| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 109,555 | 19.28 | 2.08 | 109,555 | 19.39 | 2.27 |
| Capitec Bank Holdings Ltd. | 0 | 9,848 | 34.97 | 3.77 | 9,848 | 30.55 | 3.58 |
| Capricorn Group Ltd. | 14,898 | 588,202 | 12.73 | 1.37 | 573,304 | 12.19 | 1.43 |
| FirstRand Ltd. | 0 | 3,172 | 0.24 | 0.03 | 3,172 | 0.23 | 0.03 |
| FirstRand Ltd. | 24,879 | 636,548 | 48.18 | 5.19 | 611,669 | 43.94 | 5.15 |
| FirstRand Namibia Ltd. | 0 | 383,009 | 18.05 | 1.95 | 383,009 | 17.97 | 2.10 |
| Investec Ltd. | 0 | 32,253 | 4.27 | 0.46 | 32,253 | 3.68 | 0.43 |
| Investec plc | 0 | 14,182 | 1.87 | 0.20 | 14,182 | 1.62 | 0.19 |
| Letshego Holdings (Namibia) Ltd. | 0 | 845,784 | 5.51 | 0.59 | 845,784 | 5.07 | 0.59 |
| Nedbank Group Ltd. | 0 | 26,816 | 6.52 | 0.70 | 26,816 | 6.90 | 0.81 |
| Nedbank Group Ltd. | 0 | 37,448 | 9.10 | 0.98 | 37,448 | 9.63 | 1.13 |
| SBN Holdings Ltd. | 0 | 425,818 | 4.49 | 0.48 | 425,818 | 4.26 | 0.50 |
| Standard Bank Group Ltd. | 0 | 32,007 | 7.28 | 0.79 | 32,007 | 7.66 | 0.90 |
| Standard Bank Group Ltd. | 0 | 135,291 | 30.78 | 3.32 | 135,291 | 32.39 | 3.79 |
| Banks Total | 39,777 | 3,279,933 | 203.27 | 21.91 | 3,240,156 | 195.48 | 22.90 |
| Anheuser-Busch InBev SA/NV | -1,133 | 5,134 | 6.26 | 0.67 | 6,267 | 7.09 | 0.83 |
| Namibia Breweries | 0 | 691,706 | 19.99 | 2.16 | 691,706 | 20.02 | 2.35 |
| Beverages Total | -1,133 | 696,840 | 26.25 | 2.83 | 697,973 | 27.11 | 3.18 |
| Namibia Cash | 0 | 0 | 21.16 | 2.28 | 0 | 19.89 | 2.33 |
| Cash on call Total | 0 | 0 | 21.16 | 2.28 | 0 | 19.89 | 2.33 |
| AECI Ltd. | 0 | 10,038 | 1.06 | 0.11 | 10,038 | 0.98 | 0.11 |
| Omnia Holdings Ltd. | 0 | 7,249 | 0.58 | 0.06 | 7,249 | 0.49 | 0.06 |
| Sasol Ltd. | 14,120 | 155,289 | 12.23 | 1.32 | 141,169 | 10.80 | 1.27 |
| Chemicals Total | 14,120 | 172,576 | 13.87 | 1.50 | 158,456 | 12.26 | 1.44 |
| PPC Ltd. | 0 | 311,538 | 1.61 | 0.17 | 311,538 | 1.43 | 0.17 |
| Raubex Group Ltd. | 29,710 | 56,333 | 2.51 | 0.27 | 26,623 | 1.17 | 0.14 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 11,683 | 2.16 | 0.23 | 11,683 | 2.11 | 0.25 |
| Construction and Materials Total | 29,710 | 379,554 | 6.27 | 0.68 | 349,844 | 4.72 | 0.55 |
| Curro Holdings Ltd. | 0 | 155,138 | 1.40 | 0.15 | 155,138 | 1.30 | 0.15 |
| Zeda Ltd. | 0 | 7,759 | 0.10 | 0.01 | 7,759 | 0.09 | 0.01 |
| Consumer Services Total | 0 | 162,897 | 1.49 | 0.16 | 162,897 | 1.39 | 0.16 |
| Reunert Ltd. | 21,603 | 83,638 | 4.81 | 0.52 | 62,035 | 3.76 | 0.44 |
| Electronic and Electrical Equipment Total | 21,603 | 83,638 | 4.81 | 0.52 | 62,035 | 3.76 | 0.44 |
| Nutun Ltd. | 0 | 17,026 | 0.02 | 0.00 | 17,026 | 0.03 | 0.00 |
