| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Ferrari N.V | 280 | 824 | 7.15 | 0.86 | 544 | 4.24 | 0.56 |
| Tesla Motors | -366 | 562 | 3.21 | 0.38 | 928 | 4.24 | 0.56 |
| Auto Total | -86 | 1,386 | 10.36 | 1.24 | 1,472 | 8.48 | 1.11 |
| Absa Group Ltd. | -15,856 | 16,391 | 2.88 | 0.35 | 32,247 | 5.71 | 0.75 |
| Capitec Bank Holdings Ltd. | 0 | 5,722 | 20.32 | 2.43 | 5,722 | 17.75 | 2.33 |
| FirstRand Ltd. | 29,055 | 257,756 | 19.51 | 2.34 | 228,701 | 16.43 | 2.16 |
| Nedbank Group Ltd. | -330 | 0 | 0.00 | 0.00 | 330 | 0.08 | 0.01 |
| Standard Bank Group Ltd. | 0 | 68,130 | 15.50 | 1.86 | 68,130 | 16.31 | 2.14 |
| Barclays Plc | 0 | 127,312 | 10.46 | 1.25 | 127,312 | 8.70 | 1.14 |
| HDFC Bank | 877 | 4,010 | 5.44 | 0.65 | 3,133 | 3.82 | 0.50 |
| PKO Bank Polski SA | 4,792 | 4,792 | 1.77 | 0.21 | 0 | 0.00 | 0.00 |
| Banks Total | 18,538 | 484,113 | 75.89 | 9.09 | 465,575 | 68.80 | 9.03 |
| Rheinmetal Berlin | 0 | 283 | 10.55 | 1.26 | 283 | 7.37 | 0.97 |
| Teck Resources Limited | 1,391 | 3,755 | 2.71 | 0.33 | 2,364 | 1.57 | 0.21 |
| Basic Resources Total | 1,391 | 4,038 | 13.26 | 1.59 | 2,647 | 8.94 | 1.17 |
| SA Bond R2030 | 0 | 14,300,000 | 14.54 | 1.74 | 14,300,000 | 13.89 | 1.82 |
| SA Bond R2032 | 0 | 10,000,000 | 9.76 | 1.17 | 10,000,000 | 9.20 | 1.21 |
| SA Bond R2035 | 0 | 13,500,000 | 13.01 | 1.56 | 13,500,000 | 12.19 | 1.60 |
| SA Bond R2037 | 0 | 13,800,000 | 12.50 | 1.50 | 13,800,000 | 11.67 | 1.53 |
| SA Bond R2040 | 2,400,000 | 32,700,000 | 29.50 | 3.53 | 30,300,000 | 25.50 | 3.35 |
| SA Bond R2044 | -3,000,000 | 4,750,000 | 4.03 | 0.48 | 7,750,000 | 6.18 | 0.81 |
| SA Bond R2048 | 0 | 4,000,000 | 3.33 | 0.40 | 4,000,000 | 3.13 | 0.41 |
| SA Bond R209 | 0 | 1,800,000 | 1.37 | 0.16 | 1,800,000 | 1.28 | 0.17 |
| SA Bond R213 | 0 | 12,600,000 | 11.89 | 1.42 | 12,600,000 | 11.26 | 1.48 |
| SA Bond R214 | 0 | 7,600,000 | 5.30 | 0.63 | 7,600,000 | 4.95 | 0.65 |
| Bond Total | -600,000 | 115,050,000 | 105.22 | 12.60 | 115,650,000 | 99.26 | 13.02 |
| Cash on call | 0 | 0 | 1.65 | 0.20 | 0 | 2.63 | 0.35 |
| Cash on call Total | 0 | 0 | 1.65 | 0.20 | 0 | 2.63 | 0.35 |
| Thermo Fisher Scientific Inc | 0 | 787 | 5.75 | 0.69 | 787 | 7.12 | 0.93 |
| Chemicals Total | 0 | 787 | 5.75 | 0.69 | 787 | 7.12 | 0.93 |
| AECOM Ltd | 0 | 3,143 | 6.27 | 0.75 | 3,143 | 5.33 | 0.70 |
| CRH Plc | 0 | 2,634 | 4.29 | 0.51 | 2,634 | 4.18 | 0.55 |
| Newmont Mining Corp. (NMC) | 3,035 | 3,035 | 3.09 | 0.37 | 0 | 0.00 | 0.00 |
| Construction Total | 3,035 | 8,812 | 13.65 | 1.63 | 5,777 | 9.50 | 1.25 |
| Raubex Group Ltd. | 0 | 76,159 | 3.39 | 0.41 | 76,159 | 3.36 | 0.44 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 22,380 | 4.13 | 0.49 | 22,380 | 4.04 | 0.53 |
