DashboardEquity Portfolio

Listed Equity

Concentrated by design,
exposed by cycle.

R30.1bn fair value · 21% of total assets · 88% in three resource stocks. Live valuations linked to JSE closing prices.

Concentration risk: 9/10Live JSE feed

Portfolio FV

R30.1bn

21% of total assets

FY25 FV Decline

-36%

-R12.4bn

Across 3 holdings

Dividend Income FY25

-40%

R2.0bn

From R3.3bn (FY23) — -40%

Unrealised Gain

+R18.4bn

Cost R24.2bn → MV R30.1bn

Featured Holding

Sasol Limited

JSE: SOL · 8.20% of issued share capital

R142.35

Last sync 09:42 SAST

52W High/Low

R219 / R118

P/E Ratio

8.2x

Market Cap

R142.3bn

Dividend Yield

0.0%

Debt/Equity

0.68x

Cost basis

R8.4bn

FY2025 P&L Impact

Dividend income

R906m → R0

-100% suspended

Fair value write-down

-R3.7bn

R219 → R142 share price

Combined FY25 drag

-R5.1bn

73% of group profit decline

Composition

Equity book

R28.24bn · -36% YoY

Sasol38.5%

Kumba Iron Ore29%

BHP Group26.9%

Other Listed5.6%

Risk Score

Concentration

9/10

Very High

Top 3 holdings = 88% of portfolio

SOL38.5%

KIO29%

BHP26.9%

Other5.6%

Income Trend

Dividends

FY23

R3.3bn

FY24

R2.6bn

FY25

R2.0bn

-40% in 3 years

Holdings ledger

Complete holdings

Mark-to-market valuations · IFRS 9 fair value

Company	Ticker	Stake	Shares	Price	MV	BV	FV Δ FY25	Div FY23	Div FY24	Div FY25	Unrealised P/L
Sasol	SOL	8.20%	53,266,887	R142.35	R11.68bn	R8.4bn	-R3.7bn	R906m	R107m	R0	+R3.28bn
Kumba Iron Ore	KIO	12.88%	41,498,615	R330.88	R13.73bn	R8.2bn	-R6.2bn	R1,614m	R1,783m	R1,515m	+R5.53bn
BHP Group	BHP	0.35%	~17.8m	R716.59	R12.73bn	R7.6bn	-R2.5bn	~R560m	~R487m	~R352m	+R9.63bn

Listed equity valuations are linked to JSE closing prices and updated at 17:00 SAST daily. Fair value adjustments follow IFRS 9 — unrealised gains/losses flow through the income statement.