NTA & Top 25 Investments as at 31 May 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: $8.8 billion at 31 May 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 May 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 May 2021$7.22$6.03
30 April 2021$7.06$5.91
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
May 10
May
11
May
12
May
13
May
15
May
14
May
16
May
17
May
18
May 19May 20May 21
Portfolio performance percentage per annum-periods
ending 31 May 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.
12.5%
11.4%
32.1%
29.6%
5 year return
11.4%
11.6%
10.5%
10.4%
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 June 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 posted moderate gains over the month of May with the S&P/ASX 200 Accumulation Index up 2.3 per cent
over the period. As anticipated the RBA maintained interest rates at record lows, with the balance between economic recovery and inflation
concerns being key themes for the equity market over May.

The banks continued their recent strong performance with the sector up 7.3 per cent over the month. The Consumer Discretionary and
Health Sectors provided the next strongest returns, both up 3.5 per cent over the period. The largest falls for May were in Information
Technology, down 9.9 per cent, as investors cycled out of highly priced growth stocks into other sectors. Utilities were down 6.6 per cent
over this period.

As first signalled at the AGM in October 2020, a small part of our funds, $45 million (which represents approximately 0.52 per cent of the
portfolio) has been invested into a diversified global equities portfolio during May. This consists of what we have assessed as high-quality
companies with strong competitive advantage, good growth potential and across a broad range of industries.
For more information visit our website: afi.com.au
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Banks 19.8%
Other Financials 8.7%
Energy 1.9%
Consumer Discretionary 7.5%
Information Technology 4.4%
Utilities 0.7%
Industrials 15.8%
Healthcare 14.4%
Communication Services 4.6%
Cash 1.3%
Materials 14.5%
Consumer Staples 4.4%
Real Estate 2.0%
Investment by sector
at 31 May 2021
Portfolio facts
Top 25 investments valued at closing prices at 31 May 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia787.89.1
2BHP Group 641.87.4
3CSL 634.27.3
4Westpac Banking Corporation410.74.7
5Wesfarmers 408.34.7
6Macquarie Group 335.23.9
7Transurban Group 331.33.8
8National Australia Bank 300.63.5
9Woolworths Group 267.03.1
10Australia and New Zealand Banking Group 243.72.8
11Mainfreight 233.22.7
12Rio Tinto 230.42.7
13James Hardie Industries197.32.3
14Telstra Corporation 191.92.2
15Amcor178.32.1
16Reece 152.11.8
17Sydney Airport150.31.7
18ARB Corporation 149.01.7
19Goodman Group129.91.5
20Sonic Healthcare 128.91.5
21Ramsay Health Care 121.61.4
22Seek 118.11.4
23Coles Group 117.11.3
24Carsales.com 116.81.3
25Xero 115.51.3
Total6,691.0
As percentage of total portfolio value (excludes cash)77.1%