| Construction and Materials Total | 0 | 98,539 | 7.52 | 0.90 | 98,539 | 7.40 | 0.97 |
| TKO Group Holdings | 0 | 3,901 | 12.51 | 1.50 | 3,901 | 10.81 | 1.42 |
| Consumer Services Total | 0 | 3,901 | 12.51 | 1.50 | 3,901 | 10.81 | 1.42 |
| Alphabet Inc A | 0 | 2,992 | 9.40 | 1.13 | 2,992 | 8.35 | 1.10 |
| Delta Air Lines Incorporated | 0 | 3,133 | 2.72 | 0.33 | 3,133 | 2.44 | 0.32 |
| General Motors | 0 | 3,212 | 2.81 | 0.34 | 3,212 | 2.76 | 0.36 |
| Planet Fitness Incorporated. | 0 | 2,389 | 4.54 | 0.54 | 2,389 | 4.22 | 0.55 |
| Cyclical Goods & Services Total | 0 | 11,726 | 19.48 | 2.33 | 11,726 | 17.77 | 2.33 |
| Cheniere Energy Inc | 1,259 | 1,259 | 5.40 | 0.65 | 0 | 0.00 | 0.00 |
| Enel SpA | 11,689 | 50,357 | 8.46 | 1.01 | 38,668 | 5.76 | 0.76 |
| Energy Total | 12,948 | 51,616 | 13.86 | 1.66 | 38,668 | 5.76 | 0.76 |
| NewGold | 0 | 25,644 | 13.86 | 1.66 | 25,644 | 13.64 | 1.79 |
| Exchange Traded Funds Total | 0 | 25,644 | 13.86 | 1.66 | 25,644 | 13.64 | 1.79 |
| Goldman Sachs Group | 389 | 389 | 4.89 | 0.59 | 0 | 0.00 | 0.00 |
| Hong Kong Exchanges and Clearing Limited | -1,700 | 1,900 | 1.80 | 0.22 | 3,600 | 2.93 | 0.38 |
| London Stock Exchange Group Plc | 0 | 3,391 | 8.78 | 1.05 | 3,391 | 9.23 | 1.21 |
| Mastercard Inc | 0 | 722 | 7.11 | 0.85 | 722 | 7.14 | 0.94 |
| Synchrony Financial | 551 | 0 | 0.00 | 0.00 | -551 | -0.54 | -0.07 |
| Tradeweb Markets Inc | 1,392 | 1,392 | 3.55 | 0.43 | 0 | 0.00 | 0.00 |
| UBS AG (Switzerland) | -5,586 | 0 | 0.00 | 0.00 | 5,586 | 3.12 | 0.41 |
| Financial Services Total | -4,954 | 7,794 | 26.13 | 3.13 | 12,748 | 21.88 | 2.87 |
| JP Morgan Chase & Company | 0 | 2,139 | 11.06 | 1.32 | 2,139 | 9.50 | 1.25 |
| Financials Total | 0 | 2,139 | 11.06 | 1.32 | 2,139 | 9.50 | 1.25 |
| Unilever plc | 0 | 3,339 | 3.60 | 0.43 | 3,339 | 3.65 | 0.48 |
| Food & Beverage Total | 0 | 3,339 | 3.60 | 0.43 | 3,339 | 3.65 | 0.48 |
| Tiger Brands Ltd. | 6,781 | 22,093 | 7.05 | 0.84 | 15,312 | 4.25 | 0.56 |
| Food Producers Total | 6,781 | 22,093 | 7.05 | 0.84 | 15,312 | 4.25 | 0.56 |
| Australia - Currency | 0 | 0 | 0.02 | 0.00 | 0 | 0.02 | 0.00 |
| Canada - Currency | 0 | 0 | 0.26 | 0.03 | 0 | 0.19 | 0.02 |
| Denmark - Currency | 0 | 0 | 0.03 | 0.00 | 0 | 0.00 | 0.00 |
| European - Currency | 0 | 0 | -2.13 | -0.26 | 0 | -2.14 | -0.28 |
| Foreign - Currency | 0 | 0 | 0.07 | 0.01 | 0 | 0.07 | 0.01 |
| Hong Kong - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.04 | 0.01 |
| Japan - Currency | 0 | 0 | 7.08 | 0.85 | 0 | 7.07 | 0.93 |
