NTA & Top 25 Investments as at 30 September 2022

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7 October 2022
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 30 September 2022
Before Tax* After Tax*
30 September 2022
$6.42 $5.53
31 August 2022
$6.90 $5.85
* 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.

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: $8.0 billion at 30 September 2022.
Management cost: 0.16 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.



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.


Portfolio performance percentage per annum-periods
ending 30 September 2022*


Net asset per share
growth
plus dividends, including
franking

S&P, ASX 200 Accumulation
Index, including franking
* 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.

Share price premium/discount to NTA

Release authorised by Andrew Porter, Company Secretary
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)
-10.6%
4.8%
8.2%
9.4%
-6.2%
4.0%
8.2%
10.0%
1 year return3 year return5 year return10 year return
-10%
-5%
0%
5%
10%
15%
20%
Key facts Key benefits

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The S&P/ASX 200 Accumulation Index was down substantially in September as interest rates continued to rise. The Index fell 6.2% over
the month, giving up nearly all the gains that it had enjoyed in the first 2 months of the financial year.
All sectors were down, with relative strength in Materials, down 2.3%, and Energy, down 3.8%. Within the Material Sector best performance
came from mid-cap resources associated with battery materials stocks (e.g., lithium). In the Energy Sector, coal stocks performed the
strongest.
Sectors which were substantially down through the period were Utilities, negative 13.8%, Information Technology, negative 10.6%,
Industrials, negative 9.8% and Consumer Dictionary, down 9.1%.
For more information visit our website: afi.com.au



Top 25 investments valued at closing prices at 30 September 2022

Total Value
$ Million
% of
Portfolio
1
Commonwealth Bank of Australia 716.59.1%
2
CSL 675.98.6%
3
BHP Group 611.07.8%
4
Transurban Group 355.34.5%
5
Macquarie Group 342.14.3%
6
National Australia Bank* 321.34.1%
7
Westpac Banking Corporation 320.84.1%
8
Wesfarmers 314.94.0%
9
Woolworths Group 249.73.2%
10
Mainfreight 193.82.5%
11
Australia and New Zealand Banking Group 193.52.5%
12
Telstra Corporation 187.42.4%
13
Woodside Energy Group* 184.12.3%
14
Rio Tinto 173.92.2%
15
Amcor 173.32.2%
16
James Hardie Industries 161.82.1%
17
Resmed Inc 160.72.0%
18
Goodman Group 152.41.9%
19
Coles Group 148.21.9%
20
Carsales.com* 125.31.6%
21
ASX 102.81.3%
22
Sonic Healthcare 101.51.3%
23
ARB Corporation 101.11.3%
24
Reece 101.01.3%
25
Santos 91.61.2%
Total
6,259.8
As percentage of total portfolio value (excludes cash) 79.5%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 30 September 2022


Banks 19.4%

Health Care 15.1%

Materials 14.0%

Industrials 12.0%

Other financials 9.1%

Consumer Discretionary 7.5%

Communication Services 5.7%

Consumer Staples 5.0%

Information Technology 3.9%

Energy 3.5%

Real Estate 3.1%

Cash 1.5%


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
Portfolio facts