Half Year Review to 31 December 2023

Income,
Capital Growth,
Low Cost
Half-Year Review
to 31 December
2023

Australian Foundation Investment Company Limited ABN 56 004 147 120
AUSTRALIAN FOUNDATION
INVESTMENT COMPANY
IS A LISTED INVESTMENT
COMPANY INVESTING
IN AUSTRALIAN AND
NEW ZEALAND EQUITIES.
1 Half-Year 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

1Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023
* Assumes an investor can take full advantage of the franking credits.
Profit for
the Half-Year
$150.1m
Down 8.3%
from 2022
Total Six-Month
Portfolio Return
9.0%
Including franking*
S&P/ASX 200 Index
including franking*
8.3%
Total Six-Month
Shareholder
Return
8.4%
Share price plus
dividend and
franking*
Management
Expense Ratio
(Annualised)
0.14%
0.13% last year
Total Portfolio
(Including Cash)
at 31 December
2023
$9.5b
$8.5 billion in 2022
2023
Fully Franked
Interim Dividend
Per Share
11. 5
¢
11.0 cents per share
in 2022
Half-Year in Summary

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 LimitedHalf-Year to 31 December 2023

Approach to Investing
Investment Philosophy
Our investment philosophy is built on
taking a medium to long term view on
companies in a diversified portfolio with
an emphasis on identifying and investing
in quality companies that are likely to
sustainably grow their earnings and
dividends over this timeframe.
Quality in this context is an outcome of
our assessment of the following factors:
1. We prefer companies that have a
leadership position or are developing
one within the industry in which they
operate. This will often mean we are
investing in a unique set of assets with
competitive advantages that produces
attractive returns on invested capital.
2. As a long term, tax aware investor we
seek to be in companies that have a
long term sustainable business model,
with low risk of disruption. This helps
to ensure portfolio turnover remains
low. The analysis may consider
technological disruption, environmental
issues, including the impact of climate
change, and social risks as all of these
factors can have a material impact
on the assessment of a company’s
long term sustainability.
3. We consider how a company’s
business can be potentially impacted
by influences outside the control
of management such as change in
government regulation and/or policy.
4. We are attracted to companies with
outstanding management teams
and boards with strong governance
processes, whose interests are
closely aligned with shareholders,
and act in the best interest of all
their stakeholders, including their
employees, customers, suppliers
and wider communities. We consider
matters including safety, diversity,
social impacts, environmental impact,
and modern slavery where material
or appropriate in the context of that
company. We regularly review and
meet with companies to ensure
ongoing alignment with our investment
frameworks. Our process may
include an assessment of the board
in terms of their past performance,
history of capital allocation, level of
accountability, mix of skills, relevant
experience and succession planning.
We also consider a company’s degree
of transparency and disclosure.
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 and our
voting record is on the company’s
website. We actively engage with
companies when we are concerned
about resolutions that are not aligned
with shareholders’ interests. We seek
to stay engaged with the companies
and satisfy ourselves that any issues
are taken seriously and worked
through constructively. Ideally we
seek to remain invested to influence a
satisfactory outcome for stakeholders.
5. We prefer companies with more
stable income flows. We are wary
of companies that have large,
inconsistent profit streams.
3Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

