NTA & Top 25 Investments as at 31 January 2024

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5 February 2024
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 January 2024
Before Tax* After Tax*
31 January 2024
$7.74 $6.49
31 December 2023
$7.62 $6.40
The Net Tangible Asset Backing per Share for both 31 December 2023 and 31 January 2024 are before the provision for the interim dividend of 11.5 cents per share.
* 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: $9.7 billion at 31 January 2024.
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 January 2024*


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)
10.6%
10.3%
11.8%
9.2%
8.6%
11.1%
11.2%
9.9%
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 edged higher in January after its strong run toward the end of the calendar year. The Index
was up 1.2% in January as bond yields continued to weaken. The 3-year bond rate in Australia fell just 3 basis points over the
month but was down 33 basis points from the intramonth high. The Australian dollar also fell against the US dollar over the month.
Multiple sectors hit all-time highs during January, amongst them the ASX 200 Banks Accumulation Index and the ASX200
Industrials Accumulation Index. The strongest sectors for the month were Energy, up 5.2%, Financials, up 5.0% and Healthcare, up
4.3%.
Th weakest sectors were Materials, down 4.8%, Utilities, down 1.5% and Consumer Staples, which was flat for the month. Small
and Mid Cap stocks continued to underperform Large Caps with Mid Cap resources particularly weak as both lithium and gold
stocks fell markedly over the month.
For more information visit our website: afi.com.au



Top 25 investments valued at closing prices at 31 January 2024

Total Value
$ Million
% of
Portfolio
1 Commonwealth Bank of Australia 904.7 9.6%
2 BHP * 833.5 8.8%
3 CSL 766.0 8.1%
4 National Australia Bank * 456.6 4.8%
5 Macquarie Group 426.5 4.5%
6 Wesfarmers 423.7 4.5%
7 Transurban Group * 367.8 3.9%
8 Westpac Banking Corporation 365.7 3.9%
9 Goodman Group 260.0 2.8%
10 Rio Tinto 247.5 2.6%
11 James Hardie Industries 242.7 2.6%
12 Woolworths Group 240.1 2.5%
13 Telstra Group 226.4 2.4%
14 Woodside Energy Group 224.3 2.4%
15 ANZ Group Holdings 220.3 2.3%
16 CAR Group * 191.5 2.0%
17 Mainfreight 171.3 1.8%
18 ResMed 155.5 1.6%
19 Coles Group 154.7 1.6%
20 Reece 145.6 1.5%
21 Amcor 142.3 1.5%
22 ARB Corporation 123.4 1.3%
23 ASX 115.4 1.2%
24 Santos 109.3 1.2%
25 Sonic Healthcare * 106.2 1.1%
Total
7,620.9
As percentage of total portfolio value (excludes cash) 80.7%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 January 2024


Banks 20.2%

Materials 15.6%

Healthcare 13.5%

Industrials 11.4%

Other Financials 8.8%

Consumer Discretionary 7.8%

Communication Services 6.6%

Consumer Staples 4.2%

Real Estate 4.1%

Energy 3.5%

Cash 2.4%

Information Technology 1.9%


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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