| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Bollore Logistics | 0 | 70,000 | 3.58 | 1.98 | 70,000 | 4.45 | 2.66 |
| Auto Total | 0 | 70,000 | 3.58 | 1.98 | 70,000 | 4.45 | 2.66 |
| Absa Group Ltd. | 0 | 30,000 | 5.26 | 2.91 | 30,000 | 4.75 | 2.84 |
| ATLAS MARA LIMITED | 0 | 713,212 | 1.17 | 0.65 | 713,212 | 1.24 | 0.74 |
| Banks Total | 0 | 743,212 | 6.43 | 3.56 | 743,212 | 5.99 | 3.58 |
| African Minerals Limited | 50,000 | 100,000 | 2.21 | 1.22 | 50,000 | 1.63 | 0.97 |
| Basic Resources Total | 50,000 | 100,000 | 2.21 | 1.22 | 50,000 | 1.63 | 0.97 |
| Cash on call | 0 | 0 | 24.89 | 13.77 | 0 | 12.49 | 7.46 |
| Cash on call Total | 0 | 0 | 24.89 | 13.77 | 0 | 12.49 | 7.46 |
| AECI Ltd. | -35,000 | 0 | 0.00 | 0.00 | 35,000 | 3.78 | 2.26 |
| Chemicals Total | -35,000 | 0 | 0.00 | 0.00 | 35,000 | 3.78 | 2.26 |
| Astoria Investment Ltd. | 0 | 274,649 | 2.47 | 1.37 | 274,649 | 2.22 | 1.33 |
| Closed End Investments Total | 0 | 274,649 | 2.47 | 1.37 | 274,649 | 2.22 | 1.33 |
| Aveng Ltd. | 0 | 580,237 | 5.51 | 3.05 | 580,237 | 4.03 | 2.40 |
| Raubex Group Ltd. | -20,000 | 160,000 | 8.41 | 4.65 | 180,000 | 7.20 | 4.30 |
| Trellidor Holdings Ltd. | 0 | 2,321,606 | 4.85 | 2.68 | 2,321,606 | 4.74 | 2.83 |
| Wilson Bayly Holmes - Ovcon Ltd. | -5,000 | 25,000 | 5.78 | 3.20 | 30,000 | 4.80 | 2.87 |
| Construction and Materials Total | -25,000 | 3,086,843 | 24.55 | 13.58 | 3,111,843 | 20.77 | 12.40 |
| Zeda Ltd. | 0 | 350,000 | 4.87 | 2.69 | 350,000 | 4.32 | 2.58 |
| Consumer Services Total | 0 | 350,000 | 4.87 | 2.69 | 350,000 | 4.32 | 2.58 |
| Sprott physical gold and silver trust | 0 | 100,000 | 3.15 | 1.74 | 100,000 | 4.08 | 2.44 |
| Equities Total | 0 | 100,000 | 3.15 | 1.74 | 100,000 | 4.08 | 2.44 |
| Canada - Currency | 0 | 0 | 0.07 | 0.04 | 0 | 0.08 | 0.05 |
| European - Currency | 0 | 0 | 0.35 | 0.19 | 0 | 3.03 | 1.81 |
| United Kingdom - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 1.47 | 0.88 |
| USA - Currency | 0 | 0 | 0.21 | 0.12 | 0 | 3.57 | 2.13 |
| For Currency Total | 0 | 0 | 0.64 | 0.35 | 0 | 8.14 | 4.86 |
| Foreign - Equities | 0 | 0 | 21.53 | 11.91 | 0 | 15.48 | 9.24 |
| Foreign Invest Total | 0 | 0 | 21.53 | 11.91 | 0 | 15.48 | 9.24 |
| York Timber Holdings Ltd. | 0 | 1,854,836 | 4.17 | 2.31 | 1,854,836 | 3.17 | 1.89 |
| Industrial Materials Total | 0 | 1,854,836 | 4.17 | 2.31 | 1,854,836 | 3.17 | 1.89 |
