NTA & Top 25 Investments as at 30 June 2020

Page 1 of 2
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: $7.2 billion at 30 June 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 June 2020
* These figures are subject to audit. 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 June 2020$5.96$5.16
31 May 2020$5.77$5.02
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jun 10Jun 09
Jun 1
1
Jun 1
2
Jun 1
3
Jun 1
5
Jun 1
4
Jun 1
6
Jun 1
7
Jun 1
8
Jun 19Jun 20
Portfolio performance percentage per annum-periods
ending 30 June 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%
9.4%
6.7%
-3.1%
7.5%
-6.6%
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
3 July 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
It was another volatile month for Australian equities as fears of an emerging second wave of coronavirus cases coupled with increasing global
central bank stimulus created uncertain markets. The S&P/ASX 200 Accumulation Index was up 2.6% over the month. However, over the
financial year this Index was down 7.7%, producing its worst performance in a fiscal year since the GFC.
A number of sectors were up strongly over the month, with the strongest being Information Technology (up 6%, up 19.4% for the financial year),
Consumer Discretionary (up 5.4%, up 2.9% for the financial year), Consumer Staples (up 5.1%, up 12.7% for the financial year), Financials
(up 4.4%, but down 21.4% for the financial year) and Healthcare (up 3.5%, up 27.4% for the financial year). Those sectors which produced
negative returns for the month were Energy (down 2.0%, down 28.7% for the year) and Industrials (down 1.3%, down 12.6% for the year).
For more information visit our website: afi.com.au
Page 2 of 2
Industrials 15.9%
Materials 15.8%
Consumer Staples 4.6%
Banks 17.2%
Other Financials 8.3%
Information Technology 4.0%
Cash 1.5%
Energy 3.0%
Healthcare 16.6%
Communication Services 4.4%
Utilities 1.0%
Consumer Discretionary 6.0%
Real Estate 1.7%
Investment by sector
at 30 June 2020
Portfolio facts
Top 25 investments valued at closing prices at 30 June 2020
Total Value
$ Million
% of
Portfolio
1CSL 608.58.5
2Commonwealth Bank of Australia548.47.7
3BHP Group*498.87.0
4Wesfarmers 330.54.6
5Transurban Group326.94.6
6Westpac Banking Corporation286.94.0
7Macquarie Group 257.33.6
8National Australia Bank 235.33.3
9Woolworths Group 211.33.0
10Rio Tinto*195.82.7
11Amcor174.62.5
12Australia and New Zealand Banking Group 171.32.4
13Telstra Corporation*170.62.4
14James Hardie Industries 142.82.0
15Ramsay Health Care 134.41.9
16Brambles131.91.9
17Sonic Healthcare123.41.7
18Sydney Airport 121.61.7
19Coles Group121.31.7
20Mainfreight120.41.7
21Fisher & Paykel Healthcare 114.41.6
22Resmed 108.41.5
23Qube Holdings102.71.4
24Goodman Group99.31.4
25Woodside Petroleum96.61.4
Total5,433.4
As percentage of total portfolio value (excludes cash)76.3%
* Indicates that options were outstanding against part of the holding.

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Page 1 of 2
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: $7.2 billion at 30 June 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 June 2020
* These figures are subject to audit. 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 June 2020$5.96$5.16
31 May 2020$5.77$5.02
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jun 10Jun 09
Jun 1
1
Jun 1
2
Jun 1
3
Jun 1
5
Jun 1
4
Jun 1
6
Jun 1
7
Jun 1
8
Jun 19Jun 20
Portfolio performance percentage per annum-periods
ending 30 June 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%
9.4%
6.7%
-3.1%
7.5%
-6.6%
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
3 July 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
It was another volatile month for Australian equities as fears of an emerging second wave of coronavirus cases coupled with increasing global
central bank stimulus created uncertain markets. The S&P/ASX 200 Accumulation Index was up 2.6% over the month. However, over the
financial year this Index was down 7.7%, producing its worst performance in a fiscal year since the GFC.
A number of sectors were up strongly over the month, with the strongest being Information Technology (up 6%, up 19.4% for the financial year),
Consumer Discretionary (up 5.4%, up 2.9% for the financial year), Consumer Staples (up 5.1%, up 12.7% for the financial year), Financials
(up 4.4%, but down 21.4% for the financial year) and Healthcare (up 3.5%, up 27.4% for the financial year). Those sectors which produced
negative returns for the month were Energy (down 2.0%, down 28.7% for the year) and Industrials (down 1.3%, down 12.6% for the year).
For more information visit our website: afi.com.au
Page 2 of 2
Industrials 15.9%
Materials 15.8%
Consumer Staples 4.6%
Banks 17.2%
Other Financials 8.3%
Information Technology 4.0%
Cash 1.5%
Energy 3.0%
Healthcare 16.6%
Communication Services 4.4%
Utilities 1.0%
Consumer Discretionary 6.0%
Real Estate 1.7%
Investment by sector
at 30 June 2020
Portfolio facts
Top 25 investments valued at closing prices at 30 June 2020
Total Value
$ Million
% of
Portfolio
1CSL 608.58.5
2Commonwealth Bank of Australia548.47.7
3BHP Group*498.87.0
4Wesfarmers 330.54.6
5Transurban Group326.94.6
6Westpac Banking Corporation286.94.0
7Macquarie Group 257.33.6
8National Australia Bank 235.33.3
9Woolworths Group 211.33.0
10Rio Tinto*195.82.7
11Amcor174.62.5
12Australia and New Zealand Banking Group 171.32.4
13Telstra Corporation*170.62.4
14James Hardie Industries 142.82.0
15Ramsay Health Care 134.41.9
16Brambles131.91.9
17Sonic Healthcare123.41.7
18Sydney Airport 121.61.7
19Coles Group121.31.7
20Mainfreight120.41.7
21Fisher & Paykel Healthcare 114.41.6
22Resmed 108.41.5
23Qube Holdings102.71.4
24Goodman Group99.31.4
25Woodside Petroleum96.61.4
Total5,433.4
As percentage of total portfolio value (excludes cash)76.3%
* Indicates that options were outstanding against part of the holding.