NTA & Top 25 Investments as at 31 August 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: $7.4 billion at 31 August 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 August 2020
The August 2020 figures are after the provision of the final dividend of 14 cents per share and the July 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*
31 August 2020 Ex Div$6.05$5.18
31 July 2020 Cum Div$6.01$5.19
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Aug 10Aug 09
Aug
11
Aug
12
Aug
13
Aug
15
Aug
14
Aug
16
Aug
17
Aug
18
Aug 19Aug 20
Portfolio performance percentage per annum-periods
ending 31 August 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.
0.7%
-4.1%
8.4%
9.0%
9.4%
9.4%
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 September 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 share market was up strongly in August with the S&P/ASX200 Accumulation Index up 2.8 per cent (although down 5.1 per cent
for the 12 months to August 2020) as the Company reporting season delivered some better than expected results.
Sectors which enjoyed the strongest growth over this period were Information Technology, up 15.5 per cent, Consumer Discretionary
up 8.7 per cent, Industrials up 4.6 per cent and Healthcare up 4.0 per cent.
Communication Services and Utilities were the weakest sectors, down 3.8 per cent and 4.8 per cent respectively.
For more information visit our website: afi.com.au
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Materials 15.6%
Consumer Staples 4.8%
Banks 16.1%
Other Financials 8.6%
Cash 0.7%
Energy 2.5%
Healthcare 16.6%
Communication Services 4.4%
Consumer Discretionary 6.5%
Industrials 16.8%
Information Technology 4.5%
Real Estate 2.0%
Utilities 0.9%
Investment by sector
at 31 August 2020
Portfolio facts
Top 25 investments valued at closing prices at 31 August 2020
Total Value
$ Million
% of
Portfolio
1CSL617.08.4
2Commonwealth Bank of Australia539.47.4
3BHP Group*527.87.2
4Wesfarmers350.34.8
5Transurban Group311.44.3
6Macquarie Group277.03.8
7Westpac Banking Corporation272.73.7
8Woolworths Group225.93.1
9National Australia Bank216.13.0
10Rio Tinto*195.92.7
11Amcor182.72.5
12Telstra Corporation*157.52.2
13Australia and New Zealand Banking Group155.22.1
14Sydney Airport146.52.0
15James Hardie Industries146.12.0
16Mainfreight143.32.0
17Brambles134.61.8
18Ramsay Health Care131.41.8
19Sonic Healthcare129.91.8
20Coles Group125.31.7
21Goodman Group122.41.7
22Fisher & Paykel Healthcare116.91.6
23Carsales.com104.61.4
24Reece Australia97.01.3
25Qube Holdings96.71.3
Total5,523.9
As percentage of total portfolio value (excludes cash)75.6%
* Indicates that options were outstanding against part of the holding.