NTA & Top 25 Investments as at 30 September 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: $7.2 billion at 30 September 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 September 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 September 2020$5.90$5.09
31 August 2020$6.05$5.18
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Sep 10Sep 09
Sep
11
Sep
12
Sep
13
Sep
15
Sep
14
Sep
16
Sep
17
Sep
18
Sep 19Sep 20
Portfolio performance percentage per annum-periods
ending 30 September 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%
8.5%
8.8%
8.6%
8.5%
-3.9%
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 October 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 declined in September, following on from five-months of gains, as investors became concerned about a more extreme
second wave of coronavirus cases globally, as well as the outlook for global growth. The S&P/ASX 200 Accumulation Index fell 3.7 per cent
in September, following on from the end of company reporting season in Australia and as global indices fell. September was the worst month
for performance since March 2020.
All but one sector was down, with the largest falls in Energy, down 11.1 per cent, Information Technology, down 6.8 per cent, (although this
sector is up 28.6 per cent over the year to September), Consumer Staples, down 6.6 per cent and Financials, down 6.1 per cent (and down
28.5 per cent over the year to September).
Sectors less impacted through September were Healthcare, up 0.9 per cent and Industrials, down only 0.3 per cent.
For more information visit our website: afi.com.au
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Materials 15.4%
Consumer Staples 4.9%
Banks 15.6%
Other Financials 8.5%
Energy 2.2%
Communication Services 4.4%
Consumer Discretionary 6.4%
Industrials 16.9%
Information Technology 4.5%
Real Estate 2.1%
Utilities 1.0%
Healthcare 16.9%
Cash 1.2%
Investment by sector
at 30 September 2020
Portfolio facts
Top 25 investments valued at closing prices at 30 September 2020
Total Value
$ Million
% of
Portfolio
1CSL 619.18.7
2Commonwealth Bank of Australia502.57.1
3BHP Group*495.97.0
4Wesfarmers 327.54.6
5Transurban Group 326.54.6
6Westpac Banking Corporation261.83.7
7Macquarie Group 259.43.7
8Woolworths Group230.93.3
9National Australia Bank214.03.0
10Rio Tinto*188.62.7
11Amcor 177.82.5
12James Hardie Industries157.02.2
13Telstra Corporation 151.52.1
14Sydney Airport 150.12.1
15Australia and New Zealand Banking Group146.22.1
16Mainfreight 138.72.0
17Sonic Healthcare 134.41.9
18Brambles 127.31.8
19Ramsay Health Care126.51.8
20Coles Group 120.11.7
21Goodman Group 119.91.7
22Fisher & Paykel Healthcare106.51.5
23Carsales.com 104.01.5
24Reece Group 103.01.5
25ARB Corporation96.91.4
Total5,386.2
As percentage of total portfolio value (excludes cash)75.9%
* Indicates that options were outstanding against part of the holding.