Half Year Review to 31 December 2022

23 February 2023



The Manager
ASX Market Announcements
Australian Securities Exchange
Exchange Centre
Level 4
20 Bridge Street
Sydney NSW 2000


Electronic Lodgement


Australian Foundation Investment Company Limited
Half Year Review to 31 December 2022


Dear Sir / Madam

Please find attached the Half Year Review to 31 December 2022 that is being sent to
shareholders.


Yours faithfully

Matthew Rowe
Company Secretary


Release authorised by Matthew Rowe, Company Secretary

Half-Year Review
to 31 December
2022

1 Half-Year in Summary
2 About the Company
6 Review of Operations
and Activities
14 Top 25 Investments
15 Income Statement
16 Balance Sheet
17 Summarised Statement
of Changes in Equity
18 Holdings of Securities
21 Holdings of International
Securities
23 Major Transactions in the
Investment Portfolio
24 Company Particulars
25 Shareholder Information
Contents
AUSTRALIAN FOUNDATION
INVESTMENT COMPANY
IS A LISTED INVESTMENT
COMPANY INVESTING
IN AUSTRALIAN AND
NEW ZEALAND EQUITIES.
Australian Foundation Investment Company Limited ABN 56 004 147 120

Half-Year in Summary
* Assumes a shareholder can take full advantage of the franking credits.
Profit for
the Half-Year
$163.7m
Up 12.2%
from 2021
Total Six-Month
Portfolio
Return
7.1%
Including franking*
S&P/ASX 200
Index including
franking*10.8%
Management
Expense Ratio
(Annualised)
0.13%
0.15%
last year
Total Six-Month
Shareholder
Return
1.1%
Share price
plus dividend
Fully Franked
Interim Dividend
Per Share
11
¢
10 cents
per share
in 2021
2022
Total Portfolio
(Including Cash)
at 31 December
2022
$8.5b
$9.6 billion
in 2021
1Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

About the Company
Australian Foundation Investment Company (AFIC)
is a listed investment company investing in Australian
and New Zealand equities.
Investment Objectives
The Company aims to provide
shareholders with attractive
investment returns through access
to a growing stream of fully franked
dividends and growth in capital
invested.
The Company’s primary investment
goals are:
• to pay dividends which, over
time, grow faster than the rate
of inflation; and
• to provide attractive total returns
over the medium to long term.
How AFIC Invests – What We Look For in Companies
A portfolio that
is managed to
achieve long term
capital and dividend
growth
Quality FirstGrowth
Including dividends
Value
2Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Investment Philosophy
The investment philosophy is built
on taking a medium to long term view
on companies in a diversified portfolio
with an emphasis on identifying quality
companies that are likely to sustainably
grow their earnings and dividends over
this time frame.
Quality in this context is an outcome
of our assessment of the board and
management as well as some key
financial metrics. These include return
on capital employed, return on equity,
the level of gearing in the balance
sheet, margins and free cash flow. The
structure of the industry and a company’s
competitive position in this industry is also
an important indicator of quality. Linked to
this assessment of quality is the ability
of companies to grow earnings over time,
which ultimately should produce good
dividend growth.
Recognising value is also an important
aspect of sound long term investing.
Short term measures such as the price
earnings ratio, price to book or price to
sales may be of some value, but aren’t
necessarily strong predictors of future
performance. Our assessment of value
tries to capture the opportunity a business
has to prosper and thrive over the
medium to long term.
In building the investment portfolio in this
way, we believe we can offer investors a
well-diversified portfolio of high-quality
companies that is intended to deliver total
returns ahead of the Australian equity
market and with less volatility over
the long term.
The Company also uses options
written against a small proportion of its
investments and a small trading portfolio
to generate additional income.
From time to time, some borrowings
may be used where potential investment
returns justify the use of debt. This is
managed within very conservative limits,
as determined by the Board. AFIC
is managed for the benefit of its
shareholders with fees based on the
recovery of costs rather than as a fixed
percentage of the portfolio. There are no
performance fees. As a result, the benefit
of scale over time results in a very low
expense ratio for investors. For the six
months to 31 December 2022 this was
0.13 per cent (annualised), or 13 cents
for each $100 invested.
Approach to Environmental, Social
and Governance (ESG) Issues
Environmental, Social and Governance
(ESG) issues are taken into account as
part of our investment process when
assessing companies. As a long term
investor, we seek to invest in companies
that have strong governance and risk
management processes, which includes
consideration of environmental and social
risks given the potential for these factors
to impact investment performance.
We are also closely monitoring the
development of international standards
for ESG reporting as these may further
inform our approach going forward.
Approach to Investing
3Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

