NTA & Top 25 Investments as at 31 July 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: $7.3 billion at 31 July 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 July 2020
* The Net Tangible Asset Backing per share for both 30 June and 31 July 2020 are before the provision of the final dividend of 14 cents per share.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 July 2020$6.01$5.19
30 June 2020$5.96$5.16
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jul 10Jul 09
Jul
11
Jul
12
Jul
13
Jul
15
Jul
14
Jul
16
Jul
17
Jul
18
Jul 19Jul 20
Portfolio performance percentage per annum-periods
ending 31 July 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.
8.9%
9.0%
6.0%
-
4.5%
6.7%
-
8.8%
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
11 August 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
The Australian market continued to ride the uncertainty created by the impact of the coronavirus locally. In particular, the situation in Victoria
with its move back toward more restrictive controls, continued to elevate fears of a slower than expected economic recovery. The S&P/ASX 200
Accumulation Index was up 0.5% over the month despite the strong performance of the broader US market which was up 5.5% over the month
of July.
The Banks were down 1.3% in July reflecting concerns about the medium-term impact of a slowing economy on bad debts and earnings
(over the year to July, Banks are down 26.8%). Other sectors to produced negative returns were Energy (down 6.5%, down 34.5% for the
year), Industrials (down 3.9%, down 18.8% for the year) and Healthcare (down 3.9%, although up 15.6% for the year). In contrast, Resources
increased 4. 3% over the month after the price of iron ore traded above US$100 a tonne and as China reported it imported 101.6 million tonnes
of iron ore in June, its second-highest monthly total ever. Information Technology also continued its strong run, up 4.6% for the month and
19.1% for the year to July.
For more information visit our website: afi.com.au
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Industrials 15.7%
Materials 15.6%
Consumer Staples 4.5%
Banks 17.0%
Other Financials 8.2%
Information Technology 4.0%
Cash 2. 6%
Energy 3.0%
Healthcare 16.4%
Communication Services 4.4%
Utilities 1.0%
Consumer Discretionary 5.9%
Real Estate 1.7%
Investment by sector
at 31 July 2020
Portfolio facts
Top 25 investments valued at closing prices at 31 July 2020
Total Value
$ Million
% of
Portfolio
1CSL 582.78.2
2Commonwealth Bank of Australia562.57.9
3BHP Group*511.77.2
4Wesfarmers 343.24.8
5Transurban Group319.54.5
6Macquarie Group267.93.8
7Westpac Banking Corporation265.73.7
8Woolworths Group 219.23.1
9National Australia Bank212.93.0
10Rio Tinto*203.82.9
11Telstra Corporation* 182.62.6
12Amcor 173.82.4
13Australia and New Zealand Banking Group152.42.1
14James Hardie Industries 150.32.1
15Mainfreight 142.32.0
16Brambles130.91.8
17Sonic Healthcare130.11.8
18Coles Group 128.41.8
19Ramsay Health Care125.21.8
20Fisher & Paykel Healthcare115.21.6
21Goodman Group113.21.6
22Sydney Airport 112.11.6
23Resmed111.31.6
24Qube Holdings96.41.4
25Carsales.com92.61.3
Total5,445.9
As percentage of total portfolio value (excludes cash)76.7%
* Indicates that options were outstanding against part of the holding.