NTA & Top 25 Investments as at 31 October 2021

Page 1 of 2
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 October 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 October 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 October 2021$7.51$6.24
30 September 2021$7.54$6.25
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Oct 10
Oct
11
Oct
12
Oct
13
Oct
15
Oct
14
Oct
16
Oct
17
Oct
18
Oct 19Oct 20Oct 21
Portfolio performance percentage per annum-periods
ending 31 October 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.
15.4%
13.4%
30.6%
29.5%
5 year return
13.0%
12.4%
11.6%11.6%
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
4 November 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
Whilst there were periods of volatility during October, the S&P/ASX 200 Accumulation closed relatively flat over month, down 0.1%.
The Information Technology sector was the only sector to provide any meaningful gains over the month. It recorded an increase of 2.1%.
Industrials fell 3.2%, whilst the Energy sector fell 2.7%, despite oil prices showing strength during the period. Other major falls were in
Consumer Staples, down 2.3% and Communication Services, down 1.1%.
For more information visit our website: afi.com.au
Page 2 of 2
Banks 19.2%
Other Financials 9.4%
Energy 1.7%
Consumer Discretionary 8.5%
Communication Services 6.1%
Materials 12.3%
Consumer Staples 4.7%
Real Estate 2.3%
Healthcare 14.9%
Utilities 0.3%
Information Technology 4.8%
Industrials 14.9%
Cash 0.9%
Investment by sector
at 31 October 2021
Portfolio facts
Top 25 investments valued at closing prices at 29 October 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia827.09.0
2CSL 656.77.2
3BHP Group 509.45.5
4Macquarie Group 436.54.8
5Wesfarmers 422.04.6
6Westpac Banking Corporation399.04.3
7Transurban Group 377.34.1
8National Australia Bank 320.33.5
9Mainfreight 279.93.0
10James Hardie Industries*247.02.7
11Woolworths Group 244.32.7
12Australia and New Zealand Banking Group 238.82.6
13Sydney Airport209.72.3
14Telstra Corporation*207.62.3
15Amcor185.52.0
16ARB Corporation 170.21.9
17Rio Tinto 168.11.8
18Goodman Group167.01.8
19Resmed Inc158.01.7
20Coles Group 149.71.6
21CarsalesCom 149.31.6
22Sonic Healthcare 148.31.6
23Reece 143.21.6
24Ramsay Health Care 134.91.5
25Xero 124.51.4
Total7,074.2
As percentage of total portfolio value (excludes cash)77.1%
* Indicates that options were outstanding against part of the holding.