| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Inchcape Plc | -95,000 | 290,000 | 49.73 | 0.45 | 385,000 | 61.91 | 0.63 |
| Auto Total | -95,000 | 290,000 | 49.73 | 0.45 | 385,000 | 61.91 | 0.63 |
| Capitec Bank Holdings Ltd. | 2,000 | 58,000 | 239.10 | 2.17 | 56,000 | 194.54 | 1.98 |
| FirstRand Ltd. | 575,000 | 4,325,000 | 383.76 | 3.48 | 3,750,000 | 291.23 | 2.97 |
| Guaranty Trust Bank Plc | 8,159,400 | 25,000,000 | 35.50 | 0.32 | 16,840,600 | 18.89 | 0.19 |
| TBC Bank Group PLC | 2,500 | 47,500 | 43.51 | 0.39 | 45,000 | 47.49 | 0.48 |
| Banks Total | 8,738,900 | 29,430,500 | 701.86 | 6.36 | 20,691,600 | 552.15 | 5.63 |
| Endeavour Mining PLC | 24,500 | 154,500 | 156.35 | 1.42 | 130,000 | 94.97 | 0.97 |
| Basic Resources Total | 24,500 | 154,500 | 156.35 | 1.42 | 130,000 | 94.97 | 0.97 |
| SA Bond ASC158 | 0 | 60,000,000 | 60.84 | 0.55 | 60,000,000 | 60.92 | 0.62 |
| SA Bond BNDS | 0 | 0 | 112.29 | 1.02 | 0 | 96.17 | 0.98 |
| SA Bond CLN937 | 0 | 25,000,000 | 24.85 | 0.23 | 25,000,000 | 24.84 | 0.25 |
| SA Bond CLN938 | 0 | 24,000,000 | 24.10 | 0.22 | 24,000,000 | 24.10 | 0.25 |
| SA Bond FRC553 | 0 | 59,000,000 | 59.02 | 0.54 | 59,000,000 | 59.02 | 0.60 |
| SA Bond R2040 | 600,000,000 | 600,000,000 | 573.78 | 5.20 | 0 | 0.00 | 0.00 |
| SA Bond SSN211 | 0 | 19,937,000 | 51.24 | 0.46 | 19,937,000 | 49.48 | 0.50 |
| SA Bond TNFG32 | -66,500,000 | 0 | 0.00 | 0.00 | 66,500,000 | 67.47 | 0.69 |
| Bond Total | 533,500,000 | 787,937,000 | 906.12 | 8.22 | 254,437,000 | 382.00 | 3.89 |
| Cash on call | 0 | 0 | 161.64 | 1.47 | 0 | 104.27 | 1.06 |
| Margin Account | 0 | 0 | 152.70 | 1.38 | 0 | 102.25 | 1.04 |
| Cash on call Total | 0 | 0 | 314.34 | 2.85 | 0 | 206.52 | 2.11 |
| AECI Ltd. | 480,000 | 480,000 | 55.47 | 0.50 | 0 | 0.00 | 0.00 |
| Chemicals Total | 480,000 | 480,000 | 55.47 | 0.50 | 0 | 0.00 | 0.00 |
| PPC Ltd. | 7,189,352 | 12,500,000 | 74.25 | 0.67 | 5,310,648 | 28.68 | 0.29 |
| Raubex Group Ltd. | 1,763,633 | 3,301,937 | 160.84 | 1.46 | 1,538,304 | 65.53 | 0.67 |
| Construction and Materials Total | 8,952,985 | 15,801,937 | 235.09 | 2.13 | 6,848,952 | 94.21 | 0.96 |
| Advtech Ltd. | 0 | 2,043,162 | 86.24 | 0.78 | 2,043,162 | 64.32 | 0.66 |
| Curro Holdings Ltd. | -4,129,505 | 0 | 0.00 | 0.00 | 4,129,505 | 49.55 | 0.51 |
| Zeda Ltd. | 3,000,000 | 8,000,000 | 106.40 | 0.96 | 5,000,000 | 62.85 | 0.64 |