| Finance and Credit Services Total | 0 | 17,026 | 0.02 | 0.00 | 17,026 | 0.03 | 0.00 |
| Astral Foods Ltd. | 0 | 9,541 | 1.69 | 0.18 | 9,541 | 1.56 | 0.18 |
| AVI Ltd. | 15,531 | 100,435 | 9.45 | 1.02 | 84,904 | 7.53 | 0.88 |
| Oceana Group Ltd. | 0 | 11,729 | 0.61 | 0.07 | 11,729 | 0.68 | 0.08 |
| Premier Group Ltd. | 16,058 | 16,058 | 2.26 | 0.24 | 0 | 0.00 | 0.00 |
| Food Producers Total | 31,589 | 137,763 | 14.03 | 1.51 | 106,174 | 9.76 | 1.14 |
| Barloworld Ltd. | 0 | 7,759 | 0.88 | 0.09 | 7,759 | 0.82 | 0.10 |
| KAP Ltd. | 549,020 | 2,368,846 | 4.86 | 0.52 | 1,819,826 | 4.60 | 0.54 |
| Mondi plc | -6,143 | 22,290 | 6.49 | 0.70 | 28,433 | 7.74 | 0.91 |
| The Bidvest Group Ltd. | 0 | 51,460 | 12.02 | 1.30 | 51,460 | 12.12 | 1.42 |
| General Industrials Total | 542,877 | 2,450,355 | 24.24 | 2.61 | 1,907,478 | 25.28 | 2.96 |
| Life Healthcare Group Holdings Ltd. | 0 | 527,947 | 7.54 | 0.81 | 527,947 | 7.30 | 0.86 |
| Netcare Ltd. | 0 | 92,116 | 1.29 | 0.14 | 92,116 | 1.21 | 0.14 |
| Health Care Providers Total | 0 | 620,063 | 8.82 | 0.95 | 620,063 | 8.51 | 1.00 |
| Sappi Ltd. | 0 | 25,284 | 0.75 | 0.08 | 25,284 | 0.92 | 0.11 |
| Industrial Materials Total | 0 | 25,284 | 0.75 | 0.08 | 25,284 | 0.92 | 0.11 |
| African Rainbow Minerals Ltd. | -10,508 | 7,735 | 1.33 | 0.14 | 18,243 | 2.66 | 0.31 |
| Anglo American plc | -7,319 | 42,191 | 20.64 | 2.23 | 49,510 | 25.30 | 2.96 |
| BHP Group Ltd. | 0 | 23,025 | 9.83 | 1.06 | 23,025 | 10.10 | 1.18 |
| Glencore plc | 46,364 | 122,442 | 8.52 | 0.92 | 76,078 | 5.12 | 0.60 |
| Kumba Iron Ore Ltd. | 0 | 2,428 | 0.69 | 0.07 | 2,428 | 0.76 | 0.09 |
| Industrial Metals and Mining Total | 28,537 | 197,821 | 41.01 | 4.42 | 169,284 | 43.94 | 5.15 |
| Hudaco Industries Ltd. | 0 | 6,951 | 1.38 | 0.15 | 6,951 | 1.30 | 0.15 |
| Industrial Support Services Total | 0 | 6,951 | 1.38 | 0.15 | 6,951 | 1.30 | 0.15 |
| Bell Equipment Ltd. | 0 | 18,170 | 0.73 | 0.08 | 18,170 | 0.67 | 0.08 |
| Grindrod Ltd. | 0 | 58,926 | 0.73 | 0.08 | 58,926 | 0.72 | 0.08 |
| Super Group Ltd. | 0 | 25,308 | 0.40 | 0.04 | 25,308 | 0.71 | 0.08 |
| Industrial Transportation Total | 0 | 102,404 | 1.87 | 0.20 | 102,404 | 2.10 | 0.25 |
| Alexander Forbes Group Holdings Ltd. | 0 | 227,311 | 2.05 | 0.22 | 227,311 | 1.74 | 0.20 |
| Coronation Fund Managers Ltd. | 0 | 50,515 | 2.00 | 0.22 | 50,515 | 1.96 | 0.23 |
| JSE Ltd. | 0 | 15,917 | 2.12 | 0.23 | 15,917 | 1.97 | 0.23 |
| Ninety One Ltd. | 0 | 8,639 | 0.37 | 0.04 | 8,639 | 0.30 | 0.04 |
| Ninety One plc | -32,019 | 11,254 | 0.50 | 0.05 | 43,273 | 1.50 | 0.18 |
| Reinet Investments SCA | 6,505 | 37,519 | 21.62 | 2.33 | 31,014 | 13.81 | 1.62 |
