| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| FirstRand Ltd. | -801,715 | 0 | 0.00 | 0.00 | 801,715 | 61.65 | 1.23 |
| Investec plc | 443,211 | 443,211 | 58.06 | 1.03 | 0 | 0.00 | 0.00 |
| Nedbank Group Ltd. | -69,243 | 275,934 | 82.50 | 1.46 | 345,177 | 88.51 | 1.76 |
| Standard Bank Group Ltd. | -75,363 | 430,998 | 104.45 | 1.85 | 506,361 | 106.75 | 2.13 |
| Banks Total | -503,110 | 1,150,143 | 245.01 | 4.35 | 1,653,253 | 256.90 | 5.11 |
| Anheuser-Busch InBev SA/NV | 12,477 | 108,323 | 123.55 | 2.19 | 95,846 | 101.90 | 2.03 |
| Beverages Total | 12,477 | 108,323 | 123.55 | 2.19 | 95,846 | 101.90 | 2.03 |
| SA Bond BNDS | 0 | 0 | 266.63 | 4.73 | 0 | 204.94 | 4.08 |
| SA Bond I2033 | -70,800,000 | 0 | 0.00 | 0.00 | 70,800,000 | 86.83 | 1.73 |
| SA Bond R214 | 88,200,000 | 358,050,000 | 248.91 | 4.42 | 269,850,000 | 170.85 | 3.40 |
| Bond Total | 17,400,000 | 358,050,000 | 515.54 | 9.15 | 340,650,000 | 462.61 | 9.21 |
| Cash on call | 0 | 0 | 186.10 | 3.30 | 0 | -13.50 | -0.27 |
| Cash on call Total | 0 | 0 | 186.10 | 3.30 | 0 | -13.50 | -0.27 |
| Equity Derivative | 23 | 23 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Derivatives Total | 23 | 23 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Egerton Capital Equity Fund | 485 | 48,313 | 112.32 | 1.99 | 47,828 | 108.84 | 2.17 |
| Select Equity Offshore USD Smaller Companies Fund | 3,102 | 309,031 | 70.92 | 1.26 | 305,929 | 67.47 | 1.34 |
| Equities Total | 3,587 | 357,344 | 183.24 | 3.25 | 353,757 | 176.30 | 3.51 |
| Foreign - Currency | 0 | 0 | 121.27 | 2.15 | 0 | 223.36 | 4.45 |
| For Currency Total | 0 | 0 | 121.27 | 2.15 | 0 | 223.36 | 4.45 |
| Foreign - Bonds | 0 | 0 | 563.78 | 10.00 | 0 | 573.81 | 11.42 |
| Foreign - Equities | 0 | 0 | 1,197.86 | 21.25 | 0 | 1,030.64 | 20.52 |
| Foreign Invest Total | 0 | 0 | 1,761.65 | 31.26 | 0 | 1,604.45 | 31.94 |
| Foreign - Property | 0 | 0 | 32.04 | 0.57 | 0 | 43.81 | 0.87 |
| Foreign Property Total | 0 | 0 | 32.04 | 0.57 | 0 | 43.81 | 0.87 |
| Equity | 0 | 0 | 1,159.65 | 20.58 | 0 | 830.22 | 16.53 |
| General Equity Total | 0 | 0 | 1,159.65 | 20.58 | 0 | 830.22 | 16.53 |
| Mondi plc | 55,956 | 202,234 | 66.10 | 1.17 | 146,278 | 51.49 | 1.03 |
| General Industrials Total | 55,956 | 202,234 | 66.10 | 1.17 | 146,278 | 51.49 | 1.03 |
| African Rainbow Minerals Ltd. | 98,808 | 394,673 | 74.74 | 1.33 | 295,865 | 67.16 | 1.34 |
| Anglo American plc | 104,734 | 104,734 | 58.56 | 1.04 | 0 | 0.00 | 0.00 |