| Mexican Peso | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Norway - Cash | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Singapore - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| Sweden - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Switzerland - Currency | 0 | 0 | 0.02 | 0.00 | 0 | 0.02 | 0.00 |
| United Kingdom - Currency | 0 | 0 | -2.81 | -0.34 | 0 | -2.84 | -0.37 |
| USA - Currency | 0 | 0 | 27.16 | 3.25 | 0 | 31.73 | 4.16 |
| For Currency Total | 0 | 0 | 29.71 | 3.56 | 0 | 34.18 | 4.48 |
| Zillow Group Inc (A) | 0 | 2,541 | 3.14 | 0.38 | 2,541 | 3.17 | 0.42 |
| Foreign Property Total | 0 | 2,541 | 3.14 | 0.38 | 2,541 | 3.17 | 0.42 |
| Mondi plc | 22,770 | 22,770 | 6.63 | 0.79 | 0 | 0.00 | 0.00 |
| General Industrials Total | 22,770 | 22,770 | 6.63 | 0.79 | 0 | 0.00 | 0.00 |
| Canadian National Railway Company | 0 | 2,630 | 4.84 | 0.58 | 2,630 | 4.72 | 0.62 |
| Iberdrola Sociètè Anonyme | -6,672 | 10,954 | 3.72 | 0.45 | 17,626 | 5.23 | 0.69 |
| Jacobs Solutions Inc | 838 | 2,824 | 6.55 | 0.78 | 1,986 | 4.41 | 0.58 |
| Kweichow Moutai Co Ltd (A) | 429 | 1,062 | 3.71 | 0.44 | 633 | 2.50 | 0.33 |
| Midea Group | 0 | 13,387 | 2.40 | 0.29 | 13,387 | 2.66 | 0.35 |
| Nintendo Company Ltd | 1,300 | 4,300 | 7.34 | 0.88 | 3,000 | 3.73 | 0.49 |
| Philip Morris International | 0 | 2,286 | 7.38 | 0.88 | 2,286 | 6.65 | 0.87 |
| Roblox Corporation | -902 | 1,191 | 2.22 | 0.27 | 2,093 | 2.22 | 0.29 |
| Schneider Electric SA | 0 | 1,076 | 5.07 | 0.61 | 1,076 | 4.51 | 0.59 |
| Siemens AG | 0 | 1,202 | 5.51 | 0.66 | 1,202 | 5.03 | 0.66 |
| Smurfit Kappa Group | 0 | 4,365 | 3.34 | 0.40 | 4,365 | 3.59 | 0.47 |
| Goods & Services Total | -5,007 | 45,277 | 52.08 | 6.24 | 50,284 | 45.24 | 5.93 |
| Edwards Lifescience | 0 | 1,344 | 1.86 | 0.22 | 1,344 | 1.78 | 0.23 |
| Johnson & Johnson | 0 | 2,970 | 8.02 | 0.96 | 2,970 | 9.07 | 1.19 |
| Healthcare Total | 0 | 4,314 | 9.88 | 1.18 | 4,314 | 10.85 | 1.42 |
| Sappi Ltd. | 0 | 73,379 | 2.18 | 0.26 | 73,379 | 2.66 | 0.35 |
| Industrial Materials Total | 0 | 73,379 | 2.18 | 0.26 | 73,379 | 2.66 | 0.35 |
| Anglo American plc | 1,969 | 13,476 | 7.08 | 0.85 | 11,507 | 5.88 | 0.77 |
| Glencore plc | 58,636 | 58,636 | 4.08 | 0.49 | 0 | 0.00 | 0.00 |
| Kumba Iron Ore Ltd. | -8,350 | 0 | 0.00 | 0.00 | 8,350 | 2.61 | 0.34 |
| South32 Ltd. | -42,588 | 34,067 | 1.16 | 0.14 | 76,655 | 2.84 | 0.37 |
| Industrial Metals and Mining Total | 9,667 | 106,179 | 12.32 | 1.48 | 96,512 | 11.32 | 1.49 |
| AIA Group Limited | 0 | 32,000 | 5.10 | 0.61 | 32,000 | 4.43 | 0.58 |
| Elevance Health Inc | 0 | 231 | 1.59 | 0.19 | 231 | 1.85 | 0.24 |
| Intact Financial Corporation | 0 | 2,606 | 10.63 | 1.27 | 2,606 | 9.72 | 1.28 |
| Muenchener Ruek Versicherungs-Gesellschaft | 155 | 501 | 5.75 | 0.69 | 346 | 4.02 | 0.53 |