| Consumer Services Total | -1,129,505 | 10,043,162 | 192.64 | 1.75 | 11,172,667 | 176.72 | 1.80 |
| Accor SA | 1,000 | 66,000 | 52.69 | 0.48 | 65,000 | 53.10 | 0.54 |
| Alphabet Inc C | -12,000 | 52,000 | 249.97 | 2.27 | 64,000 | 266.24 | 2.71 |
| Booking Holdings | 1,025 | 1,525 | 106.95 | 0.97 | 500 | 46.46 | 0.47 |
| Fevertree Drinks PLC | 0 | 200,000 | 34.47 | 0.31 | 200,000 | 40.82 | 0.42 |
| Grab Holdings Ltd | 825,000 | 825,000 | 50.88 | 0.46 | 0 | 0.00 | 0.00 |
| JDcom | 255,000 | 455,000 | 163.75 | 1.48 | 200,000 | 61.43 | 0.63 |
| Moncler SPA | 0 | 57,500 | 58.50 | 0.53 | 57,500 | 58.13 | 0.59 |
| Prada SPA | 325,000 | 850,000 | 68.48 | 0.62 | 525,000 | 54.49 | 0.56 |
| Rentokil Initial plc | -550,000 | 0 | 0.00 | 0.00 | 550,000 | 48.00 | 0.49 |
| Cyclical Goods & Services Total | 845,025 | 2,507,025 | 785.68 | 7.12 | 1,662,000 | 628.67 | 6.41 |
| Equity Derivative | 0 | 0 | 0.00 | 0.00 | 0 | -1.18 | -0.01 |
| Derivatives Total | 0 | 0 | 0.00 | 0.00 | 0 | -1.18 | -0.01 |
| Greencoat Renewables plc | 0 | 3,000,000 | 41.70 | 0.38 | 3,000,000 | 43.97 | 0.45 |
| Electricity Total | 0 | 3,000,000 | 41.70 | 0.38 | 3,000,000 | 43.97 | 0.45 |
| Reunert Ltd. | 200,000 | 900,000 | 58.64 | 0.53 | 700,000 | 37.67 | 0.38 |
| Electronic and Electrical Equipment Total | 200,000 | 900,000 | 58.64 | 0.53 | 700,000 | 37.67 | 0.38 |
| Aker Kvaerner | -130,000 | 0 | 0.00 | 0.00 | 130,000 | 56.88 | 0.58 |
| Equities Total | -130,000 | 0 | 0.00 | 0.00 | 130,000 | 56.88 | 0.58 |
| Allfunds Group PLC | -630,000 | 0 | 0.00 | 0.00 | 630,000 | 81.04 | 0.83 |
| Citigroup | 0 | 1,900,000 | 12.59 | 0.11 | 1,900,000 | 20.05 | 0.20 |
| Goldman Sachs Group | 2,834,700 | 2,834,700 | 231.60 | 2.10 | 0 | 0.00 | 0.00 |
| Interactive Brokers Group | -4,000 | 70,000 | 77.75 | 0.70 | 74,000 | 87.69 | 0.89 |
| JSC KASPI KZ ADR | 19,000 | 60,000 | 74.60 | 0.68 | 41,000 | 58.01 | 0.59 |
| London Stock Exchange Group Plc | 42,500 | 42,500 | 84.54 | 0.77 | 0 | 0.00 | 0.00 |
| POMEGRANATE INVESTMENT AB | 3,000 | 3,000 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Savills plc | 170,000 | 410,000 | 76.59 | 0.69 | 240,000 | 53.17 | 0.54 |
| ST James Place | -45,000 | 275,000 | 74.58 | 0.68 | 320,000 | 94.37 | 0.96 |
| Financial Services Total | 2,390,200 | 5,595,200 | 632.25 | 5.73 | 3,205,000 | 394.32 | 4.02 |
| JP Morgan Chase & Company | 1,550,000 | 1,550,000 | 31.06 | 0.28 | 0 | 0.00 | 0.00 |
