NTA & Top 25 Investments as at 31 October 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: $7.4 billion at 31 October 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 October 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*
31 October 2020$6.03$5.18
30 September 2020$5.90$5.09
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Oct 10Oct 09
Oct
11
Oct
12
Oct
13
Oct
15
Oct
14
Oct
16
Oct
17
Oct
18
Oct 19Oct 20
Portfolio performance percentage per annum-periods
ending 31 October 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.
-7.2%
8.1%
8.3 %
8.7%
8.5%
-2. 1%
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 November 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 equity market managed to increase marginally over the month of October with the S&P/ASX 200 Accumulation Index up 1.9%.
This contrasted with most global indices which were down over this period. The increase in the Australian market was likely in response to
hopes of further Monetary policy easing (which subsequently eventuated as the RBA further reduced the cash rate in early November) and
the reopening of Victoria, which outweighed the rapid increase in Coronavirus cases globally and fears that fresh lockdowns would disrupt
the global economic recovery.
Information Technology was again strong over the month, up 9.0%. Other sectors showing good gains through the period were Financials,
up 6.3% as banks rebounded over the month, and Consumer Staples which increased 4.8%, in part because of the takeover offer for
Coca-Cola Amatil during October.
Sectors which declined the most over the period were Industrials, down 3.9%, Utilities, down 1.5% and Materials, down 1.2%.
For more information visit our website: afi.com.au
Page 2 of 2
Materials 14.5%
Consumer Staples 5.0%
Banks 16.4%
Other Financials 8.8%
Energy 2.1%
Communication Services 4.3%
Consumer Discretionary 6.5%
Industrials 16.5%
Information Technology 4.5%
Real Estate 2.0%
Utilities 1.0%
Healthcare 16.9%
Cash 1.5%
Investment by sector
at 31 October 2020
Portfolio facts
Top 25 investments valued at closing prices at 31 October 2020
Total Value
$ Million
% of
Portfolio
1CSL 620.48.5
2Commonwealth Bank of Australia545.37.5
3BHP Group*470.76.5
4Wesfarmers 338.84.7
5Transurban Group 311.44.3
6Westpac Banking Corporation278.43.8
7Macquarie Group 275.03.8
8Woolworths Group241.93.3
9National Australia Bank224.23.1
10Rio Tinto*184.92.5
11Amcor 171.82.4
12Mainfreight165.92.3
13Australia and New Zealand Banking Group159.72.2
14James Hardie Industries158.72.2
15Telstra Corporation146.12.0
16Sonic Healthcare141.21.9
17Sydney Airport139.61.9
18Coles Group125.41.7
19Goodman Group123.01.7
20Ramsay Health Care119.41.6
21Brambles116.41.6
22Fisher & Paykel Healthcare114.31.6
23ResMed 113.11.6
24Reece Group 108.91.5
25ARB Corporation107.81.5
Total5,502.1
As percentage of total portfolio value (excludes cash)75.8%
* Indicates that options were outstanding against part of the holding.