| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Ferrari N.V | 0 | 258 | 2.15 | 0.27 | 258 | 2.25 | 0.32 |
| OReilly Automotive | 0 | 3,793 | 7.05 | 0.87 | 3,793 | 6.01 | 0.84 |
| Auto Total | 0 | 4,051 | 9.20 | 1.14 | 4,051 | 8.27 | 1.16 |
| Absa Group Ltd. | -25,214 | 183,725 | 33.24 | 4.10 | 208,939 | 36.71 | 5.14 |
| Capitec Bank Holdings Ltd. | -656 | 4,772 | 16.56 | 2.04 | 5,428 | 19.30 | 2.70 |
| FirstRand Ltd. | 36,285 | 335,228 | 26.09 | 3.22 | 298,943 | 22.79 | 3.19 |
| Investec plc | -40,566 | 46,150 | 5.93 | 0.73 | 86,716 | 11.45 | 1.60 |
| Standard Bank Group Ltd. | -41,175 | 51,305 | 12.12 | 1.50 | 92,480 | 21.06 | 2.95 |
| Banks Total | -71,326 | 621,180 | 93.95 | 11.60 | 692,506 | 111.31 | 15.58 |
| Rheinmetal Berlin | 0 | 211 | 8.47 | 1.05 | 211 | 7.85 | 1.10 |
| Basic Resources Total | 0 | 211 | 8.47 | 1.05 | 211 | 7.85 | 1.10 |
| Anheuser-Busch InBev SA/NV | -3,715 | 2,840 | 2.93 | 0.36 | 6,555 | 7.99 | 1.12 |
| Beverages Total | -3,715 | 2,840 | 2.93 | 0.36 | 6,555 | 7.99 | 1.12 |
| Cash on call | 0 | 0 | 7.95 | 0.98 | 0 | 3.32 | 0.46 |
| Cash on call Total | 0 | 0 | 7.95 | 0.98 | 0 | 3.32 | 0.46 |
| Sasol Ltd. | 2,100 | 2,100 | 0.23 | 0.03 | 0 | 0.00 | 0.00 |
| Chemicals Total | 2,100 | 2,100 | 0.23 | 0.03 | 0 | 0.00 | 0.00 |
| Raubex Group Ltd. | 78,639 | 78,639 | 3.35 | 0.41 | 0 | 0.00 | 0.00 |
| Construction and Materials Total | 78,639 | 78,639 | 3.35 | 0.41 | 0 | 0.00 | 0.00 |
| ADvTECH Ltd. | 0 | 192,469 | 6.07 | 0.75 | 192,469 | 6.28 | 0.88 |
| Consumer Services Total | 0 | 192,469 | 6.07 | 0.75 | 192,469 | 6.28 | 0.88 |
| Alphabet Inc C | 0 | 2,589 | 10.93 | 1.35 | 2,589 | 8.21 | 1.15 |
| L'Oreal | 0 | 923 | 6.87 | 0.85 | 923 | 6.98 | 0.98 |
| Uber Technologies | 6,962 | 9,349 | 16.09 | 1.99 | 2,387 | 3.88 | 0.54 |
| Cyclical Goods & Services Total | 6,962 | 12,861 | 33.89 | 4.18 | 5,899 | 19.07 | 2.67 |
| Equity Derivative | 0 | 0 | 16.06 | 1.98 | 0 | 0.00 | 0.00 |
| Derivatives Total | 0 | 0 | 16.06 | 1.98 | 0 | 0.00 | 0.00 |
| LVMH Moet Hennessy | -874 | 0 | 0.00 | 0.00 | 874 | 8.16 | 1.14 |
| Equities Total | -874 | 0 | 0.00 | 0.00 | 874 | 8.16 | 1.14 |
| Citigroup | 0 | 4,359 | 7.77 | 0.96 | 4,359 | 6.54 | 0.92 |
| Scottish Mortgage Investment Trust Plc | 0 | 25,350 | 6.74 | 0.83 | 25,350 | 6.38 | 0.89 |
| Financial Services Total | 0 | 29,709 | 14.51 | 1.79 | 29,709 | 12.92 | 1.81 |
| Tiger Brands Ltd. | 0 | 47,645 | 14.65 | 1.81 | 47,645 | 15.32 | 2.14 |
| Food Producers Total | 0 | 47,645 | 14.65 | 1.81 | 47,645 | 15.32 | 2.14 |
| European - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.51 | 0.07 |
| United Kingdom - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.24 | 0.03 |
| USA - Currency | 0 | 0 | 0.04 | 0.01 | 0 | 2.05 | 0.29 |
