| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Bollore Logistics | 10,000 | 70,000 | 7.78 | 4.06 | 60,000 | 6.44 | 3.71 |
| Auto Total | 10,000 | 70,000 | 7.78 | 4.06 | 60,000 | 6.44 | 3.71 |
| Absa Group Ltd. | 2,000 | 22,000 | 3.87 | 2.02 | 20,000 | 3.54 | 2.04 |
| ATLAS MARA LIMITED | 0 | 713,212 | 1.20 | 0.63 | 713,212 | 1.25 | 0.72 |
| Banks Total | 2,000 | 735,212 | 5.08 | 2.65 | 733,212 | 4.79 | 2.76 |
| African Minerals Limited | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 2.63 | 1.51 |
| Basic Resources Total | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 2.63 | 1.51 |
| Cash on call | 0 | 0 | 19.41 | 10.12 | 0 | 17.27 | 9.95 |
| Cash on call Total | 0 | 0 | 19.41 | 10.12 | 0 | 17.27 | 9.95 |
| Sasol Ltd. | 15,000 | 45,000 | 3.54 | 1.85 | 30,000 | 2.30 | 1.32 |
| Chemicals Total | 15,000 | 45,000 | 3.54 | 1.85 | 30,000 | 2.30 | 1.32 |
| Astoria Investment Ltd. | 22,544 | 297,193 | 2.08 | 1.08 | 274,649 | 2.06 | 1.19 |
| Closed End Investments Total | 22,544 | 297,193 | 2.08 | 1.08 | 274,649 | 2.06 | 1.19 |
| Aveng Ltd. | 913 | 681,150 | 4.07 | 2.12 | 680,237 | 4.91 | 2.83 |
| Raubex Group Ltd. | -10,000 | 130,000 | 5.79 | 3.01 | 140,000 | 6.17 | 3.55 |
| Trellidor Holdings Ltd. | 0 | 2,321,606 | 4.46 | 2.32 | 2,321,606 | 4.67 | 2.69 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 25,000 | 4.62 | 2.41 | 25,000 | 4.51 | 2.60 |
| Construction and Materials Total | -9,087 | 3,157,756 | 18.93 | 9.86 | 3,166,843 | 20.26 | 11.67 |
| Zeda Ltd. | 100,000 | 400,000 | 4.92 | 2.57 | 300,000 | 3.34 | 1.92 |
| Consumer Services Total | 100,000 | 400,000 | 4.92 | 2.57 | 300,000 | 3.34 | 1.92 |
| Nexgen Energy Ltd | 8,000 | 35,000 | 4.32 | 2.25 | 27,000 | 2.23 | 1.28 |
| Uranium Energy Corp | 25,000 | 100,000 | 4.44 | 2.32 | 75,000 | 2.43 | 1.40 |
| Energy Total | 33,000 | 135,000 | 8.76 | 4.57 | 102,000 | 4.66 | 2.68 |
| iShares MSCI Brazil Index Fund | -10,000 | 0 | 0.00 | 0.00 | 10,000 | 4.75 | 2.74 |
| Sprott physical gold and silver trust | 0 | 100,000 | 2.47 | 1.29 | 100,000 | 2.31 | 1.33 |
| Equities Total | -10,000 | 100,000 | 2.47 | 1.29 | 110,000 | 7.07 | 4.07 |
| Ambev SA | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 4.29 | 2.47 |
| Budweiser Brewing Company APAC Ltd | -200,000 | 0 | 0.00 | 0.00 | 200,000 | 4.43 | 2.55 |
| Food & Beverage Total | -300,000 | 0 | 0.00 | 0.00 | 300,000 | 8.72 | 5.02 |
| Canada - Currency | 0 | 0 | 0.06 | 0.03 | 0 | 0.07 | 0.04 |
| European - Currency | 0 | 0 | 1.08 | 0.56 | 0 | 0.01 | 0.01 |
| Hong Kong - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.15 | 0.09 |
| United Kingdom - Currency | 0 | 0 | 2.59 | 1.35 | 0 | 0.02 | 0.01 |
