NTA & Top 25 Investments as at 31 May 2019

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: $7.5 billion at 31 May 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%
May 09May 08
May 1
0
May 1
1
May 1
2
May 1
4
May 1
3
May 1
5
May 1
6
May 1
7
May 1
8
May 1
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 May 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 May 2019$6.28$5.37
30 April 2019$6.19$5.30
Portfolio performance percentage per annum-periods
ending 31 May 2019*
10 year return
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
11.4%
11.7%
1 year return
7.5%
11.3%
9.4%
12.9%
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 S&P/ASX 200 Accumulation Index was strong again through the month of May, with the Index up 1.7%. Whilst the market was relatively
subdued at the beginning of the month, the unexpected outcome of the Federal election and the prospect of further interest rate cuts at the
time saw the market rise.
The banking sector was very strong and was up 5.3% over the month. The Real Estate Trust sector was up 2.5% as potential interest rate cuts
made the relative yield on this sector more attractive to investors. Communication Services outperformed strongly in the month of May, with this
sector up 7.3% as Telstra and Vocus Group (under a taker over offer at the time) displayed strong share price performance.
The sectors which were weaker over the month were Consumer Staples, down 4.2%, Information Technology, down 4.0% (although this sector
is up 25.7% for the year to May) and Energy, down 3.8% for the period.
For more information visit our website: afi.com.au
Page 2 of 2
Materials 17.6%
Industrials 14.8%
Consumer Staples 5.2%
Banks 21.6%
Healthcare 10.1%
Communication Services 3.5%
Consumer Discretionary 4.3%
Other Financials 9.8%
Property Trusts 0.7%
Information Technology 3.3%
Utilities 1.1%
Cash 3.4%
Energy 4.5%
Investment by sector
at 31 May 2019
Portfolio facts
Top 25 investments valued at closing prices at 31 May 2019
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia620.28.5
2BHP*509.17.0
3Westpac Banking Corporation426.65.9
4CSL 415.65.7
5National Australia Bank*318.64.4
6Transurban Group*311.44.3
7Wesfarmers 249.13.4
8Australia and New Zealand Banking Group 236.63.3
9Macquarie Group 228.93.2
10Amcor 206.42.8
11Rio Tinto 195.12.7
12Woolworths 177.82.4
13Woodside Petroleum*153.82.1
14Brambles 147.02.0
15Telstra Corporation 146.62.0
16Sydney Airport*132.71.8
17Oil Search*126.91.7
18Mainfreight 115.91.6
19James Hardie Industries111.21.5
20Ramsay Health Care 110.71.5
21Qube Holdings 98.61.4
22Sonic Healthcare*95.71.3
23Seek 89.21.2
24Coles Group 83.71.2
25Treasury Wine Estates 82.01.1
Total5,389.4
As percentage of total portfolio value (excludes cash)74.2%
* Indicates that options were outstanding against part of the holding.