NTA & Top 25 Investments as at 30 June 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: $9.1 billion at 30 June 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 June 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.
These figures are subject to audit.
Before Tax*After Tax*
30 June 2021$7.45$6.19
31 May 2021$7.22$6.03
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jun 10
Jun
11
Jun
12
Jun
13
Jun
15
Jun
14
Jun
16
Jun
17
Jun
18
Jun 19Jun 20Jun 21
Portfolio performance percentage per annum-periods
ending 30 June 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%
11.0%
31.9%
29.1%
5 year return
12.8%
12.6%
11.0%
10.8%
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
6 July 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 continued its climb over the year with the S&P/ASX 200 Accumulation Index up 2.3 per cent over June. This was
despite some concerns about a re-emergence of inflation in the US and secondary outbreaks of the Delta COVID variant in Australia. Over
the twelve months to 30 June the S&P/ASX 200 Accumulation Index produced a very strong return of 27.8 per cent, one of the strongest
in history.
Most sectors produced positive returns for the month of June. The strongest sectors for the month were Information Technology, which
rebounded from the previous month’s negative return, to be up 13.4 per cent, Communication Services, up 5.6 per cent and Real Estate,
up 4.8 per cent.
Banks were one of the few sectors that produced a negative return, down 1.3 per cent, for the month. This monthly performance however
needs to be set in the context of their very strong performance over the year to June, up 51.3 per cent, to be the strongest performing sector
for the year.
For more information visit our website: afi.com.au
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Banks 19.0%
Other Financials 8.9%
Energy 2.0%
Consumer Discretionary 7.8%
Utilities 0.7%
Industrials 15.7%
Communication Services 4.7%
Cash 1.1%
Materials 14.3%
Consumer Staples 4.4%
Real Estate 2.5%
Healthcare 14.4%
Information Technology 4.5%
Investment by sector
at 30 June 2021
Portfolio facts
Top 25 investments valued at closing prices at 30 June 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia789.08.8
2BHP Group 651.57.3
3CSL 623.26.9
4Wesfarmers 435.74.9
5Westpac Banking Corporation401.24.5
6Macquarie Group 345.23.8
7Transurban Group 339.63.8
8National Australia Bank 292.53.3
9Woolworths Group 244.62.7
10Australia and New Zealand Banking Group 238.92.7
11Rio Tinto 235.82.6
12Mainfreight 234.02.6
13James Hardie Industries*207.62.3
14Telstra Corporation*204.32.3
15Amcor175.52.0
16Reece 170.01.9
17ARB Corporation 151.31.7
18Sydney Airport148.31.7
19Sonic Healthcare 142.21.6
20Goodman Group141.51.6
21ResMed139.21.6
22Coles Group 120.81.3
23Seek 120.71.3
24Ramsay Health Care 120.51.3
25Carsales.com 119.61.3
Total6,792.9
As percentage of total portfolio value (excludes cash)75.7%
* Indicates that options were outstanding against part of the holding.