| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 109,555 | 19.39 | 2.27 | 109,555 | 20.79 | 2.54 |
| Capitec Bank Holdings Ltd. | 1,070 | 9,848 | 30.55 | 3.58 | 8,778 | 27.51 | 3.37 |
| Capricorn Group Ltd. | 0 | 573,304 | 12.19 | 1.43 | 573,304 | 11.80 | 1.44 |
| FirstRand Ltd. | 0 | 3,172 | 0.23 | 0.03 | 3,172 | 0.24 | 0.03 |
| FirstRand Ltd. | 0 | 611,669 | 43.94 | 5.15 | 611,669 | 46.46 | 5.68 |
| FirstRand Namibia Ltd. | 0 | 383,009 | 17.97 | 2.10 | 383,009 | 17.81 | 2.18 |
| Investec Ltd. | -14,388 | 32,253 | 3.68 | 0.43 | 46,641 | 5.83 | 0.71 |
| Investec plc | 0 | 14,182 | 1.62 | 0.19 | 14,182 | 1.80 | 0.22 |
| Letshego Holdings (Namibia) Ltd. | 0 | 845,784 | 5.07 | 0.59 | 845,784 | 4.23 | 0.52 |
| Nedbank Group Ltd. | -5,015 | 26,816 | 6.90 | 0.81 | 31,831 | 8.97 | 1.10 |
| Nedbank Group Ltd. | 0 | 37,448 | 9.63 | 1.13 | 37,448 | 10.55 | 1.29 |
| SBN Holdings Ltd. | -56,852 | 425,818 | 4.26 | 0.50 | 482,670 | 4.38 | 0.54 |
| Standard Bank Group Ltd. | -7,258 | 32,007 | 7.66 | 0.90 | 39,265 | 8.71 | 1.07 |
| Standard Bank Group Ltd. | 0 | 135,291 | 32.39 | 3.79 | 135,291 | 30.00 | 3.67 |
| Banks Total | -82,443 | 3,240,156 | 195.48 | 22.90 | 3,322,599 | 199.08 | 24.35 |
| Anheuser-Busch InBev SA/NV | 1,358 | 6,267 | 7.09 | 0.83 | 4,909 | 4.60 | 0.56 |
| Namibia Breweries | 0 | 691,706 | 20.02 | 2.35 | 691,706 | 20.00 | 2.45 |
| Beverages Total | 1,358 | 697,973 | 27.11 | 3.18 | 696,615 | 24.60 | 3.01 |
| Namibia Cash | 0 | 0 | 19.89 | 2.33 | 0 | 19.87 | 2.43 |
| Cash on call Total | 0 | 0 | 19.89 | 2.33 | 0 | 19.87 | 2.43 |
| AECI Ltd. | 0 | 10,038 | 0.98 | 0.11 | 10,038 | 0.88 | 0.11 |
| Omnia Holdings Ltd. | 0 | 7,249 | 0.49 | 0.06 | 7,249 | 0.57 | 0.07 |
| Sasol Ltd. | 24,657 | 141,169 | 10.80 | 1.27 | 116,512 | 9.70 | 1.19 |
| Chemicals Total | 24,657 | 158,456 | 12.26 | 1.44 | 133,799 | 11.15 | 1.36 |
| PPC Ltd. | 0 | 311,538 | 1.43 | 0.17 | 311,538 | 1.60 | 0.20 |
| Raubex Group Ltd. | 0 | 26,623 | 1.17 | 0.14 | 26,623 | 1.41 | 0.17 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 11,683 | 2.11 | 0.25 | 11,683 | 2.73 | 0.33 |
| Construction and Materials Total | 0 | 349,844 | 4.72 | 0.55 | 349,844 | 5.74 | 0.70 |
| Curro Holdings Ltd. | 0 | 155,138 | 1.30 | 0.15 | 155,138 | 2.02 | 0.25 |
| Zeda Ltd. | 0 | 7,759 | 0.09 | 0.01 | 7,759 | 0.10 | 0.01 |
| Consumer Services Total | 0 | 162,897 | 1.39 | 0.16 | 162,897 | 2.13 | 0.26 |
| Reunert Ltd. | 0 | 62,035 | 3.76 | 0.44 | 62,035 | 4.65 | 0.57 |
| Electronic and Electrical Equipment Total | 0 | 62,035 | 3.76 | 0.44 | 62,035 | 4.65 | 0.57 |
| Nutun Ltd. | 0 | 17,026 | 0.03 | 0.00 | 17,026 | 0.04 | 0.01 |