6. We like our companies to be financially
strong and the assessment of the
balance sheet and the degree to which
the company is self-funding is critical
in our analysis. Cash generation is
also an important consideration.
Analysis of the above factors helps to
inform us of the structure of the industry
and a company’s sustainable competitive
position as well as the quality of the
people running the business, strength
of the balance sheet and consistency
of earnings. Within this analysis some
key financial metrics are considered.
These include return on capital employed,
return on equity, the level of gearing
in the balance sheet, margins and free
cash flow generation.
Alongside the assessment of quality
is an analysis of the ability of companies
to grow earnings over time, which
ultimately should drive 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.
Reporting of social and environmental
issues will be influenced by the
development of standards by the
International Sustainability Standards
Board (ISSB). Their potential introduction
in Australia should enable investors over
time to better make informed decisions
on these issues based on company
disclosures arising from these standards.
Assessment of commitments and plans
by companies to reach net zero by 2050
may also be considered having regard to
several factors. These include the industry
in which they operate, progress against
their plans, their broader contribution to
social good in addressing the challenge
of reducing global carbon emissions,
and the impact on their value if they fail
to achieve their stated goals. In applying
external data for benchmarking*, our
most recent assessment of the carbon
intensity of AFIC’s portfolio showed that
it is considerably less than the S&P/ASX
200 Index.
In building the investment portfolio with
the principles outlined, we believe we can
offer investors a well-diversified portfolio
of quality companies structured to deliver
total returns ahead of the Australian
equity market over the long term with
less volatility and with more consistent
dividends.
From time to time, some borrowings
may be used where potential investment
returns justify the use of debt.
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 additional 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 2023 this
was 0.14 per cent (annualised), or
14 cents for each $100 invested.
* Data provided by ISS ESG.
Portfolio at 30 June 2023.

About the Company
continued
4Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

5Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Profit and Dividend
Half-year profit was $150.1 million. In the
corresponding period last year, half-year
profit was $163.7 million.
Investment income for the six months
to 31 December 2023 was $162.7 million,
down from $174.0 million in the
corresponding period last year. The fall
was primarily as a result of the decline
(as expected) in dividends received from
BHP, Rio Tinto and Woodside Energy
Group in the six-month period.
Earnings per share for the half-year were
12.1 cents per share. The interim dividend
declared is 11.5 cents per share fully
franked, an increase of 0.5 cent per share
from the previous corresponding period
of 11.0 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 0.14 per cent (annualised), with no
additional fees.
The Market and Portfolio
Returns
The S&P/ASX 200 Accumulation
Index including the benefit of franking,
rose 8.3 per cent in the six months to
31 December 2023. The market rallied
sharply late in the period as investor
sentiment swung from expectations
of an impending recession to the
increasing prospect of interest rate
cuts in 2024. Economic growth with
inflation falling enhanced the prospects of
a soft economic landing. Best-performing
sectors were those highly sensitive to
interest rates, being banks, real estate
and consumer discretionary. Share
prices recovered strongly in a number
of companies whose value was previously
negatively impacted by higher interest
rates. The Materials sector delivered
mixed performance as iron ore and gold
prices remained high, while the lithium
price retreated significantly from its
previous highs.
AFIC’s portfolio outperformed the
Index with a return of 9.0 per cent
including franking for the six months to
31 December 2023. In the 12 months
to 31 December 2023 the portfolio return
was 16.0 per cent, ahead of the S&P/ASX
200 Accumulation Index return over this
period including franking of 14.0 per cent.
The largest contributors to the relative
outperformance over the six-month
period were James Hardie Industries,
CAR Group, ARB Corporation and
Reece. These companies in the prior
corresponding period had been a drag
on relative performance given the decline
in the valuation of many quality companies
from their previous very high levels.
It is encouraging to see the contribution
from these long term holdings despite
recent volatility, and we believe this further
reinforces the benefit of our long term
investment approach focusing on quality
companies rather than short term
cyclical opportunities.
Review of Operations and Activities
6Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

7,600
7,400
7,200
7,000
6,800
6,600
Index
Jul 23
Aug 23Sep 23
Oct 23
Nov 23
Dec 23
Figure 1: The S&P/ASX 200 Price Index for the Six Months to 31 December 2023
Financials
10.8%
Communication
Services
5.1%
Information
Technology
0.4%
Industrials
2.8%
1.1%
Energy
Consumer
Staples
-5.7%
Utilities
-3.9%
Consumer
Discretionary
11.7%
3.4%
Healthcare
13.1%
Real Estate
Materials
10.6%
7.6%
ASX 200 Index
Figure 2: Sector Performance Within the S&P/ASX 200 Accumulation Index* for the
Six Months to 31 December 2023
Source: FactSet
7Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023
* Excludes franking.

