| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -4,638 | 104,917 | 25.11 | 2.31 | 109,555 | 19.84 | 1.93 |
| Capitec Bank Holdings Ltd. | -270 | 9,578 | 39.80 | 3.66 | 9,848 | 34.21 | 3.33 |
| Capricorn Group Ltd. | 0 | 638,832 | 16.64 | 1.53 | 638,832 | 14.18 | 1.38 |
| FirstRand Ltd. | -3,172 | 0 | 0.00 | 0.00 | 3,172 | 0.25 | 0.02 |
| FirstRand Ltd. | 0 | 611,518 | 55.50 | 5.10 | 611,518 | 47.49 | 4.62 |
| FirstRand Namibia Ltd. | 19,450 | 402,459 | 21.93 | 2.02 | 383,009 | 19.92 | 1.94 |
| Investec Ltd. | 0 | 32,253 | 3.94 | 0.36 | 32,253 | 4.13 | 0.40 |
| Letshego Holdings (Namibia) Ltd. | 0 | 845,784 | 4.47 | 0.41 | 845,784 | 5.54 | 0.54 |
| Nedbank Group Ltd. | 0 | 26,816 | 7.14 | 0.66 | 26,816 | 5.73 | 0.56 |
| Nedbank Group Ltd. | 11,096 | 48,544 | 12.93 | 1.19 | 37,448 | 8.00 | 0.78 |
| SBN Holdings Ltd. | 0 | 425,818 | 5.17 | 0.48 | 425,818 | 4.90 | 0.48 |
| Standard Bank Group Ltd. | 0 | 26,236 | 7.62 | 0.70 | 26,236 | 6.20 | 0.60 |
| Standard Bank Group Ltd. | 0 | 135,291 | 39.29 | 3.61 | 135,291 | 31.98 | 3.11 |
| Banks Total | 22,466 | 3,308,046 | 239.55 | 22.02 | 3,285,580 | 202.37 | 19.69 |
| Anheuser-Busch InBev SA/NV | 0 | 6,330 | 6.78 | 0.62 | 6,330 | 6.50 | 0.63 |
| Namibia Breweries | 13,770 | 705,476 | 21.17 | 1.95 | 691,706 | 20.06 | 1.95 |
| Beverages Total | 13,770 | 711,806 | 27.95 | 2.57 | 698,036 | 26.56 | 2.58 |
| Namibia Cash | 0 | 0 | 27.60 | 2.54 | 0 | 27.16 | 2.64 |
| Cash on call Total | 0 | 0 | 27.60 | 2.54 | 0 | 27.16 | 2.64 |
| AECI Ltd. | 0 | 10,038 | 0.90 | 0.08 | 10,038 | 0.98 | 0.09 |
| Omnia Holdings Ltd. | 0 | 7,249 | 0.57 | 0.05 | 7,249 | 0.52 | 0.05 |
| Sasol Ltd. | 0 | 107,232 | 11.39 | 1.05 | 107,232 | 11.52 | 1.12 |
| Chemicals Total | 0 | 124,519 | 12.86 | 1.18 | 124,519 | 13.02 | 1.27 |
| PPC Ltd. | 0 | 311,538 | 1.74 | 0.16 | 311,538 | 1.68 | 0.16 |
| Raubex Group Ltd. | 0 | 16,013 | 0.71 | 0.07 | 16,013 | 0.68 | 0.07 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 17,373 | 2.90 | 0.27 | 17,373 | 2.61 | 0.25 |
| Construction and Materials Total | 0 | 344,924 | 5.36 | 0.49 | 344,924 | 4.98 | 0.48 |
| Zeda Ltd. | 0 | 7,759 | 0.11 | 0.01 | 7,759 | 0.10 | 0.01 |
| Consumer Services Total | 0 | 7,759 | 0.11 | 0.01 | 7,759 | 0.10 | 0.01 |
| Reunert Ltd. | -17,085 | 66,553 | 4.15 | 0.38 | 83,638 | 4.50 | 0.44 |
| Electronic and Electrical Equipment Total | -17,085 | 66,553 | 4.15 | 0.38 | 83,638 | 4.50 | 0.44 |
| Exchange Traded Notes | 0 | 23,134 | 0.43 | 0.04 | 23,134 | 0.47 | 0.05 |
| Exchange Traded Notes Total | 0 | 23,134 | 0.43 | 0.04 | 23,134 | 0.47 | 0.05 |
| Channel VAS Investments Ltd. | 109,235 | 109,235 | 2.24 | 0.21 | 0 | 0.00 | 0.00 |
| Nutun Ltd. | 0 | 17,026 | 0.02 | 0.00 | 17,026 | 0.02 | 0.00 |
| Finance and Credit Services Total | 109,235 | 126,261 | 2.25 | 0.21 | 17,026 | 0.02 | 0.00 |