| For Currency Total | 0 | 0 | 0.06 | 0.01 | 0 | 2.80 | 0.39 |
| Foreign - Unit Trusts | 0 | 0 | 26.94 | 3.33 | 0 | 24.18 | 3.38 |
| Foreign Invest Total | 0 | 0 | 26.94 | 3.33 | 0 | 24.18 | 3.38 |
| Mondi plc | 1,236 | 1,236 | 0.29 | 0.04 | 0 | 0.00 | 0.00 |
| The Bidvest Group Ltd. | 1,100 | 1,100 | 0.23 | 0.03 | 0 | 0.00 | 0.00 |
| General Industrials Total | 2,336 | 2,336 | 0.52 | 0.06 | 0 | 0.00 | 0.00 |
| ASML Holding NV | 0 | 413 | 6.92 | 0.85 | 413 | 5.85 | 0.82 |
| Goods & Services Total | 0 | 413 | 6.92 | 0.85 | 413 | 5.85 | 0.82 |
| Boston Scientific Corporation | 0 | 7,518 | 12.61 | 1.56 | 7,518 | 14.24 | 1.99 |
| Eli Lilly & Company | 1,229 | 1,229 | 15.43 | 1.91 | 0 | 0.00 | 0.00 |
| Novo-Nordisk A/S | -7,107 | 0 | 0.00 | 0.00 | 7,107 | 8.66 | 1.21 |
| Healthcare Total | -5,878 | 8,747 | 28.04 | 3.46 | 14,625 | 22.90 | 3.20 |
| Afrimat Ltd. | -142,733 | 0 | 0.00 | 0.00 | 142,733 | 6.33 | 0.89 |
| Anglo American plc | -6,534 | 34,447 | 22.22 | 2.74 | 40,981 | 21.34 | 2.99 |
| Industrial Metals and Mining Total | -149,267 | 34,447 | 22.22 | 2.74 | 183,714 | 27.67 | 3.87 |
| Grindrod Ltd. | 87,960 | 87,960 | 1.33 | 0.16 | 0 | 0.00 | 0.00 |
| Industrial Transportation Total | 87,960 | 87,960 | 1.33 | 0.16 | 0 | 0.00 | 0.00 |
| Admiral Group PLC | 0 | 10,921 | 8.76 | 1.08 | 10,921 | 8.70 | 1.22 |
| Insurance Total | 0 | 10,921 | 8.76 | 1.08 | 10,921 | 8.70 | 1.22 |
| Reinet Investments SCA | 132 | 132 | 0.07 | 0.01 | 0 | 0.00 | 0.00 |
| Sabvest Capital Ltd. | 0 | 44,819 | 5.24 | 0.65 | 44,819 | 4.46 | 0.62 |
| Investment Banking and Brokerage Services Total | 132 | 44,951 | 5.31 | 0.66 | 44,819 | 4.46 | 0.62 |
| Discovery Ltd. | 16,012 | 114,235 | 22.60 | 2.79 | 98,223 | 21.16 | 2.96 |
| Old Mutual Ltd. | 580,823 | 580,823 | 7.73 | 0.95 | 0 | 0.00 | 0.00 |
| Sanlam Ltd. | 11,500 | 11,500 | 0.95 | 0.12 | 0 | 0.00 | 0.00 |
| Life Insurance Total | 608,335 | 706,558 | 31.29 | 3.86 | 98,223 | 21.16 | 2.96 |
| Universal Music Group | 0 | 11,873 | 5.90 | 0.73 | 11,873 | 6.82 | 0.96 |
| Media Total | 0 | 11,873 | 5.90 | 0.73 | 11,873 | 6.82 | 0.96 |
| Thungela Resources Ltd. | 344 | 344 | 0.03 | 0.00 | 0 | 0.00 | 0.00 |
| Oil, Gas and Coal Total | 344 | 344 | 0.03 | 0.00 | 0 | 0.00 | 0.00 |
| Bid Corporation Ltd. | 11,510 | 48,861 | 21.11 | 2.61 | 37,351 | 17.64 | 2.47 |
| Boxer Retail Ltd. | 0 | 136,926 | 9.37 | 1.16 | 136,926 | 9.42 | 1.32 |
| Shoprite Holdings Ltd. | -16,012 | 24,366 | 6.68 | 0.82 | 40,378 | 11.30 | 1.58 |
| Personal Care, Drug and Grocery Stores Total | -4,502 | 210,153 | 37.15 | 4.59 | 214,655 | 38.36 | 5.37 |
| Compagnie Financière Richemont SA | 174 | 174 | 0.57 | 0.07 | 0 | 0.00 | 0.00 |
| Personal Goods Total | 174 | 174 | 0.57 | 0.07 | 0 | 0.00 | 0.00 |
