NTA & Top 25 Investments as at 30 November 2017

Page 1 of 2
Key facts
Investment objectives: AFIC aims to provide shareholders
with attractive investment returns through access to a
growing stream of fully franked dividends and enhancement
of capital invested over the medium to long term.
Benchmark: S&P/ASX 200 Accumulation Index.
Size of portfolio: $7.1 billion at 30 November 2017.
Management cost: 0.13 per cent, no performance fees.
Investment style: Active, fundamental, bottom-up, value.
Suggested investment period: Five years to 10 years
or longer.
Net asset backing: released every month with
top 25 investments.
Listed on ASX and NZX: code AFI.
Portfolio performance percentage per annum-periods
ending 30 November 2017
Share price premium/discount to NTA
Net asset per share growth plus dividends
Share price growth plus dividends
6.3%
8.7%
3 year return
9.2%
9.0%
10.6%
5 year return
4.2%
4. 1%
3.7%
10 year return
S&P/ASX 200
Accumulation Index
12. 1%
9.1%
4. 1%
14.6%
1 year return
15%
-10%
-5%
0%
5%
10%
Jun 07Jun 09Jun 11Jun 13Jun 15
Nov 17
Key benefits
Diversified portfolio primarily of ASX-listed
Australian equities.
Tax-effective income via fully franked dividends.
Consistent after tax paid investment returns achieved
over the long term.
Professional management and an experienced Board,
investment and management team.
Low-cost investing.
Ease of investing, transparent ASX pricing, good liquidity
in shares.
Shareholder meetings on a regular basis.
Australian Foundation Investment Company Limited (AFIC) – ABN 56 004 147 120
Level 21, 101 Collins Street, Melbourne Victoria 3000
(03) 9650 9911 | invest@afi.com.au | afi.com.au
Share Registrar
Computershare Investor Services Pty Ltd
investorcentre.com.au
1300 662 270 (in Australia)
+61 3 9415 4373 (outside Australia)
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 30 November 2017
* The before and after tax numbers relate to the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long term
investor and does not intend disposing of its total long term investment portfolio. Under current Accounting Standards, the Company is required to provide for tax
on any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses.
Before Tax*After Tax*
30 November 2017$6.03$ 5 .1 5
31 October 2017$5.95$5.09

Important Information
This information has been prepared by Australian Foundation Investment Company Limited (AFIC) (ABN 56 004 147 120) and is provided by its subsidiary
Australian Investment Company Services Limited, holder of Australian Financial Services Licence 303209 (Provider). To the extent that this information includes
any financial product advice, the advice is of a general nature only and does not take into account any individual’s objectives, financial situation or particular
needs. Before making an investment decision an individual should assess whether it meets their own needs and consult an appropriately licensed financial
adviser. The information contained in these materials have been prepared in good faith. However, no warranty (express or implied) is made as to the accuracy,
completeness or reliability of any statements, estimates or opinions or other information contained in these materials (any of which may change without notice)
and to the maximum extent permitted by law, the Disclosers disclaim all liability and responsibility (including, without limitation, any liability arising from fault
or negligence on the part of any or all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on
anything contained in or omitted from these materials. A copy of the relevant Financial Services Guide can be found on AFIC’s website: www.afi.com.au
Market commentary
The S&P/ASX 200 Accumulation Index continued October’s strength in November with the Index up 1.6 per cent over the month. Global markets
also continued to rally which has supported the strength in the Australian market.
Most sectors were up over the month with information technology leading the way, up 4.5 per cent and energy also stronger with an increase
of 4.1 per cent as crude oil prices continued to rise.
Other increases of note were consumer staples up 3.2 per cent, healthcare up 3.0 per cent and utilities which were also increased 3.0 per cent.
Telecommunications fell 1.6 per cent as the roll out of the NBN continued to weigh on expected returns across the industry. Financials were flat
but within this sector banks fell 1.4 per cent as they came under renewed focus, both in terms of growth as well as the announcement of a Royal
Commission into the banking sector.
For more information visit our website: afi.com.au
Page 2 of 2
Materials 17.6%
Industrials 11.1%
Other Financials 10.6%
Healthcare 9.6%
Consumer Staples 8.6%
Energy 4.8%
Telecom Services 2.9%
Information Technology 2.8%
Property Trusts 2.5%
Utilities 2.2%
Consumer Discretionary 1.9%
Cash 1.4%
Banks 24.0%
Investment by sector
at 30 November 2017
Portfolio facts
Top 25 investments valued at closing prices at 30 November 2017
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia627.59.0
2Westpac Banking Corporation489.27.0
3BHP*387.25.5
4Wesfarmers295.34.2
5National Australia Bank*294.94.2
6CSL*266.13.8
7Rio Tinto245.33.5
8Australia and New Zealand Banking Group241.63.5
9Transurban Group230.13.3
10Amcor189.72.7
11Telstra Corporation179.92.6
12Woolworths*141.12.0
13Brambles137.42.0
14Oil Search115.71.7
15AGL Energy107.61.5
16Treasury Wine Estates*107.51.5
17AMP102.71.5
18Woodside Petroleum101.81.5
19Ramsay Health Care98.71.4
20Macquarie Group*96.81.4
21Qube Holdings92.31.3
22James Hardie Industries*77.51.1
23Computershare76.81.1
24Origin Energy*68.31.0
25Westfield Corporation*67.11.0
Total4,837.8
As percentage of total portfolio value (excludes cash)69.3%
* Indicates that options were outstanding against part of the holding.