NTA & Top 25 Investments as at 30 September 2024

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2 October 2024
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 30 September 2024
Before Tax* After Tax*
30 September 2024
$8.33 $6.91
31 August 2024
$8.20 $6.80
* 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: $ 10.5 billion at 3 0 September 2024.
Low Management cost: 0.15 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 (NTA): Estimated NTA released weekly and
a monthly NTA 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 30 September 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)
25.1%
8.5%
10.4%
9.8%
23.2%
10.0%
9.8%
10.5%
1 year return3 year return5 year return10 year return
-15%
-10%
-5%
0%
5%
10%
15%
20%
Key facts Key benefits

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The S&P/ASX 200 Accumulation Index increased 3.0% in September closing at an all-time at the end of the month.
The Materials sector was the strongest performer though the month, up 13.1%, reversing previous under performance over recent
months. Mid Cap Resources were up 10.9% in September. The Banking sector, which has previously outperformed the market,
was down 1.3%, although still up 27.8% over the calendar year to the end of September. In contrast the Materials sector is down
2.1% over the same period.
Other strong sectors through the month were Information Technology which was up 7.4% and Real Estate which was up 6.6%. The
largest negative contributor for September was Health Care, down 3.2%.
For more information visit our website: afi.com.au


Top 25 investments valued at closing prices at 30 September 2024

Total Value
$ Million
% of
Portfolio
1 Commonwealth Bank of Australia 961.9 9.3%
2 BHP 953.8 9.2%
3 CSL 734.0 7.1%
4 Macquarie Group * 519.0 5.0%
5 Wesfarmers 463.3 4.5%
6 National Australia Bank * 460.2 4.4%
7 Westpac Banking Corporation 421.3 4.1%
8 Goodman Group 375.6 3.6%
9 Transurban Group 356.2 3.4%
10 James Hardie Industries 262.9 2.5%
11 Telstra Group 243.7 2.4%
12 Rio Tinto 240.4 2.3%
13 ANZ Group Holdings 226.0 2.2%
14 Woolworths Group 222.0 2.1%
15 CAR Group 213.2 2.1%
16 Woodside Energy Group 205.8 2.0%
17 ResMed 204.3 2.0%
18 ARB Corporation 176.0 1.7%
19 Coles Group * 175.2 1.7%
20 Reece 169.3 1.6%
21 Mainfreight 157.5 1.5%
22 Amcor 157.1 1.5%
23 Xero 124.8 1.2%
24 REA Group 116.0 1.1%
25 Fisher & Paykel Healthcare Corporation 115.6 1.1%
Total
8,255.1

As percentage of total portfolio value (excludes cash) 79.8%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 30 September 2024


Banks 19.8%

Materials 15.9%

Healthcare 1 2.5%

Industrials 11.2%

Other Financials 9.5%

Consumer Discretionary 8.1%

Communication Services 6.5%

Real Estate 5.0%

Consumer Staples 3.9%

Energy 3.3%

Information Technology 2 .9%

Cash 1.4%


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

Market commentary
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