| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 476,008 | 476,008 | 84.29 | 0.18 | 0 | 0.00 | 0.00 |
| Capitec Bank Holdings Ltd. | 27,929 | 27,929 | 86.71 | 0.18 | 0 | 0.00 | 0.00 |
| FirstRand Ltd. | 591,122 | 8,742,065 | 629.87 | 1.32 | 8,150,943 | 619.15 | 1.33 |
| Investec Ltd. | 1,924,000 | 1,924,000 | 219.66 | 0.46 | 0 | 0.00 | 0.00 |
| Investec plc | 1,760,473 | 1,760,473 | 200.25 | 0.42 | 0 | 0.00 | 0.00 |
| Nedbank Group Ltd. | 48,730 | 3,973,621 | 1,024.48 | 2.15 | 3,924,891 | 1,105.68 | 2.38 |
| Standard Bank Group Ltd. | 243,799 | 6,256,552 | 1,504.83 | 3.16 | 6,012,753 | 1,333.39 | 2.87 |
| Banks Total | 5,072,061 | 23,160,648 | 3,750.09 | 7.88 | 18,088,587 | 3,058.21 | 6.58 |
| Anheuser-Busch InBev SA/NV | 241,611 | 2,220,173 | 2,514.39 | 5.28 | 1,978,562 | 1,855.85 | 4.00 |
| Beverages Total | 241,611 | 2,220,173 | 2,514.39 | 5.28 | 1,978,562 | 1,855.85 | 4.00 |
| Cash on call | 0 | 0 | 1,220.00 | 2.56 | 0 | 1,129.89 | 2.43 |
| Margin Account | 0 | 0 | 19.97 | 0.04 | 0 | 25.84 | 0.06 |
| Cash on call Total | 0 | 0 | 1,239.96 | 2.61 | 0 | 1,155.73 | 2.49 |
| AECI Ltd. | 640,334 | 640,334 | 62.84 | 0.13 | 0 | 0.00 | 0.00 |
| Omnia Holdings Ltd. | 1,368,556 | 1,368,556 | 92.19 | 0.19 | 0 | 0.00 | 0.00 |
| Sasol Ltd. | 355,884 | 6,019,842 | 462.14 | 0.97 | 5,663,958 | 471.64 | 1.02 |
| Chemicals Total | 2,364,774 | 8,028,732 | 617.17 | 1.30 | 5,663,958 | 471.64 | 1.02 |
| ADvTECH Ltd. | 688,097 | 688,097 | 22.69 | 0.05 | 0 | 0.00 | 0.00 |
| Consumer Services Total | 688,097 | 688,097 | 22.69 | 0.05 | 0 | 0.00 | 0.00 |
| Allan Gray Africa ex SA Equity | -15,183 | 198,555 | 749.27 | 1.57 | 213,738 | 774.81 | 1.67 |
| Allan Gray Frontier Markets Equity Fund Limited | -46,598 | 684,488 | 2,852.68 | 6.00 | 731,086 | 2,825.45 | 6.08 |
| Orbis SICAV International Equity Fund | -675,293 | 13,852,550 | 5,448.73 | 11.45 | 14,527,843 | 5,317.85 | 11.45 |
| Equities Total | -737,074 | 14,735,593 | 9,050.68 | 19.02 | 15,472,667 | 8,918.12 | 19.20 |
| 1nvestPlatinum ETF | 647,100 | 647,100 | 114.43 | 0.24 | 0 | 0.00 | 0.00 |
| NewPlat | 468,601 | 468,601 | 82.17 | 0.17 | 0 | 0.00 | 0.00 |
| Exchange Traded Funds Total | 1,115,701 | 1,115,701 | 196.61 | 0.41 | 0 | 0.00 | 0.00 |
| Nutun Ltd. | 616,935 | 616,935 | 1.26 | 0.00 | 0 | 0.00 | 0.00 |
| Finance and Credit Services Total | 616,935 | 616,935 | 1.26 | 0.00 | 0 | 0.00 | 0.00 |
| Consumer Gds pos individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 1,147.09 | 2.47 |
| Astral Foods Ltd. | 251,109 | 251,109 | 41.18 | 0.09 | 0 | 0.00 | 0.00 |
| AVI Ltd. | 274,444 | 274,444 | 24.44 | 0.05 | 0 | 0.00 | 0.00 |
| Libstar Holdings Ltd. | 5,473,329 | 5,473,329 | 18.61 | 0.04 | 0 | 0.00 | 0.00 |
| Oceana Group Ltd. | 899,856 | 899,856 | 52.39 | 0.11 | 0 | 0.00 | 0.00 |
| Premier Group Ltd. | 1,337,810 | 1,337,810 | 170.29 | 0.36 | 0 | 0.00 | 0.00 |
| Tiger Brands Ltd. | -473,678 | 1,489,791 | 416.53 | 0.88 | 1,963,469 | 567.48 | 1.22 |
| Food Producers Total | 7,762,870 | 9,726,339 | 723.45 | 1.52 | 1,963,469 | 1,714.57 | 3.69 |
