NTA & Top 25 Investments as at 30 September 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: $7.4 billion at 30 September 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 30 September 2018
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Aug 08
Aug
10
Aug
12
Aug
14
Aug
16
Sep
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 30 September 2018
* 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 September 2018$6.20$5.30
31 August 2018$6.29$5.34
Net asset per share growth plus dividends
Share price growth plus dividends
7.5%
6.9%
7.8%
10 year return
S&P/ASX 200
Accumulation Index
12.5%
14.0%
1 year return
11.8%
6.5%
5.7%
5 year return
8.2%
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 down 1.3 per cent over the month with banks (down 1.9 per cent) still being impacted by the fallout
from the bank enquiry. Other sectors to record significant falls during the month were Consumer Discretionary which was down 4.2 per cent,
Utilities down 3.3 per cent and Healthcare which was down 7.7 per cent, reversing some of its previous strength. Over the year the Healthcare
sector is up 40.4 per cent.
In contrast to these falls, Resources were up 5.4 per cent, Energy was up 4.3 per cent and Telecommunications Services increased 2.7 per cent.
For more information visit our website: afi.com.au
Page 2 of 2
Materials 18.4%
Industrials 13.6%
Consumer Staples 8.8%
Energy 5.6%
Information Technology 3.9%
Banks 21.2%
Healthcare 10.1%
Telecom Services 2.5%
Utilities 1.3%
Property Trusts 1.3%
Cash 1.0%
Consumer Discretionary 1.7%
Other Financials 10.6%
Investment by sector
at 30 September 2018
Portfolio facts
Top 25 investments valued at closing prices at 28 September 2018
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia564.17.7
2BHP487.96.7
3Westpac Banking Corporation434.15.9
4CSL380.75.2
5Wesfarmers335.14.6
6Rio Tinto262.93.6
7Transurban Group*261.23.6
8National Australia Bank259.83.5
9Australia and New Zealand Banking Group239.13.3
10Macquarie Group224.73.1
11Woolworths Group*181.92.5
12Amcor171.32.3
13Oil Search148.82.0
14Woodside Petroleum*142.92.0
15Brambles132.31.8
16Telstra Corporation128.11.7
17Sydney Airport*115.11.6
18James Hardie Industries97.41.3
19Qube Holdings95.41.3
20Treasury Wine Estates95.31.3
21Computershare92.91.3
22Sonic Healthcare*83.11.1
23Mainfreight82.71.1
24Ramsay Health Care77.71.1
25Seek*76.41.0
Total5,172.1
As percentage of total portfolio value (excludes cash)70.6%
* Indicates that options were outstanding against part of the holding.