| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Barclays Plc | -66,355 | 259,118 | 22.83 | 1.36 | 325,473 | 34.50 | 1.92 |
| Banks Total | -66,355 | 259,118 | 22.83 | 1.36 | 325,473 | 34.50 | 1.92 |
| Anglo American Ltd | 37,522 | 37,522 | 26.86 | 1.60 | 0 | 0.00 | 0.00 |
| Anglo American PLC (GBP) | -56,066 | 0 | 0.00 | 0.00 | 56,066 | 38.53 | 2.14 |
| Barrick Gold | -48,993 | 24,392 | 15.92 | 0.95 | 73,385 | 53.67 | 2.99 |
| Rheinmetal Berlin | 0 | 409 | 11.57 | 0.69 | 409 | 12.41 | 0.69 |
| Basic Resources Total | -67,537 | 62,323 | 54.35 | 3.24 | 129,860 | 104.61 | 5.82 |
| SA Bond R2040 | -73,300,000 | 0 | 0.00 | 0.00 | 73,300,000 | 76.37 | 4.25 |
| Bond Total | -73,300,000 | 0 | 0.00 | 0.00 | 73,300,000 | 76.37 | 4.25 |
| Ishares 20+ USD Treasury Bond ETF | 12,144 | 12,144 | 17.93 | 1.07 | 0 | 0.00 | 0.00 |
| JPMorgan USD Ultra-Short Income UCITS ETF | 0 | 24,418 | 21.01 | 1.25 | 24,418 | 20.57 | 1.14 |
| Bonds Total | 12,144 | 36,562 | 38.94 | 2.32 | 24,418 | 20.57 | 1.14 |
| Cash on call | 0 | 0 | 75.02 | 4.47 | 0 | 22.63 | 1.26 |
| Margin Account | 0 | 0 | 0.00 | 0.00 | 0 | 0.01 | 0.00 |
| Cash on call Total | 0 | 0 | 75.02 | 4.47 | 0 | 22.64 | 1.26 |
| Sasol Ltd. | 128,024 | 128,024 | 28.75 | 1.71 | 0 | 0.00 | 0.00 |
| Chemicals Total | 128,024 | 128,024 | 28.75 | 1.71 | 0 | 0.00 | 0.00 |
| Newmont Mining Corp. (NMC) | -6,814 | 17,458 | 30.63 | 1.82 | 24,272 | 40.89 | 2.28 |
| Construction Total | -6,814 | 17,458 | 30.63 | 1.82 | 24,272 | 40.89 | 2.28 |
| Alphabet Inc A | 7,057 | 13,510 | 62.86 | 3.74 | 6,453 | 33.49 | 1.86 |
| Booking Holdings | -220 | 0 | 0.00 | 0.00 | 220 | 19.75 | 1.10 |
| Hermes International | 0 | 6,445 | 20.25 | 1.21 | 6,445 | 26.52 | 1.48 |
| Hilton Worldwide Holdings Inc | -952 | 5,612 | 28.25 | 1.68 | 6,564 | 31.53 | 1.75 |
| Netflix Inc | -19,700 | 0 | 0.00 | 0.00 | 19,700 | 30.55 | 1.70 |
| Cyclical Goods & Services Total | -13,815 | 25,567 | 111.36 | 6.63 | 39,382 | 141.84 | 7.89 |
| ChevronTexaco Corp | 0 | 9,880 | 35.42 | 2.11 | 9,880 | 24.89 | 1.38 |
| NextEra Energy Inc | 11,865 | 11,865 | 18.58 | 1.11 | 0 | 0.00 | 0.00 |
| Energy Total | 11,865 | 21,745 | 54.00 | 3.21 | 9,880 | 24.89 | 1.38 |
| Ishares MSCI AC Far East Ex-Japan | -10,395 | 0 | 0.00 | 0.00 | 10,395 | 16.06 | 0.89 |
| iShares MSCI All Country Asia Ex Japan ETF | 20,643 | 20,643 | 32.66 | 1.94 | 0 | 0.00 | 0.00 |
