| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Auto1 Group SE | -258,753 | 521,801 | 304.01 | 2.27 | 780,554 | 438.01 | 3.45 |
| Auto Total | -258,753 | 521,801 | 304.01 | 2.27 | 780,554 | 438.01 | 3.45 |
| Capitec Bank Holdings Ltd. | -520 | 106,576 | 370.25 | 2.76 | 107,096 | 380.29 | 2.99 |
| FirstRand Ltd. | -1,150,620 | 1,971,720 | 153.12 | 1.14 | 3,122,340 | 236.33 | 1.86 |
| Standard Bank Group Ltd. | -38,020 | 1,481,985 | 350.33 | 2.61 | 1,520,005 | 345.85 | 2.72 |
| Julius Baer Holdings | 212,882 | 212,882 | 253.70 | 1.89 | 0 | 0.00 | 0.00 |
| Nu Holdings Ltd | 68,617 | 692,928 | 187.81 | 1.40 | 624,311 | 151.72 | 1.19 |
| Banks Total | -907,661 | 4,466,091 | 1,315.20 | 9.80 | 5,373,752 | 1,114.19 | 8.77 |
| Cash on call | 0 | 0 | 61.95 | 0.46 | 0 | 63.21 | 0.50 |
| Cash on call Total | 0 | 0 | 61.95 | 0.46 | 0 | 63.21 | 0.50 |
| ADvTECH Ltd. | 118,048 | 5,908,148 | 185.99 | 1.39 | 5,790,100 | 189.39 | 1.49 |
| Melco Resorts and Entertainment Ltd | 1,005,291 | 1,005,291 | 163.20 | 1.22 | 0 | 0.00 | 0.00 |
| Consumer Services Total | 1,123,339 | 6,913,439 | 349.19 | 2.60 | 5,790,100 | 189.39 | 1.49 |
| Entain Plc | -197,049 | 861,642 | 174.75 | 1.30 | 1,058,691 | 232.55 | 1.83 |
| Flutter Entertainment | -32,079 | 0 | 0.00 | 0.00 | 32,079 | 160.77 | 1.27 |
| Melco Crown Entertainment Ltd | -1,102,189 | 0 | 0.00 | 0.00 | 1,102,189 | 139.95 | 1.10 |
| Prada SPA | 1,470,230 | 1,470,230 | 152.57 | 1.14 | 0 | 0.00 | 0.00 |
| Cyclical Goods & Services Total | 138,913 | 2,331,872 | 327.32 | 2.44 | 2,192,959 | 533.28 | 4.20 |
| Equity Derivative | 941 | 941 | 453.31 | 3.38 | 0 | 317.60 | 2.50 |
| Derivatives Total | 941 | 941 | 453.31 | 3.38 | 0 | 317.60 | 2.50 |
| Humana Incorporated | 34,827 | 34,827 | 155.51 | 1.16 | 0 | 0.00 | 0.00 |
| Equities Total | 34,827 | 34,827 | 155.51 | 1.16 | 0 | 0.00 | 0.00 |
| Charles Schwab Corp | -138,062 | 0 | 0.00 | 0.00 | 138,062 | 222.96 | 1.75 |
| Interactive Brokers Group | -151,513 | 0 | 0.00 | 0.00 | 151,513 | 147.28 | 1.16 |
| Mercadolibre Inc | 4,492 | 4,492 | 182.98 | 1.36 | 0 | 0.00 | 0.00 |
| Schwab Charles Corporation | 165,232 | 165,232 | 273.21 | 2.04 | 0 | 0.00 | 0.00 |
| ST James Place | -1,452,352 | 0 | 0.00 | 0.00 | 1,452,352 | 420.55 | 3.31 |
| Financial Services Total | -1,572,203 | 169,724 | 456.19 | 3.40 | 1,741,927 | 790.80 | 6.22 |
| Foreign - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| For Currency Total | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Foreign - Equities | 0 | 0 | 1,294.18 | 9.65 | 0 | 2,724.30 | 21.44 |