| Remgro Ltd. | -5,597 | 2,071 | 0.33 | 0.04 | 7,668 | 1.21 | 0.14 |
| Zeder Investments Ltd. | 0 | 91,819 | 0.11 | 0.01 | 91,819 | 0.15 | 0.02 |
| Investment Banking and Brokerage Services Total | -31,111 | 445,045 | 29.10 | 3.14 | 476,156 | 22.64 | 2.65 |
| Discovery Ltd. | 0 | 30,618 | 6.58 | 0.71 | 30,618 | 6.11 | 0.72 |
| Momentum Group Ltd. | 0 | 81,397 | 2.79 | 0.30 | 81,397 | 2.54 | 0.30 |
| Old Mutual Ltd. | 0 | 45,792 | 0.55 | 0.06 | 45,792 | 0.54 | 0.06 |
| Old Mutual Ltd. | 0 | 345,434 | 4.17 | 0.45 | 345,434 | 4.11 | 0.48 |
| Sanlam Ltd. | -15,483 | 176,188 | 15.62 | 1.68 | 191,671 | 15.86 | 1.86 |
| Life Insurance Total | -15,483 | 679,429 | 29.71 | 3.20 | 694,912 | 29.17 | 3.42 |
| Santam Ltd. | 0 | 2,318 | 0.99 | 0.11 | 2,318 | 0.86 | 0.10 |
| Non-life Insurance Total | 0 | 2,318 | 0.99 | 0.11 | 2,318 | 0.86 | 0.10 |
| Exxaro Resources Ltd. | 0 | 38,224 | 5.62 | 0.61 | 38,224 | 5.67 | 0.66 |
| Thungela Resources Ltd. | 0 | 9,247 | 0.78 | 0.08 | 9,247 | 0.93 | 0.11 |
| Oil, Gas and Coal Total | 0 | 47,471 | 6.40 | 0.69 | 47,471 | 6.60 | 0.77 |
| Bid Corporation Ltd. | -1,889 | 45,203 | 21.13 | 2.28 | 47,092 | 20.69 | 2.42 |
| Boxer Retail Ltd. | 39,408 | 39,408 | 2.73 | 0.29 | 0 | 0.00 | 0.00 |
| Dis-Chem Pharmacies Ltd. | 0 | 56,343 | 1.82 | 0.20 | 56,343 | 1.71 | 0.20 |
| Pick n Pay Stores Ltd. | 0 | 254,320 | 6.82 | 0.73 | 254,320 | 6.98 | 0.82 |
| Shoprite Holdings Ltd. | 4,749 | 69,737 | 19.31 | 2.08 | 64,988 | 17.72 | 2.08 |
| The SPAR Group Ltd. | 0 | 9,106 | 0.98 | 0.11 | 9,106 | 1.08 | 0.13 |
| Personal Care, Drug and Grocery Stores Total | 42,268 | 474,117 | 52.79 | 5.69 | 431,849 | 48.18 | 5.64 |
| Compagnie Financière Richemont SA | 942 | 5,753 | 19.16 | 2.07 | 4,811 | 15.25 | 1.79 |
| Personal Goods Total | 942 | 5,753 | 19.16 | 2.07 | 4,811 | 15.25 | 1.79 |
| Aspen Pharmacare Holdings Ltd. | 0 | 49,228 | 5.88 | 0.63 | 49,228 | 8.06 | 0.94 |
| Pharmaceuticals and Biotechnology Total | 0 | 49,228 | 5.88 | 0.63 | 49,228 | 8.06 | 0.94 |
| AngloGold Ashanti plc | 0 | 41,151 | 32.96 | 3.55 | 41,151 | 28.26 | 3.31 |
| Gold Fields Ltd. | -5,365 | 101,856 | 42.35 | 4.57 | 107,221 | 43.47 | 5.09 |
| Harmony Gold Mining Company Ltd. | 3,547 | 48,460 | 11.86 | 1.28 | 44,913 | 11.97 | 1.40 |
| Impala Platinum Holdings Ltd. | 0 | 116,168 | 18.46 | 1.99 | 116,168 | 14.63 | 1.71 |
| Northam Platinum Holdings Ltd. | -2,971 | 63,444 | 12.16 | 1.31 | 66,415 | 8.70 | 1.02 |
| Sibanye Stillwater Ltd. | 0 | 303,333 | 9.79 | 1.06 | 303,333 | 6.32 | 0.74 |
| Valterra Platinum Ltd. | 5,100 | 14,496 | 11.46 | 1.24 | 9,396 | 6.90 | 0.81 |
| Precious Metals and Mining Total | 311 | 688,908 | 139.04 | 14.99 | 688,597 | 120.24 | 14.08 |
