| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Auto1 Group SE | 319,491 | 1,928,903 | 373.20 | 3.54 | 1,609,412 | 192.60 | 1.93 |
| Wizz Air Holdings | 105,914 | 406,819 | 137.20 | 1.30 | 300,905 | 155.58 | 1.56 |
| Auto Total | 425,405 | 2,335,722 | 510.40 | 4.85 | 1,910,317 | 348.18 | 3.49 |
| Capitec Bank Holdings Ltd. | -41,201 | 90,463 | 275.42 | 2.62 | 131,664 | 346.14 | 3.47 |
| FirstRand Ltd. | 1,071,955 | 5,252,387 | 436.26 | 4.14 | 4,180,432 | 321.48 | 3.22 |
| Nedbank Group Ltd. | 453,481 | 453,481 | 135.58 | 1.29 | 0 | 0.00 | 0.00 |
| Standard Bank Group Ltd. | 889,590 | 889,590 | 215.59 | 2.05 | 0 | 0.00 | 0.00 |
| Nu Holdings Ltd | -459,952 | 0 | 0.00 | 0.00 | 459,952 | 107.04 | 1.07 |
| Banks Total | 1,913,873 | 6,685,921 | 1,062.85 | 10.09 | 4,772,048 | 774.66 | 7.76 |
| Anheuser-Busch InBev SA/NV | 96,392 | 96,392 | 109.94 | 1.04 | 0 | 0.00 | 0.00 |
| Beverages Total | 96,392 | 96,392 | 109.94 | 1.04 | 0 | 0.00 | 0.00 |
| Cash on call | 0 | 0 | 70.01 | 0.66 | 0 | 45.61 | 0.46 |
| Cash on call Total | 0 | 0 | 70.01 | 0.66 | 0 | 45.61 | 0.46 |
| ADvTECH Ltd. | 19,120 | 5,459,863 | 172.70 | 1.64 | 5,440,743 | 153.97 | 1.54 |
| Consumer Services Total | 19,120 | 5,459,863 | 172.70 | 1.64 | 5,440,743 | 153.97 | 1.54 |
| Entain Plc | 615,834 | 615,834 | 109.75 | 1.04 | 0 | 0.00 | 0.00 |
| Flutter Entertainment | 1,031 | 39,160 | 159.04 | 1.51 | 38,129 | 127.66 | 1.28 |
| Reckitt Benckiser | -116,324 | 0 | 0.00 | 0.00 | 116,324 | 115.75 | 1.16 |
| Cyclical Goods & Services Total | 500,541 | 654,994 | 268.79 | 2.55 | 154,453 | 243.41 | 2.44 |
| Equity Derivative | 0 | 0 | 265.77 | 2.52 | 0 | 355.28 | 3.56 |
| Derivatives Total | 0 | 0 | 265.77 | 2.52 | 0 | 355.28 | 3.56 |
| Interactive Brokers Group | 2,145 | 81,482 | 193.91 | 1.84 | 79,337 | 177.13 | 1.78 |
| Schwab Charles Corporation | 3,174 | 160,969 | 178.72 | 1.70 | 157,795 | 213.48 | 2.14 |
| Financial Services Total | 5,319 | 242,451 | 372.63 | 3.54 | 237,132 | 390.61 | 3.91 |
| Foreign - Equities | 0 | 0 | 1,892.87 | 17.98 | 0 | 1,822.38 | 18.26 |
| Foreign Invest Total | 0 | 0 | 1,892.87 | 17.98 | 0 | 1,822.38 | 18.26 |
| Additional positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 216.22 | 2.17 |
| Equity | 0 | 0 | 1,097.23 | 10.42 | 0 | 0.00 | 0.00 |
| General Equity Total | 0 | 0 | 1,097.23 | 10.42 | 0 | 216.22 | 2.17 |
| Financials positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 429.06 | 4.30 |
| General Financial Total | 0 | 0 | 0.00 | 0.00 | 0 | 429.06 | 4.30 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 466.70 | 4.68 |
| Mondi plc | 21,320 | 473,209 | 154.66 | 1.47 | 451,889 | 159.06 | 1.59 |
| General Industrials Total | 21,320 | 473,209 | 154.66 | 1.47 | 451,889 | 625.76 | 6.27 |
| Airbus Group NV | 10,152 | 74,588 | 188.24 | 1.79 | 64,436 | 161.74 | 1.62 |
| Coupang Inc | 38,940 | 300,792 | 127.46 | 1.21 | 261,852 | 100.29 | 1.01 |
| Global Payments Inc | 2,441 | 102,935 | 180.43 | 1.71 | 100,494 | 175.39 | 1.76 |
| Goods & Services Total | 51,533 | 478,315 | 496.13 | 4.71 | 426,782 | 437.42 | 4.38 |
| Anglo American plc | 19,515 | 252,583 | 141.23 | 1.34 | 233,068 | 134.36 | 1.35 |
| BHP Group Ltd. | -258,364 | 0 | 0.00 | 0.00 | 258,364 | 134.69 | 1.35 |
| Industrial Metals and Mining Total | -238,849 | 252,583 | 141.23 | 1.34 | 491,432 | 269.05 | 2.70 |
| Elevance Health Inc | 4,658 | 23,965 | 214.56 | 2.04 | 19,307 | 190.19 | 1.91 |