| USA - Currency | 0 | 0 | 13.00 | 6.78 | 0 | 1.26 | 0.73 |
| For Currency Total | 0 | 0 | 16.73 | 8.72 | 0 | 1.53 | 0.88 |
| Foreign - Equities | 0 | 0 | 32.31 | 16.84 | 0 | 28.65 | 16.50 |
| Foreign Invest Total | 0 | 0 | 32.31 | 16.84 | 0 | 28.65 | 16.50 |
| York Timber Holdings Ltd. | 78,593 | 1,933,429 | 3.87 | 2.02 | 1,854,836 | 3.93 | 2.26 |
| Industrial Materials Total | 78,593 | 1,933,429 | 3.87 | 2.02 | 1,854,836 | 3.93 | 2.26 |
| African Rainbow Minerals Ltd. | 0 | 40,000 | 6.88 | 3.59 | 40,000 | 5.84 | 3.36 |
| Glencore plc | 10,000 | 82,000 | 5.70 | 2.97 | 72,000 | 4.84 | 2.79 |
| Master Drilling Group Ltd. | -11,805 | 262,881 | 4.20 | 2.19 | 274,686 | 4.04 | 2.33 |
| Industrial Metals and Mining Total | -1,805 | 384,881 | 16.78 | 8.75 | 386,686 | 14.72 | 8.47 |
| Bell Equipment Ltd. | 0 | 130,000 | 5.23 | 2.72 | 130,000 | 4.78 | 2.75 |
| Grindrod Ltd. | 60,000 | 60,000 | 0.75 | 0.39 | 0 | 0.00 | 0.00 |
| Industrial Transportation Total | 60,000 | 190,000 | 5.97 | 3.11 | 130,000 | 4.78 | 2.75 |
| Fairfax India Holdings Corp | 0 | 17,000 | 5.59 | 2.91 | 17,000 | 5.23 | 3.01 |
| Insurance Total | 0 | 17,000 | 5.59 | 2.91 | 17,000 | 5.23 | 3.01 |
| Hosken Consolidated Investments Ltd. | 10,000 | 45,000 | 5.73 | 2.98 | 35,000 | 4.72 | 2.72 |
| Investment Banking and Brokerage Services Total | 10,000 | 45,000 | 5.73 | 2.98 | 35,000 | 4.72 | 2.72 |
| Vivendi | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 2.19 | 1.26 |
| Media Total | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 2.19 | 1.26 |
| Valaris Plc | 0 | 5,000 | 3.74 | 1.95 | 5,000 | 3.61 | 2.08 |
| Oil and Gas Total | 0 | 5,000 | 3.74 | 1.95 | 5,000 | 3.61 | 2.08 |
| Jubilee Metals Group plc | 0 | 3,000,000 | 2.55 | 1.33 | 3,000,000 | 2.46 | 1.42 |
| Sibanye Stillwater Ltd. | 0 | 100,000 | 3.23 | 1.68 | 100,000 | 2.08 | 1.20 |
| Valterra Platinum Ltd. | 5,000 | 5,000 | 3.95 | 2.06 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 5,000 | 3,105,000 | 9.73 | 5.07 | 3,100,000 | 4.54 | 2.62 |
| Goldrush Holdings Ltd. | 10,660 | 351,730 | 2.81 | 1.47 | 341,070 | 1.87 | 1.08 |
| Preference Shares Total | 10,660 | 351,730 | 2.81 | 1.47 | 341,070 | 1.87 | 1.08 |
| CA Sales Holdings Ltd. | -47,340 | 402,660 | 6.91 | 3.60 | 450,000 | 7.65 | 4.40 |
| KAL Group Ltd. | 15,349 | 207,796 | 8.73 | 4.55 | 192,447 | 7.79 | 4.49 |
| Retailers Total | -31,991 | 610,456 | 15.64 | 8.15 | 642,447 | 15.44 | 8.89 |
| IAC Interactive | -32,000 | 0 | 0.00 | 0.00 | 32,000 | 2.92 | 1.68 |
| Technology Total | -32,000 | 0 | 0.00 | 0.00 | 32,000 | 2.92 | 1.68 |
| Portfolio Total | -178,086 | 11,582,657 | 191.88 | 100.00 | 11,760,743 | 173.67 | 100.00 |