| NEPI Rockcastle NV | 0 | 25,451 | 3.43 | 0.37 | 25,451 | 3.37 | 0.40 |
| Oryx Properties Ltd. | 0 | 595,141 | 8.00 | 0.86 | 595,141 | 7.95 | 0.93 |
| Real Estate Investment and Services Total | 0 | 620,592 | 11.44 | 1.23 | 620,592 | 11.32 | 1.33 |
| Growthpoint Properties Ltd. | 0 | 154,668 | 2.07 | 0.22 | 154,668 | 2.00 | 0.23 |
| Real Estate Investment Trusts Total | 0 | 154,668 | 2.07 | 0.22 | 154,668 | 2.00 | 0.23 |
| Motus Holdings Ltd. | 0 | 30,989 | 2.92 | 0.31 | 30,989 | 2.70 | 0.32 |
| Mr Price Group Ltd. | 0 | 1,559 | 0.35 | 0.04 | 1,559 | 0.35 | 0.04 |
| Pepkor Holdings Ltd. | -48,891 | 458,378 | 12.48 | 1.35 | 507,269 | 12.95 | 1.52 |
| The Foschini Group Ltd. | 0 | 36,996 | 4.77 | 0.51 | 36,996 | 4.60 | 0.54 |
| Truworths International Ltd. | 0 | 110,380 | 7.88 | 0.85 | 110,380 | 7.94 | 0.93 |
| We Buy Cars Holdings Ltd. | 0 | 67,334 | 4.03 | 0.43 | 67,334 | 2.84 | 0.33 |
| Woolworths Holdings Ltd. | 0 | 138,841 | 7.19 | 0.77 | 138,841 | 7.08 | 0.83 |
| Retailers Total | -48,891 | 844,477 | 39.61 | 4.27 | 893,368 | 38.46 | 4.50 |
| Altron Ltd. | 0 | 15,125 | 0.33 | 0.04 | 15,125 | 0.31 | 0.04 |
| Datatec Ltd. | 0 | 101,388 | 6.61 | 0.71 | 101,388 | 5.63 | 0.66 |
| Naspers Ltd. | -10 | 18,925 | 104.38 | 11.25 | 18,935 | 85.55 | 10.02 |
| Prosus NV | -1,392 | 38,504 | 38.18 | 4.12 | 39,896 | 33.58 | 3.93 |
| Software and Computer Services Total | -1,402 | 173,942 | 149.51 | 16.12 | 175,344 | 125.07 | 14.65 |
| Mobile Telecommunications Ltd. | -51,765 | 2,024,098 | 17.20 | 1.85 | 2,075,863 | 17.13 | 2.01 |
| MTN Group Ltd. | 0 | 57,532 | 8.10 | 0.87 | 57,532 | 7.09 | 0.83 |
| Paratus Namibia Holdings Ltd. | 0 | 390,063 | 4.91 | 0.53 | 390,063 | 4.93 | 0.58 |
| Telkom SA SOC Ltd. | 0 | 12,365 | 0.67 | 0.07 | 12,365 | 0.46 | 0.05 |
| Vodacom Group Ltd. | -3,363 | 1,646 | 0.23 | 0.02 | 5,009 | 0.63 | 0.07 |
| Telecommunications Service Providers Total | -55,128 | 2,485,704 | 31.11 | 3.35 | 2,540,832 | 30.24 | 3.54 |
| British American Tobacco plc | -4,430 | 43,179 | 36.30 | 3.91 | 47,609 | 35.93 | 4.21 |
| Tobacco Total | -4,430 | 43,179 | 36.30 | 3.91 | 47,609 | 35.93 | 4.21 |
| Famous Brands Ltd. | 0 | 20,977 | 1.32 | 0.14 | 20,977 | 1.22 | 0.14 |
| Southern Sun Ltd. | 211,429 | 211,429 | 1.86 | 0.20 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | 0 | 24,624 | 1.08 | 0.12 | 24,624 | 1.02 | 0.12 |
| Tsogo Sun Ltd. | 0 | 122,455 | 0.94 | 0.10 | 122,455 | 1.01 | 0.12 |
| Travel and Leisure Total | 211,429 | 379,485 | 5.20 | 0.56 | 168,056 | 3.25 | 0.38 |
| Portfolio Total | 805,585 | 15,427,421 | 927.56 | 100.00 | 14,621,836 | 853.72 | 100.00 |