NTA & Top 25 Investments as at 30 April 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: $8.6 billion at 30 April 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 30 April 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*
30 April 2021$7.06$5.91
31 March 2021$6.80$5.72
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Apr 10
Apr
11
Apr
12
Apr
13
Apr
15
Apr
14
Apr
16
Apr
17
Apr
18
Apr 19Apr 20Apr 21
Portfolio performance percentage per annum-periods
ending 30 April 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.
12.0%
10.9%
34.7%
32.0%
5 year return
11.4%
11.8%
10.0%
9.9%
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
7 May 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 grew steadily over the month of April as the US Fed and RBA reiterated their message that rates would remain
low, despite the apparent economic recovery from the pandemic and employment figures improving.
The S&P/ASX 200 Accumulation Index was up 3.5% over the month of April. A number of sectors enjoyed positive returns over the month,
with Information Technology, recovery from the previous months fall of 3.0%, to be up 9.7% in April. Resources also rebounded over April,
up 5.4% (down 4.1% in the previous month). Other sectors to do well were Industrials, up 4.3% and Financials, up 3.1%.
The largest falls for April were in Energy, down 4.9% and Consumer Staples, down 2.5%.
For more information visit our website: afi.com.au
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Banks 18.9%
Other Financials 8.9%
Energy 2.1%
Consumer Discretionary 7.3%
Information Technology 4.3%
Real Estate 1.9%
Consumer Staples 4.3%
Utilities 0.8%
Industrials 15.8%
Healthcare 14.4%
Communication Services 4.3%
Cash 2.3%
Materials 14.7%
Investment by sector
at 30 April 2021
Portfolio facts
Top 25 investments valued at closing prices at 30 April 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia703.48.3
2BHP Group 639.87.6
3CSL 592.67.0
4Wesfarmers 398.94.7
5Westpac Banking Corporation388.34.6
6Macquarie Group 354.14.2
7Transurban Group 338.24.0
8National Australia Bank 297.43.5
9Woolworths Group 252.13.0
10Australia and New Zealand Banking Group 243.92.9
11Rio Tinto 225.62.7
12Mainfreight219.82.6
13James Hardie Industries 196.92.3
14Telstra Corporation184.82.2
15Amcor175.72.1
16Sydney Airport158.51.9
17Reece 150.51.8
18ARB Corporation 137.11.6
19Sonic Healthcare 132.91.6
20Fisher & Paykel Healthcare Corporation131.61.6
21Ramsay Health Care128.91.5
22Goodman Group126.41.5
23Xero 123.21.5
24Seek 119.71.4
25Coles Group115.31.4
Total6,535.8
As percentage of total portfolio value (excludes cash)77.5%