| Finance and Credit Services Total | 0 | 17,026 | 0.03 | 0.00 | 17,026 | 0.04 | 0.01 |
| Astral Foods Ltd. | 0 | 9,541 | 1.56 | 0.18 | 9,541 | 1.78 | 0.22 |
| AVI Ltd. | 68,899 | 84,904 | 7.53 | 0.88 | 16,005 | 1.76 | 0.21 |
| Oceana Group Ltd. | 0 | 11,729 | 0.68 | 0.08 | 11,729 | 0.79 | 0.10 |
| Tiger Brands Ltd. | -8,353 | 0 | 0.00 | 0.00 | 8,353 | 2.41 | 0.30 |
| Food Producers Total | 60,546 | 106,174 | 9.76 | 1.14 | 45,628 | 6.75 | 0.83 |
| Barloworld Ltd. | 0 | 7,759 | 0.82 | 0.10 | 7,759 | 0.84 | 0.10 |
| KAP Ltd. | 0 | 1,819,826 | 4.60 | 0.54 | 1,819,826 | 5.59 | 0.68 |
| Mondi plc | 0 | 28,433 | 7.74 | 0.91 | 28,433 | 7.89 | 0.97 |
| The Bidvest Group Ltd. | 7,175 | 51,460 | 12.12 | 1.42 | 44,285 | 11.68 | 1.43 |
| General Industrials Total | 7,175 | 1,907,478 | 25.28 | 2.96 | 1,900,303 | 26.00 | 3.18 |
| Life Healthcare Group Holdings Ltd. | 121,602 | 527,947 | 7.30 | 0.86 | 406,345 | 6.66 | 0.81 |
| Netcare Ltd. | 0 | 92,116 | 1.21 | 0.14 | 92,116 | 1.37 | 0.17 |
| Health Care Providers Total | 121,602 | 620,063 | 8.51 | 1.00 | 498,461 | 8.03 | 0.98 |
| Sappi Ltd. | 0 | 25,284 | 0.92 | 0.11 | 25,284 | 1.25 | 0.15 |
| Industrial Materials Total | 0 | 25,284 | 0.92 | 0.11 | 25,284 | 1.25 | 0.15 |
| African Rainbow Minerals Ltd. | 0 | 18,243 | 2.66 | 0.31 | 18,243 | 2.74 | 0.34 |
| Anglo American plc | 0 | 49,510 | 25.30 | 2.96 | 49,510 | 27.32 | 3.34 |
| BHP Group Ltd. | 0 | 23,025 | 10.10 | 1.18 | 23,025 | 10.60 | 1.30 |
| Glencore plc | 0 | 76,078 | 5.12 | 0.60 | 76,078 | 6.35 | 0.78 |
| Kumba Iron Ore Ltd. | 0 | 2,428 | 0.76 | 0.09 | 2,428 | 0.79 | 0.10 |
| Industrial Metals and Mining Total | 0 | 169,284 | 43.94 | 5.15 | 169,284 | 47.81 | 5.85 |
| Hudaco Industries Ltd. | 0 | 6,951 | 1.30 | 0.15 | 6,951 | 1.50 | 0.18 |
| Industrial Support Services Total | 0 | 6,951 | 1.30 | 0.15 | 6,951 | 1.50 | 0.18 |
| Bell Equipment Ltd. | 0 | 18,170 | 0.67 | 0.08 | 18,170 | 0.74 | 0.09 |
| Grindrod Ltd. | 0 | 58,926 | 0.72 | 0.08 | 58,926 | 0.70 | 0.09 |
| Super Group Ltd. | 0 | 25,308 | 0.71 | 0.08 | 25,308 | 0.75 | 0.09 |
| Industrial Transportation Total | 0 | 102,404 | 2.10 | 0.25 | 102,404 | 2.19 | 0.27 |
| Alexander Forbes Group Holdings Ltd. | 0 | 227,311 | 1.74 | 0.20 | 227,311 | 1.85 | 0.23 |
| Coronation Fund Managers Ltd. | 0 | 50,515 | 1.96 | 0.23 | 50,515 | 1.98 | 0.24 |
| JSE Ltd. | 0 | 15,917 | 1.97 | 0.23 | 15,917 | 1.92 | 0.24 |
| Ninety One Ltd. | 0 | 8,639 | 0.30 | 0.04 | 8,639 | 0.30 | 0.04 |
| Ninety One plc | 0 | 43,273 | 1.50 | 0.18 | 43,273 | 1.49 | 0.18 |
| Quilter plc | -33,712 | 0 | 0.00 | 0.00 | 33,712 | 1.20 | 0.15 |
