Updated – NTA & Top 25 Investments as at 28 February 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: $8.0 billion at 28 February 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 28 February 2021
The February 2021 figures are after the payment of the interim dividend of 10 cents per share and the January 2021 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*
28 February 2021 Ex Div$6.60$5.56
31 January 2021 Cum Div$6.68$5.63
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Feb 10
Feb
11
Feb
12
Feb
13
Feb
15
Feb
14
Feb
16
Feb
17
Feb
18
Feb 19Feb 20Feb 21
Portfolio performance percentage per annum-periods
ending 28 February 2021*
10 year return
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
1 year return3 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.
9.4%
8.8%
9.7%
7.4%
5 year return
11.7%
12.2%
9.3%
9.3%
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
9 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 strong start to the month of February as the company reporting season provided a positive outlook
for corporate profits amid strong household spending, ongoing strength in the mining sector and optimism around vaccines. As a result
of strong gains in the US market and the extension to the Reserve Bank of Australia’s bond-buying program, shares were pushed sharply
to an 11-month high for the index during the month. The major banks led these gains also supported by the major miners, driven by a rally
in iron ore and base metals. However, toward the end of the month, the market had the largest decline since September as rising bond
yields prompted a heavy fall, particularly in stocks that had previously had very large increases such as those in the technology sector.
Overall, the S&P/ASX 200 Accumulation Index was up 1.5 per cent over the month of February. The Resources sector was up 7.5 per cent
and the Banks were up 5.6 per cent. The largest falls were in Information Technology, down 8.9 per cent and Utilities which were down
8.0 per cent over the month.
For more information visit our website: afi.com.au
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Banks 18.9%
Other Financials 8.8%
Energy 2.5%
Communication Services 4.2%
Consumer Discretionary 7.0%
Industrials 16.1%
Information Technology 4.2%
Real Estate 1.8%
Healthcare 14.5%
Cash 0.3%
Consumer Staples 4.5%
Materials 16.4%
Utilities 0.8%
Investment by sector
at 28 February 2021
Portfolio facts
Top 25 investments valued at closing prices at 26 February 2021
Total Value
$ Million
% of
Portfolio
1BHP Group* 682.48.5
2Commonwealth Bank of Australia644.38.1
3CSL 573.87.2
4Westpac Banking Corporation370.34.6
5Wesfarmers 363.04.5
6Macquarie Group 314.43.9
7Transurban Group 302.63.8
8National Australia Bank 274.93.4
9Woolworths Group 249.73.1
10Rio Tinto 247.53.1
11Australia and New Zealand Banking Group 222.12.8
12Mainfreight 201.92.5
13Telstra Corporation 167.92.1
14James Hardie Industries167.62.1
15Amcor165.22.1
16Sydney Airport150.11.9
17Reece 128.81.6
18Ramsay Health Care 126.41.6
19Sonic Healthcare 117.51.5
20ARB Corporation 117.41.5
21Goodman Group110.71.4
22Qube Holdings 108.41.4
23Coles Group 108.31.4
24Fisher & Paykel Healthcare Corporation 106.11.3
25Xero 103.11.3
Total6,124.3
As percentage of total portfolio value (excludes cash)76.7%
* Indicates that options were outstanding against part of the holding.