NTA & Top 25 Investments as at 30 November 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 November 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 November 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 November 2021$7.55$6.28
31 October 2021$7.51$6.24
Share price premium/discount to NTA
15%
-10%
-5%
0%
5%
10%
Nov 10
Nov
11
Nov
12
Nov
13
Nov
15
Nov
14
Nov
16
Nov
17
Nov
18
Nov 19Nov 20Nov 21
Portfolio performance percentage per annum-periods
ending 30 November 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.
16.4%
14.0%
20.6%
17.0%
5 year return
12.4%
11.6%
12.1%
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
3 December 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 0.5 per cent lower in November, with global inflation concerns initially pushing the market
lower, as the US consumer price index rose faster than expected and with the emergence of the Omicron covid variant toward the end
of the month.
In this environment, Consumer Staples was one of the best performing sectors, up 4.5 per cent. Other sectors to perform strongly were
Materials, up 6.3 per cent, on the back of a rise in commodity prices linked to the decarbonisation theme, Communication Services,
up 5.2 per cent and Real Estate, up 4.3 per cent.
In contrast, the Energy sector fell 8.3 per cent, as the oil price fell during the period with the release of strategic oil reserves in the US and
concern about the potential impact of the Omicron covid variant on economic growth. The Banking sector was also down 9.3 per cent,
driven largely by the fall in Westpac, which was down 20.1 per cent for the month.
For more information visit our website: afi.com.au
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Banks 17.1%
Other Financials 9.4%
Energy 1.6%
Consumer Discretionary 8.6%
Communication Services 6.3%
Materials 13.0%
Real Estate 2.7%
Healthcare 15.1%
Information Technology 4.9%
Industrials 15.3%
Cash 1.0%
Consumer Staples 5.0%
Investment by sector
at 30 November 2021
Portfolio facts
Top 25 investments valued at closing prices at 30 November 2021
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia736.18.0
2CSL 670.47.3
3BHP Group 548.36.0
4Macquarie Group 434.14.7
5Wesfarmers 419.24.6
6Transurban Group 393.34.3
7Westpac Banking Corporation319.03.5
8National Australia Bank 304.53.3
9Mainfreight 285.23.1
10James Hardie Industries*265.82.9
11Woolworths Group 261.92.9
12Australia and New Zealand Banking Group 226.62.5
13Telstra Corporation* 220.72.4
14Sydney Airport212.52.3
15Goodman Group193.42.1
16Amcor188.22.1
17ARB Corporation 177.01.9
18Rio Tinto 174.11.9
19Reece 168.71.8
20Sonic Healthcare 158.21.7
21Coles Group 157.41.7
22Resmed Inc154.21.7
23Carsales.com 152.61.7
24ASX 129.51.4
25Ramsay Health Care 128.01.4
Total7,078.7
As percentage of total portfolio value (excludes cash)77.2%
* Indicates that options were outstanding against part of the holding.