NTA & Top 25 Investments as at 31 July 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: $9.3 billion at 31 July 2021.
Management cost: 0.14 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 July 2021
The Net Tangible Asset Backing per share for both 30 June and 31 July 2021 are before the provision of the final dividend of 14 cents per share.
* 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 July 2021$7.61$6.31
30 June 2021$7.45$6.19
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Jul 10
Jul 1
1
Jul 1
2
Jul 1
3
Jul 1
5
Jul 1
4
Jul 1
6
Jul 1
7
Jul 1
8
Jul 19Jul 20Jul 21
Portfolio performance percentage per annum-periods
ending 31 July 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.
12.9%
10.9%
33.7%
29.9%
5 year return
12.0%
11.5%
11.7%
11.4%
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
9 August 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 S&P/ASX 200 Accumulation Index closed 1.1 per cent higher in July, marking its tenth consecutive monthly gain.
The Materials sector, up 7.1 per cent for the month, was partially responsible for the strength of the Index as iron ore price remained high and
demand for rare-earth providers heightened. The Industrial sector was also strong in July, up 4.3 per cent, as merger and acquisition activity
increased as a takeover bid was made for Sydney Airport.
A number of sectors provided negative returns for the month. The weakest sectors for the July were Information Technology, which fell from
the previous month’s positive return of 13.4 per cent, to be down 6.9 per cent, Energy produced a negative return of 2.5 per cent, Financials
were down 1.4 per cent and Communication Services, were down 1.4 per cent.
For more information visit our website: afi.com.au
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Banks 18.9%
Other Financials 8.8%
Energy 2.0%
Consumer Discretionary 7.8%
Utilities 0.7%
Industrials 14.3%
Communication Services 5.9%
Cash 1.6%
Materials 14.2%
Consumer Staples 4.4%
Real Estate 2.5%
Healthcare 14.3%
Information Technology 4.6%
Investment by sector
at 31 July 2021
Portfolio facts
Top 25 investments valued at closing prices at 30 July 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia787.28.6
2BHP Group 717.57.8
3CSL 631.46.9
4Wesfarmers 450.74.9
5Westpac Banking Corporation381.24.2
6Macquarie Group 346.23.8
7Transurban Group 341.33.7
8National Australia Bank 289.23.2
9Mainfreight 254.42.8
10Woolworths Group 248.72.7
11Rio Tinto 248.42.7
12Australia and New Zealand Banking Group 235.22.6
13James Hardie Industries*209.82.3
14Telstra Corporation*205.42.2
15Sydney Airport200.02.2
16Amcor182.72.0
17Reece 169.31.8
18ARB Corporation 163.61.8
19ResMed153.51.7
20Goodman Group151.31.7
21Sonic Healthcare 148.21.6
22Carsales.com 132.41.4
23Coles Group 123.61.3
24Ramsay Health Care 122.81.3
25Fisher & Paykel Healthcare Corporation 117.11.3
Total7,011.3
As percentage of total portfolio value (excludes cash)76.5%
* Indicates that options were outstanding against part of the holding.