438 | 171,085 | 49.68 | 4.76 | 174,523 | 41.26 | 3.96 |
| Banco Bradesco SA | -11,227 | 189,317 | 10.45 | 1.00 | 200,544 | 11.69 | 1.12 |
| Itau Unibanco Banco Multiplo S.A. | -36,371 | 914 | 0.59 | 0.06 | 37,285 | 4.72 | 0.45 |
| Banks Total | -112,483 | 928,930 | 178.31 | 17.09 | 1,041,413 | 155.35 | 14.93 |
| Alcoa Incorporated | -39 | 2,958 | 2.60 | 0.25 | 2,997 | 1.70 | 0.16 |
| BHP Group PLC | 263 | 263 | 0.13 | 0.01 | 0 | 0.00 | 0.00 |
| Freeport-McMoran C&G | -213 | 4,221 | 3.55 | 0.34 | 4,434 | 3.00 | 0.29 |
| Glencore Plc | -822 | 15,230 | 2.76 | 0.26 | 16,052 | 2.55 | 0.24 |
| Rheinmetal Berlin | -11 | 181 | 5.50 | 0.53 | 192 | 7.69 | 0.74 |
| YELLOW CAKE PLC | -1,875 | 29,806 | 3.93 | 0.38 | 31,681 | 4.20 | 0.40 |
| Basic Resources Total | -2,697 | 52,659 | 18.48 | 1.77 | 55,356 | 19.14 | 1.84 |
| Anheuser-Busch InBev SA/NV | -4,657 | 0 | 0.00 | 0.00 | 4,657 | 4.78 | 0.46 |
| Beverages Total | -4,657 | 0 | 0.00 | 0.00 | 4,657 | 4.78 | 0.46 |
| SA Bond R2030 | -64,101 | 0 | 0.00 | 0.00 | 64,101 | 0.07 | 0.01 |
| SA Bond R2032 | 509 | 453,874 | 0.48 | 0.05 | 453,365 | 0.45 | 0.04 |
| Bond Total | -63,592 | 453,874 | 0.48 | 0.05 | 517,466 | 0.51 | 0.05 |
| iShares USD Treasury (7-10) | -20,852 | 369,392 | 19.94 | 1.91 | 390,244 | 22.45 | 2.16 |
| Bonds Total | -20,852 | 369,392 | 19.94 | 1.91 | 390,244 | 22.45 | 2.16 |
| Cash on call | 0 | 0 | 33.42 | 3.20 | 0 | 57.41 | 5.52 |
| Margin Account | 0 | 0 | 0.87 | 0.08 | 0 | 3.88 | 0.37 |
| Cash on call Total | 0 | 0 | 34.29 | 3.29 | 0 | 61.29 | 5.89 |
| Sasol Ltd. | -15,224 | 87,473 | 9.29 | 0.89 | 102,697 | 11.04 | 1.06 |
| Chemicals Total | -15,224 | 87,473 | 9.29 | 0.89 | 102,697 | 11.04 | 1.06 |
| Raubex Group Ltd. | -3,638 | 39,348 | 1.75 | 0.17 | 42,986 | 1.83 | 0.18 |
| Wilson Bayly Holmes - Ovcon Ltd. | -10,029 | 36,359 | 6.08 | 0.58 | 46,388 | 6.97 | 0.67 |
| Construction and Materials Total | -13,667 | 75,707 | 7.83 | 0.75 | 89,374 | 8.80 | 0.85 |
| ADvTECH Ltd. | -9,562 | 160,754 | 5.98 | 0.57 | 170,316 | 5.36 | 0.52 |
| Zeda Ltd. | -24,021 | 259,830 | 3.66 | 0.35 | 283,851 | 3.57 | 0.34 |
| Consumer Services Total | -33,583 | 420,584 | 9.65 | 0.92 | 454,167 | 8.93 | 0.86 |
| Alphabet Inc C | -1,979 | 5,234 | 27.15 | 2.60 | 7,213 | 30.25 | 2.91 |
| Constellation Brands Class A | -32 | 1,203 | 2.75 | 0.26 | 1,235 | 2.87 | 0.28 |
| Tencent Holdings Ltd | -242 | 4,080 | 5.18 | 0.50 | 4,322 | 6.35 | 0.61 |
| Cyclical Goods & Services Total | -2,253 | 10,517 | 35.07 | 3.36 | 12,770 | 39.47 | 3.79 |