Five and 10-year portfolio return figures
to 31 December 2023 including franking
were 12.0 per cent per annum and
8.7 per cent per annum respectively.
The S&P/ASX 200 Accumulation Index
over these corresponding periods
including franking were 11.8 per cent
and 9.5 per cent per annum. 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
(based on the Mercer Investment
Performance Survey of Wholesale
Equity – Australia) and more consistent
dividend income.
Portfolio Adjustments
During the period, we increased our
holdings in Telstra Group, National
Australia Bank, CSL, ResMed, ASX,
WiseTech Global, Woodside Energy
Group and Goodman Group at
attractive prices.
We consider long term prospects for
all these companies remain strong.
We expect both Telstra and National
Australia Bank to produce sound dividend
growth over the medium term.
Both CSL and ResMed were sold off
heavily during the period in response
to the competitive threat posed by the
increased adoption of weight loss drugs.
We added to AFIC’s holding in these
companies, as we consider the increased
competition is unlikely to materially
impact their respective long term growth
prospects. Both companies maintain
market leadership positions in their core
markets, generate significant free cash
flow and continue to heavily invest
in research and development.
We recently initiated positions in
Mineral Resources and Region Group.
Mineral Resources is an Australian mining
services company and an iron ore and
lithium producer. We are particularly
attracted to the long term opportunity for
low-cost lithium production as demand
for electric vehicles continues to increase.
Region Group owns a portfolio of grocery
anchored neighbourhood and sub-
regional shopping centres with a tenant
mix largely non-discretionary in nature.
We purchased our holding at a material
discount to asset backing at a price
offering an attractive dividend yield.

We exited Ansell Limited and IRESS
Limited, considering the long term
prospects for these companies will be
increasingly challenged as competitive
intensity increases. In the case of Ansell,
significant new supply has entered the
industry challenging the sustainability
of price as a driver of revenue growth.
While for IRESS, the company is
increasing investment in its technology
platform to improve functionality as
competition has increased. The returns
from this investment remain highly
uncertain. The small position in FINEOS
Corporation was also sold completely,
reflecting our concern over the ability of
the business to demonstrate attractive
long term returns on its investments.
Review of Operations and Activities
continued
8Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
3-year return
9.9%
10.8%
6-month return
9.0%
8.3%
1-year return
16.0%
14.0%
5-year return
12.0%
11.8%
10-year return
8.7%
9.5%
Figure 3: Portfolio Performance* (Including the Full Benefit of Franking)
− to 31 December 2023
* Per annum returns other than for six months. AFIC’s performance figures are after costs.
9Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Share Price and Returns
The following Figure 4 highlights
where AFIC’s share price was trading
relative to the net asset backing at
31 December 2023. Over the six-month
period, the share price has moved
from a discount of 1.6 per cent at
30 June 2023 to a discount of
2.3 per cent to net asset backing by
31 December 2023. This movement has
meant the share price return of 8.4 per
cent including franking was behind the
portfolio return of 9.0 per cent including
franking for this six-month period.
International Portfolio
We have continued to successfully
invest in the international portfolio over
the period. We now have approximately
$125.9 million invested (which represents
approximately 1.3 per cent of the
portfolio). This portfolio was first initiated
in May 2021 as a potential precursor
to establishing a separate low-cost
international investment company
in the future.
We are encouraged by the performance
of this portfolio which has exceeded its
benchmark index (the MSCI World Index
ex Australia) over the six and 12 month
periods, and since its inception.
Over the last 12 months we continued to
build on new positions, such as Universal
Music Group, Nvidia, United Healthcare,
Canadian Pacific, and Freeport McMoran.
We also increased our position size in
existing investments where we saw value
such as Meta Platforms (Facebook) and
Netflix. We trimmed some of our recent
Review of Operations and Activities
continued
Dec
13
Dec
15
Dec
14
Dec
16
Dec
17
Dec
18
Dec 19Dec 20Dec 21Dec 22Dec 23
15%
-10%
-5%
0%
5%
10%
20%
Figure 4: Share Price Relative to Net Asset Backing Per Share
10Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

