NTA & Top 25 Investments as at 30 June 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: $8.2 billion at 30 June 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 June 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
o
n any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses. These figures are subject to audit.
Before Tax*After Tax*
30 June 2022$6.63$5.68
31 May 2022$7.14$6.04
Share price premium/discount to NTA
15%
20%
-10%
-5%
0%
5%
10%
Jun 11Jun 12Jun 13Jun 15Jun 14Jun 16Jun 17Jun 18
Jun 19Jun 20Jun 21Jun 22
Portfolio performance percentage per annum-periods
ending 30 June 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.
6.0%
4.6%
-6.8%
-5.1%
5 year return
8.4%
8.3%
10.5%
10.9%
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
6 July 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 continued its recent downward trend over the month of June. Key issues such as inflation, associated
rising interest rates, negative consumer sentiment and geopolitical concerns continued to drive markets down. As a result, the S&P/ASX 200
Accumulation Index was down 8.8 per cent for the month and finished down 6.5 per cent over the year to 30 June 2022, despite the very
strong fi
rst half of the financial year.
Rising interest rates have continued to impact companies with previous high valuations. In particular, the Information Technology sector
declined 11.0 per cent over the month, which has meant a decline in this sector of 38.2 per cent over the fi
nancial year. Consumer
Discretionary fell 7.3 per cent for the month as sentiment in this sector weakened. Materials fell 12.4 per cent over June as some of the gloss
came off the future facing mineral sector, which had previously enjoyed a very strong run, as the outlook for global growth weakened. The other
sector to fall markedly over the month was Financials, down 11.9 per cent as bank share prices came under pressure because of concerns
about rising bad debts in a slowing economy.
The Energy Sector was only down 0.3 per cent over the month. This sector is up 30.1 per cent over the financial year in response to rising
oil and gas prices. The only sector to record a positive return for June was Consumer Staples, up 0.2 per cent.
For more information visit our website: afi.com.au
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Banks 18.4%
Other Financials 9.1%
Consumer Discretionary 7.1%
Communication Services 5.8%
Materials 14.3%
Real Estate 3.0%
Information Technology 4.6%
Cash 1.8%
Consumer Staples 5.2%
Industrials 12.7%
Healthcare 14.7%
Energy 3.3%
Investment by sector
at 30 June 2022
Portfolio facts
Top 25 investments valued at closing prices at 30 June 2022
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia714.08.8
2CSL 638.17.9
3BHP 574.47.1
4Transurban Group 414.05.1
5Macquarie Group 363.04.5
6Wesfarmers 309.03.8
7National Australia Bank 305.53.8
8Westpac Banking Corporation303.13.7
9Woolworths Group 255.43.2
10 Amcor209.32.6
11 Mainfreight 206.52.6
12 Rio Tinto 191.22.4
13 Telstra Corporation 187.42.3
14 Australia and New Zealand Banking Group 187.02.3
15 Woodside Energy Group* 184.92.3
16 James Hardie Industries166.62.1
17 Coles Group 160.72.0
18 Goodman Group157.61.9
19 Carsales.com 147.61.8
20 ResMed145.81.8
21 ASX 117.01.4
22 Ramsay Health Care 115.91.4
23 Sonic Healthcare 109.61.4
24 Computershare 99.61.2
25 Brambles 99.41.2
Total6,362.7
As percentage of total portfolio value (excludes cash)78.7%
* Indicates that options were outstanding against part of the holding.