NTA & Top 25 Investments as at 31 December 2023

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5 January 2024
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 December 2023
Before Tax* After Tax*
31 December 2023
$7.62 $6.40
30 November 2023
$7.10 $6.04
* 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. These figures are subject to external review by the auditors.


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: $9.5 billion at 31 December 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 December 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)
16.0%
9.9%
12.0%
8.7%
14.0%
10.8%
11.8%
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/ASX 200 Accumulation Index continued its strong run toward the end of the calendar year with the Index up 7.3% in
December as markets started to factor in a peak in global interest rates as inflation growth showed signs of weakening. As a result
the ASX 200 finished the calendar year very close to its all-time high.
All sectors of the market contributed positively to the Index over the month with the strongest contributors being Health Care, up
9.1%, Materials, up 8.8%, Information Technology, up 7.4% and Communication Services, up 7.1%. The Real Estate sector
benefited very strongly from the fall in bond yields with this sector up 11.5% in December.
The weaker sectors in December were Utilities, up 2.5% and Energy, up 3.4%.
For more information visit our website: afi.com.au



Top 25 investments valued at closing prices at 29 December 2023

Total Value
$ Million
% of
Portfolio
1 BHP Group * 888.8 9.6%
2 Commonwealth Bank of Australia 860.6 9.3%
3 CSL 727.8 7.8%
4 National Australia Bank * 431.0 4.6%
5 Wesfarmers 420.5 4.5%
6 Macquarie Group 411.2 4.4%
7 Transurban Group * 373.2 4.0%
8 Westpac Banking Corporation 346.4 3.7%
9 Goodman Group 256.9 2.8%
10 Rio Tinto 252.6 2.7%
11 Woolworths Group 248.0 2.7%
12 James Hardie Industries 235.6 2.5%
13 Telstra Group 221.9 2.4%
14 ANZ Group Holdings 209.9 2.3%
15 Woodside Energy Group 200.0 2.2%
16 CAR Group * 190.8 2.1%
17 Mainfreight 169.5 1.8%
18 Coles Group 156.6 1.7%
19 Reece 143.1 1.5%
20 Amcor 138.5 1.5%
21 ResMed 135.5 1.5%
22 ARB Corporation 130.9 1.4%
23 ASX 110.8 1.2%
24 Sonic Healthcare * 106.3 1.1%
25 Santos 105.8 1.1%
Total
7,472.3
As percentage of total portfolio value (excludes cash) 80.5%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 December 2023


Banks 19.4%

Materials 16.5%

Healthcare 13.2%

Industrials 11.5%

Other Financials 8.5%

Consumer Discretionary 8.0%

Communication Services 6.7%

Consumer Staples 4.4%

Real Estate 4.1%

Energy 3.2%

Cash 2.5%

Information Technology 2.0%


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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