20
19
18
17
16
15
14
13
12
11
10
2014201520162017201820192020202120222023
Times
Average 16.0
Figure 5: S&P/ASX 200 Price Earnings Ratio as an Indicator of Market Valuation
outperformers such as Novo Nordisk,
McDonald’s, Cintas and Pepsi. With those
proceeds we reinvested back into other
opportunities, particularly rate-sensitive
holdings that hadn’t performed as well
prior to the recent pivot by the central
banks and where we saw value, such
as Charles Schwab, NextEra Energy
and Crown Castle.
Outlook
While the strength of recent market
performance has been pleasing,
operating conditions remain volatile
and current market valuations make
us somewhat cautious.
Cost inflation is easing but remains
elevated, while consumer sentiment is
weakening, and household savings rates
are starting to decline amid the higher
cost of living. It is also not yet entirely
apparent that the recent moderation
in interest rate expectations is justified.
Geopolitical factors, which have had
little negative impact on the market
more recently, may still have a role
to play in investor sentiment as we
move into this calendar year.
Given these conditions, it is even more
important in our opinion to maintain the
focus on owning a diversified portfolio
of quality companies that are not
totally reliant upon the macroeconomic
environment to deliver earnings growth.
In this context it will be interesting to
see how companies are faring in the
upcoming reporting season and their
expectations moving forward.
Source: FactSet
11Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Review of Operations and Activities
continued
As patient investors, the one certainty
we do know is that the market in periods
like this will often provide good buying
opportunities across a range of companies
as it overreacts to short term news flow.
In this context, AFIC currently has sufficient
cash resources to take advantage of such
opportunities. 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 John Paterson, the Chairman of the
Company, and Ms Catherine Walter AM,
Non-Executive Director retired at the
conclusion of the 2023 Annual General
Meeting held on 3 October 2023.
Mr Paterson was a Director since 2005,
and prior to that served as an Alternate
Director from April 1987 to June 2005,
and Chairman since October 2018.
Mr Paterson was also Chairman of the
Investment Committee and a member
of the Remuneration, Nomination and
Audit Committees. He was also a
Non-Executive Director of the Company’s
subsidiary, Australian Investment
Company Services Limited (AICS).
Ms Walter was a Director since 2002
and was Chairman of the Nomination
Committee and a member of the
Remuneration, Investment and
Audit Committees.
The Board wishes to record its deep
thanks to both Mr Paterson and
Ms Walter for their invaluable contribution
to Board deliberations over their tenure.
Their extensive experience has been
of outstanding value to the Board,
executives and shareholders of Australian
Foundation Investment Company Limited.
The Board elected Mr Craig Drummond
as the Chairman with effect from the
conclusion of the Annual General Meeting
on 3 October 2023. Mr Drummond has
been a Director of the Company since
July 2021 and sits on the Investment and
Nomination Committees. Mr Drummond
is also Non-Executive Chairman of AICS.
He is Chairman of Transurban Ltd,
the President of the Geelong Football
Club Limited and a Governor of
The Ian Potter Foundation.
Mr Drummond has had an extensive
public company executive career as CFO
with National Australia Bank and as CEO
with Medibank. Prior to this he worked
in financial markets with Goldman Sachs
JBWere and Bank of America for 28 years.
Ms Katie Hudson was appointed as a
Non-Executive Director of the Company
on 1 January 2024.
Ms Hudson is a portfolio manager for
Yarra Capital Management focused on
the small and mid cap universe and, in
addition, serves as Yarra Capital’s Head
of Australian Equities Research.
Ms Hudson has more than 20 years
of experience in investment markets,
including roles as an equities research
analyst and portfolio manager. Prior to
12Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

