NTA & Top 25 Investments as at 31 January 2018

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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: $7.2 billion at 31 January 2018.
Management cost: 0.14 per cent, no performance fees.
Investment style: Long-term, fundamental, bottom-up.
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 31 January 2018
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jun 07Jun 09Jun 11Jun 13Jun 15
Jan 18
Dec 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 31 January 2018
* The January 2018 and December 2017 figures are before provision for the 10 cent interim dividend. 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*
31 January 2018 Cum Div$6.13$5.23
31 December 2017 Cum Div$6.15$5.24
Net asset per share growth plus dividends
Share price growth plus dividends
5.4%
7.3%
3 year return
7.7%
7.2%
9.1%
5 year return
5.8%
5.5%
5.3%
10 year return
S&P/ASX 200
Accumulation Index
10.5%
11.0%
5.1%
12.2%
1 year return

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 Australian share market was slightly lower (down 0.5 per cent) over January despite the ongoing strength in the US market.
Healthcare was the best performing sector in January, finishing 3.2 per cent higher. Information technology was the next best increasing
2.0 per cent of the period. Other sectors to produce positive returns were telecommunication services, up 0.8 per cent and materials,
up 0.5 per cent.
All other sectors displayed negative returns with utilities the worst performing sector over the month, down 4.5 per cent, with concerns
about future increases in interest rates impacting valuations.
Moving into February, the focus for investors will be largely on the first half 2018 company reporting season with outlook comments the key
in justifying many of the high valuations that currently exist in the market.
For more information visit our website: afi.com.au
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Materials 18.3%
Industrials 11.2%
Other Financials 10.8%
Healthcare 9.7%
Consumer Staples 8.5%
Energy 4.9%
Telecom Services 3.1%
Information Technology 2.9%
Property Trusts 2.5%
Utilities 2.0%
Consumer Discretionary 1.8%
Cash 1.2%
Banks 23.3%
Investment by sector
at 31 January 2018
Portfolio facts
Top 25 investments valued at closing prices at 31 January 2018
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia623.18.7
2Westpac Banking Corporation481.36.7
3BHP*431.06.0
4Wesfarmers294.54.1
5National Australia Bank*290.34.1
6CSL*275.33.9
7Rio Tinto265.73.7
8Australia and New Zealand Banking Group242.63.4
9Transurban Group238.33.3
10Telstra Corporation192.52.7
11Amcor179.12.5
12Woolworths Group*142.72.0
13Brambles133.11.9
14Oil Search124.81.7
15Treasury Wine Estates*114.81.6
16Macquarie Group*112.11.6
17Woodside Petroleum108.71.5
18AMP105.51.5
19AGL Energy100.91.4
20Ramsay Health Care96.71.4
21Qube Holdings89.91.3
22James Hardie Industries*78.71.1
23Computershare77.81.1
24Westfield Corporation*72.71.0
25Origin Energy*71.01.0
Total4,942.9
As percentage of total portfolio value (excludes cash)69.2%
* Indicates that options were outstanding against part of the holding.