NTA & Top 25 Investments as at 30 November 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: $6.8 billion at 30 November 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.
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Nov 08
Nov
10
Nov
12
Nov
14
Nov
16
Nov
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 November 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 November 2018$5.70$4.97
31 October 2018$5.82$5.03
Portfolio performance percentage per annum-periods
ending 30 November 2018*
10 year return
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
10.5%
10.6%
1 year return
5.8%
7.4%
5 year return
* Assumes an investor can take full advantage of the franking credits. AFIC’s portfolio return
is also calculated after management fees, income tax and capital gains tax on realised
sales of investments. It should be noted that Index returns for the market do not include
management expenses or tax.
Past performance is not indicative of future performance.
-0. 1%
0.5%

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
After last month’s sharp correction, the S&P/ASX 200 Accumulation Index managed to gain some momentum into the middle of November, only
for those gains to be reversed into the back end of the month. As a result, the S&P/ASX 200 Accumulation Index was down 2.2% in November
following on from the 6.1% decline in October.
Subsequent to October’s underperformance, most sectors in November also finished down for the period. Energy was the worst performer
(down 10.3%) as Brent oil slumped almost 10% in just a couple of days, falling through the $60 level for the first time in almost a year on
concerns of oversupply. Other major falls were in the Materials sector (down 4.8%), Consumer Discretionary (down 5.1%), Health Care (down
4.0%) and Communication Services (down 3.2%). Better performing sectors were Industrials losing only 1.1% for the month and the Banks which
were actually up over the period by 2.5% following heavy falls in October.
For more information visit our website: afi.com.au
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Materials 16.9%
Industrials 14.6%
Consumer Staples 8.7%
Energy 4.9%
Information Technology 3.9%
Banks 21.6%
Healthcare 10.1%
Telecom Services 2.4%
Utilities 1.3%
Property Trusts 1.3%
Cash 2.0%
Consumer Discretionary 1.7%
Other Financials 10.7%
Investment by sector
at 30 November 2018
Portfolio facts
Top 25 investments valued at closing prices at 30 November 2018
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia562.78.5
2BHP*432.56.5
3Westpac Banking Corporation403.76.1
4CSL 340.65.1
5Transurban Group*265.04.0
6National Australia Bank 230.23.5
7Australia and New Zealand Banking Group 227.53.4
8Wesfarmers 212.43.2
9Macquarie Group 204.03.1
10Woolworths Group*187.62.8
11Amcor 168.22.5
12Rio Tinto**142.62.1
13Woodside Petroleum*125.31.9
14Brambles124.71.9
15Sydney Airport*121.71.8
16Oil Search120.51.8
17Telstra Corporation117.71.8
18James Hardie Industries96.21.4
19Qube Holdings93.31.4
20Mainfreight85.21.3
21Computershare84.61.3
22Ramsay Health Care*81.71.2
23Coles Group78.71.2
24Sonic Healthcare*78.61.2
25Treasury Wine Estates77.11.2
Total4,662.1
As percentage of total portfolio value (excludes cash)70.1%
* Indicates that options were outstanding against part of the holding.
** AFIC participated in the recent off market share buy back by Rio Tinto. As a result there
was a significant reduction in the Rio Tinto holding when compared to the holding at
31 October 2018.