transitioning to Yarra Capital Management,
Ms Hudson was a portfolio manager and
managing director at Goldman Sachs
Asset Management and has previously
worked as an equities analyst and partner
at JBWere. Prior to this Ms Hudson spent
seven years at PwC, where she was
a senior manager primarily focused
on mergers and acquisitions advisory
and transaction support.
Mr Richard Murray was appointed as
a Non-Executive Director of the Company
on 22 January 2024.
He has recently been appointed as CEO
of Total Tools Holdings, commencing at
the end of January 2024.
Prior to this, his most recent executive
role was as CEO and Executive Director
of Premier Investments, a major
ASX-listed owner of retail brands such
as Smiggle, Just Jeans, Peter Alexander,
Dotti and Portmans.
Before his role at Premier Investments,
Mr Murray was the Group Chief Executive
Officer and Executive Director of JB Hi-Fi,
the major electronic and white goods
retailer. He had an 18-year career at
JB Hi-Fi, including as Chief Financial
Officer, taking the business through the
IPO process. Prior to that he had roles
for 10 years in the Corporate Finance
and Assurance and Advisory practices
at Deloitte.
We are delighted to welcome both
Ms Hudson and Mr Murray to the
Board. Ms Hudson’s broad knowledge
across various sectors and her depth
of experience in investment markets
and Australian equities, in addition to
Mr Murray’s detailed knowledge of retail
and fast-moving consumer goods sectors
and financial experience will complement
the Board’s existing mix of skills.
13Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Includes investments held in both the investment and trading portfolios.
Value at Closing Prices at 29 December 2023
Total Value
$ Million
% of the
Portfolio
1BHP* 888.89.6
2Commonwealth Bank of Australia860.69.3
3CSL 727.87.8
4National Australia Bank* 431.04.6
5Wesfarmers 420.54.5
6Macquarie Group411.24.4
7Transurban Group* 373.24.0
8Westpac Banking Corporation346.43.7
9Goodman Group256.92.8
10Rio Tinto 252.62.7
11Woolworths Group 248.02.7
12James Hardie Industries235.62.5
13Telstra Group 221.92.4
14ANZ Group Holdings 209.92.3
15Woodside Energy Group 200.02.2
16CAR Group* 190.82.1
17Mainfreight 169.51.8
18Coles Group 156.61.7
19Reece 143.11.5
20Amcor138.51.5
21ResMed 135.51.5
22ARB Corporation 130.91.4
23ASX 110.81.2
24Sonic Healthcare* 106.31.1
25Santos 105.81.1
Total7,472.3
As percentage of total portfolio value (excludes cash)80.5%
* Indicates that options were outstanding against part of the holding.
Top 25 Investments
As at 31 December 2023
14Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Half-Year
2023
$’000
Half-Year
2022
$’000
Dividends and distributions162,673173,974
Revenue from deposits and bank bills3,2631,297
Net gains/(losses) on trading portfolio 1,3322,890
Total income167,268178,161
Finance costs(700)(612)
Administration expenses(6,200)(5,430)
Profit before income tax 160,368172,119
Income tax (10,289)(8,377)
Profit for the half-year 150,079163,742
CentsCents
Earnings per share12.0513.25
Income Statement
For the Half-Year Ended 31 December 2023
15Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

