NTA & Top 25 Investments as at 30 November 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: $8.0 billion at 30 November 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 November 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 November 2020$6.56$5.56
31 October 2020$6.03$5.18
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Nov 10Nov 09
Nov
11
Nov
12
Nov
13
Nov
15
Nov
14
Nov
16
Nov
17
Nov
18
Nov 19Nov 20
Portfolio performance percentage per annum-periods
ending 30 November 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.
10.0%
2.6%
10.6%
9.8%
9.7%
-1. 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
3 December 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 had one of the strongest months on record, with the S&P/ASX 200 Accumulation Index up 10.2% over
November (although remains down for the 12-month period, with a negative 2% return). This was in response to positive news about
potential vaccines for Covid-19, effective suppression of the virus in Australia and greater certainty about the outcome of the US election.
The strongest sector was Energy, up 28.5%, following on from a rebound in the oil price because of renewed expectations about a pickup
in global activity. Financials were up 16.1%, as banks rebounded over the month, and Communication Services and Industrials were up
13.6% and 12.3% respectively.
The only negative sector was Consumer Staples, down 0.7% over the period.
For more information visit our website: afi.com.au
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Materials 14.8%
Consumer Staples 4.5%
Banks 17.6%
Other Financials 8.7%
Energy 2.5%
Communication Services 4.4%
Consumer Discretionary 6.3%
Industrials 16.8%
Information Technology 4.6%
Real Estate 1.9%
Utilities 0.9%
Healthcare 15.9%
Cash 1.1%
Investment by sector
at 30 November 2020
Portfolio facts
Top 25 investments valued at closing prices at 30 November 2020
Total Value
$ Million
% of
Portfolio
1CSL 641.58.1
2Commonwealth Bank of Australia624.77.9
3BHP Group*530.36.7
4Wesfarmers 364.54.6
5Transurban Group 331.44.2
6Westpac Banking Corporation312.94.0
7Macquarie Group 300.83.8
8National Australia Bank*274.73.5
9Woolworths Group234.43.0
10Rio Tinto*202.82.6
11Mainfreight 194.52.5
12Australia and New Zealand Banking Group192.22.4
13James Hardie Industries*180.92.3
14Amcor176.62.2
15Sydney Airport*171.12.2
16Telstra Corporation167.32.1
17Brambles133.01.7
18Sonic Healthcare128.91.6
19Coles Group126.21.6
20Goodman Group124.91.6
21Ramsay Health Care120.71.5
22Fisher & Paykel Healthcare117.01.5
23Xero Limited115.31.5
24ResMed 114.51.4
25Seek108.41.4
Total5,989.5
As percentage of total portfolio value (excludes cash)75.8%
* Indicates that options were outstanding against part of the holding.