NTA & Top 25 Investments as at 30 September 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 30 September 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 30 September 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 September 2021$7.54$6.25
31 August 2021$7.71$6.36
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Sep 10
Sep
11
Sep
12
Sep
13
Sep
15
Sep
14
Sep
16
Sep
17
Sep
18
Sep 19Sep 20Sep 21
Portfolio performance percentage per annum-periods
ending 30 September 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.
13.1%
11.1%
33.9%
32.2%
5 year return
12.4%
11.9%
12.5%
12.4%
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
8 October 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 was down 1.9 per cent in September, delivering its first monthly loss in a year, as declining iron ore prices
and investor concerns regarding the potential fallout from the Chinese property developer Evergrande weighed on the index.
Energy was the best performing sector, up 16.7 per cent, as oil prices reached three year highs. Most other sectors delivered negligible or
negative returns with Materials stocks down the most, falling 9.3 per cent on an accumulation basis, as iron ore prices kept falling from highs
at the beginning of the financial year. Other large falls were in Health Care, down 4.9 per cent over the month, Information Technology, down
3.9 per cent and Consumer Staples, down 3.6 per cent.
For more information visit our website: afi.com.au
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Banks 19.2%
Other Financials 8.9%
Energy 1.8%
Consumer Discretionary 8.0%
Communication Services 6.2%
Materials 12.6%
Consumer Staples 4.7%
Real Estate 2.2%
Healthcare 14.8%
Utilities 0.6%
Information Technology 4.6%
Industrials 15.5%
Cash 0.9%
Investment by sector
at 30 September 2021
Portfolio facts
Top 25 investments valued at closing prices at 30 September 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia824.29.0
2CSL 641.27.0
3BHP Group 523.75.7
4Wesfarmers 411.04.5
5Westpac Banking Corporation404.24.4
6Macquarie Group 401.64.4
7Transurban Group 387.14.2
8National Australia Bank 310.43.4
9Mainfreight 302.43.3
10Woolworths Group 252.52.7
11James Hardie Industries*240.42.6
12Australia and New Zealand Banking Group 238.92.6
13Telstra Corporation* 213.22.3
14Sydney Airport211.02.3
15Amcor191.22.1
16Rio Tinto 186.52.0
17ARB Corporation 171.41.9
18ResMed158.31.7
19Goodman Group155.01.7
20Carsales.com 153.41.7
21Sonic Healthcare 150.61.6
22Coles Group 148.41.6
23Reece 137.81.5
24Ramsay Health Care 133.31.5
25Fisher & Paykel Healthcare Corporation 120.01.3
Total7,067.8
As percentage of total portfolio value (excludes cash)77.0%
* Indicates that options were outstanding against part of the holding.