31 Dec
2023
$’000
30 June
2023
$’000
Current assets
Cash 235,080165,385
Receivables12,26444,709
Trading portfolio1,1793,837
Total current assets248,523213,931
Non-current assets
Investment portfolio 9,284,2548,749,226
Deferred tax assets1,993-
Total non-current assets9,286,2478,749,226
Total assets9,534,7708,963,157
Current liabilities
Payables1,6281,268
Borrowings – bank debt10,00010,000
Tax payable17,55532,156
Provisions3,9396,057
Total current liabilities33,12249,481
Non-current liabilities
Provisions15990
Deferred tax liabilities – other-830
Deferred tax liabilities – investment portfolio1,518,2711,355,200
Total non-current liabilities1,518,4301,356,120
Total liabilities1,551,5521,405,601
Net assets7,983,2187,557,556
Shareholders’ equity
Share capital3,173,3633,136,332
Revaluation reserve3,272,4502,926,191
Realised capital gains reserve485,622509,741
General reserve23,63723,637
Retained profits1,028,146961,655
Total shareholders’ equity (including minority interests)7,983,2187,557,556
Balance Sheet
As at 31 December 2023
16Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Half-Year
2023
$’000
Half-Year
2022
$’000
Total equity at the beginning of the half-year7,557,5566,990,489
Dividends paid(167,176)(165,866)
Dividend Reinvestment Plan37,12136,914
Other share capital adjustments(90)(49)
Total transactions with shareholders(130,145)(129,001)
Profit for the half-year150,079163,742
Revaluation of investment portfolio582,535346,925
Provision for tax on revaluation(176,807)(106,905)
Revaluation of investment portfolio (after tax)405,728240,020
Total comprehensive income for the half-year555,807403,762
Realised gains/(losses) on securities sold73,20558,677
Tax on realised gains/(losses) on securities sold(13,736)(12,410)
Net realised gains/(losses) on securities sold59,46946,267
Transfer from revaluation reserve to realised
gains reserve(59,469)(46,267)
Total equity at the end of the half-year7,983,2187,265,250
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 2023
17Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Individual investments for the combined investment and trading portfolios as at
31 December 2023 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 Airport10,30083,738
ALQ*ALS7,62297,701
AMCAmcor9,745138,476
ANZANZ Group Holdings8,098209,893
ARBARB Corporation3,640130,894
ASXASX 1,757110,796
AUBAUB Group1,34237,245
BHP*BHP17,634888,765
BRGBreville Group70219,129
BXBBrambles5,84079,424
CAR*Car Group6,140190,822
CBACommonwealth Bank of Australia7,698860,636
COHCochlear33499,808
COLColes Group9,722156,613
CPUComputershare3,63088,536
Holdings of Securities
As at 31 December 2023
18Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
CSLCSL2,539727,804
CWYCleanaway Waste Management18,18548,918
DJWDjerriwarrh Investments7,50522,816
DMP*Domino's Pizza Enterprises94555,126
DUIDiversified United Investment12,03060,512
EQTEQT Holdings 1,64742,010
FPHFisher & Paykel Healthcare3,60078,588
GMGGoodman Group10,155256,922
IAG*Insurance Australia Group6,28035,489
IELIDP Education2,74054,882
JBHJB Hi-Fi1,13159,991
JHXJames Hardie Industries4,170235,563
MFTMainfreight (NZX listed)2,637169,509
MGRMirvac Group29,35061,342
MINMineral Resources70749,455
MIRMirrabooka Investments8,72825,747
MQGMacquarie Group2,240411,246
NAB*National Australia Bank14,072430,997
NANNanosonics5,72625,194
NWLNetwealth Group3,48953,731
NXTNEXTDC1,74423,942
PXAPEXA Group3,29936,617
REAREA Group577104,524
REHReece6,390143,072
19Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
RGNRegion Group16,00036,160
RHCRamsay Health Care1,22664,500
RIORio Tinto1,862252,601
RMDResMed5,327135,519
SEKSeek3,795101,437
SHL*Sonic Healthcare3,320106,332
STOSantos13,921105,797
TCL*Transurban Group27,233373,213
TLSTelstra Group56,030221,880
WBCWestpac Banking Corporation15,125346,363
WDSWoodside Energy6,440200,026
WESWesfarmers7,372420,499
WOWWoolworths Group6,667248,012
WTCWiseTech Global62346,956
XROXero 83593,771
Total9,159,537
* Indicates that options were outstanding against part of the holding.
Holdings of Securities
As at 31 December 2023 continued
20Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2023
Market
Value
2023
A$
ACN-USAccenture5,5062,831,571
AENA-ESAena8,6382,294,771
GOOGL-USAlphabet31,3146,410,602
AMZN-USAmazon23,9155,325,153
AAPL-USApple20,0585,659,565
CP-USCanadian Pacific17,4322,019,672
SCHW-USCharles Schwab32,9763,324,970
CMG-USChipotle1,1153,737,023
CTAS-USCintas2,8512,518,032
COST-USCostco2,9762,878,863
CCI-USCrown Castle14,2862,411,620
EL-USEstée Lauder4,7521,018,496
FERG-GBFerguson12,8513,621,797
FTNT-USFortinet24,4702,099,037
FCX-USFreeport33,7402,105,039
HLMA-GBHalma5,840249,193
HCA-USHCA Healthcare9,1643,635,267
HD-USHome Depot6,0343,064,548
ICE-USIntercontinental16,6783,139,133
TFLO-USiShares Treasury FRB17,1061,265,160
JPM-USJP Morgan14,1763,533,935
OR-FRL’Oréal2,3981,749,461
MC-FRLVMH Moët2,1912,602,075
MAR-USMarriott8,7152,880,220
MA-USMastercard2,8761,797,673
MCD-USMcDonalds7,1563,109,568
META-USMeta7,9834,141,101
Holdings of International Securities
As at 31 December 2023
21Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2023
Market
Value
2023
A$
MSFT-USMicrosoft16,4639,072,759
NESN-CHNestlé20,8063,532,651
NFLX-USNetflix3,9822,841,276
NEE-USNextera20,7491,847,076
NKE-USNike13,9632,221,653
NOVOB-DKNovo Nordisk23,5363,568,058
NVDA-USNvidia3,4312,490,083
PEP-USPepsiCo8,8002,190,320
ROG-CHRoche5,2512,235,561
SPGI-USS&P Global3,9272,535,232
SU-FRSchneider10,8513,193,232
SBUX-USStarbucks11,6121,633,808
TMO-USThermo Fisher2,9432,289,330
UNH-USUnited Health3,9653,059,196
UMG-NLUniversal Music50,4982,109,806
V-USVisa4,3321,652,875
Total 125,896,461
Holdings of International Securities
As at 31 December 2023 continued
22Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Acquisitions
Cost
($’000)
Mineral Resources52,113
Region Group32,994
Telstra Corporation30,326
National Australia Bank30,289
CSL27,440
Disposals
Proceeds
($’000)
James Hardie Industries58,105
IRESS*33,759
Ansell*32,260
Woolworths Group26,820
AUB Group18,514
* Complete disposal from the portfolio.
New Companies Added to the Portfolio
Mineral Resources
Region Group
Major Transactions in the
Investment Portfolio
23Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