| AngloGold Ashanti plc | -24,988 | 7,644 | 9.09 | 1.12 | 32,632 | 26.03 | 3.64 |
| Gold Fields Ltd. | -18,769 | 50,880 | 36.49 | 4.51 | 69,649 | 28.96 | 4.05 |
| Harmony Gold Mining Company Ltd. | 71,751 | 71,751 | 22.03 | 2.72 | 0 | 0.00 | 0.00 |
| Impala Platinum Holdings Ltd. | 39,427 | 159,767 | 34.78 | 4.29 | 120,340 | 19.17 | 2.68 |
| Northam Platinum Holdings Ltd. | 39,735 | 39,735 | 11.09 | 1.37 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | 3,247 | 22,335 | 26.98 | 3.33 | 19,088 | 15.11 | 2.11 |
| Precious Metals and Mining Total | 110,403 | 352,112 | 140.46 | 17.34 | 241,709 | 89.27 | 12.50 |
| MAS plc | 0 | 739,048 | 15.72 | 1.94 | 739,048 | 18.01 | 2.52 |
| Real Estate Investment and Services Total | 0 | 739,048 | 15.72 | 1.94 | 739,048 | 18.01 | 2.52 |
| Hyprop Investments Ltd. | -152,928 | 0 | 0.00 | 0.00 | 152,928 | 6.47 | 0.91 |
| Real Estate Investment Trusts Total | -152,928 | 0 | 0.00 | 0.00 | 152,928 | 6.47 | 0.91 |
| Shopify | 0 | 4,165 | 10.73 | 1.32 | 4,165 | 8.42 | 1.18 |
| Visa Inc | 0 | 1,571 | 9.24 | 1.14 | 1,571 | 9.74 | 1.36 |
| Retail Total | 0 | 5,736 | 19.96 | 2.46 | 5,736 | 18.15 | 2.54 |
| Lewis Group Ltd. | 0 | 39,343 | 2.84 | 0.35 | 39,343 | 3.15 | 0.44 |
| Mr Price Group Ltd. | 0 | 78,277 | 15.99 | 1.97 | 78,277 | 17.36 | 2.43 |
| Pepkor Holdings Ltd. | 196,464 | 196,464 | 4.81 | 0.59 | 0 | 0.00 | 0.00 |
| We Buy Cars Holdings Ltd. | 0 | 236,407 | 13.12 | 1.62 | 236,407 | 14.00 | 1.96 |
| Retailers Total | 196,464 | 550,491 | 36.77 | 4.54 | 354,027 | 34.51 | 4.83 |
| Naspers Ltd. | 4,971 | 11,962 | 75.38 | 9.31 | 6,991 | 38.75 | 5.42 |
| Prosus NV | -33,869 | 40,752 | 49.91 | 6.16 | 74,621 | 73.90 | 10.34 |
| Software and Computer Services Total | -28,898 | 52,714 | 125.29 | 15.47 | 81,612 | 112.65 | 15.77 |
| Amazon.Com | 0 | 3,650 | 14.01 | 1.73 | 3,650 | 14.49 | 2.03 |
| Fortinet Inc | 3,828 | 11,198 | 16.38 | 2.02 | 7,370 | 13.51 | 1.89 |
| Meta Platforms Inc | 0 | 557 | 7.16 | 0.88 | 557 | 7.27 | 1.02 |
| Microsoft Corporation | 0 | 2,128 | 18.93 | 2.34 | 2,128 | 18.76 | 2.63 |
| Technology Total | 3,828 | 17,533 | 56.48 | 6.97 | 13,705 | 54.03 | 7.56 |
| MTN Group Ltd. | 56,562 | 56,562 | 7.93 | 0.98 | 0 | 0.00 | 0.00 |
| Vodacom Group Ltd. | 0 | 25,210 | 3.35 | 0.41 | 25,210 | 3.44 | 0.48 |
| Telecommunications Service Providers Total | 56,562 | 81,772 | 11.28 | 1.39 | 25,210 | 3.44 | 0.48 |
| Famous Brands Ltd. | 0 | 50,613 | 2.71 | 0.33 | 50,613 | 3.15 | 0.44 |
| Southern Sun Ltd. | 451,374 | 1,740,350 | 14.91 | 1.84 | 1,288,976 | 11.34 | 1.59 |
| Travel and Leisure Total | 451,374 | 1,790,963 | 17.63 | 2.18 | 1,339,589 | 14.49 | 2.03 |
| Portfolio Total | 1,188,225 | 5,700,951 | 809.88 | 100.00 | 4,512,726 | 714.43 | 100.00 |