| Astral Foods Ltd. | 0 | 9,541 | 2.54 | 0.23 | 9,541 | 1.96 | 0.19 |
| AVI Ltd. | -15,394 | 100,221 | 10.57 | 0.97 | 115,615 | 11.44 | 1.11 |
| Oceana Group Ltd. | 0 | 11,729 | 0.65 | 0.06 | 11,729 | 0.58 | 0.06 |
| Premier Group Ltd. | 0 | 16,058 | 2.69 | 0.25 | 16,058 | 2.45 | 0.24 |
| Food Producers Total | -15,394 | 137,549 | 16.46 | 1.51 | 152,943 | 16.42 | 1.60 |
| Barloworld Ltd. | -7,759 | 0 | 0.00 | 0.00 | 7,759 | 0.92 | 0.09 |
| KAP Ltd. | 0 | 2,368,846 | 4.55 | 0.42 | 2,368,846 | 3.91 | 0.38 |
| Mondi plc | 8,662 | 38,551 | 7.85 | 0.72 | 29,889 | 7.04 | 0.69 |
| The Bidvest Group Ltd. | 0 | 55,541 | 13.19 | 1.21 | 55,541 | 11.76 | 1.14 |
| General Industrials Total | 903 | 2,462,938 | 25.59 | 2.35 | 2,462,035 | 23.63 | 2.30 |
| Life Healthcare Group Holdings Ltd. | 0 | 527,947 | 6.01 | 0.55 | 527,947 | 6.12 | 0.60 |
| Netcare Ltd. | -68,538 | 93,637 | 1.48 | 0.14 | 162,175 | 2.30 | 0.22 |
| Health Care Providers Total | -68,538 | 621,584 | 7.50 | 0.69 | 690,122 | 8.42 | 0.82 |
| Sappi Ltd. | 0 | 25,284 | 0.62 | 0.06 | 25,284 | 0.58 | 0.06 |
| Industrial Materials Total | 0 | 25,284 | 0.62 | 0.06 | 25,284 | 0.58 | 0.06 |
| African Rainbow Minerals Ltd. | 0 | 7,735 | 1.54 | 0.14 | 7,735 | 1.43 | 0.14 |
| Anglo American plc | -1,494 | 36,564 | 25.05 | 2.30 | 38,058 | 24.60 | 2.39 |
| BHP Group Ltd. | -8,607 | 9,244 | 4.69 | 0.43 | 17,851 | 8.51 | 0.83 |
| Glencore plc | -18,384 | 122,901 | 11.20 | 1.03 | 141,285 | 11.26 | 1.10 |
| Kumba Iron Ore Ltd. | 0 | 2,428 | 0.85 | 0.08 | 2,428 | 0.79 | 0.08 |
| Industrial Metals and Mining Total | -28,485 | 178,872 | 43.33 | 3.98 | 207,357 | 46.60 | 4.53 |
| Hudaco Industries Ltd. | 0 | 1,860 | 0.38 | 0.04 | 1,860 | 0.33 | 0.03 |
| Industrial Support Services Total | 0 | 1,860 | 0.38 | 0.04 | 1,860 | 0.33 | 0.03 |
| Bell Equipment Ltd. | 0 | 18,170 | 0.76 | 0.07 | 18,170 | 0.78 | 0.08 |
| Grindrod Ltd. | 0 | 58,926 | 1.00 | 0.09 | 58,926 | 0.89 | 0.09 |
| Super Group Ltd. | 0 | 25,308 | 0.48 | 0.04 | 25,308 | 0.32 | 0.03 |
| Industrial Transportation Total | 0 | 102,404 | 2.24 | 0.21 | 102,404 | 1.99 | 0.19 |
| Alexander Forbes Group Holdings Ltd. | 0 | 227,311 | 1.77 | 0.16 | 227,311 | 1.75 | 0.17 |
| Coronation Fund Managers Ltd. | 0 | 14,881 | 0.70 | 0.06 | 14,881 | 0.66 | 0.06 |
| JSE Ltd. | 0 | 8,887 | 1.27 | 0.12 | 8,887 | 1.13 | 0.11 |
| Ninety One Ltd. | 0 | 8,639 | 0.41 | 0.04 | 8,639 | 0.39 | 0.04 |
| Ninety One plc | 0 | 11,254 | 0.54 | 0.05 | 11,254 | 0.53 | 0.05 |
| Reinet Investments SCA | -4,708 | 32,811 | 19.03 | 1.75 | 37,519 | 18.95 | 1.84 |
| Remgro Ltd. | 0 | 2,071 | 0.38 | 0.03 | 2,071 | 0.35 | 0.03 |
| Zeder Investments Ltd. | 0 | 91,819 | 0.11 | 0.01 | 91,819 | 0.12 | 0.01 |