| Equity Derivative | 0 | 0 | -15.12 | -1.45 | 0 | -51.72 | -4.97 |
| Derivatives Total | 0 | 0 | -15.12 | -1.45 | 0 | -51.72 | -4.97 |
| Gazprom OAO | 11,311 | 11,311 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Lukoil Holdings | 7,726 | 7,726 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | -206 | 3,788 | 4.61 | 0.44 | 3,994 | 4.93 | 0.47 |
| Energy Total | 18,831 | 22,825 | 4.61 | 0.44 | 3,994 | 4.93 | 0.47 |
| iShares MSCI Brazil Index Fund | -45 | 3,427 | 1.80 | 0.17 | 3,472 | 1.86 | 0.18 |
| iShares MSCI China ETF | -688 | 11,642 | 7.79 | 0.75 | 12,330 | 7.01 | 0.67 |
| LVMH Moet Hennessy | 395 | 395 | 4.96 | 0.48 | 0 | 0.00 | 0.00 |
| Equities Total | -338 | 15,464 | 14.56 | 1.40 | 15,802 | 8.87 | 0.85 |
| NewPall | 0 | 5 | 0.00 | 0.00 | 5 | 0.00 | 0.00 |
| NewPlat | -1,818 | 19,673 | 6.26 | 0.60 | 21,491 | 5.59 | 0.54 |
| NewGold | -3,484 | 53,549 | 35.60 | 3.41 | 57,033 | 35.09 | 3.37 |
| Exchange Traded Funds Total | -5,302 | 73,227 | 41.86 | 4.01 | 78,529 | 40.68 | 3.91 |
| Channel VAS Investments Ltd. | 238,840 | 238,840 | 4.89 | 0.47 | 0 | 0.00 | 0.00 |
| Finance and Credit Services Total | 238,840 | 238,840 | 4.89 | 0.47 | 0 | 0.00 | 0.00 |
| Grupo Financiero Banamex Accival SA de CV | -1,091 | 18,233 | 14.02 | 1.34 | 19,324 | 16.73 | 1.61 |
| Mitsubishi UFJ Financial Group Inc | -1,456 | 27,465 | 7.22 | 0.69 | 28,921 | 7.95 | 0.76 |
| Financial Services Total | -2,547 | 45,698 | 21.24 | 2.04 | 48,245 | 24.68 | 2.37 |
| Astral Foods Ltd. | -1,479 | 24,864 | 6.63 | 0.64 | 26,343 | 5.41 | 0.52 |
| Food Producers Total | -1,479 | 24,864 | 6.63 | 0.64 | 26,343 | 5.41 | 0.52 |
| Australia - Currency | 0 | 0 | 0.19 | 0.02 | 0 | 0.83 | 0.08 |
| Brazil - Currency | 0 | 0 | 0.02 | 0.00 | 0 | 1.46 | 0.14 |
| European - Currency | 0 | 0 | 1.84 | 0.18 | 0 | 1.32 | 0.13 |
| Hong Kong - Currency | 0 | 0 | 0.02 | 0.00 | 0 | 0.02 | 0.00 |
| Japan - Currency | 0 | 0 | 4.97 | 0.48 | 0 | 26.63 | 2.56 |
| Mexican Peso | 0 | 0 | 4.64 | 0.45 | 0 | 2.38 | 0.23 |
| Norway - Cash | 0 | 0 | 0.02 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.31 | 0.03 | 0 | 1.50 | 0.14 |
| USA - Currency | 0 | 0 | 5.87 | 0.56 | 0 | 1.97 | 0.19 |
| For Currency Total | 0 | 0 | 17.89 | 1.72 | 0 | 36.11 | 3.47 |
| Foreign - Bonds | 0 | 0 | 156.86 | 15.03 | 0 | 140.50 | 13.50 |
| Foreign - Unit Trusts | 0 | 0 | 4.99 | 0.48 | 0 | 0.00 | 0.00 |
| Foreign Invest Total | 0 | 0 | 161.84 | 15.51 | 0 | 140.50 | 13.50 |