| Sompo Japan Insurance | -11,500 | 0 | 0.00 | 0.00 | 11,500 | 6.39 | 0.84 |
| Insurance Total | -11,345 | 35,338 | 23.07 | 2.76 | 46,683 | 26.42 | 3.47 |
| Quilter plc | -69,911 | 0 | 0.00 | 0.00 | 69,911 | 2.44 | 0.32 |
| Investment Banking and Brokerage Services Total | -69,911 | 0 | 0.00 | 0.00 | 69,911 | 2.44 | 0.32 |
| Discovery Ltd. | 0 | 48,736 | 10.47 | 1.25 | 48,736 | 9.72 | 1.28 |
| Sanlam Ltd. | 0 | 160,271 | 14.21 | 1.70 | 160,271 | 13.26 | 1.74 |
| Life Insurance Total | 0 | 209,007 | 24.68 | 2.96 | 209,007 | 22.99 | 3.02 |
| MediaTek Incorporated | 0 | 4,000 | 3.04 | 0.36 | 4,000 | 3.08 | 0.40 |
| Media Total | 0 | 4,000 | 3.04 | 0.36 | 4,000 | 3.08 | 0.40 |
| TotalEnergies SE | 0 | 3,574 | 3.88 | 0.47 | 3,574 | 4.24 | 0.56 |
| Oil and Gas Total | 0 | 3,574 | 3.88 | 0.47 | 3,574 | 4.24 | 0.56 |
| Exxaro Resources Ltd. | 0 | 19,141 | 2.81 | 0.34 | 19,141 | 2.84 | 0.37 |
| Oil, Gas and Coal Total | 0 | 19,141 | 2.81 | 0.34 | 19,141 | 2.84 | 0.37 |
| Bid Corporation Ltd. | 3,588 | 3,588 | 1.68 | 0.20 | 0 | 0.00 | 0.00 |
| Shoprite Holdings Ltd. | 11,676 | 11,676 | 3.23 | 0.39 | 0 | 0.00 | 0.00 |
| The SPAR Group Ltd. | -29,772 | 0 | 0.00 | 0.00 | 29,772 | 3.52 | 0.46 |
| Personal Care, Drug and Grocery Stores Total | -14,508 | 15,264 | 4.91 | 0.59 | 29,772 | 3.52 | 0.46 |
| Compagnie Financière Richemont SA | -1,886 | 839 | 2.79 | 0.33 | 2,725 | 8.64 | 1.13 |
| Personal Goods Total | -1,886 | 839 | 2.79 | 0.33 | 2,725 | 8.64 | 1.13 |
| AngloGold Ashanti plc | 4,275 | 23,512 | 18.83 | 2.25 | 19,237 | 13.21 | 1.73 |
| Gold Fields Ltd. | 5,700 | 31,720 | 13.19 | 1.58 | 26,020 | 10.55 | 1.38 |
| Harmony Gold Mining Company Ltd. | -5,786 | 7,970 | 1.95 | 0.23 | 13,756 | 3.67 | 0.48 |
| Impala Platinum Holdings Ltd. | 0 | 31,704 | 5.04 | 0.60 | 31,704 | 3.99 | 0.52 |
| Northam Platinum Holdings Ltd. | 1,074 | 28,579 | 5.48 | 0.66 | 27,505 | 3.60 | 0.47 |
| Valterra Platinum Ltd. | 1,565 | 5,267 | 4.16 | 0.50 | 3,702 | 2.72 | 0.36 |
| Precious Metals and Mining Total | 6,828 | 128,752 | 48.65 | 5.83 | 121,924 | 37.74 | 4.95 |
| Hyprop Investments Ltd. | 0 | 104,836 | 4.48 | 0.54 | 104,836 | 4.37 | 0.57 |
| Redefine Properties Ltd. | 0 | 747,839 | 3.43 | 0.41 | 747,839 | 3.13 | 0.41 |
| Resilient REIT Ltd. | -43,369 | 71,705 | 4.32 | 0.52 | 115,074 | 6.54 | 0.86 |
| Shaftesbury Capital plc | -74,001 | 0 | 0.00 | 0.00 | 74,001 | 2.19 | 0.29 |
| Real Estate Investment Trusts Total | -117,370 | 924,380 | 12.23 | 1.46 | 1,041,750 | 16.23 | 2.13 |
| Visa Inc | -1,235 | 0 | 0.00 | 0.00 | 1,235 | 7.78 | 1.02 |
| Retail Total | -1,235 | 0 | 0.00 | 0.00 | 1,235 | 7.78 | 1.02 |
| Motus Holdings Ltd. | -17,868 | 0 | 0.00 | 0.00 | 17,868 | 1.56 | 0.20 |
