NTA & Top 25 Investments as at 30 November 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: $8.2 billion at 30 November 2019.
Management cost: 0.13 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.
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.
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 30 November 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*
30 November 2019$6.76$5.71
31 October 2019$6.51$5.53
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Nov 09Nov 08
Nov
10
Nov
11
Nov
12
Nov
14
Nov
13
Nov
15
Nov
16
Nov
17
Nov
18
Nov
19
Portfolio performance percentage per annum-periods
ending 30 November 2019*
10 year return
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
1 year return5 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.
9.8 %
10.1%
10.1%
27.5 %
11.6 %
28.0 %
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)
Release authorised by Matthew Rowe, Company Secretary
6 December 2019

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 increased strongly during November (up 3.3 per cent), as global indices also climbed higher
prompted by optimism at the time over a positive trade deal between the US and China. In Australia, there was also speculation about
a further cash rate cut by the RBA, although this did not eventuate.
The sectors which led the growth in the Index over the month were Information Technology (up 11.0 per cent, which is a strong rebound from
the previous months fall), Healthcare (up 8.9 per cent), Consumer Staples (up 8.3 per cent) and Communication Services (up 7.5 per cent).
In contrast, the Banks were down 3.7 per cent after AUSTRAC accused Westpac of breaching anti-money laundering laws, with the regulator
pursuing fines for Westpac because of its failure to monitor adequately or report on time. The fallout from this action impacted the share
prices of all the banks. The only other major sector to fall during the month was Utilities which was down 0.6 per cent.
For more information visit our website: afi.com.au
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Industrials 16.0%
Materials 15.5%
Consumer Staples 5.8%
Banks 18.9%
Healthcare 13.4%
Communication Services 3.8%
Consumer Discretionary 4.8%
Other Financials 10.3%
Property Trusts 0.7%
Information Technology 3.2%
Utilities 1.2%
Cash 2.2%
Energy 4.2%
Investment by sector
at 30 November 2019
Portfolio facts
Top 25 investments valued at closing prices at 30 November 2019
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank638.58.0
2CSL601.17.5
3BHP*515.46.5
4Westpac Banking Corporation*391.94.9
5Transurban Group351.34.4
6Macquarie Group299.53.8
7Wesfarmers292.23.7
8National Australia Bank*281.63.5
9Australia and New Zealand Banking Group228.22.9
10Woolworths Group225.32.8
11Amcor191.02.4
12Rio Tinto188.52.4
13Sydney Airport177.82.2
14James Hardie Industries175.62.2
15Telstra Corporation*169.82.1
16Woodside Petroleum*153.41.9
17Brambles152.31.9
18Oil Search*136.21.7
19Ramsay Health Care129.91.6
20Mainfreight127.81.6
21Sonic Healthcare122.11.5
22Qube Holdings117.51.5
23Coles Group*115.21.4
24Seek102.51.3
25Treasury Wine Estates101.91.3
Total5,986.6
As percentage of total portfolio value (excludes cash)75.0%
* Indicates that options were outstanding against part of the holding.