NTA & Top 25 Investments as at 31 August 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: $9.4 billion at 31 August 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 August 2021
The August 2021 figures are after the provision of the final dividend of 14 cents per share and the July 2021 figures are before the provision for the dividend.
* 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 August 2021 Ex Div$7.71$6.36
31 July 2021 Cum Div$7.61$6.31
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Aug 10
Aug
11
Aug
12
Aug
13
Aug
15
Aug
14
Aug
16
Aug
17
Aug
18
Aug 19Aug 20Aug 21
Portfolio performance percentage per annum-periods
ending 31 August 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.
13.5%
11.3%
33.5%
29.5%
5 year return
13.0%
12.4%
12.2%
11.9%
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
8 September 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 finished 2.5 per cent higher in August, marking its eleventh consecutive monthly gain. The company
reporting season generally saw earnings growth across a number of companies in the market. However, with NSW and VIC remaining
in lockdown there is uncertainty around growth moving into the remainder of the year.
Information Technology was the best performing sector, which was up 17.0 per cent following a decline in the previous month. Other sectors
to perform strongly were Consumer Staples, up 6.9 per cent, Health Care, up 6.8 per cent, and Communications Services which was up
5.2 per cent over the month.
The two sectors that provided negative returns over the month were the Materials sector, which was down 7.3 per cent, as the iron ore price
started to show signs of weakening, and Energy, down 3.9 per cent.
For more information visit our website: afi.com.au
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Banks 18.4%
Other Financials 8.6%
Energy 1.8%
Consumer Discretionary 8.4%
Industrials 14.9%
Communication Services 6.0%
Cash 0.5%
Materials 13.8%
Consumer Staples 4.8%
Real Estate 2.2%
Healthcare 15.1%
Utilities 0.7%
Information Technology 4.8%
Investment by sector
at 31 August 2021
Portfolio facts
Top 25 investments valued at closing prices at 31 August 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia790.98.4
2CSL 681.77.3
3BHP Group 611.86.5
4Wesfarmers 442.04.7
5Westpac Banking Corporation401.44.3
6Macquarie Group 367.93.9
7Transurban Group 349.73.7
8National Australia Bank 309.33.3
9Mainfreight 295.83.1
10Woolworths Group 267.92.9
11James Hardie Industries*253.42.7
12Australia and New Zealand Banking Group 236.42.5
13Rio Tinto 208.72.2
14Telstra Corporation* 208.52.2
15Sydney Airport204.12.2
16Amcor202.92.2
17ARB Corporation 181.51.9
18ResMed170.81.8
19Sonic Healthcare 160.81.7
20Goodman Group154.61.6
21Carsales.com 151.91.6
22Reece 150.41.6
23Coles Group 147.51.6
24Ramsay Health Care 131.91.4
25Xero 126.51.3
Total7,208.0
As percentage of total portfolio value (excludes cash)76.7%
* Indicates that options were outstanding against part of the holding.