| Foreign Invest Total | 0 | 0 | 1,294.18 | 9.65 | 0 | 2,724.30 | 21.44 |
| Equity | 0 | 0 | 377.68 | 2.82 | 0 | 0.00 | 0.00 |
| General Equity Total | 0 | 0 | 377.68 | 2.82 | 0 | 0.00 | 0.00 |
| Financials positions individually less than 1% of fund | 9,744,349 | 9,744,349 | 221.74 | 1.65 | 0 | 279.38 | 2.20 |
| General Financial Total | 9,744,349 | 9,744,349 | 221.74 | 1.65 | 0 | 279.38 | 2.20 |
| Industrials positions individually less than 1% of fund | 40,607 | 40,607 | 760.30 | 5.67 | 0 | 610.93 | 4.81 |
| Mondi plc | -18,504 | 711,179 | 167.57 | 1.25 | 729,683 | 212.40 | 1.67 |
| General Industrials Total | 22,103 | 751,786 | 927.87 | 6.92 | 729,683 | 823.32 | 6.48 |
| Airbus Group NV | -8,722 | 40,891 | 163.63 | 1.22 | 49,613 | 183.46 | 1.44 |
| ASML Holding NV | 6,629 | 17,426 | 292.53 | 2.18 | 10,797 | 152.62 | 1.20 |
| Coupang Inc | -2,976 | 363,881 | 203.34 | 1.52 | 366,857 | 196.92 | 1.55 |
| Ryanair Holdings plc | -126,953 | 0 | 0.00 | 0.00 | 126,953 | 130.38 | 1.03 |
| Goods & Services Total | -132,022 | 422,198 | 659.50 | 4.92 | 554,220 | 663.38 | 5.22 |
| Glencore plc | -2,360,473 | 0 | 0.00 | 0.00 | 2,360,473 | 164.17 | 1.29 |
| Industrial Metals and Mining Total | -2,360,473 | 0 | 0.00 | 0.00 | 2,360,473 | 164.17 | 1.29 |
| Elevance Health Inc | 6,164 | 36,427 | 201.19 | 1.50 | 30,263 | 208.24 | 1.64 |
| Insurance Total | 6,164 | 36,427 | 201.19 | 1.50 | 30,263 | 208.24 | 1.64 |
| PSG Financial Services Ltd. | 0 | 7,350,322 | 167.59 | 1.25 | 7,350,322 | 162.66 | 1.28 |
| Quilter plc | -514,877 | 3,787,276 | 145.01 | 1.08 | 4,302,153 | 163.57 | 1.29 |
| Investment Banking and Brokerage Services Total | -514,877 | 11,137,598 | 312.60 | 2.33 | 11,652,475 | 326.23 | 2.57 |
| Warner Bros. Discovery International | -855,032 | 0 | 0.00 | 0.00 | 855,032 | 174.06 | 1.37 |
| Media Total | -855,032 | 0 | 0.00 | 0.00 | 855,032 | 174.06 | 1.37 |
| Resources positions individually less than 1% of fund | 491,105 | 491,105 | 1,742.26 | 12.99 | 0 | 218.11 | 1.72 |
| Mining Total | 491,105 | 491,105 | 1,742.26 | 12.99 | 0 | 218.11 | 1.72 |
| Bid Corporation Ltd. | 29,830 | 419,343 | 181.26 | 1.35 | 389,513 | 182.07 | 1.43 |
| Dis-Chem Pharmacies Ltd. | -606,919 | 6,011,979 | 196.83 | 1.47 | 6,618,898 | 213.79 | 1.68 |
| Shoprite Holdings Ltd. | 42,454 | 618,730 | 169.54 | 1.26 | 576,276 | 159.60 | 1.26 |
