NTA & Top 25 Investments as at 31 December 2019

8 January 2020


The Manager
ASX Market Announcements
Australian Securities Exchange
Exchange Centre
Level 4
20 Bridge Street
Sydney NSW 2000

Electronic Lodgement


Australian Foundation Investment Company Limited
Monthly Net Tangible Asset Backing Per Share and Top 25 Investments

Dear Sir / Madam


Before Tax * After Tax *
31 December 2019 $6.63 $5.63
30 November 2019 $6.76 $5.71

*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.

These figures are subject to external review by the auditors.

Attached is a list of the Company’s Top 25 Investments as at 31 December 2019.

Yours faithfully

Matthew Rowe
Company Secretary

Release authorised by Company Secretary.

AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED
Total Value
$ million
1 CBA Commonwealth Bank of Australia631.2 8.0%
2 CSL CSL 584.7 7.5%
3 * BHP BHP Group 524.7 6.7%
4 * WBC Westpac Banking Corporation387.3 4.9%
5 TCL Transurban Group 341.2 4.3%
6 MQG Macquarie Group 299.1 3.8%
7 WES Wesfarmers 285.6 3.6%
8 * NAB National Australia Bank 267.9 3.4%
9 ANZ Australia and New Zealand Banking Group 226.3 2.9%
10 WOW Woolworths Group 204.9 2.6%
11 RIO Rio Tinto 195.3 2.5%
12 AMC Amcor 195.0 2.5%
13 JHX James Hardie Industries169.0 2.2%
14 SYD Sydney Airport167.7 2.1%
15 * TLS Telstra Corporation 156.0 2.0%
16 * WPL Woodside Petroleum 153.0 1.9%
17 BXB Brambles 142.3 1.8%
18 MFT Mainfreight 133.3 1.7%
19 * OSH Oil Search 132.9 1.7%
20 RHC Ramsay Health Care 129.1 1.6%
21 SHL Sonic Healthcare 116.6 1.5%
22 QUB Qube Holdings 115.0 1.5%
23 * COL Coles Group 105.6 1.3%
24 SEK Seek 99.7 1.3%
25 TWE Treasury Wine Estates 88.5 1.1%
5,851.9
As % of Total Portfolio Value 74.6%
(excludes Cash)
* Indicates that options were outstanding against part of the holding
TOP 25 INVESTMENTS AS AT 31/12/19
Valued at closing prices at 31 December 2019