NTA & Top 25 Investments as at 28 February 2018

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 28 February 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 28 February 2018
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jun 07Jun 09Jun 11Jun 13Jun 15
Feb 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 28 February 2018
* The February 2018 figure is after the payment of 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*
28 February 2018 Ex Div$6.03$ 5.15
31 January 2018 Cum Div$6.13$5.23
Net asset per share growth plus dividends
Share price growth plus dividends
2.9%
5.1%
3 year return
6.5%
6.4%
8.0%
5 year return
5.8%
5.7%
5.4%
10 year return
S&P/ASX 200
Accumulation Index
9.1%
10.4%
3.5%
10.1%
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
Despite the fall in the S&P/ASX 200 toward the end of the month, as global markets reacted negatively to rising interest rates
in the United States, the Australian market still managed an increase of 0.4 per cent over the month of February.
Healthcare was again the best performing sector in February, following January’s gains, with a 7.0 per cent rise over the month.
Telecommunications and the energy sectors were the worst performing, finishing down 6.0 per cent and 3.7 per cent respectively.
The company reporting season has been generally positive with many companies reaffirming or slightly upgrading full-year guidance
with fewer companies downgraded. In general, there was also a rise in dividends, with resource companies particularly strong.
For more information visit our website: afi.com.au
Page 2 of 2
Materials 18.9%
Industrials 11.2%
Other Financials 10.8%
Healthcare 10.3%
Consumer Staples 8.5%
Energy 4.9%
Telecom Services 2.9%
Information Technology 3.0%
Property Trusts 2.1%
Utilities 1.9%
Consumer Discretionary 1.9%
Cash 0.1%
Banks 23.5%
Investment by sector
at 28 February 2018
Portfolio facts
Top 25 investments valued at closing prices at 28 February 2018
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia603.58.5
2Westpac Banking Corporation478.36.7
3BHP*435.36.1
4CSL*313.04.4
5National Australia Bank*300.74.2
6Rio Tinto280.63.9
7Wesfarmers277.83.9
8Australia and New Zealand Banking Group246.63.5
9Transurban Group229.53.2
10Telstra Corporation175.72.5
11Amcor171.02.4
12Woolworths Group*146.12.1
13Brambles129.01.8
14Oil Search124.41.8
15Treasury Wine Estates*117.31.7
16Macquarie Group*112.71.6
17Woodside Petroleum106.41.5
18AMP106.31.5
19AGL Energy94.11.3
20Ramsay Health Care90.41.3
21Qube Holdings86.71.2
22James Hardie Industries*84.21.2
23Computershare83.11.2
24Seek*69.11.0
25ALS66.30.9
Total4,928.3
As percentage of total portfolio value (excludes cash)69.3%
* Indicates that options were outstanding against part of the holding.