We regularly review and meet with
companies to ensure ongoing alignment of
ESG issues with our investment framework:
• We believe environmental factors,
including the impact of climate change,
can have a material impact on society.
These factors are considered when
assessing a company’s assets, long
term sustainability of earnings and cash
flow, cost of capital and future growth
opportunities.
As reporting becomes more
standardised, assessment of
commitments and plans by companies
to reach net zero by 2050 will also
be considered having regard to the
industry in which it operates, their
progress against these plans and their
broader contribution to social good in
addressing the challenge of reducing
global carbon emissions. In applying
external data for benchmarking*, the
current carbon intensity of AFIC’s
portfolio is considerably less than the
S&P/ASX 200 Index.
• We believe that aligning ourselves
with high-quality management and
boards building sustainable long term
businesses is the best approach to
avoiding socially harmful businesses.
We are attracted to companies that
act in the best interest of all their
stakeholders, including their employees,
customers, suppliers and wider
communities. We consider a range
of matters including safety, diversity
and modern slavery as part of the
investment process.
• We invest in high-quality companies
with strong governance processes,
and management and boards whose
interests are closely aligned with
shareholders. The investment process
includes an assessment of their
past performance, history of capital
allocation, level of accountability,
mix of skills, relevant experience and
succession planning. We also closely
scrutinise a company’s degree of
transparency and disclosure.
Engagement with Companies
Voting on resolutions is one of the key
functions that a shareholder has in
ensuring better long term returns and
management of investment risk:
• We take input from proxy advisers
but conduct our own evaluation
of the merits of any resolution.
• We vote on all Company resolutions as
part of our regular engagement with the
companies in the portfolio. Our voting
record is on the Company’s website.
• We actively engage with companies,
including when we have concerns
those resolutions are not aligned with
shareholders’ interests. We acknowledge
that high-quality companies may face
ESG challenges. We seek to stay
engaged with the companies and
satisfy ourselves that the issues are
taken seriously and worked through
constructively. Ideally, in this instance,
we seek to remain invested to influence
a satisfactory outcome for stakeholders.
* Data provided by ISS ESG.
Portfolio at 30 June 2022.
About the Company
continued
Approach to Investing continued
4Australian Foundation Investment Company Limited Half-Year to 31 December 2022

5Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Profit and Dividend
Half-year profit was $163.7 million
following on from the recovery in dividend
income. In the corresponding period last
year, half-year profit was $146.0 million.
Investment income for the six months to
31 December 2022 was $174.0 million, up
from $159.4 million in the corresponding
period last year. There was an increase
in dividends across several holdings,
with the biggest increases coming from
Woodside Energy Group, Transurban
Group, Mainfreight, Santos, National
Australia Bank and Commonwealth Bank
of Australia. JB Hi-Fi and Mirvac Group,
along with an increased holding
in BHP, also provided an uplift
in dividend income.
Earnings per share for the half-year were
13.3 cents, up from to 11.9 cents in the
previous corresponding period.
The interim dividend for the half-year
is 11 cents per share fully franked, an
increase of 1 cent from the previous
corresponding period of 10 cents per
share fully franked. Increasing the interim
dividend also satisfies our long term
objective of seeking to equalise the
quantum of the interim and final
dividends over time.
The management expense ratio for
AFIC was 0.13 per cent (annualised),
with no additional fees.
Review of Operations and Activities
7,400
7,300
7,200
7,100
7,000
6,900
6,800
6,700
6,600
6,500
Jul 22
Aug 22
Sep 22
Oct 22
Nov 22
Dec 22
Index
Figure 1: The S&P/ASX 200 Price Index for the Six Months to 31 December 2022
Source: FactSet
6Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Financials
12.7%
Energy
14.2%
16.6%
Materials
Utilities
12.0%
ASX 200
9.8%
Industrials
6.9%
Information Technology
5.5%
Healthcare
5.3%
Communication Services
5.3%
Consumer Discretionary
3.5%
Consumer Staples
-1.2%
Figure 2: Sector Performance Within the S&P/ASX 200 Price Index for the
Six Months to 31 December 2022
Note: The figures exclude franking.
The Market and Portfolio
Returns
The S&P/ASX 200 Accumulation Index
including the benefit of franking, rose
10.8 per cent in the six months to
31 December 2022, led by strength
in the Materials, Energy and Banking
sectors, with the strength in the Materials
sector supported by the announcement
that China would reopen from COVID-19
lockdowns. Supply chain challenges,
resulting in sharply higher coal prices and
the ongoing invasion of the Ukraine by
Russia, drove the strength in the Energy
sector. Over the period, banks delivered
solid operating results with productivity
gains offsetting emerging cost inflation.
AFIC’s portfolio had a return of
7.1 per cent including franking for
the six months to 31 December 2022
(Figure 4), with the largest drag on
relative performance being the decline
in the valuation of many high-quality
companies from their previous very high
levels. This included positions in ARB,
James Hardie Industries, Mainfreight and
Transurban Group, which have delivered
very strong returns over the past five
years. We remain convinced about the
prospects for these companies despite
the recent decline in share prices. All
of these companies have a long track
record of excellent financial discipline
delivering strong shareholder returns. The
underweight position in resources, which
includes energy and lithium stocks also
negatively impacted relative performance.
7Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Companies in the portfolio that contributed
strongly to returns through the six-month
period were Commonwealth Bank
of Australia, BHP, Westpac Banking
Corporation, CSL and Wesfarmers.
For the 12 months to 31 December 2022,
AFIC’s portfolio return, including franking,
was negative 6.6 per cent compared
with positive 0.5 per cent for the S&P/
ASX 200 Accumulation Index, including
franking. The relative return over this
period was again a function of the
underweight position in the resources
sector, which was up 22.3 per cent over
this period. In addition, as interest rates
increased and valuations declined, there
were substantial falls in the share prices
of several good quality companies in
the portfolio. Up until last year, these
had produced very strong share price
performance.
AFIC is an investor with a long term
focus. Ten-year portfolio return figures
to 31 December 2022 are 9.4 per cent
versus 10.2 per cent for the S&P/ASX 200
Accumulation Index over the same period.
These figures include the full benefit of
franking, with AFIC’s return after costs.
This performance has been achieved with
lower portfolio volatility than the market
and more consistent dividend income.
Review of Operations and Activities
continued
8Australian Foundation Investment Company Limited Half-Year to 31 December 2022

S&P/ASX 200 Banks
Total Return Index
S&P/ASX 200 Resources
Total Return Index
S&P/ASX 200 Industrials
Total Return Index
Jul 22
Aug 22
Sep 22
Oct 22
Nov 22
Dec 22
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
130
125
120
115
110
105
100
95
90
85
Index
Figure 3: Key Sector Performance for the 12 Months to 31 December 2022
Source: FactSet
Per annum returns other than for six months. AFIC’s performance figures are after costs.
Net asset per share growth,
including franking
S&P/ASX 200 Accumulation Index,
including franking
1-year return
0.5%
6.6%-
6-month return
7.1%
10.8%
3-year return
6.6%
6.9%
5-year return
8.2%
8.6%
10-year return
9.4%
10.2%
Figure 4: Portfolio Performance (Including the Full Benefit of Franking)
− to 31 December 2022
9Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Review of Operations and Activities
continued
Portfolio Adjustments
A feature of our focus on quality
businesses is identifying those companies
displaying attributes of pricing power over
the long term. Companies owning unique
assets with a market leadership position
are best able to pass through rising costs.
Core portfolio holdings are represented
by high-quality companies we consider
relatively well positioned to pass through
cost increases.
During the six months to 31 December
2022, we increased our holdings in BHP,
Santos, Mirvac Group, Goodman Group,
Seek, EQT Holdings and Woolworths
Group at attractive prices. We consider
long term prospects for all these
companies remain strong. BHP will be a
beneficiary of increased demand for iron
ore as the China economy reopens while
Santos predominantly produces LNG, a
key transition fuel as the world’s energy
needs move to more renewable sources.

