NTA & Top 25 Investments as at 31 January 2021

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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: $8.1 billion at 31 January 2021.
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 January 2021
Both the January 2021 and December 2020 figures are before the provision of the interim dividend of 10 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 January 2021 Cum Div$6.68$5.63
31 December 2020 Cum Div$6.64$5.61
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jan 10
Jan
11
Jan
12
Jan
13
Jan
15
Jan
14
Jan
16
Jan
17
Jan
18
Jan 19Jan 20Jan 21
Portfolio performance percentage per annum-periods
ending 31 January 2021*
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.
11.2%
1.3%
11.5%
9.5%
9.4%
-2.2%
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
5 February 2021

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 a volatile month in January although it eventually finished up 0.3 per cent over this period. Volatility was
in response to the political setting in the United States with the focus eventually turning to further fiscal stimulus in the United States from
the Biden administration, fluctuations in the oil price, the ongoing situation with the COVID-19 pandemic in key markets and improved
signs for the Australian economy.
The strongest sectors were Consumer Discretionary, up 4.7 per cent and Banks up 4.1 per cent, arising from positive expectations
of dividend growth and lower-than-expected bad debts in the housing market.
Sectors delivering higher losses through January were Real Estate, down 4.4 per cent, Industrials, down 3.0 per cent and Health Care which
declined 1.9 per cent over the period.
For more information visit our website: afi.com.au
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Banks 18.1%
Other Financials 8.4%
Energy 2.5%
Communication Services 4.3%
Consumer Discretionary 7.0%
Industrials 16.5%
Information Technology 4.5%
Real Estate 1.9%
Utilities 0.8%
Healthcare 14.8%
Cash 1.4%
Materials 15.0%
Consumer Staples 4.8%
Investment by sector
at 31 January 2021
Portfolio facts
Top 25 investments valued at closing prices at 29 January 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia659.78.3
2BHP Group* 606.17.6
3CSL 593.87.4
4Wesfarmers 402.65.0
5Westpac Banking Corporation328.54.1
6Transurban Group 313.03.9
7Macquarie Group 285.13.6
8National Australia Bank*282.43.5
9Woolworths Group259.03.2
10Rio Tinto 214.62.7
11Mainfreight 207.22.6
12Australia and New Zealand Banking Group201.22.5
13Telstra Corporation 170.12.1
14James Hardie Industries 168.92.1
15Amcor 166.82.1
16Sydney Airport 146.51.8
17Coles Group 128.71.6
18Brambles 128.31.6
19Sonic Healthcare 127.31.6
20Reece127.31.6
21ARB Corporation 123.11.5
22Ramsay Health Care120.61.5
23Goodman Group 118.21.5
24Seek 116.71.5
25Xero Limited 113.11.4
Total6,108.6
As percentage of total portfolio value (excludes cash)76.4%
* Indicates that options were outstanding against part of the holding.