| African Rainbow Minerals Ltd. | 0 | 20,000 | 3.79 | 2.10 | 20,000 | 4.54 | 2.71 |
| Glencore plc | 0 | 40,000 | 3.95 | 2.19 | 40,000 | 4.17 | 2.49 |
| Master Drilling Group Ltd. | 0 | 500,000 | 6.40 | 3.54 | 500,000 | 6.00 | 3.58 |
| Industrial Metals and Mining Total | 0 | 560,000 | 14.14 | 7.82 | 560,000 | 14.71 | 8.79 |
| Bell Equipment Ltd. | 0 | 130,000 | 5.28 | 2.92 | 130,000 | 3.87 | 2.31 |
| Industrial Transportation Total | 0 | 130,000 | 5.28 | 2.92 | 130,000 | 3.87 | 2.31 |
| Fairfax India Holdings Corp | 0 | 17,000 | 4.36 | 2.41 | 17,000 | 4.47 | 2.67 |
| Insurance Total | 0 | 17,000 | 4.36 | 2.41 | 17,000 | 4.47 | 2.67 |
| Hosken Consolidated Investments Ltd. | 0 | 35,000 | 6.37 | 3.52 | 35,000 | 6.14 | 3.67 |
| JSE Ltd. | -10,000 | 40,000 | 5.13 | 2.84 | 50,000 | 5.44 | 3.25 |
| Investment Banking and Brokerage Services Total | -10,000 | 75,000 | 11.50 | 6.36 | 85,000 | 11.58 | 6.91 |
| The SPAR Group Ltd. | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 4.73 | 2.83 |
| Personal Care, Drug and Grocery Stores Total | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 4.73 | 2.83 |
| Pan African Resources plc | 0 | 748,888 | 5.44 | 3.01 | 748,888 | 4.53 | 2.71 |
| Sibanye Stillwater Ltd. | 0 | 100,000 | 1.79 | 0.99 | 100,000 | 1.97 | 1.18 |
| Precious Metals and Mining Total | 0 | 848,888 | 7.23 | 4.00 | 848,888 | 6.50 | 3.88 |
| Goldrush Holdings Ltd. | 0 | 341,070 | 2.39 | 1.32 | 341,070 | 2.73 | 1.63 |
| Preference Shares Total | 0 | 341,070 | 2.39 | 1.32 | 341,070 | 2.73 | 1.63 |
| CA Sales Holdings Ltd. | 0 | 550,000 | 8.25 | 4.56 | 550,000 | 6.90 | 4.12 |
| KAL Group Ltd. | 0 | 192,447 | 9.72 | 5.38 | 192,447 | 9.14 | 5.46 |
| Retailers Total | 0 | 742,447 | 17.97 | 9.94 | 742,447 | 16.04 | 9.58 |
| CTS Corporation | 0 | 60,000 | 6.91 | 3.82 | 60,000 | 6.43 | 3.84 |
| IAC Interactive | 0 | 32,000 | 5.07 | 2.80 | 32,000 | 4.21 | 2.52 |
| Technology Total | 0 | 92,000 | 11.97 | 6.62 | 92,000 | 10.65 | 6.36 |
| Mustek Ltd. | 0 | 200,000 | 2.88 | 1.59 | 200,000 | 1.96 | 1.17 |
| Technology Hardware and Equipment Total | 0 | 200,000 | 2.88 | 1.59 | 200,000 | 1.96 | 1.17 |
| Sun International Ltd. | 0 | 100,000 | 4.55 | 2.52 | 100,000 | 3.70 | 2.21 |
| Travel and Leisure Total | 0 | 100,000 | 4.55 | 2.52 | 100,000 | 3.70 | 2.21 |
| Portfolio Total | -60,000 | 9,685,945 | 180.76 | 100.00 | 9,745,945 | 167.47 | 100.00 |