NTA & Top 25 Investments as at 31 March 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: $6.3 billion at 31 March 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 31 March 2020
* 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 2020$5.18$4.60
29 February 2020$6.35$5.41
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Mar 10Mar 09
Mar 1
1
Mar 1
2
Mar 1
3
Mar 1
5
Mar 1
4
Mar 1
6
Mar 1
7
Mar 1
8
Mar 19Mar 20
Portfolio performance percentage per annum-periods
ending 31 March 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.
6.5%
6.5%
2.3%
-9.5%
2.9%
-13.2%
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
7 April 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
Australian equities slumped in the month of March, falling to an 8 year low and capping off the worst month since 1987, as the rapid spread
of the coronavirus and falling oil prices impacted financial markets all around the world.
The S&P/ASX200 Accumulation Index fell 20.7% over the period, while also experiencing some of the most volatile sessions in history.
In one session, the Index was down the most since October 2008, falling over 7% as a price war for crude threatened an already frail global
economy hit by escalating coronavirus worries. This was despite the deployment of stimulus measures across the globe to offset some
of the economic impacts of measures to limit this extreme health crisis.
All sectors declined in the Australian market, with some of the hardest hit being Energy (down 37.5%), Real Estate (down 35.6%), and
Financials (down 27.6%). In contrast, sectors which performed relatively better were Consumer Staples, which includes supermarkets
(down 3.6%), Healthcare (down 5.4%) and Utilities (down 6.2%).
For more information visit our website: afi.com.au
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Industrials 15.6%
Materials 15.0%
Consumer Staples 5.9%
Banks 17.6%
Consumer Discretionary 5.2%
Other Financials 7.8%
Real Estate 1.6%
Information Technology 3.4%
Cash 1.8%
Energy 2.5%
Healthcare 18.1%
Communication Services 4.1%
Utilities 1.4%
Investment by sector
at 31 March 2020
Portfolio facts
Top 25 investments valued at closing prices at 31 March 2020
Total Value
$ Million
% of
Portfolio
1CSL 629.110.2
2Commonwealth Bank 488.47.9
3BHP Group* 399.56.5
4Transurban Group 278.64.5
5Westpac Banking Corp 263.84.3
6Wesfarmers 252.64.1
7National Australia Bank 201.13.2
8Woolworths 198.93.2
9Macquarie Group 186.03.0
10Rio Tinto 164.52.7
11Amcor 160.22.6
12Austalia & New Zealand Banking Group 155.82.5
13Telstra Corporation* 152.02.5
14Brambles 128.22.1
15Sydney Airport 125.32.0
16Mainfreight 109.41.8
17Coles Group 107.11.7
18Fisher & Paykel Healthcare 106.61.7
19James Hardie Industries 103.81.7
20Ramsay Health Care 102.01.6
21Sonic Healthcare 98.61.6
22Resmed 97.21.6
23ASX Limited 81.31.3
24Woodside Petroleum 81.21.3
25Goodman Group 80.91.3
Total4,751.8
As percentage of total portfolio value (excludes cash)76.8%
* Indicates that options were outstanding against part of the holding.