NTA & Top 25 Investments as at 31 May 2022

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: $8.8 billion at 31 May 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 May 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*
31 May 2022$7.14$6.04
30 April 2022$7.39$6.19
Share price premium/discount to NTA
15%
20%
-10%
-5%
0%
5%
10%
May 1
1
May 1
2
May 1
3
May 1
5
May 1
4
May 1
6
May 1
7
May 1
8
May 19May 20May 21May 22
Portfolio performance percentage per annum-periods
ending 31 May 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.
9.9%
9.1%
3.5%
6.3%
5 year return
10.1%
10.3%
11.4%
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
8 June 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 down 2.6 per cent over the month of May, as key issues such as inflation, associated rising
interest rates and geopolitical concerns continued to drive negative investment sentiment. During the month the RBA lifted the official cash
rate +25bps to 0.35 per cent on the back of rising inflation.
Rising interest rates have continued to impact companies with previous high valuations. In particular, the Information Technology sector
declined 8.7 per cent over the month which has meant a decline in this sector of 29.4 per cent over the 12 months to 31 May 2022. Other
sectors to fall markedly over the month were Real Estate, down 8.9 per cent, Consumer Staples, down 6.6 per cent, Communication
Services, down 6.5 per cent and Consumer Discretionary, down 5.2 per cent.
Sectors which have produced strong returns over the year to 31 May 2022 had a pause in performance over May. The Energy Sector, which
is up 30.9 per cent over the 12 months declined 0.7 per cent over the month. Similarly, the Utilities Sector which is up 24.5 per cent over the
12-month period, declined 0.2 per cent in May.
For more information visit our website: afi.com.au
Page 2 of 2
Banks 20.1%
Other Financials 9.3%
Energy 2.2%
Consumer Discretionary 7.4%
Communication Services 5.5%
Materials 14.3%
Real Estate 3.2%
Information Technology 4.4%
Cash 1.7%
Consumer Staples 4.8%
Industrials 12.6%
Healthcare 14.5%
Investment by sector
at 31 May 2022
Portfolio facts
Top 25 investments valued at closing prices at 31 May 2022
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia824.49.6
2CSL 644.67.5
3BHP Group 621.27.2
4Transurban Group 413.74.8
5Macquarie Group 410.44.8
6Westpac Banking Corporation371.14.3
7National Australia Bank 348.74.0
8Wesfarmers 347.94.0
9Woolworths Group 248.62.9
10Mainfreight 225.32.6
11Rio Tinto 213.12.5
12Amcor212.62.5
13Australia and New Zealand Banking Group 212.52.5
14Telstra Corporation 188.92.2
15Goodman Group181.62.1
16James Hardie Industries176.72.1
17Coles Group 158.21.8
18ResMed138.61.6
19Sonic Healthcare 135.81.6
20Carsales.com 132.61.5
21Ramsay Health Care 123.71.4
22ASX 115.71.3
23Reece 115.41.3
24ARB Corporation 111.21.3
25Brambles 101.01.2
Total6,773.6
As percentage of total portfolio value (excludes cash)78.7%