| Investment Banking and Brokerage Services Total | -4,708 | 397,673 | 24.22 | 2.23 | 402,381 | 23.88 | 2.32 |
| Discovery Ltd. | 9,864 | 56,181 | 12.79 | 1.18 | 46,317 | 9.12 | 0.89 |
| Momentum Group Ltd. | 0 | 81,397 | 3.11 | 0.29 | 81,397 | 2.67 | 0.26 |
| Old Mutual Ltd. | 200,910 | 441,778 | 6.58 | 0.61 | 240,868 | 3.22 | 0.31 |
| Sanlam Ltd. | -10,976 | 165,212 | 16.27 | 1.50 | 176,188 | 14.73 | 1.43 |
| Life Insurance Total | 199,798 | 744,568 | 38.75 | 3.56 | 544,770 | 29.74 | 2.89 |
| eMedia Holdings Ltd. | 1 | 869 | 0.00 | 0.00 | 868 | 0.00 | 0.00 |
| Media Total | 1 | 869 | 0.00 | 0.00 | 868 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | 57,027 | 80,707 | 5.78 | 0.53 | 23,680 | 1.70 | 0.17 |
| Santam Ltd. | 0 | 2,318 | 0.99 | 0.09 | 2,318 | 0.88 | 0.09 |
| Non-life Insurance Total | 57,027 | 83,025 | 6.77 | 0.62 | 25,998 | 2.57 | 0.25 |
| Exxaro Resources Ltd. | 0 | 15,053 | 2.69 | 0.25 | 15,053 | 2.71 | 0.26 |
| Thungela Resources Ltd. | 0 | 9,247 | 0.89 | 0.08 | 9,247 | 0.81 | 0.08 |
| Oil, Gas and Coal Total | 0 | 24,300 | 3.58 | 0.33 | 24,300 | 3.52 | 0.34 |
| Bid Corporation Ltd. | 0 | 45,203 | 19.07 | 1.75 | 45,203 | 19.54 | 1.90 |
| Boxer Retail Ltd. | 0 | 39,408 | 2.81 | 0.26 | 39,408 | 2.73 | 0.27 |
| Clicks Group Ltd. | 7,246 | 7,246 | 2.44 | 0.22 | 0 | 0.00 | 0.00 |
| Dis-Chem Pharmacies Ltd. | 0 | 27,613 | 0.97 | 0.09 | 27,613 | 0.90 | 0.09 |
| Pick n Pay Stores Ltd. | 40,808 | 295,128 | 7.35 | 0.68 | 254,320 | 6.46 | 0.63 |
| Shoprite Holdings Ltd. | -3,576 | 71,531 | 19.33 | 1.78 | 75,107 | 20.58 | 2.00 |
| The SPAR Group Ltd. | 0 | 9,106 | 0.87 | 0.08 | 9,106 | 0.90 | 0.09 |
| Personal Care, Drug and Grocery Stores Total | 44,478 | 495,235 | 52.83 | 4.86 | 450,757 | 51.10 | 4.97 |
| Compagnie Financière Richemont SA | -2,358 | 3,395 | 12.31 | 1.13 | 5,753 | 18.81 | 1.83 |
| Personal Goods Total | -2,358 | 3,395 | 12.31 | 1.13 | 5,753 | 18.81 | 1.83 |
| Aspen Pharmacare Holdings Ltd. | 0 | 49,228 | 5.75 | 0.53 | 49,228 | 4.77 | 0.46 |
| Pharmaceuticals and Biotechnology Total | 0 | 49,228 | 5.75 | 0.53 | 49,228 | 4.77 | 0.46 |
| AngloGold Ashanti plc | 0 | 41,151 | 58.98 | 5.42 | 41,151 | 49.94 | 4.86 |
| Gold Fields Ltd. | -3,879 | 100,417 | 72.87 | 6.70 | 104,296 | 76.04 | 7.40 |
| Harmony Gold Mining Company Ltd. | 0 | 70,497 | 23.76 | 2.18 | 70,497 | 22.20 | 2.16 |
| Impala Platinum Holdings Ltd. | 0 | 91,918 | 24.08 | 2.21 | 91,918 | 20.27 | 1.97 |
| Northam Platinum Holdings Ltd. | -7,107 | 47,517 | 16.02 | 1.47 | 54,624 | 15.35 | 1.49 |
| Sibanye Stillwater Ltd. | 0 | 303,333 | 18.35 | 1.69 | 303,333 | 14.95 | 1.45 |
| Valterra Platinum Ltd. | -3,092 | 26,338 | 37.12 | 3.41 | 29,430 | 36.36 | 3.54 |
| Precious Metals and Mining Total | -14,078 | 681,171 | 251.19 | 23.09 | 695,249 | 235.11 | 22.87 |