We also recently initiated a position
in Breville Group which is a kitchen
appliance company operating premium
brands in the cooking, beverage and food
preparation categories. The business was
founded in 1932, maintains a heavy focus
on product innovation and has very strong
global distribution which should provide
for further profit growth. Breville Group
has a long history of excellent financial
discipline delivering strong returns for
shareholders.
We exited Orica and Reliance Worldwide
considering long term prospects for these
companies will be increasingly challenged
as competitive intensity increases.
Share Price and Returns
Figure 5 highlights where AFIC’s share
price was trading relative to the net asset
backing at 31 December 2022. Over the
six-month period the share price has
moved from a 13 per cent premium
at 30 June 2022 down to a premium
of 8 per cent to net asset backing by
31 December 2022. This movement has
negatively impacted the share price return
relative to the portfolio return over this
period.
In considering the long term performance
of the share price return relative to the
market (Figure 6), AFIC has generally
tracked the Index.
International Portfolio
We have continued to manage and
carefully add to our positions in the
international portfolio over the period.
We now have approximately $95.1 million
invested (which represents approximately
1.1 per cent of the portfolio). This
portfolio was first initiated in May 2021
as a potential precursor to establishing
a separate low-cost international listed
investment company in the future.
Outlook
The outlook for economic activity remains
uncertain with subdued consumer and
business sentiment and persistent cost
inflation leading to higher operating costs
for most companies. Expectations are
that interest rates will increase in the near
term with the quantum and timing of rate
increases remaining unclear.
10Australian Foundation Investment Company Limited Half-Year to 31 December 2022

15%
-5%
0%
5%
10%
20%
Dec
12
Dec
13
Dec
15
Dec
14
Dec
16
Dec
17
Dec
18
Dec 19Dec 20Dec 21Dec 22
Figure 5: Share Price Relative to Net Asset Backing Per Share
Share price growth plus dividends,
including franking
S&P/ASX 200 Accumulation Index,
including franking
3 years
6.9%
0.5%
6.5%
1 year
-7.9%
5 years
9.4%
8.6%
10 years
9.9%
10.2%
Figure 6: Share Price Return (Including the Full Benefit of Franking)
− to 31 December 2022
11Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Review of Operations and Activities
continued
While valuation of the market, as
measured by price earnings ratio
(Figure 7), remains well below the long
term average it is against the background
of earnings which may come under
pressure in the near term given expected
difficult economic conditions.
Our strategy of owning a diversified
portfolio of quality companies well
positioned to deliver earnings growth
over the medium to long term remains
appropriate. While market volatility may
emerge, short term periods of uncertainty
often present good buying opportunities
for investors like AFIC, which is focused
on a company’s long term prospects to
deliver earnings and dividend growth.
Directorship Matters
Mr Peter Williams, a Non-Executive
Director of the Company retired at the
conclusion of the 2022 Annual General
Meeting held on 4 October 2022.
Mr Williams had been a Director since
2010 and was Chairman of the Audit
Committee and member of the Investment
and Nomination Committees. Mr Williams
was also a Non-Executive Chairman of
the Company’s subsidiary, Australian
Investment Company Services Limited.
The Board has greatly benefited from
Mr Williams’s extensive experience.
The Board wishes to record its thanks to
Mr Williams for his significant contribution
and service to the Board during his tenure.
20
19
18
17
16
15
14
13
2013201420152016201720182019202020212022
Times
Average 15.9
Figure 7: S&P/ASX 200 Index Price Earnings Ratio
Source: FactSet
12Australian Foundation Investment Company Limited Half-Year to 31 December 2022

13Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Includes investments held in both the investment and trading portfolios.
Value at Closing Prices at 30 December 2022
Total Value
$ Million
% of the
Portfolio
1Commonwealth Bank of Australia810.59.6
2BHP 747.18.9
3CSL 682.48.1
4Macquarie Group 373.94.4
5Transurban Group 373.74.4
6Westpac Banking Corporation363.04.3
7Wesfarmers 338.44.0
8National Australia Bank* 334.94.0
9Woolworths Group 246.82.9
10Rio Tinto 216.82.6
11Woodside Energy Group* 206.02.4
12Mainfreight 205.72.4
13ANZ Group Holdings 200.82.4
14Telstra Group 194.22.3
15Amcor184.32.2
16Goodman Group167.62.0
17Coles Group 150.91.8
18ResMed 147.11.7
19James Hardie Industries143.21.7
20Carsales.com* 138.11.6
21Reece 106.61.3
22Sonic Healthcare 99.51.2
23Santos* 99.41.2
24ASX 97.41.2
25Computershare 95.11.1
Total6,723.6
As percentage of total portfolio value (excludes cash)79.9%
* Indicates that options were outstanding against part of the holding.
Top 25 Investments
As at 31 December 2022
14Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Half-Year
2022
$’000
Half-Year
2021
$’000
Dividends and distributions173,974159,415
Revenue from deposits and bank bills1,2978
Net gains/(losses) on trading portfolio 2,890(1,035)
Total income178,161158,388
Finance costs(612)(401)
Administration expenses(5,430)(6,811)
Profit before income tax172,119151,176
Income tax (8,377)(5,198)
Profit for the half-year 163,742145,978
CentsCents
Earnings per share13.2511.92
Income Statement
For the Half-Year Ended 31 December 2022
15Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