| USA - Currency | 0 | 0 | 57.80 | 0.12 | 0 | 2.52 | 0.01 |
| For Currency Total | 0 | 0 | 57.80 | 0.12 | 0 | 2.52 | 0.01 |
| Foreign - Unit Trust - Bonds | 0 | 0 | -322.54 | -0.68 | 0 | 0.00 | 0.00 |
| Foreign - Unit Trusts | 0 | 0 | 2,751.82 | 5.78 | 0 | 2,978.15 | 6.41 |
| Foreign Invest Total | 0 | 0 | 2,429.28 | 5.11 | 0 | 2,978.15 | 6.41 |
| Additional positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 339.60 | 0.73 |
| General Equity Total | 0 | 0 | 0.00 | 0.00 | 0 | 339.60 | 0.73 |
| Financials positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 1,302.19 | 2.80 |
| General Financial Total | 0 | 0 | 0.00 | 0.00 | 0 | 1,302.19 | 2.80 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 274.61 | 0.59 |
| KAP Ltd. | 77,268,853 | 77,268,853 | 194.72 | 0.41 | 0 | 0.00 | 0.00 |
| Mondi plc | 115,177 | 3,503,942 | 958.50 | 2.01 | 3,388,765 | 940.38 | 2.02 |
| Mpact Ltd. | 853,920 | 853,920 | 25.62 | 0.05 | 0 | 0.00 | 0.00 |
| General Industrials Total | 78,237,950 | 81,626,715 | 1,178.84 | 2.48 | 3,388,765 | 1,214.99 | 2.62 |
| Consumer Srvs pos individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 616.87 | 1.33 |
| General Retailers Total | 0 | 0 | 0.00 | 0.00 | 0 | 616.87 | 1.33 |
| Healthcare positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 242.43 | 0.52 |
| Health Care Equipment & Services Total | 0 | 0 | 0.00 | 0.00 | 0 | 242.43 | 0.52 |
| Life Healthcare Group Holdings Ltd. | 0 | 18,577,091 | 258.04 | 0.54 | 18,577,091 | 304.29 | 0.66 |
| Health Care Providers Total | 0 | 18,577,091 | 258.04 | 0.54 | 18,577,091 | 304.29 | 0.66 |
| Sappi Ltd. | 0 | 12,484,283 | 449.43 | 0.94 | 12,484,283 | 614.98 | 1.32 |
| Industrial Materials Total | 0 | 12,484,283 | 449.43 | 0.94 | 12,484,283 | 614.98 | 1.32 |
| Evraz Highveld Steel and Vanadium Ltd. | 54,460 | 54,460 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Industrial Metals Total | 54,460 | 54,460 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| African Rainbow Minerals Ltd. | 1,480,199 | 1,480,199 | 218.05 | 0.46 | 0 | 0.00 | 0.00 |
| Anglo American plc | 6,474 | 6,474 | 3.31 | 0.01 | 0 | 0.00 | 0.00 |
| BHP Group Ltd. | 128,015 | 746,581 | 327.91 | 0.69 | 618,566 | 284.78 | 0.61 |
| Glencore plc | 729,074 | 11,963,413 | 803.10 | 1.69 | 11,234,339 | 938.29 | 2.02 |
| Merafe Resources Ltd. | 8,210,972 | 8,210,972 | 9.94 | 0.02 | 0 | 0.00 | 0.00 |
| South32 Ltd. | 4,930,307 | 4,930,307 | 182.47 | 0.38 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 15,485,041 | 27,337,946 | 1,544.78 | 3.25 | 11,852,905 | 1,223.07 | 2.63 |
| Adcorp Holdings Ltd. | 2,462,585 | 2,462,585 | 10.44 | 0.02 | 0 | 0.00 | 0.00 |
| Industrial Support Services Total | 2,462,585 | 2,462,585 | 10.44 | 0.02 | 0 | 0.00 | 0.00 |
| Super Group Ltd. | 308,499 | 9,972,929 | 279.94 | 0.59 | 9,664,430 | 285.10 | 0.61 |
| Industrial Transportation Total | 308,499 | 9,972,929 | 279.94 | 0.59 | 9,664,430 | 285.10 | 0.61 |
| Brait plc | 16,779,916 | 16,779,916 | 33.56 | 0.07 | 0 | 0.00 | 0.00 |
| Brait plc | 0 | 23,848 | 18.13 | 0.04 | 23,848 | 18.13 | 0.04 |
