NTA & Top 25 Investments as at 31 August 2023

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6 September 2023
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 August 2023
Before Tax* After Tax*
31 August 2023 Ex Div
$7.20 $6.08
31 July 2023 Cum Div
$7.36 $6.22
The August 2023 figures are after the provision of the final dividend of 14 cents per share and the July 2023 figures are before the provision for the dividend.
* 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: $9.0 billion at 31 August 2023.
Low Management cost: 0.14 per cent, no additional 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 31 August 2023*


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 Matthew Rowe, 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/contact
1300 662 270 (in Australia)
+61 3 9415 4373 (outside Australia)
9.6%
11.2%
8.5%
8.8%
11.4%
12.2%
8.5%
9.5%
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/ASX200 Accumulation Index was down 0.7% in August. The decline was driven by Mining stocks (down 2.5%) which had
a disappointing results season amid a weaker Chinese economic outlook. Defensive sectors Consumer Staples (down 3.1%) and
Utilities (down 3.8%) also dragged on market performance providing disappointing earnings updates due in part to higher interest
costs.
The best performing sector was Consumer Discretionary (up 5.8%) as the spending power of the Australian consumer remains
resilient to the rising cost of living. Other sectors to perform well were Real Estate (up 1.5%) and Energy (up 0.7%).
For more information visit our website: afi.com.au



Top 25 investments valued at closing prices at 31 August 2023

Total Value
$ Million
% of
Portfolio
1 Commonwealth Bank of Australia 797.9 8.9%
2 BHP 790.9 8.9%
3 CSL 675.3 7.6%
4 National Australia Bank* 406.6 4.6%
5 Macquarie Group* 397.6 4.5%
6 Wesfarmers 397.1 4.4%
7 Transurban Group* 359.5 4.0%
8 Westpac Banking Corporation 332.0 3.7%
9 Woolworths Group 261.1 2.9%
10 James Hardie Industries* 250.2 2.8%
11 Goodman Group 237.2 2.7%
12 Telstra Group 224.7 2.5%
13 Woodside Energy Group* 214.8 2.4%
14 Rio Tinto 210.2 2.4%
15 ANZ Group Holdings 205.1 2.3%
16 Carsales.com* 193.4 2.2%
17 Mainfreight 164.1 1.8%
18 Coles Group* 158.2 1.8%
19 Amcor 157.3 1.8%
20 Reece 135.0 1.5%
21 ARB Corporation 123.0 1.4%
22 Resmed 120.6 1.4%
23 Computershare 107.4 1.2%
24 Sonic Healthcare* 106.8 1.2%
25 Santos* 106.7 1.2%
Total
7,132.7

As percentage of total portfolio value (excludes cash) 79.9%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 August 2023


Banks 19.4%

Materials 16.3%

Healthcare 1 3.1%

Industrials 12.1%

Other Financials 9.1%

Consumer Discretionary 8.2%

Communication Services 6.7%

Consumer Staples 4.8%

Real Estate 3.9%

Energy 3.6%

Information Technology 2.2%

Cash 0.6%


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

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