| Morgan Stanley | 0 | 750,000 | 6.89 | 0.06 | 750,000 | 12.72 | 0.13 |
| Financials Total | 1,550,000 | 2,300,000 | 37.96 | 0.34 | 750,000 | 12.72 | 0.13 |
| Arcos Dorados Holdings Inc | 70,000 | 500,000 | 69.92 | 0.63 | 430,000 | 49.60 | 0.51 |
| Yum China Holdings Inc | 0 | 119,000 | 100.07 | 0.91 | 119,000 | 89.99 | 0.92 |
| Food & Beverage Total | 70,000 | 619,000 | 170.00 | 1.54 | 549,000 | 139.58 | 1.42 |
| Oceana Group Ltd. | -490,000 | 0 | 0.00 | 0.00 | 490,000 | 24.26 | 0.25 |
| Food Producers Total | -490,000 | 0 | 0.00 | 0.00 | 490,000 | 24.26 | 0.25 |
| Australia - Currency | 0 | 0 | 0.52 | 0.00 | 0 | 0.51 | 0.01 |
| Canada - Currency | 0 | 0 | 0.61 | 0.01 | 0 | 0.61 | 0.01 |
| European - Currency | 0 | 0 | 4.74 | 0.04 | 0 | 8.53 | 0.09 |
| Hong Kong - Currency | 0 | 0 | 2.33 | 0.02 | 0 | 3.16 | 0.03 |
| Japan - Currency | 0 | 0 | 2.65 | 0.02 | 0 | 2.88 | 0.03 |
| Mexican Peso | 0 | 0 | 3.45 | 0.03 | 0 | 3.43 | 0.03 |
| Norway - Cash | 0 | 0 | 5.95 | 0.05 | 0 | 5.23 | 0.05 |
| Sweden - Currency | 0 | 0 | 1.12 | 0.01 | 0 | 1.14 | 0.01 |
| Switzerland - Currency | 0 | 0 | 3.89 | 0.04 | 0 | 2.85 | 0.03 |
| United Kingdom - Currency | 0 | 0 | 5.90 | 0.05 | 0 | 3.13 | 0.03 |
| USA - Currency | 0 | 0 | 54.89 | 0.50 | 0 | 11.87 | 0.12 |
| For Currency Total | 0 | 0 | 86.06 | 0.78 | 0 | 43.34 | 0.44 |
| Foreign - Bonds | 0 | 0 | 586.15 | 5.31 | 0 | 599.73 | 6.11 |
| Foreign - Equities | 0 | 0 | 463.41 | 4.20 | 0 | 1,091.76 | 11.13 |
| Foreign Invest Total | 0 | 0 | 1,049.56 | 9.52 | 0 | 1,691.50 | 17.24 |
| British Land Company | -475,000 | 0 | 0.00 | 0.00 | 475,000 | 38.41 | 0.39 |
| Pakuwon Jati Tbk PT | 0 | 80,000,000 | 27.27 | 0.25 | 80,000,000 | 31.10 | 0.32 |
| Foreign Property Total | -475,000 | 80,000,000 | 27.27 | 0.25 | 80,475,000 | 69.51 | 0.71 |
| Equity | 0 | 0 | 119.17 | 1.08 | 0 | 273.96 | 2.79 |
| Unit Trust - Local - Equity | 0 | 0 | 17.62 | 0.16 | 0 | 25.95 | 0.26 |
| General Equity Total | 0 | 0 | 136.79 | 1.24 | 0 | 299.91 | 3.06 |
| Vinci SA | -19,000 | 0 | 0.00 | 0.00 | 19,000 | 45.43 | 0.46 |
| Goods & Services Total | -19,000 | 0 | 0.00 | 0.00 | 19,000 | 45.43 | 0.46 |
| Cooper Companies Inc, The | -38,000 | 0 | 0.00 | 0.00 | 38,000 | 44.48 | 0.45 |
| Icon Plc | 900,000 | 900,000 | 13.64 | 0.12 | 0 | 0.00 | 0.00 |
| Integrated Diagnostics Holdings | 0 | 2,500,000 | 23.95 | 0.22 | 2,500,000 | 24.24 | 0.25 |
