NTA & Top 25 Investments as at 31 January 2022

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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: $8.8 billion at 31 January 2022.
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 January 2022
* 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.
Both the January 2022 and December 2021 figures are before the provision of the interim dividend of 10 cents per share.
Before Tax*After Tax*
31 January 2022$7.16$6.02
31 December 2021$7.76$6.43
Share price premium/discount to NTA
15%
20%
-10%
-5%
0%
5%
10%
Jan 1
1
Jan 1
2
Jan 1
3
Jan 1
5
Jan 1
4
Jan 1
6
Jan 1
7
Jan 1
8
Jan 19Jan 20Jan 21Jan 22
Portfolio performance percentage per annum-periods
ending 31 January 2022*
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%
11.1%
12.5%
10.9%
5 year return
10.6%
10.0%
11.1%
11.1%
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 February 2022

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 fell 6.4 per cent in January, the fourth worst start to the year since 1960. The global equity sell off was
driven by rising real yields as the US Federal Reserve signalled an earlier start to quantitative tightening. The implication being rising yields
are negative for equity valuations.
Technology was the worst performing sector declining 18.4 per cent. Healthcare (down 12.1 per cent), Gold (down 11.8 per cent), Staples
(down 9.6 per cent) and Real Estate (down 9.5 per cent) all suffered sharp falls while the Banking sector declined 5.7 per cent.
Energy (up 7.9 per cent) was the best performing sector driven by double digit gains in oil and gas prices. Rising commodity prices also led
to a gain in the Resources sector (up 3.0 per cent).
For more information visit our website: afi.com.au
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Banks 17.9%
Other Financials 9.4%
Energy 2.0%
Consumer Discretionary 8.4%
Communication Services 6.1%
Materials 14.8%
Real Estate 2.7%
Healthcare 14.2%
Information Technology 4.6%
Cash 1.7%
Consumer Staples 4.7%
Industrials 13.5%
Investment by sector
at 31 January 2022
Portfolio facts
Top 25 investments valued at closing prices at 31 January 2022
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia740.58.5
2BHP Group 645.57.4
3CSL 607.77.0
4Macquarie Group 405.24.7
5Wesfarmers 388.64.5
6Transurban Group 358.44.1
7Westpac Banking Corporation315.63.6
8National Australia Bank 302.63.5
9Mainfreight 254.32.9
10Woolworths Group 237.12.7
11James Hardie Industries*230.22.7
12Australia and New Zealand Banking Group 225.22.6
13Telstra Corporation* 213.22.5
14Rio Tinto 207.72.4
15Amcor195.12.2
16Goodman Group181.72.1
17Reece 156.61.8
18ARB Corporation 152.91.8
19Coles Group 146.21.7
20ResMed145.81.7
21Carsales.com 142.61.6
22
Sonic Healthcare 140.41.6
23Ramsay Health Care 120.21.4
24ASX 119.11.4
25Fisher & Paykel Healthcare Corporation 103.11.2
Total6,735.6
As percentage of total portfolio value (excludes cash)77.6%
* Indicates that options were outstanding against part of the holding.