| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Bollore Logistics | -10,000 | 60,000 | 6.96 | 3.79 | 70,000 | 3.58 | 1.98 |
| Auto Total | -10,000 | 60,000 | 6.96 | 3.79 | 70,000 | 3.58 | 1.98 |
| Absa Group Ltd. | 0 | 30,000 | 5.69 | 3.10 | 30,000 | 5.26 | 2.91 |
| ATLAS MARA LIMITED | 0 | 713,212 | 1.28 | 0.70 | 713,212 | 1.17 | 0.65 |
| Banks Total | 0 | 743,212 | 6.97 | 3.80 | 743,212 | 6.43 | 3.56 |
| African Minerals Limited | 0 | 100,000 | 2.59 | 1.41 | 100,000 | 2.21 | 1.22 |
| Basic Resources Total | 0 | 100,000 | 2.59 | 1.41 | 100,000 | 2.21 | 1.22 |
| Cash on call | 0 | 0 | 21.60 | 11.77 | 0 | 24.89 | 13.77 |
| Cash on call Total | 0 | 0 | 21.60 | 11.77 | 0 | 24.89 | 13.77 |
| Astoria Investment Ltd. | 0 | 274,649 | 2.27 | 1.23 | 274,649 | 2.47 | 1.37 |
| Closed End Investments Total | 0 | 274,649 | 2.27 | 1.23 | 274,649 | 2.47 | 1.37 |
| Aveng Ltd. | 0 | 580,237 | 7.31 | 3.98 | 580,237 | 5.51 | 3.05 |
| Raubex Group Ltd. | -20,000 | 140,000 | 7.42 | 4.04 | 160,000 | 8.41 | 4.65 |
| Trellidor Holdings Ltd. | 0 | 2,321,606 | 4.04 | 2.20 | 2,321,606 | 4.85 | 2.68 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 25,000 | 5.83 | 3.18 | 25,000 | 5.78 | 3.20 |
| Construction and Materials Total | -20,000 | 3,066,843 | 24.60 | 13.40 | 3,086,843 | 24.55 | 13.58 |
| Zeda Ltd. | -50,000 | 300,000 | 3.99 | 2.17 | 350,000 | 4.87 | 2.69 |
| Consumer Services Total | -50,000 | 300,000 | 3.99 | 2.17 | 350,000 | 4.87 | 2.69 |
| Louisiana-Pacific | 40,000 | 40,000 | 1.18 | 0.64 | 0 | 0.00 | 0.00 |
| Cyclical Goods & Services Total | 40,000 | 40,000 | 1.18 | 0.64 | 0 | 0.00 | 0.00 |
| Nexgen Energy Ltd | 20,000 | 20,000 | 2.49 | 1.36 | 0 | 0.00 | 0.00 |
| Energy Total | 20,000 | 20,000 | 2.49 | 1.36 | 0 | 0.00 | 0.00 |
| iShares MSCI Brazil Index Fund | 10,000 | 10,000 | 4.25 | 2.31 | 0 | 0.00 | 0.00 |
| Sprott physical gold and silver trust | 0 | 100,000 | 2.48 | 1.35 | 100,000 | 3.15 | 1.74 |
| Equities Total | 10,000 | 110,000 | 6.73 | 3.66 | 100,000 | 3.15 | 1.74 |
| Canada - Currency | 0 | 0 | 0.08 | 0.04 | 0 | 0.07 | 0.04 |
| European - Currency | 0 | 0 | 0.10 | 0.05 | 0 | 0.35 | 0.19 |
| United Kingdom - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.01 | 0.00 |
| USA - Currency | 0 | 0 | 5.16 | 2.81 | 0 | 0.21 | 0.12 |
| For Currency Total | 0 | 0 | 5.33 | 2.90 | 0 | 0.64 | 0.35 |
| Foreign - Equities | 0 | 0 | 21.68 | 11.81 | 0 | 21.53 | 11.91 |
| Foreign Invest Total | 0 | 0 | 21.68 | 11.81 | 0 | 21.53 | 11.91 |
| York Timber Holdings Ltd. | 0 | 1,854,836 | 4.27 | 2.32 | 1,854,836 | 4.17 | 2.31 |