31 Dec
2022
$’000
30 June
2022
$’000
Current assets
Cash 128,263144,619
Receivables10,72136,598
Trading portfolio-4,979
Total current assets138,984186,196
Non-current assets
Investment portfolio 8,419,9308,082,513
Deferred tax assets1,454-
Total non-current assets8,421,3848,082,513
Total assets8,560,3688,268,709
Current liabilities
Payables1,65128,688
Trading portfolio737-
Borrowings – bank debt10,00010,000
Tax payable14,61062,567
Provisions4,0746,114
Total current liabilities31,072107,369
Non-current liabilities
Provisions99896
Deferred tax liabilities – other-503
Deferred tax liabilities – investment portfolio1,263,9471,169,452
Total non-current liabilities1,264,0461,170,851
Total liabilities1,295,1181,278,220
Net assets7,265,2506,990,489
Shareholders’ equity
Share capital3,107,0783,070,213
Revaluation reserve2,750,2192,556,466
Realised capital gains reserve438,294510,503
General reserve23,63723,637
Retained profits946,022829,670
Total shareholders’ equity (including minority interests)7,265,2506,990,489
Balance Sheet
As at 31 December 2022
16Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Half-Year
2022
$’000
Half-Year
2021
$’000
Total equity at the beginning of the half-year6,990,4897,559,022
Dividends paid(165,866)(165,339)
Dividend Reinvestment Plan36,91436,511
Other share capital adjustments(49)(82)
Total transactions with shareholders(129,001)(128,910)
Profit for the half-year163,742145,978
Revaluation of investment portfolio346,925435,861
Provision for tax on revaluation(106,905)(132,974)
Revaluation of investment portfolio (after tax)240,020302,887
Total comprehensive income for the half-year403,762448,865
Realised gains/(losses) on securities sold58,677100,401
Tax on realised gains/(losses) on securities sold(12,410)(34,162)
Net realised gains/(losses) on securities sold46,26766,239
Transfer from revaluation reserve
to realised gains reserve(46,267)(66,239)
Total equity at the end of the half-year7,265,2507,878,977
A full set of AFIC’s interim accounts are available on the Company’s website.
Summarised Statement of Changes in Equity
For the Half-Year Ended 31 December 2022
17Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Individual investments for the combined investment and trading portfolios as at
31 December 2022 are listed below. The list should not, however, be used to evaluate
portfolio performance or to determine the net asset backing per share at other dates.
Net asset backing is advised to the Australian Securities Exchange each month and
is recorded on the toll free telephone service at 1800 780 784 and posted to AFIC’s
website afi.com.au.
Individual holdings in the portfolios may change during the course of the year. In addition,
holdings which are part of the trading portfolio may be subject to call options or sale
commitments by which they may be sold at a price significantly different from the market
price prevailing at the time of the exercise or sale.
Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
AIAAuckland International Airport10,30076,116
ALQALS7,62293,219
AMCAmcor10,415184,346
ANNAnsell1,36938,657
ANZANZ Group Holdings8,488200,819
ARBARB Corporation3,64093,439
ASXASX1,43297,405
AUBAUB Group2,37853,584
BHPBHP16,373747,107
BRGBreville Group70212,891
BXBBrambles7,62091,973
CAR*Carsales.com6,664138,129
CBACommonwealth Bank of Australia7,900810,540
COHCochlear33468,212
COLColes Group9,023150,856
CPUComputershare3,63095,106
CSLCSL2,372682,423
CWYCleanaway Waste Management18,18547,827
DJWDjerriwarrh Investments7,50521,090
Holdings of Securities
As at 31 December 2022
18Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
DMPDomino’s Pizza Enterprises72848,242
DUIDiversified United Investment12,03058,106
EQTEQT Holdings 1,64741,252
FCLFineos Corporation9,25314,110
FPHFisher & Paykel Healthcare3,91383,258
GMGGoodman Group9,655167,611
IAGInsurance Australia Group9,52745,255
IELIDP Education79021,462
IREIRESS7,22969,033
IVCInvoCare1,68518,587
JBHJB Hi-Fi1,13147,457
JHXJames Hardie Industries5,425143,230
MFTMainfreight (NZX listed)3,268205,707
MGRMirvac Group29,35062,516
MIRMirrabooka Investments8,72824,700
MQGMacquarie Group2,240373,913
NAB*National Australia Bank11,155334,947
NANNanosonics5,97025,611
NWLNetwealth Group3,48942,217
NXTNEXTDC6,01954,769
PXAPEXA Group2,91934,880
REAREA Group64471,389
REHReece7,536106,639
RHCRamsay Health Care 1,22679,322
RIORio Tinto1,862216,757
RMDResMed4,750147,060
RYMRyman Healthcare (NZX listed)8804,383
SEKSeek3,79579,502
SHLSonic Healthcare3,32099,491
19Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Holdings of Securities
As at 31 December 2022 continued
Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
STO*Santos13,92199,372
TCLTransurban Group28,791373,705
TLSTelstra Group48,680194,234
TPWTemple & Webster1,3506,226
WBCWestpac Banking Corporation15,545362,976
WDS*Woodside Energy Group5,816205,994
WESWesfarmers7,372338,449
WOWWoolworths Group7,355246,824
WTCWisetech Global25012,688
XROXero83358,535
Total8,324,145
* Indicates that options were outstanding against part of the holding.
20Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Holdings of International Securities
As at 31 December 2022
Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2022
Market
Value
2022
A$
ACN-USAccenture5,5062,166,501
AENA-ESAena8,1081,496,737
GOOGL-USAlphabet31,3144,073,951
AMZN-USAmazon23,3602,893,603
AAPL-USApple20,0583,842,912
CP-USCanadian Pacific7,452819,645
SCHW-USCharles Schwab27,6513,394,990
CMG-USChipotle1,2052,465,418
CTAS-USCintas3,2442,160,374
COST-USCostco2,9762,003,294
CCI-USCrown Castle10,8862,177,309
EL-USEstée Lauder5,0371,842,837
ERF-FREurofins4,730499,204
FERG-GBFerguson12,8512,379,748
FTNT-USFortinet24,2201,746,020
HCA-USHCA Healthcare9,8693,492,146
HD-USHome Depot6,0342,810,456
ICE-USIntercontinental16,6782,523,048
JPM-USJP Morgan14,1762,803,162
OR-FRL’Oréal3,0181,584,480
MC-FRLVMH Moët2,3662,531,620
MAR-USMarriott8,7151,913,378
MA-USMastercard3,4611,774,662
MCD-USMcDonald’s8,0923,144,551
META-USMeta6,7131,191,222
MSFT-USMicrosoft16,4635,821,975
NESN-CHNestlé20,8063,552,833
NFLX-USNetflix2,6621,157,517
NEE-USNextera20,7492,557,937
NKE-USNike13,1732,272,869
21Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Holdings of International Securities
As at 31 December 2022 continued
Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2022
Market
Value
2022
A$
NOVOB-DKNovo Nordisk12,9782,576,263
PEP-USPepsiCo10,2942,742,322
ROG-CHRoche5,5452,567,335
SPGI-USS&P Global3,9271,939,545
SU-FRSchneider10,8512,232,268
SOON-CHSonova3,8141,333,069
SBUX-USStarbucks11,6121,698,603
669-HKTechtronic85,5901,408,811
TMO-USThermo Fisher3,5232,860,852
UMG-NLUniversal Music30,2051,070,163
V-USVisa4,9771,524,754
Total95,048,387
22Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Acquisitions
Cost
($’000)
BHP 92,406
Santos 19,094
Mirvac Group15,619
Breville Group14,938
Goodman Group13,111
Disposals
Proceeds
($’000)
Orica* 39,045
Carsales.com28,228
Ramsay Health Care25,053
NEXTDC20,905
Amcor 20,509
* Complete disposal from the portfolio.
New Companies Added to the Portfolio
Breville Group
Major Transactions in the
Investment Portfolio
23Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

