NTA & Top 25 Investments as at 31 July 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: $7.5 billion at 31 July 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 July 2018
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
July 08
July
10
July
12
July
14
July
16
July
18
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 July 2018
* The net tangible asset backing for both 30 June and 31 July 2018 are before the provision for the final dividend of 14 cents per share. 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 July 2018$6.34$5.40
30 June 2018$6.27$5.34
Net asset per share growth plus dividends
Share price growth plus dividends
5.6%
8.0%
3 year return
7.4%
6.1%
5 year return
7.0%
6.6%
7.0%
10 year return
S&P/ASX 200
Accumulation Index
12.4%
3.9%
14.6%
1 year return
7.8%
9.2%
Past performance is not indicative of future performance. Portfolio performance is after
expenses and tax paid whereas the Index does not have expenses or tax.

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 was up 1.4 per cent over the month, with a very strong performance from telecommunication
services (+7.9 per cent) as the share price of TPG Telecom and Telstra rebounded from recent low points.
Other good performing sectors for the month were, industrials (+3.5 per cent), consumer discretionary (+2.1 per cent) and financials
(+2.1 per cent) as banks showed some strength during July. The worst performers were utilities (-1.4 per cent), information technology
(-1.2 per cent) and consumer staples (-0.5 per cent).
For more information visit our website: afi.com.au
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Materials 18.6%
Industrials 12.6%
Other Financials 10.3%
Healthcare 9. 8%
Consumer Staples 8.7%
Energy 5.4%
Information Technology 3. 5%
Banks 21.5%
Telecom Services 2.0%
Utilities 1.6%
Property Trusts 1.7%
Cash 2.3%
Consumer Discretionary 2.0%
Investment by sector
at 31 July 2018
Portfolio facts
Top 25 investments valued at closing prices at 31 July 2018
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia590.88.0
2BHP491.26.7
3Westpac Banking Corporation458.06.2
4CSL*380.25.2
5Wesfarmers332.54.5
6Rio Tinto280.73.8
7National Australia Bank264.73.6
8Australia and New Zealand Banking Group248.73.4
9Transurban Group231.93.2
10Macquarie Group211.52.9
11Amcor188.82.6
12Woolworths Group*172.22.3
13Oil Search148.02.0
14Woodside Petroleum131.81.8
15Brambles119.91.6
16Telstra Corporation114.11.6
17Sydney Airport*109.41.5
18Treasury Wine Estates100.41.4
19James Hardie Industries100.01.4
20Qube Holdings90.61.2
21Sonic Healthcare87.21.2
22Computershare84.81.2
23AGL Energy81.41.1
24Ramsay Health Care79.61.1
25Seek*76.41.0
Total5,174.6
As percentage of total portfolio value (excludes cash)70.4%
* Indicates that options were outstanding against part of the holding.