| Industrial Materials Total | 0 | 1,854,836 | 4.27 | 2.32 | 1,854,836 | 4.17 | 2.31 |
| African Rainbow Minerals Ltd. | 10,000 | 30,000 | 4.51 | 2.46 | 20,000 | 3.79 | 2.10 |
| Glencore plc | 0 | 40,000 | 3.34 | 1.82 | 40,000 | 3.95 | 2.19 |
| Master Drilling Group Ltd. | -150,000 | 350,000 | 4.76 | 2.59 | 500,000 | 6.40 | 3.54 |
| Industrial Metals and Mining Total | -140,000 | 420,000 | 12.61 | 6.87 | 560,000 | 14.14 | 7.82 |
| Bell Equipment Ltd. | 0 | 130,000 | 5.28 | 2.88 | 130,000 | 5.28 | 2.92 |
| Industrial Transportation Total | 0 | 130,000 | 5.28 | 2.88 | 130,000 | 5.28 | 2.92 |
| Fairfax India Holdings Corp | 0 | 17,000 | 5.13 | 2.80 | 17,000 | 4.36 | 2.41 |
| Insurance Total | 0 | 17,000 | 5.13 | 2.80 | 17,000 | 4.36 | 2.41 |
| Hosken Consolidated Investments Ltd. | 0 | 35,000 | 5.74 | 3.13 | 35,000 | 6.37 | 3.52 |
| JSE Ltd. | -10,000 | 30,000 | 3.62 | 1.97 | 40,000 | 5.13 | 2.84 |
| Investment Banking and Brokerage Services Total | -10,000 | 65,000 | 9.36 | 5.10 | 75,000 | 11.50 | 6.36 |
| Havas Advertising | 40,000 | 40,000 | 1.27 | 0.69 | 0 | 0.00 | 0.00 |
| Vivendi | 40,000 | 40,000 | 2.01 | 1.10 | 0 | 0.00 | 0.00 |
| Media Total | 80,000 | 80,000 | 3.28 | 1.79 | 0 | 0.00 | 0.00 |
| Jubilee Metals Group plc | 3,000,000 | 3,000,000 | 2.64 | 1.44 | 0 | 0.00 | 0.00 |
| Pan African Resources plc | -448,888 | 300,000 | 2.46 | 1.34 | 748,888 | 5.44 | 3.01 |
| Sibanye Stillwater Ltd. | 0 | 100,000 | 1.50 | 0.82 | 100,000 | 1.79 | 0.99 |
| Precious Metals and Mining Total | 2,551,112 | 3,400,000 | 6.60 | 3.59 | 848,888 | 7.23 | 4.00 |
| Goldrush Holdings Ltd. | 0 | 341,070 | 2.22 | 1.21 | 341,070 | 2.39 | 1.32 |
| Preference Shares Total | 0 | 341,070 | 2.22 | 1.21 | 341,070 | 2.39 | 1.32 |
| CA Sales Holdings Ltd. | -100,000 | 450,000 | 7.29 | 3.97 | 550,000 | 8.25 | 4.56 |
| KAL Group Ltd. | 0 | 192,447 | 9.81 | 5.35 | 192,447 | 9.72 | 5.38 |
| Retailers Total | -100,000 | 642,447 | 17.10 | 9.32 | 742,447 | 17.97 | 9.94 |
| CTS Corporation | -20,000 | 40,000 | 1.92 | 1.05 | 60,000 | 6.91 | 3.82 |
| IAC Interactive | 0 | 32,000 | 3.50 | 1.90 | 32,000 | 5.07 | 2.80 |
| Technology Total | -20,000 | 72,000 | 5.42 | 2.95 | 92,000 | 11.97 | 6.62 |
| Mustek Ltd. | -100,000 | 100,000 | 1.59 | 0.87 | 200,000 | 2.88 | 1.59 |
| Technology Hardware and Equipment Total | -100,000 | 100,000 | 1.59 | 0.87 | 200,000 | 2.88 | 1.59 |
| Sun International Ltd. | 0 | 100,000 | 4.35 | 2.37 | 100,000 | 4.55 | 2.52 |
| Travel and Leisure Total | 0 | 100,000 | 4.35 | 2.37 | 100,000 | 4.55 | 2.52 |
| Portfolio Total | 2,251,112 | 11,937,057 | 183.59 | 100.00 | 9,685,945 | 180.76 | 100.00 |