| Novo-Nordisk A/S | 0 | 175,000 | 110.35 | 1.00 | 175,000 | 163.65 | 1.67 |
| Healthcare Total | 862,000 | 3,575,000 | 147.94 | 1.34 | 2,713,000 | 232.37 | 2.37 |
| Anglo American plc | -20,000 | 60,000 | 43.35 | 0.39 | 80,000 | 51.72 | 0.53 |
| BHP Group Ltd. | 90,000 | 90,000 | 54.54 | 0.49 | 0 | 0.00 | 0.00 |
| Glencore plc | -1,825,000 | 1,450,000 | 185.59 | 1.68 | 3,275,000 | 261.02 | 2.66 |
| Kumba Iron Ore Ltd. | -65,000 | 195,000 | 62.27 | 0.56 | 260,000 | 84.46 | 0.86 |
| Industrial Metals and Mining Total | -1,820,000 | 1,795,000 | 345.75 | 3.13 | 3,615,000 | 397.20 | 4.05 |
| Hudaco Industries Ltd. | 166,668 | 316,648 | 60.07 | 0.54 | 149,980 | 26.39 | 0.27 |
| Industrial Support Services Total | 166,668 | 316,648 | 60.07 | 0.54 | 149,980 | 26.39 | 0.27 |
| Elevance Health Inc | -8,500 | 0 | 0.00 | 0.00 | 8,500 | 46.82 | 0.48 |
| Insurance Total | -8,500 | 0 | 0.00 | 0.00 | 8,500 | 46.82 | 0.48 |
| Brait plc | 0 | 72,624 | 54.58 | 0.49 | 72,624 | 55.19 | 0.56 |
| JSE Ltd. | -498,696 | 51,304 | 8.20 | 0.07 | 550,000 | 70.11 | 0.71 |
| PSG Financial Services Ltd. | 283,296 | 6,683,296 | 178.38 | 1.62 | 6,400,000 | 145.92 | 1.49 |
| Investment Banking and Brokerage Services Total | -215,400 | 6,807,224 | 241.15 | 2.19 | 7,022,624 | 271.23 | 2.76 |
| Discovery Ltd. | 0 | 400,000 | 99.76 | 0.90 | 400,000 | 78.80 | 0.80 |
| Life Insurance Total | 0 | 400,000 | 99.76 | 0.90 | 400,000 | 78.80 | 0.80 |
| Universal Music Group | 160,000 | 160,000 | 52.22 | 0.47 | 0 | 0.00 | 0.00 |
| Media Total | 160,000 | 160,000 | 52.22 | 0.47 | 0 | 0.00 | 0.00 |
| Money Market - 11 months duration | 0 | 0 | 31.70 | 0.29 | 0 | 0.00 | 0.00 |
| Money Market - 4 months duration | 0 | 0 | 99.24 | 0.90 | 0 | 0.00 | 0.00 |
| Money Market - 7 months duration | 0 | 0 | 145.44 | 1.32 | 0 | 98.28 | 1.00 |
| Money Market - 9 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 93.82 | 0.96 |
| Nedgroup Investments Corporate Money Market - C25 | -243,300,000 | 22,000,000 | 23.23 | 0.21 | 265,300,000 | 266.65 | 2.72 |
| Money Market Total | -243,300,000 | 22,000,000 | 299.61 | 2.72 | 265,300,000 | 458.75 | 4.68 |
| Santam Ltd. | 54,982 | 500,000 | 195.93 | 1.78 | 445,018 | 168.16 | 1.71 |
| Non-life Insurance Total | 54,982 | 500,000 | 195.93 | 1.78 | 445,018 | 168.16 | 1.71 |
| Abax Global Equity Fund (USD) - C | 0 | 550,851 | 239.59 | 2.17 | 550,851 | 251.45 | 2.56 |