| Mr Price Group Ltd. | -6,123 | 40,841 | 9.04 | 1.08 | 46,964 | 10.41 | 1.37 |
| Pepkor Holdings Ltd. | 0 | 203,117 | 5.53 | 0.66 | 203,117 | 5.19 | 0.68 |
| The Foschini Group Ltd. | -4,746 | 38,995 | 5.03 | 0.60 | 43,741 | 5.44 | 0.71 |
| Truworths International Ltd. | -30,717 | 0 | 0.00 | 0.00 | 30,717 | 2.21 | 0.29 |
| We Buy Cars Holdings Ltd. | 0 | 37,068 | 2.22 | 0.27 | 37,068 | 1.56 | 0.20 |
| Retailers Total | -59,454 | 320,021 | 21.82 | 2.61 | 379,475 | 26.36 | 3.46 |
| Investec Emerging Companies - Z | 60,992 | 2,483,760 | 41.28 | 4.94 | 2,422,768 | 38.08 | 5.00 |
| Smaller Co's Total | 60,992 | 2,483,760 | 41.28 | 4.94 | 2,422,768 | 38.08 | 5.00 |
| Naspers Ltd. | -272 | 8,392 | 46.29 | 5.54 | 8,664 | 39.14 | 5.14 |
| Software and Computer Services Total | -272 | 8,392 | 46.29 | 5.54 | 8,664 | 39.14 | 5.14 |
| Amadeus IT Holding SA | 0 | 2,492 | 3.72 | 0.44 | 2,492 | 3.49 | 0.46 |
| Amazon.Com | -1,521 | 3,452 | 13.57 | 1.62 | 4,973 | 17.01 | 2.23 |
| American Tower | 0 | 1,155 | 4.48 | 0.54 | 1,155 | 4.61 | 0.60 |
| Apple Computer Company | -887 | 0 | 0.00 | 0.00 | 887 | 3.58 | 0.47 |
| Autodesk Incorporated | 0 | 1,332 | 7.25 | 0.87 | 1,332 | 6.33 | 0.83 |
| Broadcom Corporation | 0 | 1,699 | 8.28 | 0.99 | 1,699 | 5.07 | 0.67 |
| Epam Systems | -589 | 0 | 0.00 | 0.00 | 589 | 1.79 | 0.24 |
| Infineon Technologies | 0 | 5,165 | 3.90 | 0.47 | 5,165 | 3.11 | 0.41 |
| Microsoft Corporation | 125 | 2,216 | 19.56 | 2.34 | 2,091 | 14.16 | 1.86 |
| Nvidia Corporation | 1,577 | 6,206 | 17.36 | 2.08 | 4,629 | 8.92 | 1.17 |
| Okta Inc | 918 | 2,498 | 4.44 | 0.53 | 1,580 | 3.00 | 0.39 |
| Pinterest | 0 | 4,365 | 2.78 | 0.33 | 4,365 | 2.43 | 0.32 |
| SAP SE (spons. ADRs) | 515 | 515 | 2.77 | 0.33 | 0 | 0.00 | 0.00 |
| Taiwan Semiconductor Manufacturing Co Ltd | 0 | 23,000 | 14.83 | 1.78 | 23,000 | 11.59 | 1.52 |
| Take-Two Interactive Software Inc | 0 | 2,039 | 8.81 | 1.06 | 2,039 | 7.62 | 1.00 |
| TD Synnex Corporation | 0 | 2,271 | 5.44 | 0.65 | 2,271 | 4.33 | 0.57 |
| Technology Total | 138 | 58,405 | 117.18 | 14.03 | 58,267 | 97.04 | 12.73 |
| Twilio Inc | 1,272 | 1,272 | 2.81 | 0.34 | 0 | 0.00 | 0.00 |
| Telecom Total | 1,272 | 1,272 | 2.81 | 0.34 | 0 | 0.00 | 0.00 |
| MTN Group Ltd. | 2,148 | 109,536 | 15.43 | 1.85 | 107,388 | 13.23 | 1.74 |
| Telecommunications Service Providers Total | 2,148 | 109,536 | 15.43 | 1.85 | 107,388 | 13.23 | 1.74 |
| British American Tobacco plc | 1,353 | 8,901 | 7.48 | 0.90 | 7,548 | 5.70 | 0.75 |
| Tobacco Total | 1,353 | 8,901 | 7.48 | 0.90 | 7,548 | 5.70 | 0.75 |
| Portfolio Total | -738,167 | 120,360,969 | 835.15 | 100.00 | 121,099,136 | 762.25 | 100.00 |