| Sirius Real Estate Ltd | -9,881 | 177,272 | 3.80 | 0.36 | 187,153 | 4.25 | 0.41 |
| Foreign Property Total | -9,881 | 177,272 | 3.80 | 0.36 | 187,153 | 4.25 | 0.41 |
| MMC (Mining and Metallurgical Company NORILSK NICKEL) | 3,413 | 3,413 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Goods & Services Total | 3,413 | 3,413 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Netcare Ltd. | 139,841 | 686,900 | 10.87 | 1.04 | 547,059 | 7.77 | 0.75 |
| Health Care Providers Total | 139,841 | 686,900 | 10.87 | 1.04 | 547,059 | 7.77 | 0.75 |
| Anglo American plc | -3,095 | 47,912 | 32.82 | 3.15 | 51,007 | 32.98 | 3.17 |
| BHP Group Ltd. | -737 | 10,712 | 5.43 | 0.52 | 11,449 | 5.46 | 0.52 |
| Glencore plc | -2,491 | 42,136 | 3.84 | 0.37 | 44,627 | 3.56 | 0.34 |
| Industrial Metals and Mining Total | -6,323 | 100,760 | 42.10 | 4.03 | 107,083 | 41.99 | 4.03 |
| Coronation Fund Managers Ltd. | 36,767 | 468,350 | 21.90 | 2.10 | 431,583 | 19.21 | 1.85 |
| JSE Ltd. | 19,249 | 75,535 | 10.83 | 1.04 | 56,286 | 7.18 | 0.69 |
| Ninety One plc | -10,535 | 177,769 | 8.58 | 0.82 | 188,304 | 8.84 | 0.85 |
| PSG Financial Services Ltd. | -48,949 | 738,605 | 20.13 | 1.93 | 787,554 | 17.96 | 1.73 |
| Reinet Investments SCA | -455 | 7,679 | 4.45 | 0.43 | 8,134 | 4.11 | 0.39 |
| Investment Banking and Brokerage Services Total | -3,923 | 1,467,938 | 65.90 | 6.32 | 1,471,861 | 57.29 | 5.50 |
| Clientèle Ltd. | -11,275 | 121,964 | 1.71 | 0.16 | 133,239 | 1.87 | 0.18 |
| Discovery Ltd. | -4,177 | 69,714 | 15.87 | 1.52 | 73,891 | 14.56 | 1.40 |
| Old Mutual Ltd. | -2,903 | 1,254,562 | 18.69 | 1.79 | 1,257,465 | 16.79 | 1.61 |
| Life Insurance Total | -18,355 | 1,446,240 | 36.26 | 3.48 | 1,464,595 | 33.21 | 3.19 |
| iShares China Large Cap UCITS ETF | -1,296 | 2,891 | 5.30 | 0.51 | 4,187 | 8.46 | 0.81 |
| iShares Core MSCI EM IMI UCITS ETF | -590 | 9,876 | 7.38 | 0.71 | 10,466 | 7.80 | 0.75 |
| Offshore Intern Total | -1,886 | 12,767 | 12.68 | 1.22 | 14,653 | 16.26 | 1.56 |
| Northam Platinum Holdings Ltd. | 7,934 | 83,686 | 28.21 | 2.70 | 75,752 | 21.29 | 2.05 |
| Pan African Resources plc | -164,601 | 1,269,308 | 34.18 | 3.28 | 1,433,909 | 29.12 | 2.80 |
| Valterra Platinum Ltd. | -13,107 | 30,328 | 42.75 | 4.10 | 43,435 | 53.62 | 5.15 |
| Precious Metals and Mining Total | -169,774 | 1,383,322 | 105.14 | 10.08 | 1,553,096 | 104.03 | 10.00 |
| Obsidian SCI Worldwide Flexible - B | -2,133,033 | 0 | 0.00 | 0.00 | 2,133,033 | 29.52 | 2.84 |