| Personal Care, Drug and Grocery Stores Total | -534,635 | 7,050,052 | 547.63 | 4.08 | 7,584,687 | 555.46 | 4.37 |
| Compagnie Financière Richemont SA | 18,457 | 91,550 | 299.30 | 2.23 | 73,093 | 243.47 | 1.92 |
| Personal Goods Total | 18,457 | 91,550 | 299.30 | 2.23 | 73,093 | 243.47 | 1.92 |
| Aspen Pharmacare Holdings Ltd. | -1,080,966 | 0 | 0.00 | 0.00 | 1,080,966 | 129.16 | 1.02 |
| Pharmaceuticals and Biotechnology Total | -1,080,966 | 0 | 0.00 | 0.00 | 1,080,966 | 129.16 | 1.02 |
| AngloGold Ashanti plc | 83,872 | 266,456 | 323.35 | 2.41 | 182,584 | 146.23 | 1.15 |
| Gold Fields Ltd. | 359,876 | 359,876 | 262.38 | 1.96 | 0 | 0.00 | 0.00 |
| Northam Platinum Holdings Ltd. | -201,033 | 1,191,314 | 334.76 | 2.50 | 1,392,347 | 266.93 | 2.10 |
| Precious Metals and Mining Total | 242,715 | 1,817,646 | 920.49 | 6.86 | 1,574,931 | 413.16 | 3.25 |
| Property positions individually less than 1% of fund | 931,790 | 931,790 | 15.53 | 0.12 | 0 | 15.96 | 0.13 |
| Real Estate Total | 931,790 | 931,790 | 15.53 | 0.12 | 0 | 15.96 | 0.13 |
| Adidas-Salomon AG | 48,841 | 48,841 | 178.27 | 1.33 | 0 | 0.00 | 0.00 |
| Retail Total | 48,841 | 48,841 | 178.27 | 1.33 | 0 | 0.00 | 0.00 |
| Pepkor Holdings Ltd. | -5,125,858 | 0 | 0.00 | 0.00 | 5,125,858 | 139.58 | 1.10 |
| We Buy Cars Holdings Ltd. | -384,037 | 4,404,517 | 243.92 | 1.82 | 4,788,554 | 286.83 | 2.26 |
| Retailers Total | -5,509,895 | 4,404,517 | 243.92 | 1.82 | 9,914,412 | 426.41 | 3.36 |
| Naspers Ltd. | -12,950 | 117,291 | 733.62 | 5.47 | 130,241 | 718.33 | 5.65 |
| Prosus NV | 32,405 | 355,182 | 430.02 | 3.21 | 322,777 | 320.07 | 2.52 |
| Software and Computer Services Total | 19,455 | 472,473 | 1,163.64 | 8.67 | 453,018 | 1,038.40 | 8.17 |
| Amazon.Com | -321 | 39,440 | 149.42 | 1.11 | 39,761 | 156.31 | 1.23 |
| Meta Platforms Inc | -92 | 11,423 | 144.73 | 1.08 | 11,515 | 151.68 | 1.19 |
| Taiwan Semiconductors | -421 | 51,694 | 248.36 | 1.85 | 52,115 | 209.48 | 1.65 |
| Technology Total | -834 | 102,557 | 542.50 | 4.04 | 103,391 | 517.46 | 4.07 |
| Sea Ltd. (Singapore) | -505 | 61,858 | 189.65 | 1.41 | 62,363 | 176.42 | 1.39 |
| Telecom Total | -505 | 61,858 | 189.65 | 1.41 | 62,363 | 176.42 | 1.39 |
| MTN Group Ltd. | -88,110 | 1,076,575 | 156.10 | 1.16 | 1,164,685 | 164.03 | 1.29 |
| Telecommunications Service Providers Total | -88,110 | 1,076,575 | 156.10 | 1.16 | 1,164,685 | 164.03 | 1.29 |
| Portfolio Total | -992,967 | 53,080,017 | 13,416.76 | 100.00 | 54,072,984 | 12,707.61 | 100.00 |