NTA & Top 25 Investments as at 30 April 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: $6.7 billion at 30 April 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 30 April 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*
30 April 2020$5.54$4.85
31 March 2020$5.18$4.60
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Apr 10Apr 09
Apr 11Apr 12
Apr 13Apr 15Apr 14Apr 16Apr 17Apr 18
Apr 19Apr 20
Portfolio performance percentage per annum-periods
ending 30 April 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.
7.4%
7.5%
4.0%
-5.6%
5.0%
-7.8%
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 May 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 were strong in the month of April, following the significant decline in March, after early signs revealed that the growth in
coronavirus cases was reaching its peak at home and overseas. The S&P/ASX 200 Accumulation Index gained 8.8 per cent over the month.
The strength in the Index occurred despite warnings that the Australian economy was likely to suffer a deep recession in the coming months.
Many sectors rebounded strongly over the period, with the strongest being Energy (up 24.9 per cent, although down 31.7 per cent for the
year), Information Technology (up 22.5 per cent), Consumer Discretionary (up 15.9 per cent) and Materials (up 14.2 per cent). In contrast,
Healthcare was up only 4.4 per cent for the month, but has been the stand out performer over the 12 months to 30 April delivering a positive
return of 39.9 per cent. The bank sector, which has come under extreme pressure, delivered very low returns for the month (positive 0.7 per cent,)
with this sector down 26.3 per cent over the year.
For more information visit our website: afi.com.au
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Industrials 16.2%
Materials 15.4%
Consumer Staples 5.2%
Banks 16.8%
Other Financials 7.9%
Information Technology 3.8%
Cash 1.4%
Energy 3.2%
Healthcare 17.5%
Communication Services 4.1%
Utilities 1.4%
Consumer Discretionary 5.5%
Real Estate 1.6%
Investment by sector
at 30 April 2020
Portfolio facts
Top 25 investments valued at closing prices at 30 April 2020
Total Value
$ Million
% of
Portfolio
1CSL 656.19.9
2Commonwealth Bank of Australia495.37.5
3BHP Group*445.96.7
4Transurban Group 319.34.8
5Wesfarmers 277.94.2
6Westpac Banking Corporation260.23.9
7Macquarie Group 222.73.4
8National Australia Bank 219.13.3
9Woolworths Group 202.63.1
10Rio Tinto 170.32.6
11Amcor169.72.6
12Australia and New Zealand Banking Group 155.32.3
13Telstra Corporation*151.22.3
14Sydney Airport135.12.0
15Brambles 134.52.0
16Ramsay Health Care 126.51.9
17James Hardie Industries116.31.8
18Mainfreight 112.41.7
19Sonic Healthcare 110.21.7
20Coles Group 109.61.7
21Woodside Petroleum 100.11.5
22Resmed 92.11.4
23Fisher & Paykel Healthcare 88.21.3
24Goodman Group87.91.3
25ASX 86.01.3
Total5,044.3
As percentage of total portfolio value (excludes cash)76.2%
* Indicates that options were outstanding against part of the holding.