| Oryx Property Ltd Namibia | -595,141 | 0 | 0.00 | 0.00 | 595,141 | 7.92 | 0.77 |
| Real Estate Total | -595,141 | 0 | 0.00 | 0.00 | 595,141 | 7.92 | 0.77 |
| NEPI Rockcastle NV | 11,090 | 36,541 | 5.33 | 0.49 | 25,451 | 3.52 | 0.34 |
| Oryx Properties Ltd. | 595,141 | 595,141 | 7.95 | 0.73 | 0 | 0.00 | 0.00 |
| Real Estate Investment and Services Total | 606,231 | 631,682 | 13.27 | 1.22 | 25,451 | 3.52 | 0.34 |
| Growthpoint Properties Ltd. | -89,928 | 0 | 0.00 | 0.00 | 89,928 | 1.32 | 0.13 |
| Real Estate Investment Trusts Total | -89,928 | 0 | 0.00 | 0.00 | 89,928 | 1.32 | 0.13 |
| Motus Holdings Ltd. | -10,016 | 11,611 | 1.42 | 0.13 | 21,627 | 2.25 | 0.22 |
| Mr Price Group Ltd. | 9,547 | 22,677 | 3.97 | 0.36 | 13,130 | 2.67 | 0.26 |
| Pepkor Holdings Ltd. | 0 | 444,248 | 11.75 | 1.08 | 444,248 | 10.80 | 1.05 |
| The Foschini Group Ltd. | 0 | 36,996 | 3.11 | 0.29 | 36,996 | 4.04 | 0.39 |
| Truworths International Ltd. | 0 | 110,380 | 6.28 | 0.58 | 110,380 | 6.04 | 0.59 |
| We Buy Cars Holdings Ltd. | 0 | 49,654 | 2.37 | 0.22 | 49,654 | 2.75 | 0.27 |
| Woolworths Holdings Ltd. | 19,775 | 195,206 | 10.93 | 1.00 | 175,431 | 8.82 | 0.86 |
| Retailers Total | 19,306 | 870,772 | 39.83 | 3.66 | 851,466 | 37.37 | 3.64 |
| Altron Ltd. | 0 | 15,125 | 0.30 | 0.03 | 15,125 | 0.28 | 0.03 |
| Datatec Ltd. | -11,705 | 55,542 | 4.39 | 0.40 | 67,247 | 4.04 | 0.39 |
| Naspers Ltd. | 71,232 | 89,319 | 98.65 | 9.07 | 18,087 | 113.13 | 11.00 |
| Prosus NV | 988 | 33,235 | 34.02 | 3.13 | 32,247 | 39.04 | 3.80 |
| Software and Computer Services Total | 60,515 | 193,221 | 137.36 | 12.63 | 132,706 | 156.49 | 15.22 |
| Blu Label Unlimited Group Ltd. | 126,634 | 205,094 | 2.16 | 0.20 | 78,460 | 0.94 | 0.09 |
| Mobile Telecommunications Ltd. | -61,400 | 1,953,352 | 17.91 | 1.65 | 2,014,752 | 17.25 | 1.68 |
| MTN Group Ltd. | 48,006 | 148,545 | 25.18 | 2.31 | 100,539 | 14.58 | 1.42 |
| Paratus Namibia Holdings Ltd. | 46,705 | 436,768 | 5.42 | 0.50 | 390,063 | 4.88 | 0.47 |
| Telkom SA SOC Ltd. | 0 | 12,365 | 0.73 | 0.07 | 12,365 | 0.63 | 0.06 |
| Vodacom Group Ltd. | 0 | 1,646 | 0.23 | 0.02 | 1,646 | 0.22 | 0.02 |
| Telecommunications Service Providers Total | 159,945 | 2,757,770 | 51.63 | 4.75 | 2,597,825 | 38.49 | 3.74 |
| British American Tobacco plc | -7,158 | 31,731 | 29.87 | 2.75 | 38,889 | 35.47 | 3.45 |
| Tobacco Total | -7,158 | 31,731 | 29.87 | 2.75 | 38,889 | 35.47 | 3.45 |
| Famous Brands Ltd. | 20,977 | 20,977 | 1.12 | 0.10 | 0 | 0.00 | 0.00 |
| Southern Sun Ltd. | 211,429 | 211,429 | 2.17 | 0.20 | 0 | 0.00 | 0.00 |
| Tsogo Sun Ltd. | 0 | 122,455 | 0.86 | 0.08 | 122,455 | 0.80 | 0.08 |
| Travel and Leisure Total | 232,406 | 354,861 | 4.14 | 0.38 | 122,455 | 0.80 | 0.08 |
| Portfolio Total | 683,208 | 15,562,994 | 1,087.90 | 100.00 | 14,879,786 | 1,028.01 | 100.00 |