| Offshore Intern Total | 0 | 550,851 | 239.59 | 2.17 | 550,851 | 251.45 | 2.56 |
| Thungela Resources Ltd. | -500,000 | 0 | 0.00 | 0.00 | 500,000 | 43.76 | 0.45 |
| Oil, Gas and Coal Total | -500,000 | 0 | 0.00 | 0.00 | 500,000 | 43.76 | 0.45 |
| Bid Corporation Ltd. | 150,000 | 550,000 | 224.17 | 2.03 | 400,000 | 172.90 | 1.76 |
| Dis-Chem Pharmacies Ltd. | -400,000 | 2,100,000 | 78.16 | 0.71 | 2,500,000 | 81.85 | 0.83 |
| Shoprite Holdings Ltd. | 150,000 | 450,000 | 124.11 | 1.13 | 300,000 | 82.20 | 0.84 |
| Personal Care, Drug and Grocery Stores Total | -100,000 | 3,100,000 | 426.44 | 3.87 | 3,200,000 | 336.95 | 3.43 |
| Compagnie Financière Richemont SA | -3,000 | 39,000 | 115.39 | 1.05 | 42,000 | 137.31 | 1.40 |
| Personal Goods Total | -3,000 | 39,000 | 115.39 | 1.05 | 42,000 | 137.31 | 1.40 |
| Adcock Ingram Holdings Ltd. | -900,000 | 0 | 0.00 | 0.00 | 900,000 | 64.80 | 0.66 |
| Pharmaceuticals and Biotechnology Total | -900,000 | 0 | 0.00 | 0.00 | 900,000 | 64.80 | 0.66 |
| AngloGold Ashanti plc | 16,000 | 61,000 | 100.19 | 0.91 | 45,000 | 54.61 | 0.56 |
| Gold Fields Ltd. | 145,000 | 145,000 | 110.27 | 1.00 | 0 | 0.00 | 0.00 |
| Harmony Gold Mining Company Ltd. | 100,000 | 100,000 | 25.60 | 0.23 | 0 | 0.00 | 0.00 |
| Impala Platinum Holdings Ltd. | 200,000 | 200,000 | 47.79 | 0.43 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | -20,600 | 85,000 | 119.09 | 1.08 | 105,600 | 130.46 | 1.33 |
| Precious Metals and Mining Total | 440,400 | 591,000 | 402.93 | 3.65 | 150,600 | 185.06 | 1.89 |
| Fortress Real Estate Investments Ltd. | 950,087 | 2,200,087 | 48.62 | 0.44 | 1,250,000 | 28.84 | 0.29 |
| NEPI Rockcastle NV | 500,000 | 500,000 | 67.89 | 0.62 | 0 | 0.00 | 0.00 |
| Real Estate Investment and Services Total | 1,450,087 | 2,700,087 | 116.51 | 1.06 | 1,250,000 | 28.84 | 0.29 |
| Hammerson plc | 0 | 1,150,000 | 78.78 | 0.71 | 1,150,000 | 78.64 | 0.80 |
| Shaftesbury Capital plc | 350,000 | 4,000,000 | 115.84 | 1.05 | 3,650,000 | 120.21 | 1.23 |
| Stor-Age Property REIT Ltd. | 1,550,000 | 2,750,000 | 45.93 | 0.42 | 1,200,000 | 18.60 | 0.19 |
| Real Estate Investment Trusts Total | 1,900,000 | 7,900,000 | 240.55 | 2.18 | 6,000,000 | 217.45 | 2.22 |
| Bath & Body Works Inc | 900,000 | 900,000 | 10.16 | 0.09 | 0 | 0.00 | 0.00 |
| Lululemon Athletica Incorporated | -27,500 | 0 | 0.00 | 0.00 | 27,500 | 84.30 | 0.86 |
| Retail Total | 872,500 | 900,000 | 10.16 | 0.09 | 27,500 | 84.30 | 0.86 |