| Coronation Fund Managers Ltd. | 4,632,426 | 4,632,426 | 181.22 | 0.38 | 0 | 0.00 | 0.00 |
| JSE Ltd. | 641,630 | 641,630 | 79.83 | 0.17 | 0 | 0.00 | 0.00 |
| Ninety One Ltd. | 4,354,669 | 4,354,669 | 151.11 | 0.32 | 0 | 0.00 | 0.00 |
| Ninety One plc | 3,766,448 | 3,766,448 | 130.58 | 0.27 | 0 | 0.00 | 0.00 |
| PSG Financial Services Ltd. | 10,634,925 | 10,634,925 | 194.41 | 0.41 | 0 | 0.00 | 0.00 |
| Quilter plc | 1,776,073 | 1,776,073 | 62.86 | 0.13 | 0 | 0.00 | 0.00 |
| Reinet Investments SCA | 0 | 748,195 | 334.62 | 0.70 | 748,195 | 334.56 | 0.72 |
| Remgro Ltd. | 0 | 6,707,398 | 1,059.57 | 2.23 | 6,707,398 | 1,040.32 | 2.24 |
| Investment Banking and Brokerage Services Total | 42,586,087 | 50,065,528 | 2,245.87 | 4.72 | 7,479,441 | 1,393.01 | 3.00 |
| Momentum Group Ltd. | -618,353 | 15,191,422 | 481.42 | 1.01 | 15,809,775 | 478.40 | 1.03 |
| Old Mutual Ltd. | 471,238 | 471,238 | 5.64 | 0.01 | 0 | 0.00 | 0.00 |
| Life Insurance Total | -147,115 | 15,662,660 | 487.05 | 1.02 | 15,809,775 | 478.40 | 1.03 |
| Resources positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 1,252.19 | 2.70 |
| Mining Total | 0 | 0 | 0.00 | 0.00 | 0 | 1,252.19 | 2.70 |
| Telecoms positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 146.31 | 0.32 |
| Mobile Telecommunications Total | 0 | 0 | 0.00 | 0.00 | 0 | 146.31 | 0.32 |
| OUTsurance Group Ltd. | 488,656 | 488,656 | 34.09 | 0.07 | 0 | 0.00 | 0.00 |
| Santam Ltd. | 108,315 | 108,315 | 40.53 | 0.09 | 0 | 0.00 | 0.00 |
| Non-life Insurance Total | 596,971 | 596,971 | 74.62 | 0.16 | 0 | 0.00 | 0.00 |
| Orbis Global Equity | 12,124 | 1,082,967 | 7,528.10 | 15.82 | 1,070,843 | 7,398.22 | 15.93 |
| Orbis SICAV Emerging Markets Equity | 0 | 187,318 | 114.69 | 0.24 | 187,318 | 112.12 | 0.24 |
| Orbis SICAV Japan Equity (Euro) | -1 | 1,009,411 | 1,358.85 | 2.86 | 1,009,412 | 1,271.95 | 2.74 |
| Offshore Intern Total | 12,123 | 2,279,696 | 9,001.64 | 18.92 | 2,267,573 | 8,782.28 | 18.91 |
| Exxaro Resources Ltd. | 693,361 | 2,723,655 | 407.43 | 0.86 | 2,030,294 | 320.68 | 0.69 |
| Thungela Resources Ltd. | 1,166,346 | 1,166,346 | 118.69 | 0.25 | 0 | 0.00 | 0.00 |
| Oil, Gas and Coal Total | 1,859,707 | 3,890,001 | 526.12 | 1.11 | 2,030,294 | 320.68 | 0.69 |
| Boxer Retail Ltd. | 1,192,800 | 1,192,800 | 84.20 | 0.18 | 0 | 0.00 | 0.00 |
| Pick n Pay Stores Ltd. | 7,476,741 | 7,476,741 | 206.66 | 0.43 | 0 | 0.00 | 0.00 |
| The SPAR Group Ltd. | -192,949 | 2,621,547 | 311.52 | 0.65 | 2,814,496 | 411.17 | 0.89 |
| Personal Care, Drug and Grocery Stores Total | 8,476,592 | 11,291,088 | 602.38 | 1.27 | 2,814,496 | 411.17 | 0.89 |
| Compagnie Financière Richemont SA | 114,254 | 114,254 | 365.19 | 0.77 | 0 | 0.00 | 0.00 |
| Personal Goods Total | 114,254 | 114,254 | 365.19 | 0.77 | 0 | 0.00 | 0.00 |
| Adcock Ingram Holdings Ltd. | 524,521 | 524,521 | 25.68 | 0.05 | 0 | 0.00 | 0.00 |
| Aspen Pharmacare Holdings Ltd. | 1,807,332 | 1,807,332 | 298.14 | 0.63 | 0 | 0.00 | 0.00 |
| Pharmaceuticals and Biotechnology Total | 2,331,853 | 2,331,853 | 323.82 | 0.68 | 0 | 0.00 | 0.00 |