| Insurance Total | 4,658 | 23,965 | 214.56 | 2.04 | 19,307 | 190.19 | 1.91 |
| PSG Financial Services Ltd. | -166,261 | 6,427,505 | 117.24 | 1.11 | 6,593,766 | 114.34 | 1.15 |
| Quilter plc | -1,241,297 | 5,815,156 | 178.64 | 1.70 | 7,056,453 | 194.83 | 1.95 |
| Investment Banking and Brokerage Services Total | -1,407,558 | 12,242,661 | 295.88 | 2.81 | 13,650,219 | 309.16 | 3.10 |
| Resources positions individually less than 1% of fund | 0 | 0 | 336.71 | 3.20 | 0 | 0.00 | 0.00 |
| Mining Total | 0 | 0 | 336.71 | 3.20 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | 0 | 3,116,156 | 180.86 | 1.72 | 3,116,156 | 144.65 | 1.45 |
| Non-life Insurance Total | 0 | 3,116,156 | 180.86 | 1.72 | 3,116,156 | 144.65 | 1.45 |
| Bid Corporation Ltd. | -42,330 | 472,243 | 209.09 | 1.99 | 514,573 | 218.63 | 2.19 |
| Dis-Chem Pharmacies Ltd. | 187,724 | 7,015,004 | 266.22 | 2.53 | 6,827,280 | 229.81 | 2.30 |
| Personal Care, Drug and Grocery Stores Total | 145,394 | 7,487,247 | 475.30 | 4.51 | 7,341,853 | 448.43 | 4.49 |
| Compagnie Financière Richemont SA | -23,740 | 91,198 | 249.42 | 2.37 | 114,938 | 327.56 | 3.28 |
| Personal Goods Total | -23,740 | 91,198 | 249.42 | 2.37 | 114,938 | 327.56 | 3.28 |
| Aspen Pharmacare Holdings Ltd. | -749,896 | 0 | 0.00 | 0.00 | 749,896 | 174.96 | 1.75 |
| Pharmaceuticals and Biotechnology Total | -749,896 | 0 | 0.00 | 0.00 | 749,896 | 174.96 | 1.75 |
| AngloGold Ashanti plc | -310,181 | 0 | 0.00 | 0.00 | 310,181 | 142.61 | 1.43 |
| Precious Metals and Mining Total | -310,181 | 0 | 0.00 | 0.00 | 310,181 | 142.61 | 1.43 |
| Property positions individually less than 1% of fund | 0 | 0 | 10.41 | 0.10 | 0 | 8.80 | 0.09 |
| Real Estate Total | 0 | 0 | 10.41 | 0.10 | 0 | 8.80 | 0.09 |
| Skechers | 63,036 | 164,905 | 190.17 | 1.81 | 101,869 | 128.76 | 1.29 |
| Tapestry Inc | -26,243 | 133,711 | 108.20 | 1.03 | 159,954 | 122.47 | 1.23 |
| Retail Total | 36,793 | 298,616 | 298.37 | 2.83 | 261,823 | 251.23 | 2.52 |
| We Buy Cars Holdings Ltd. | -54,046 | 4,866,788 | 143.67 | 1.36 | 4,920,834 | 130.89 | 1.31 |
| Retailers Total | -54,046 | 4,866,788 | 143.67 | 1.36 | 4,920,834 | 130.89 | 1.31 |
| Naspers Ltd. | -4,961 | 155,499 | 652.30 | 6.19 | 160,460 | 572.40 | 5.74 |
| Prosus NV | -187,029 | 287,860 | 217.69 | 2.07 | 474,889 | 308.97 | 3.10 |
| Software and Computer Services Total | -191,990 | 443,359 | 869.99 | 8.26 | 635,349 | 881.36 | 8.83 |
| Amazon.Com | -51,539 | 0 | 0.00 | 0.00 | 51,539 | 184.63 | 1.85 |
| Delivery Hero | 206,000 | 206,000 | 144.09 | 1.37 | 0 | 0.00 | 0.00 |
| Spotify Technology | 6,765 | 36,300 | 229.49 | 2.18 | 29,535 | 165.81 | 1.66 |
| Taiwan Semiconductors | -65,383 | 0 | 0.00 | 0.00 | 65,383 | 209.76 | 2.10 |
| Technology Total | 95,843 | 242,300 | 373.58 | 3.55 | 146,457 | 560.20 | 5.61 |
| Sea Ltd. (Singapore) | 100,194 | 100,194 | 160.87 | 1.53 | 0 | 0.00 | 0.00 |
| Telecom Total | 100,194 | 100,194 | 160.87 | 1.53 | 0 | 0.00 | 0.00 |
| MTN Group Ltd. | 113,697 | 1,582,378 | 145.31 | 1.38 | 1,468,681 | 124.75 | 1.25 |
| Telecommunications Service Providers Total | 113,697 | 1,582,378 | 145.31 | 1.38 | 1,468,681 | 124.75 | 1.25 |
| British American Tobacco plc | -51,030 | 248,885 | 160.20 | 1.52 | 299,915 | 172.58 | 1.73 |
| Tobacco Total | -51,030 | 248,885 | 160.20 | 1.52 | 299,915 | 172.58 | 1.73 |
| Portfolio Total | 502,792 | 47,423,197 | 10,530.35 | 100.00 | 46,920,405 | 9,979.01 | 100.00 |