| Reinet Investments SCA | 8,154 | 31,014 | 13.81 | 1.62 | 22,860 | 10.22 | 1.25 |
| Remgro Ltd. | 0 | 7,668 | 1.21 | 0.14 | 7,668 | 1.19 | 0.15 |
| Zeder Investments Ltd. | 0 | 91,819 | 0.15 | 0.02 | 91,819 | 0.15 | 0.02 |
| Investment Banking and Brokerage Services Total | -25,558 | 476,156 | 22.64 | 2.65 | 501,714 | 20.29 | 2.48 |
| Discovery Ltd. | 11,602 | 30,618 | 6.11 | 0.72 | 19,016 | 3.70 | 0.45 |
| Momentum Group Ltd. | -40,918 | 81,397 | 2.54 | 0.30 | 122,315 | 3.70 | 0.45 |
| Old Mutual Ltd. | 0 | 45,792 | 0.54 | 0.06 | 45,792 | 0.57 | 0.07 |
| Old Mutual Ltd. | 0 | 345,434 | 4.11 | 0.48 | 345,434 | 4.32 | 0.53 |
| Sanlam Ltd. | -15,053 | 191,671 | 15.86 | 1.86 | 206,724 | 17.96 | 2.20 |
| Life Insurance Total | -44,369 | 694,912 | 29.17 | 3.42 | 739,281 | 30.26 | 3.70 |
| Santam Ltd. | 0 | 2,318 | 0.86 | 0.10 | 2,318 | 0.91 | 0.11 |
| Non-life Insurance Total | 0 | 2,318 | 0.86 | 0.10 | 2,318 | 0.91 | 0.11 |
| Exxaro Resources Ltd. | 21,175 | 38,224 | 5.67 | 0.66 | 17,049 | 2.69 | 0.33 |
| Thungela Resources Ltd. | 0 | 9,247 | 0.93 | 0.11 | 9,247 | 1.24 | 0.15 |
| Oil, Gas and Coal Total | 21,175 | 47,471 | 6.60 | 0.77 | 26,296 | 3.93 | 0.48 |
| Bid Corporation Ltd. | 9,564 | 47,092 | 20.69 | 2.42 | 37,528 | 16.16 | 1.98 |
| Dis-Chem Pharmacies Ltd. | 56,343 | 56,343 | 1.71 | 0.20 | 0 | 0.00 | 0.00 |
| Pick n Pay Stores Ltd. | 0 | 254,320 | 6.98 | 0.82 | 254,320 | 7.81 | 0.96 |
| Shoprite Holdings Ltd. | 7,800 | 64,988 | 17.72 | 2.08 | 57,188 | 16.84 | 2.06 |
| The SPAR Group Ltd. | 0 | 9,106 | 1.08 | 0.13 | 9,106 | 1.33 | 0.16 |
| Personal Care, Drug and Grocery Stores Total | 73,707 | 431,849 | 48.18 | 5.64 | 358,142 | 42.14 | 5.15 |
| Compagnie Financière Richemont SA | -2,929 | 4,811 | 15.25 | 1.79 | 7,740 | 21.49 | 2.63 |
| Personal Goods Total | -2,929 | 4,811 | 15.25 | 1.79 | 7,740 | 21.49 | 2.63 |
| Aspen Pharmacare Holdings Ltd. | 0 | 49,228 | 8.06 | 0.94 | 49,228 | 8.12 | 0.99 |
| Pharmaceuticals and Biotechnology Total | 0 | 49,228 | 8.06 | 0.94 | 49,228 | 8.12 | 0.99 |
| AngloGold Ashanti plc | 0 | 41,151 | 28.26 | 3.31 | 41,151 | 17.32 | 2.12 |
| Gold Fields Ltd. | -3,539 | 107,221 | 43.47 | 5.09 | 110,760 | 27.37 | 3.35 |
| Harmony Gold Mining Company Ltd. | 0 | 44,913 | 11.97 | 1.40 | 44,913 | 6.77 | 0.83 |
| Impala Platinum Holdings Ltd. | -10,342 | 116,168 | 14.63 | 1.71 | 126,510 | 11.10 | 1.36 |
| Northam Platinum Holdings Ltd. | 0 | 66,415 | 8.70 | 1.02 | 66,415 | 6.47 | 0.79 |
| Sibanye Stillwater Ltd. | 0 | 303,333 | 6.32 | 0.74 | 303,333 | 4.54 | 0.56 |
| Valterra Platinum Ltd. | 0 | 9,396 | 6.90 | 0.81 | 9,396 | 5.35 | 0.65 |