| iShares MSCI Eurozone ETF | -26,943 | 0 | 0.00 | 0.00 | 26,943 | 28.70 | 1.60 |
| iShares MSCI Japan ETF | 16,151 | 38,270 | 53.07 | 3.16 | 22,119 | 29.62 | 1.65 |
| Equities Total | -544 | 58,913 | 85.73 | 5.10 | 59,457 | 74.39 | 4.14 |
| NewGold | -30,749 | 23,595 | 17.01 | 1.01 | 54,344 | 36.13 | 2.01 |
| Exchange Traded Funds Total | -30,749 | 23,595 | 17.01 | 1.01 | 54,344 | 36.13 | 2.01 |
| Deutsche Boerse AG | -2,006 | 0 | 0.00 | 0.00 | 2,006 | 8.72 | 0.49 |
| Mastercard Inc | -561 | 2,036 | 17.11 | 1.02 | 2,597 | 24.80 | 1.38 |
| Mercadolibre Inc | 0 | 309 | 8.51 | 0.51 | 309 | 10.33 | 0.57 |
| MSCI Inc | 0 | 2,403 | 21.74 | 1.29 | 2,403 | 23.14 | 1.29 |
| Prudential Financial Incorporated | 0 | 12,949 | 20.81 | 1.24 | 12,949 | 24.35 | 1.35 |
| Financial Services Total | -2,567 | 17,697 | 68.18 | 4.06 | 20,264 | 91.34 | 5.08 |
| JP Morgan Chase & Company | -1,801 | 10,495 | 50.66 | 3.02 | 12,296 | 65.77 | 3.66 |
| Financials Total | -1,801 | 10,495 | 50.66 | 3.02 | 12,296 | 65.77 | 3.66 |
| Coca Cola | 0 | 7,744 | 10.11 | 0.60 | 7,744 | 8.97 | 0.50 |
| Food & Beverage Total | 0 | 7,744 | 10.11 | 0.60 | 7,744 | 8.97 | 0.50 |
| Canada - Currency | 0 | 0 | 19.75 | 1.18 | 0 | 3.73 | 0.21 |
| European - Currency | 0 | 0 | 28.17 | 1.68 | 0 | 29.62 | 1.65 |
| Japan - Currency | 0 | 0 | 10.99 | 0.65 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 27.18 | 1.62 | 0 | 1.83 | 0.10 |
| USA - Currency | 0 | 0 | 97.86 | 5.83 | 0 | 64.77 | 3.60 |
| For Currency Total | 0 | 0 | 183.96 | 10.95 | 0 | 99.94 | 5.56 |
| Foreign - Equities | 0 | 0 | 63.31 | 3.77 | 0 | 55.35 | 3.08 |
| Foreign Invest Total | 0 | 0 | 63.31 | 3.77 | 0 | 55.35 | 3.08 |
| Simon Property Group Incorporated | 0 | 9,720 | 30.15 | 1.79 | 9,720 | 30.03 | 1.67 |
| Foreign Property Total | 0 | 9,720 | 30.15 | 1.79 | 9,720 | 30.03 | 1.67 |
| Caterpillar Inc | 431 | 3,423 | 38.87 | 2.31 | 2,992 | 28.57 | 1.59 |
| Fastenal Company | 0 | 17,944 | 13.77 | 0.82 | 17,944 | 12.13 | 0.67 |
| GE Vernova Inc | 263 | 2,432 | 33.83 | 2.01 | 2,169 | 23.66 | 1.32 |
| Lam Research Corporation | 4,456 | 4,456 | 15.17 | 0.90 | 0 | 0.00 | 0.00 |
| Philip Morris International | 0 | 5,154 | 14.56 | 0.87 | 5,154 | 13.91 | 0.77 |
| Procter & Gamble Company | 0 | 4,916 | 12.10 | 0.72 | 4,916 | 11.71 | 0.65 |
| Siemens AG | 0 | 4,326 | 17.52 | 1.04 | 4,326 | 20.11 | 1.12 |