| Prudential Total | -2,133,033 | 0 | 0.00 | 0.00 | 2,133,033 | 29.52 | 2.84 |
| Emira Property Fund Ltd. | -10,996 | 118,945 | 1.62 | 0.15 | 129,941 | 1.57 | 0.15 |
| Fairvest Ltd. | -25,908 | 280,243 | 2.01 | 0.19 | 306,151 | 1.69 | 0.16 |
| Real Estate Investment Trusts Total | -36,904 | 399,188 | 3.63 | 0.35 | 436,092 | 3.26 | 0.31 |
| Combined Motor Holdings Ltd. | 58,545 | 287,061 | 10.59 | 1.02 | 228,516 | 7.54 | 0.72 |
| Lewis Group Ltd. | -18,552 | 282,361 | 25.40 | 2.43 | 300,913 | 21.90 | 2.10 |
| Motus Holdings Ltd. | 51,005 | 118,774 | 14.48 | 1.39 | 67,769 | 7.05 | 0.68 |
| Mr Price Group Ltd. | -407 | 4,413 | 0.77 | 0.07 | 4,820 | 0.98 | 0.09 |
| We Buy Cars Holdings Ltd. | -349,668 | 0 | 0.00 | 0.00 | 349,668 | 19.36 | 1.86 |
| Woolworths Holdings Ltd. | -10,537 | 176,394 | 9.88 | 0.95 | 186,931 | 9.40 | 0.90 |
| Retailers Total | -269,614 | 869,003 | 61.12 | 5.86 | 1,138,617 | 66.23 | 6.36 |
| Altron Ltd. | -5,982 | 168,895 | 3.36 | 0.32 | 174,877 | 3.19 | 0.31 |
| Karooooo Ltd. | -389 | 6,258 | 4.72 | 0.45 | 6,647 | 6.55 | 0.63 |
| Naspers Ltd. | 31,220 | 36,751 | 40.59 | 3.89 | 5,531 | 34.59 | 3.32 |
| Prosus NV | -10,699 | 9,985 | 10.22 | 0.98 | 20,684 | 25.04 | 2.41 |
| Software and Computer Services Total | 14,150 | 221,889 | 58.89 | 5.64 | 207,739 | 69.38 | 6.67 |
| Amazon.Com | -160 | 3,225 | 12.33 | 1.18 | 3,385 | 12.82 | 1.23 |
| Dell Technologies Inc | -165 | 2,804 | 5.85 | 0.56 | 2,969 | 7.26 | 0.70 |
| Meta Platforms Inc | 377 | 377 | 4.12 | 0.40 | 0 | 0.00 | 0.00 |
| Nvidia Corporation | 1,385 | 3,787 | 11.70 | 1.12 | 2,402 | 7.73 | 0.74 |
| Taiwan Semiconductor Manufacturing Co Ltd | -74 | 1,484 | 7.47 | 0.72 | 1,558 | 7.51 | 0.72 |
| Technology Total | 1,363 | 11,677 | 41.48 | 3.98 | 10,314 | 35.32 | 3.39 |
| MTN Group Ltd. | -637 | 28,693 | 4.86 | 0.47 | 29,330 | 4.25 | 0.41 |
| Telkom SA SOC Ltd. | 97,965 | 263,033 | 15.52 | 1.49 | 165,068 | 8.45 | 0.81 |
| Telecommunications Service Providers Total | 97,328 | 291,726 | 20.39 | 1.95 | 194,398 | 12.70 | 1.22 |
| British American Tobacco plc | -8,757 | 0 | 0.00 | 0.00 | 8,757 | 7.99 | 0.77 |
| Tobacco Total | -8,757 | 0 | 0.00 | 0.00 | 8,757 | 7.99 | 0.77 |
| Sun International Ltd. | -14,305 | 241,355 | 9.33 | 0.89 | 255,660 | 10.32 | 0.99 |
| Travel and Leisure Total | -14,305 | 241,355 | 9.33 | 0.89 | 255,660 | 10.32 | 0.99 |
| Portfolio Total | -2,437,663 | 10,133,504 | 1,043.33 | 100.00 | 12,571,167 | 1,040.74 | 100.00 |