| Precious Metals and Mining Total | -13,881 | 688,597 | 120.24 | 14.08 | 702,478 | 78.92 | 9.65 |
| NEPI Rockcastle NV | 15,768 | 25,451 | 3.37 | 0.40 | 9,683 | 1.34 | 0.16 |
| Oryx Properties Ltd. | 0 | 595,141 | 7.95 | 0.93 | 595,141 | 7.62 | 0.93 |
| Real Estate Investment and Services Total | 15,768 | 620,592 | 11.32 | 1.33 | 604,824 | 8.96 | 1.09 |
| Growthpoint Properties Ltd. | 0 | 154,668 | 2.00 | 0.23 | 154,668 | 1.97 | 0.24 |
| Real Estate Investment Trusts Total | 0 | 154,668 | 2.00 | 0.23 | 154,668 | 1.97 | 0.24 |
| Motus Holdings Ltd. | 0 | 30,989 | 2.70 | 0.32 | 30,989 | 3.77 | 0.46 |
| Mr Price Group Ltd. | -5,781 | 1,559 | 0.35 | 0.04 | 7,340 | 2.17 | 0.27 |
| Pepkor Holdings Ltd. | 0 | 507,269 | 12.95 | 1.52 | 507,269 | 14.69 | 1.80 |
| The Foschini Group Ltd. | 13,805 | 36,996 | 4.60 | 0.54 | 23,191 | 3.90 | 0.48 |
| Truworths International Ltd. | 20,569 | 110,380 | 7.94 | 0.93 | 89,811 | 9.31 | 1.14 |
| We Buy Cars Holdings Ltd. | 0 | 67,334 | 2.84 | 0.33 | 67,334 | 2.90 | 0.35 |
| Woolworths Holdings Ltd. | 32,332 | 138,841 | 7.08 | 0.83 | 106,509 | 6.64 | 0.81 |
| Retailers Total | 60,925 | 893,368 | 38.46 | 4.50 | 832,443 | 43.36 | 5.30 |
| Altron Ltd. | 0 | 15,125 | 0.31 | 0.04 | 15,125 | 0.32 | 0.04 |
| Datatec Ltd. | -32,481 | 101,388 | 5.63 | 0.66 | 133,869 | 6.68 | 0.82 |
| Naspers Ltd. | -342 | 18,935 | 85.55 | 10.02 | 19,277 | 80.45 | 9.84 |
| Prosus NV | -4,581 | 39,896 | 33.58 | 3.93 | 44,477 | 33.32 | 4.08 |
| Software and Computer Services Total | -37,404 | 175,344 | 125.07 | 14.65 | 212,748 | 120.76 | 14.77 |
| Mobile Telecommunications Ltd. | -306,289 | 2,075,863 | 17.13 | 2.01 | 2,382,152 | 18.06 | 2.21 |
| MTN Group Ltd. | -81,905 | 57,532 | 7.09 | 0.83 | 139,437 | 12.83 | 1.57 |
| Paratus Namibia Holdings Ltd. | 0 | 390,063 | 4.93 | 0.58 | 390,063 | 4.93 | 0.60 |
| Telkom SA SOC Ltd. | 0 | 12,365 | 0.46 | 0.05 | 12,365 | 0.43 | 0.05 |
| Vodacom Group Ltd. | -28,347 | 5,009 | 0.63 | 0.07 | 33,356 | 3.38 | 0.41 |
| Telecommunications Service Providers Total | -416,541 | 2,540,832 | 30.24 | 3.54 | 2,957,373 | 39.63 | 4.85 |
| British American Tobacco plc | 0 | 47,609 | 35.93 | 4.21 | 47,609 | 32.21 | 3.94 |
| Tobacco Total | 0 | 47,609 | 35.93 | 4.21 | 47,609 | 32.21 | 3.94 |
| Famous Brands Ltd. | 0 | 20,977 | 1.22 | 0.14 | 20,977 | 1.45 | 0.18 |
| Sun International Ltd. | 0 | 24,624 | 1.02 | 0.12 | 24,624 | 1.07 | 0.13 |
| Tsogo Sun Ltd. | 0 | 122,455 | 1.01 | 0.12 | 122,455 | 1.25 | 0.15 |
| Travel and Leisure Total | 0 | 168,056 | 3.25 | 0.38 | 168,056 | 3.77 | 0.46 |
| Portfolio Total | -236,212 | 14,621,836 | 853.72 | 100.00 | 14,858,048 | 817.48 | 100.00 |