| Waste Management | 962 | 6,204 | 24.27 | 1.44 | 5,242 | 19.26 | 1.07 |
| XPO Logistics Incorporated | -4,887 | 0 | 0.00 | 0.00 | 4,887 | 11.13 | 0.62 |
| Goods & Services Total | 1,225 | 48,855 | 170.10 | 10.12 | 47,630 | 140.48 | 7.82 |
| Amgen Incorporated | 0 | 4,323 | 25.67 | 1.53 | 4,323 | 23.50 | 1.31 |
| Boston Scientific Corporation | 0 | 7,091 | 7.59 | 0.45 | 7,091 | 11.26 | 0.63 |
| Eli Lilly & Company | -404 | 2,292 | 34.57 | 2.06 | 2,696 | 48.14 | 2.68 |
| Intuitive Surgical Inc | -749 | 2,068 | 15.93 | 0.95 | 2,817 | 26.68 | 1.48 |
| Healthcare Total | -1,153 | 15,774 | 83.76 | 4.99 | 16,927 | 109.58 | 6.10 |
| Berkshire Hathaway Inc | -1,114 | 3,140 | 25.36 | 1.51 | 4,254 | 35.44 | 1.97 |
| Insurance Total | -1,114 | 3,140 | 25.36 | 1.51 | 4,254 | 35.44 | 1.97 |
| MiPlan Global Macro Fund IC Limited | 0 | 300,000 | 75.35 | 4.49 | 300,000 | 78.14 | 4.35 |
| Offshore Intern Total | 0 | 300,000 | 75.35 | 4.49 | 300,000 | 78.14 | 4.35 |
| Colgate Palmolive | 0 | 10,521 | 15.34 | 0.91 | 10,521 | 13.83 | 0.77 |
| Costco Wholesale Corporation | 0 | 1,280 | 21.70 | 1.29 | 1,280 | 18.32 | 1.02 |
| Visa Inc | -784 | 4,985 | 25.40 | 1.51 | 5,769 | 33.74 | 1.88 |
| Retail Total | -784 | 16,786 | 62.45 | 3.72 | 17,570 | 65.90 | 3.67 |
| Amazon.Com | -1,069 | 9,820 | 33.57 | 2.00 | 10,889 | 41.87 | 2.33 |
| Apple Computer Company | 0 | 12,572 | 52.75 | 3.14 | 12,572 | 56.78 | 3.16 |
| Broadcom Corporation | 0 | 3,438 | 17.16 | 1.02 | 3,438 | 19.89 | 1.11 |
| Fortinet Inc | -6,052 | 0 | 0.00 | 0.00 | 6,052 | 8.04 | 0.45 |
| Meta Platforms Inc | 0 | 4,230 | 38.60 | 2.30 | 4,230 | 46.59 | 2.59 |
| Microsoft Corporation | -1,182 | 8,441 | 51.55 | 3.07 | 9,623 | 77.58 | 4.32 |
| Nvidia Corporation | -5,574 | 23,733 | 66.69 | 3.97 | 29,307 | 90.90 | 5.06 |
| Palantir Technologies | 0 | 5,701 | 13.34 | 0.79 | 5,701 | 17.05 | 0.95 |
| Palo Alto Networks Inc | 0 | 6,122 | 16.08 | 0.96 | 6,122 | 18.92 | 1.05 |
| SAP SE (spons. ADRs) | -5,438 | 0 | 0.00 | 0.00 | 5,438 | 22.03 | 1.23 |
| Taiwan Semiconductors | -1,319 | 6,701 | 36.18 | 2.15 | 8,020 | 39.82 | 2.22 |
| Tokyo Electron Ltd | 3,030 | 3,030 | 12.13 | 0.72 | 0 | 0.00 | 0.00 |
| Technology Total | -17,604 | 83,788 | 338.05 | 20.12 | 101,392 | 439.46 | 24.45 |
| Portfolio Total | -73,357,579 | 1,147,304 | 1,680.04 | 100.00 | 74,504,883 | 1,797.23 | 100.00 |