| BHP Group Ltd. | -97,759 | 0 | 0.00 | 0.00 | 97,759 | 50.96 | 1.01 |
| Industrial Metals and Mining Total | 105,783 | 499,407 | 133.30 | 2.37 | 393,624 | 118.12 | 2.35 |
| Quilter plc | -281,854 | 2,953,961 | 90.75 | 1.61 | 3,235,815 | 89.34 | 1.78 |
| Investment Banking and Brokerage Services Total | -281,854 | 2,953,961 | 90.75 | 1.61 | 3,235,815 | 89.34 | 1.78 |
| Resources positions individually less than 1% of fund | 0 | 0 | 22.82 | 0.40 | 0 | 0.00 | 0.00 |
| Mining Total | 0 | 0 | 22.82 | 0.40 | 0 | 0.00 | 0.00 |
| Contrarius Global Equity | 0 | 0 | 0.00 | 0.00 | 0 | 78.94 | 1.57 |
| Offshore Intern Total | 0 | 0 | 0.00 | 0.00 | 0 | 78.94 | 1.57 |
| Bid Corporation Ltd. | -131,734 | 0 | 0.00 | 0.00 | 131,734 | 55.97 | 1.11 |
| Dis-Chem Pharmacies Ltd. | 51,062 | 2,051,682 | 77.86 | 1.38 | 2,000,620 | 67.34 | 1.34 |
| Personal Care, Drug and Grocery Stores Total | -80,672 | 2,051,682 | 77.86 | 1.38 | 2,132,354 | 123.31 | 2.46 |
| Compagnie Financière Richemont SA | -26,929 | 0 | 0.00 | 0.00 | 26,929 | 76.75 | 1.53 |
| Personal Goods Total | -26,929 | 0 | 0.00 | 0.00 | 26,929 | 76.75 | 1.53 |
| AngloGold Ashanti plc | -142,125 | 0 | 0.00 | 0.00 | 142,125 | 65.34 | 1.30 |
| Precious Metals and Mining Total | -142,125 | 0 | 0.00 | 0.00 | 142,125 | 65.34 | 1.30 |
| Property positions individually less than 1% of fund | 0 | 0 | 205.25 | 3.64 | 0 | 74.34 | 1.48 |
| Real Estate Total | 0 | 0 | 205.25 | 3.64 | 0 | 74.34 | 1.48 |
| NEPI Rockcastle NV | -29,173 | 529,847 | 77.30 | 1.37 | 559,020 | 73.44 | 1.46 |
| Real Estate Investment and Services Total | -29,173 | 529,847 | 77.30 | 1.37 | 559,020 | 73.44 | 1.46 |
| Attacq Ltd. | 1,374,269 | 9,108,451 | 118.32 | 2.10 | 7,734,182 | 83.92 | 1.67 |
| Redefine Properties Ltd. | -12,917,054 | 0 | 0.00 | 0.00 | 12,917,054 | 51.93 | 1.03 |
| Real Estate Investment Trusts Total | -11,542,785 | 9,108,451 | 118.32 | 2.10 | 20,651,236 | 135.84 | 2.70 |
| Naspers Ltd. | 16,367 | 36,984 | 155.14 | 2.75 | 20,617 | 73.55 | 1.46 |
| Prosus NV | -40,134 | 374,165 | 282.96 | 5.02 | 414,299 | 269.55 | 5.37 |
| Software and Computer Services Total | -23,767 | 411,149 | 438.10 | 7.77 | 434,916 | 343.09 | 6.83 |
| British American Tobacco plc | -63,834 | 121,479 | 78.20 | 1.39 | 185,313 | 106.63 | 2.12 |
| Tobacco Total | -63,834 | 121,479 | 78.20 | 1.39 | 185,313 | 106.63 | 2.12 |
| Portfolio Total | 4,883,577 | 375,544,043 | 5,636.04 | 100.00 | 370,660,466 | 5,022.72 | 100.00 |