NTA & Top 25 Investments as at 30 April 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: $9.2 billion at 30 April 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 30 April 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.
Before Tax*After Tax*
30 April 2022$7.39$6.19
31 March 2022$7.43$6.21
Share price premium/discount to NTA
15%
20%
-10%
-5%
0%
5%
10%
Mar
11
Mar
12
Mar
13
Mar
15
Mar
14
Mar
16
Mar
17
Mar
18
Mar 19Mar 20Mar 21Mar 22
Portfolio performance percentage per annum-periods
ending 30 April 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.
11.7%
10.8%
9.6%
11.7%
5 year return
10.3%10.3%
11.0%
11.5%
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
6 May 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 was relatively flat over the month of April, recording a slight decline of 0.9%. Corporate activity
continued to be a feature of the market with a bid for Ramsay Health Care, the restructuring of AMP and a takeover bid for Pendal Group.
There were marked differences in sector performance. Utilities was the strongest sector for the month, up 9.3%, partly reflecting the strong
performance in the AGL share price over the period. More notable increases across other sectors were in Industrials, up 3.5%, Consumer
Staples, up 3.3%, Energy, up 2.5%, and Healthcare, up 2.4%.
The Materials sector declined 4.3% over April as commodity prices eased from their highs, partly because of ongoing COVID lockdowns
in China. Information Technology was the weakest performer for the month, down 10.4%, as rising bond yields continued to dampen their
previously very high valuations.
For more information visit our website: afi.com.au
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Banks 19.5%
Other Financials 9.7%
Energy 2.1%
Consumer Discretionary 7.7%
Communication Services 5.5%
Materials 14.3%
Real Estate 3.2%
Healthcare 14.3%
Information Technology 4.4%
Cash 1.8%
Consumer Staples 5.0%
Industrials 12.5%
Investment by sector
at 30 April 2022
Portfolio facts
Top 25 investments valued at closing prices at 29 April 2022
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia820.79.1
2BHP Group 668.67.4
3CSL 648.17.2
4Macquarie Group 456.75.1
5Transurban Group 412.94.6
6Westpac Banking Corporation 371.14.1
7Wesfarmers364.34.0
8National Australia Bank 364.04.0
9Woolworths Group 276.33.1
10Mainfreight 242.62.7
11Australia and New Zealand Banking Group 231.72.6
12Rio Tinto 210.12.3
13James Hardie Industries203.42.3
14Telstra Corporation196.72.2
15Amcor196.02.2
16Goodman Group193.42.1
17Coles Group 168.71.9
18Ramsay Health Care 155.31.7
19Carsales.com 138.31.5
20Sonic Healthcare 136.11.5
21ResMed133.21.5
22ARB Corporation132.81.5
23Reece 126.11.4
24ASX 124.11.4
25Woodside Petroleum 102.81.1
Total7,073.9
As percentage of total portfolio value (excludes cash)78.6%