Company Particulars
Australian Foundation Investment
Company Limited (AFIC)
ABN 56 004 147 120
Directors
John Paterson, Chairman
Mark Freeman, Managing Director
Rebecca P Dee-Bradbury
Craig M Drummond
Julie A Fahey
Graeme R Liebelt
David A Peever
Catherine M Walter AM
Company Secretaries
Matthew J Rowe
Andrew JB Porter
Auditor
PricewaterhouseCoopers
Chartered Accountants
Country of Incorporation
Australia
Registered Office and
Mailing Address
Level 21, 101 Collins Street
Melbourne Victoria 3000
Contact Details
Telephone (03) 9650 9911
Facsimile (03) 9650 9100
Email invest@afi.com.au
Website afi.com.au
For enquiries regarding net asset backing
(as advised each month to the Australian
Securities Exchange):
Telephone 1800 780 784 (toll free)
24Australian Foundation Investment Company Limited Half-Year to 31 December 2022

Shareholder Information
Share Registrar
Computershare Investor Services Pty Ltd
Yarra Falls
452 Johnston Street
Abbotsford Victoria 3067
New Zealand Address
Computershare Investor Services Ltd
159 Hurstmere Road
Takapuna Auckland 0622
Shareholder
Enquiry Lines 1300 662 270 (AU)
0800 333 501 (NZ)
+61 3 9415 4373 (OS)
Facsimile (03) 9473 2500
Website investorcentre.com/au/
contact
For all enquiries relating to shareholdings,
dividends and related matters, please
contact the share registrar in your country.
Securities Exchange Codes
AFI Ordinary shares
(ASX and NZX)
Shareholder Meetings
Sydney Shareholder Meeting
Time 9.30am
Date Friday 17 March 2023
Venue Wesley Conference Centre
220 Pitt Street Sydney
Melbourne Shareholder Meeting
Time 9.30am
Date Monday 20 March 2023
Venue ZINC Federation Square
Swanston Street and
Flinders Street Melbourne
Perth Shareholder Meeting
Time 9.30am
Date Tuesday 21 March 2023
Venue Parmelia Hilton
14 Mill Street Perth
Adelaide Shareholder Meeting
Time 9.30am
Date Wednesday 22 March 2023
Venue Adelaide Convention Centre
North Terrace Adelaide
Brisbane Shareholder Meeting
Time 9.30am
Date Friday 24 March 2023
Venue Brisbane Convention and
Exhibition Centre
Glenelg Street South Brisbane
Canberra Shareholder Meeting
Time 9.30am
Date Monday 27 March 2023
Venue QT Hotel
1 London Circuit Canberra
25Australian Foundation Investment Company LimitedHalf-Year to 31 December 2022

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