NTA & Top 25 Investments as at 31 March 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: $8.3 billion at 31 March 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 March 2021
* 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 March 2021$6.80$5.72
28 February 2021$6.60$5.56
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Mar 10
Mar
11
Mar
12
Mar
13
Mar
15
Mar
14
Mar
16
Mar
17
Mar
18
Mar 19Mar 20Mar 21
Portfolio performance percentage per annum-periods
ending 31 March 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.
11.8%
11.1%
38.6%
38.7%
5 year return
11.4%
11.7%
9.6%
9.5%
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 April 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 was volatile over the month of March as US Treasuries rose during the period. The continued pressure in equity
markets due to rising bond yields continued to dictate the mood of markets, with the technology sector in particular suffering.
Despite this, the S&P/ASX 200 Accumulation Index was up 2.4 per cent over the month of March. A number of sectors enjoyed positive
returns over the month, with Consumer Discretionary the strongest, up 7.0 per cent, followed by Utilities, up 6.8 per cent and Communication
Services, up 6.2 per cent. Real Estate increased 5.8 per cent and the Banks continued their recent strong run, up 5.2 per cent for the month.
The largest falls were in Information Technology, down 3.0 per cent and Resources which were down 4.1 per cent over the month.
The other interesting feature of the returns were that they were cycling off the COVID-19 low point in March 2020. As a result, the one-year
return for the S&P/ASX 200 Accumulation Index was 37.5 per cent (before franking), with several sectors producing positive returns well
above this – for example Information Technology (85.4 per cent) and Consumer Dictionary (70.9 per cent).

For more information visit our website: afi.com.au
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Banks 19.2%
Other Financials 8.8%
Energy 2.3%
Consumer Discretionary 7.2%
Information Technology 4.1%
Real Estate 1.9%
Consumer Staples 4.5%
Utilities 0.8%
Industrials 15.6%
Healthcare 14.5%
Communication Services 4.3%
Cash 2.0%
Materials 14.8%
Investment by sector
at 31 March 2021
Portfolio facts
Top 25 investments valued at closing prices at 31 March 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia680.28.4
2BHP Group 607.67.5
3CSL 578.37.1
4Wesfarmers 388.34.8
5Westpac Banking Corporation379.54.7
6Macquarie Group 337.24.2
7Transurban Group 317.93.9
8National Australia Bank 290.03.6
9Woolworths Group 262.23.2
10Australia and New Zealand Banking Group 239.22.9
11Mainfreight 208.52.6
12Rio Tinto 206.22.5
13Telstra Corporation 185.32.3
14James Hardie Industries182.92.3
15Amcor178.52.2
16Sydney Airport158.52.0
17Reece 131.41.6
18Sonic Healthcare 130.01.6
19Ramsay Health Care 128.31.6
20Goodman Group121.11.5
21ARB Corporation 120.71.5
22Fisher & Paykel Healthcare Corporation 115.01.4
23Coles Group 113.21.4
24Seek 110.21.4
25Xero 110.11.4
Total6,280.4
As percentage of total portfolio value (excludes cash)77.3%