| AngloGold Ashanti plc | 259,630 | 1,625,152 | 1,120.96 | 2.36 | 1,365,522 | 574.88 | 1.24 |
| DRDGOLD Ltd. | 4,342,349 | 4,342,349 | 123.93 | 0.26 | 0 | 0.00 | 0.00 |
| Gold Fields Ltd. | -610,425 | 1,882,063 | 769.76 | 1.62 | 2,492,488 | 615.89 | 1.33 |
| Northam Platinum Holdings Ltd. | 2,810,325 | 2,810,325 | 373.27 | 0.78 | 0 | 0.00 | 0.00 |
| Pan African Resources plc | 28,092,344 | 28,092,344 | 288.79 | 0.61 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 34,894,223 | 38,752,233 | 2,676.72 | 5.63 | 3,858,010 | 1,190.78 | 2.56 |
| Property positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 169.14 | 0.36 |
| Real Estate Total | 0 | 0 | 0.00 | 0.00 | 0 | 169.14 | 0.36 |
| NEPI Rockcastle NV | 507,703 | 507,703 | 67.35 | 0.14 | 0 | 0.00 | 0.00 |
| Real Estate Investment and Services Total | 507,703 | 507,703 | 67.35 | 0.14 | 0 | 0.00 | 0.00 |
| Hyprop Investments Ltd. | 2,132,205 | 2,132,205 | 89.51 | 0.19 | 0 | 0.00 | 0.00 |
| Real Estate Investment Trusts Total | 2,132,205 | 2,132,205 | 89.51 | 0.19 | 0 | 0.00 | 0.00 |
| Cashbuild Ltd. | 450,941 | 450,941 | 68.09 | 0.14 | 0 | 0.00 | 0.00 |
| Italtile Ltd. | 4,080,329 | 4,080,329 | 42.80 | 0.09 | 0 | 0.00 | 0.00 |
| KAL Group Ltd. | 169,992 | 169,992 | 7.08 | 0.01 | 0 | 0.00 | 0.00 |
| Pepkor Holdings Ltd. | 1,310,728 | 1,310,728 | 33.70 | 0.07 | 0 | 0.00 | 0.00 |
| Woolworths Holdings Ltd. | 962,393 | 20,205,919 | 1,043.84 | 2.19 | 19,243,526 | 1,199.83 | 2.58 |
| Retailers Total | 6,974,383 | 26,217,909 | 1,195.51 | 2.51 | 19,243,526 | 1,199.83 | 2.58 |
| Naspers Ltd. | -5,185 | 105,157 | 477.63 | 1.00 | 110,342 | 460.48 | 0.99 |
| Prosus NV | -37,879 | 2,438,782 | 2,053.23 | 4.32 | 2,476,661 | 1,855.14 | 3.99 |
| Software and Computer Services Total | -43,064 | 2,543,939 | 2,530.86 | 5.32 | 2,587,003 | 2,315.62 | 4.98 |
| Blue Label Telecoms Ltd. | 16,623,177 | 16,623,177 | 125.50 | 0.26 | 0 | 0.00 | 0.00 |
| MultiChoice Group Ltd. | -465,275 | 2,694,044 | 295.86 | 0.62 | 3,159,319 | 341.21 | 0.73 |
| Telecommunications Service Providers Total | 16,157,902 | 19,317,221 | 421.36 | 0.89 | 3,159,319 | 341.21 | 0.73 |
| British American Tobacco plc | -413,286 | 2,771,494 | 2,094.78 | 4.40 | 3,184,780 | 2,154.73 | 4.64 |
| Tobacco Total | -413,286 | 2,771,494 | 2,094.78 | 4.40 | 3,184,780 | 2,154.73 | 4.64 |
| City Lodge Hotels Ltd. | 3,388,030 | 3,388,030 | 13.48 | 0.03 | 0 | 0.00 | 0.00 |
| Comair Ltd. | 22,984,377 | 22,984,377 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Southern Sun Ltd. | 10,275,927 | 10,275,927 | 85.91 | 0.18 | 0 | 0.00 | 0.00 |
| Spur Corporation Ltd. | 3,472,901 | 3,472,901 | 112.87 | 0.24 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | 5,414,242 | 5,414,242 | 225.29 | 0.47 | 0 | 0.00 | 0.00 |
| Tsogo Sun Ltd. | 14,042,269 | 14,042,269 | 117.11 | 0.25 | 0 | 0.00 | 0.00 |
| Travel and Leisure Total | 59,577,746 | 59,577,746 | 554.66 | 1.17 | 0 | 0.00 | 0.00 |
| Portfolio Total | 289,291,794 | 450,860,728 | 47,582.28 | 100.00 | 161,568,934 | 46,453.67 | 100.00 |