Australian Foundation Investment
Company Limited (AFIC)
ABN 56 004 147 120
Directors
Craig M Drummond, Chairman
Mark Freeman, Managing Director
Rebecca P Dee-Bradbury
Julie A Fahey
Katie M Hudson
Graeme R Liebelt
Richard L Murray
David A Peever
Company Secretaries
Matthew J Rowe
Andrew JB Porter
Auditor
PricewaterhouseCoopers
Chartered Accountants
Country of Incorporation
Australia
Company Particulars
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 LimitedHalf-Year to 31 December 2023

Shareholder Information
Share Registrar
Computershare Investor Services Pty Ltd
Yarra Falls
452 Johnston Street
Abbotsford, Victoria 3067
New Zealand Address
Computershare Investor Services Limited
159 Hurstmere Road
Takapuna Auckland 0622
Shareholder
Enquiry Lines 1300 662 270 (AU)
0800 333 501 (NZ)
+61 3 9415 4373 (OS)
(from overseas)
Facsimile (03) 9473 2500
Website investorcentre.com/
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
Melbourne Shareholder Meeting
Time 9.30am
Date Wednesday 13 March 2024
Venue ZINC Federation Square
Swanston Street and
Flinders Street
Melbourne

Canberra Shareholder Meeting
Time 9.30am
Date Friday 15 March 2024
Venue Rex Hotel Ballroom
150 Northbourne Avenue
Braddon
Sydney Shareholder Meeting
Time 9.30am
Date Monday 18 March 2024
Venue Marble Room
Radisson Blu Plaza Hotel
27 O’Connell Street
Sydney

Brisbane Shareholder Meeting
Time 9.30am
Date Tuesday 19 March 2024
Venue Sky Room
Brisbane Convention
and Exhibition Centre
Corner Merivale and
Glenelg Streets
South Bank
Brisbane
Perth Shareholder Meeting
Time 9.30am
Date Monday 25 March 2024
Venue Swan Room
Parmelia Hilton
14 Mill Street
Perth
Adelaide Shareholder Meeting
Time 9.30am
Date Tuesday 26 March 2024
Venue Panorama Rooms
Adelaide Convention Centre
North Terrace
Adelaide
25Australian Foundation Investment Company LimitedHalf-Year to 31 December 2023

MDM Design
®

Printed on environmentally friendly paper