NTA & Top 25 Investments as at 29 February 2020

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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: $7.7 billion at 29 February 2020.
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 29 February 2020
The February 2020 figures are after the payment of the interim dividend of 10 cents per share and the January 2020 figures are before the provision for the dividend.
* 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*
29 February 2020 Ex Div$6.35$5.41
31 January 2020 Cum Div$6.96$5.86
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Feb 10Feb 09
Feb
11
Feb
12
Feb
13
Feb
15
Feb
14
Feb
16
Feb
17
Feb
18
Feb 19Feb 20
Portfolio performance percentage per annum-periods
ending 29 February 2020*
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.
9.3%
9.6%
6.5%
11.8%
7.8%
10.1%
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
5 March 2020

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
Despite a steady start to the month, the S&P/ASX200 was significantly impacted by the spread of the coronavirus that hit other
major global benchmarks. The S&P/ASX 200 Accumulation Index was down 7.7 per cent in February. This downward fall negated
all the year to date gains made by the Index. In particular, the final week of the month was the worst week since the GFC and the
second worst week ever.
All sectors produced negative returns through the month of February, with Information Technology (down 17.3 per cent), Energy
(down 17.2 per cent) and Materials (down 11.7 per cent) the hardest hit. In contrast, the sectors which performed the best through
the period were Health Care (down 3.7 per cent, but up 47.6 per cent over the year to February) and Utilities which was only down
3.6 per cent, as investors looked for certainty of income.
For more information visit our website: afi.com.au
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Industrials 16.1%
Materials 14.5%
Consumer Staples 5.2%
Banks 20.2%
Consumer Discretionary 5.0%
Other Financials 8.8%
Real Estate 2.5%
Information Technology 3.2%
Cash 0.7%
Energy 3.6%
Healthcare 15.2%
Communication Services 3.8%
Utilities 1.2%
Investment by sector
at 29 February 2020
Portfolio facts
Top 25 investments valued at closing prices at 28 February 2020
Total Value
$ Million
% of
Portfolio
1CSL 656.18.6
2Commonwealth Bank of Australia646.18.5
3BHP* 453.05.9
4Westpac Banking Corporation* 377.94.9
5Transurban Group 339.94.4
6National Australia Bank* 302.04.0
7Macquarie Group 292.53.8
8Wesfarmers 285.33.7
9Australia and New Zealand Banking Group228.13.0
10Woolworths Group 219.92.9
11Amcor 180.62.4
12Rio Tinto 169.82.2
13Sydney Airport 169.52.2
14James Hardie Industries 162.32.1
15Telstra Corporation* 155.82.0
16Brambles 145.21.9
17Woodside Petroleum 124.51.6
18Ramsay Health Care 121.11.6
19Mainfreight 117.91.5
20Sonic Healthcare 116.81.5
21Oil Search 105.31.4
22Qube Holdings 102.11.3
23Coles Group 98.71.3
24Resmed 96.21.3
25Seek 94.11.2
Total5,760.5
As percentage of total portfolio value (excludes cash)75.4%
* Indicates that options were outstanding against part of the holding.