| Combined Motor Holdings Ltd. | 0 | 1,262,220 | 44.40 | 0.40 | 1,262,220 | 41.65 | 0.42 |
| Italtile Ltd. | 3,250,000 | 8,500,000 | 72.68 | 0.66 | 5,250,000 | 48.62 | 0.50 |
| KAL Group Ltd. | 0 | 809,100 | 36.89 | 0.33 | 809,100 | 33.84 | 0.35 |
| Mr Price Group Ltd. | -375,000 | 0 | 0.00 | 0.00 | 375,000 | 76.39 | 0.78 |
| Pepkor Holdings Ltd. | 1,560,000 | 5,510,000 | 124.53 | 1.13 | 3,950,000 | 96.02 | 0.98 |
| Truworths International Ltd. | 250,000 | 1,650,000 | 85.26 | 0.77 | 1,400,000 | 76.58 | 0.78 |
| We Buy Cars Holdings Ltd. | 1,725,413 | 4,234,272 | 168.52 | 1.53 | 2,508,859 | 138.94 | 1.42 |
| Woolworths Holdings Ltd. | -50,000 | 2,700,000 | 136.94 | 1.24 | 2,750,000 | 138.30 | 1.41 |
| Retailers Total | 6,360,413 | 24,665,592 | 669.22 | 6.07 | 18,305,179 | 650.34 | 6.63 |
| Bytes Technology Group plc | 175,000 | 1,075,000 | 67.16 | 0.61 | 900,000 | 83.07 | 0.85 |
| Prosus NV | 371,000 | 711,000 | 546.51 | 4.96 | 340,000 | 411.64 | 4.20 |
| Software and Computer Services Total | 546,000 | 1,786,000 | 613.67 | 5.56 | 1,240,000 | 494.71 | 5.04 |
| Adobe Systems | 21,000 | 41,000 | 168.80 | 1.53 | 20,000 | 122.74 | 1.25 |
| Adyen N.V. | 3,350 | 6,000 | 101.08 | 0.92 | 2,650 | 73.33 | 0.75 |
| Amadeus IT Holding SA | 77,000 | 77,000 | 74.26 | 0.67 | 0 | 0.00 | 0.00 |
| Amazon.Com | 16,000 | 34,000 | 119.45 | 1.08 | 18,000 | 67.94 | 0.69 |
| Applied Materials Incorporated | -19,000 | 0 | 0.00 | 0.00 | 19,000 | 67.69 | 0.69 |
| Meta Platforms Inc | 5,000 | 5,000 | 47.49 | 0.43 | 0 | 0.00 | 0.00 |
| Paycom Software Inc | 32,500 | 32,500 | 67.87 | 0.62 | 0 | 0.00 | 0.00 |
| Salesforce.com Inc | 11,500 | 33,500 | 106.67 | 0.97 | 22,000 | 90.59 | 0.92 |
| Wise PLC | 520,000 | 520,000 | 106.82 | 0.97 | 0 | 0.00 | 0.00 |
| Wix.com Ltd | 105,000 | 145,000 | 222.57 | 2.02 | 40,000 | 119.72 | 1.22 |
| Technology Total | 772,350 | 894,000 | 1,015.02 | 9.20 | 121,650 | 542.01 | 5.52 |
| Sea Ltd. (Singapore) | 37,500 | 37,500 | 51.75 | 0.47 | 0 | 0.00 | 0.00 |
| Telecom Total | 37,500 | 37,500 | 51.75 | 0.47 | 0 | 0.00 | 0.00 |
| City Lodge Hotels Ltd. | 1,500,000 | 11,000,000 | 48.07 | 0.44 | 9,500,000 | 38.57 | 0.39 |
| Travel and Leisure Total | 1,500,000 | 11,000,000 | 48.07 | 0.44 | 9,500,000 | 38.57 | 0.39 |
| Portfolio Total | 322,689,105 | 1,028,776,226 | 11,029.23 | 100.00 | 706,087,121 | 9,810.34 | 100.00 |