NTA & Top 25 Investments as at 31 March 2019

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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 March 2019.
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%
Mar 09Mar 08
Mar 1
0
Mar 1
1
Mar 1
2
Mar 1
4
Mar 1
3
Mar 1
5
Mar 1
6
Mar 1
7
Mar 1
8
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9
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 March 2019
* 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 March 2019$6.03$5.19
28 February 2019$5.99$5.15
Portfolio performance percentage per annum-periods
ending 31 March 2019*
10 year return
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
11.6%
12.0%
1 year return
7.2%
11.4%
9.0%
13.9%
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.

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 market consolidated in March, the S&P/ASX 200 Accumulation Index adding 0.73% to finish the quarter up 10.89%.

Defensive orientated stocks and sectors performed strongly in March, likely benefitting from strength in bond markets (yields falling).
In this setting, the REIT sector (up 6.2%), telecommunications (up 4.0%) and consumer staples (+3.9%) were positive contributors to
the share market.

Energy stocks were largely weaker in March with the energy sector (down 4.1%) despite a rising US$ oil price. The financial sector
(down 2.7%) was the only other sector to record a negative return, reversing some of February’s gains.
For more information visit our website: afi.com.au
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Materials 18.1%
Industrials 14.9%
Consumer Staples 5.0%
Energy 4.4%
Banks 21.0%
Healthcare 10.1%
Communication Services 3.5%
Consumer Discretionary 4.2%
Other Financials 10.1%
Cash 3.7%
Property Trusts 0.8%
Information Technology 3.1%
Utilities 1.1%
Investment by sector
at 31 March 2019
Portfolio facts
Top 25 investments valued at closing prices at 31 March 2019
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia*567.58.2
2BHP*518.87.5
3Westpac Banking Corporation402.95.8
4CSL374.35.4
5Transurban Group* 295.54.3
6National Australia Bank*291.04.2
7Wesfarmers 232.93.4
8Macquarie Group 230.73.3
9Australia and New Zealand Banking Group 220.93.2
10Amcor 192.82.8
11Rio Tinto 190.52.7
12Woolworths Group 172.32.5
13Woodside Petroleum* 145.42.1
14Brambles 142.82.1
15Telstra Corporation 133.41.9
16Sydney Airport*132.81.9
17Oil Search 129.41.9
18James Hardie Industries110.01.6
19Mainfreight 102.91.5
20Qube Holdings 97.91.4
21Ramsay Health Care 91.11.3
22Sonic Healthcare* 90.31.3
23Treasury Wine Estates 81.41.2
24Coles Group 79.71.1
25Computershare 79.61.1
Total5,106.8
As percentage of total portfolio value (excludes cash)73.5%
* Indicates that options were outstanding against part of the holding.