Half Year Review to 31 December 2024

25 February 2025


The Manager
ASX Market Announcements
Australian Securities Exchange
Exchange Centre
Level 4
20 Bridge Street
Sydney NSW 2000



Electronic Lodgement




Australian Foundation Investment Company Limited
Half Year Review to 31 December 2024


Dear Sir / Madam


Please find attached the Half Year Review to 31 December 2024 that is being sent to
shareholders.



Yours faithfully


Matthew Rowe
Company Secretary

ASX Release authorised by the Company Secretary.

Income,
Capital Growth,
Low Cost
Half-Year Review
to 31 December
2024

BAustralian Foundation Investment Company Limited Half-Year to 31 December 2024
1 Half-Year in 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
AUSTRALIAN FOUNDATION
INVESTMENT COMPANY
IS A LISTED INVESTMENT
COMPANY INVESTING
IN AUSTRALIAN AND
NEW ZEALAND EQUITIES.
Australian Foundation Investment Company Limited ABN 56 004 147 120

1Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Half-Year in Summary
Profit for
the Half-Year
$154.2m
Up 2.7% from 2023
Fully Franked
Interim Dividend
Per Share
12.0
¢
11.5 cents per share
in 2023
Total Six-Month
Shareholder
Return
6.6%
Share price plus
dividend, including
franking*
Management
Expense Ratio
(Annualised)
0.15%
0.14% last year
Total Portfolio
(Including Cash)
at 31 December
2024
$10.4b
$9.5 billion in 2023
2024
Total Six-Month
Portfolio Return
7.2%
Including franking*
S&P/ASX 200
Index including
franking* 7.6%
* Assumes an investor can take full advantage of the franking credits.

2Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Australian Foundation Investment Company (AFIC)
is a listed investment company investing in Australian
and New Zealand equities.
Investment Objectives
The Company’s
primary investment
goals are:
• to pay a stable to growing dividend over time; 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
About the Company

3Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Approach to Investing
Investment Philosophy
Our investment philosophy is built
on taking a medium to long term view
on companies in a diversified portfolio.
The emphasis is 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
its 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.

4Australian Foundation Investment Company Limited Half-Year to 31 December 2024
About the Company
continued
5. We prefer companies with more
stable income flows. We are wary
of companies that have large,
inconsistent profit streams.
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 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
12 months to 30 June 2024 this
was 0.15 per cent, or 15 cents
for each $100 invested.
* Data provided by ISS ESG.
Portfolio at 30 June 2024.

5Australian Foundation Investment Company Limited Half-Year to 31 December 2024

6Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Profit and Dividend
Half-year profit was $154.2 million. In the
corresponding period last year, half-year
profit was $150.1 million.
Investment income for the six months
to 31 December 2024 was $166.3 million,
up from $162.7 million in the corresponding
period last year. The increase was largely
because of a special dividend from
Woolworths Group and increased holdings
in BHP, Woodside Energy Group and
Telstra Group over the course of the
calendar year. These dividend increases
offset the lower contribution from major
bank dividends as holdings were reduced
through the period.
Earnings per share for the half-year were
12.3 cents per share. The interim dividend
declared is 12.0 cents per share fully
franked, an increase of 0.5 cent per share
from the previous corresponding period
of 11.5 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 0.15 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
12.7 per cent in the calendar year to
31 December 2024, driven by the very
strong performance of the Information
Technology and Banking sectors.
Throughout the year, valuations in both
sectors saw a significant re-rating higher
in price earnings multiples as investor
confidence increased around their
perceived lower earnings risk relative to
the broader market. Both sectors ended
the year with valuations at very high levels.
The Resources sector underperformed
in 2024 as softening demand from China
significantly weighed on commodity
prices. To date, China’s easing policy
stance is yet to materialise in accelerating
economic growth.
AFIC’s portfolio outperformed the
Index with a return of 13.2 per cent
including franking for the 12 months
to 31 December 2024 (return figures
including franking, only include the benefit
of franking which AFIC has distributed
to shareholders).
The portfolio relative outperformance
over the 12-month period can be largely
attributed to holdings in Netwealth Group,
Fisher & Paykel Healthcare, ResMed,
Wesfarmers, JB Hi-Fi, Goodman Group
and Macquarie Group. Meaningful
detractors to performance came from
IDP Education, Domino’s Pizza Enterprises
and long term core holdings James
Hardie Industries and Transurban Group.
The underweight portfolio position
in the Resources sector, which has
underperformed, also contributed to
relative outperformance. It has been
a conscious decision to be underweight
in this sector for some time given
our concerns about the outlook
for growth in China.
Review of Operations and Activities

7Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Jul 24
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
7,600
7,700
7,800
7,900
8,000
8,100
8,200
8,300
8,400
8,500
Figure 1: The S&P/ASX 200 Price Index for the Six Months to 31 December 2024
Consumer
Staples
-3.2%
Consumer
Discretionary
12.8%
7.6%
Real Estate
Materials
-2.3%
Financials
14.7%
6.9%
ASX 200 Index
Information
Technology
17.2%
Communication
Services
10.3%
Industrials
14.1%
2.2%
Healthcare
Utilities
0.3%
-11.3%
Energy
Figure 2: Sector Performance Within the S&P/ASX 200 Accumulation Index*
for the Six Months to 31 December 2024
Source: FactSet
* Excludes franking.

8Australian Foundation Investment Company Limited Half-Year to 31 December 2024
During the period a significant amount
of realised taxable gains were incurred
from sales as market valuations became
stretched and some portfolio positions
were reduced. The largest sale in this
context was for a small proportion of
the holding in the Commonwealth Bank
of Australia. These sales have generated
franking credits from the tax payable on
these transactions, which further reinforces
AFIC’s franking reserves. However, the
trimming of portfolio positions where tax
is paid also impacts, reported portfolio
returns as AFIC’s performance is reported
after tax paid and costs.
Five and 10-year portfolio return figures
to 31 December 2024 including franking
were 9.7 per cent and 9.4 per cent
per annum respectively. The S&P/ASX
200 Accumulation Index over these
corresponding periods including franking
were 9.4 per cent and 10.0 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 and more consistent
dividend income.
Review of Operations and Activities
continued
10-year return1-year return3-year return
7.0%
8.9%
6-month return
7.2%
7.6%
13.2%
12.7%
5-year return
9.7%
9.4%
9.4%
10.0%
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
Figure 3: Portfolio Performance* (Including the Full Benefit of Franking)
− to 31 December 2024
* Per annum returns other than for six months. AFIC’s performance figures are after costs and tax.

9Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Portfolio Adjustments
During the year, we increased our holdings
in BHP, Woodside Energy Group, Telstra
Group, Cochlear, James Hardie Industries
and WiseTech Global. We consider long
term prospects for all these companies
remain strong. These purchases were
transacted during periods of short term
negative news flow, providing attractive
buying opportunities for long term
investors. All these companies hold strong
market positions and generate meaningful
free cash flow enabling reinvestment into
their asset base for future earnings growth.
We initiated positions in five companies
during the 12-month period: Ampol,
Worley, Macquarie Technology, BlueScope
Steel, and Sigma Healthcare. Ampol
is Australia’s leading integrated energy
company engaged in refining, supply
and marketing of petroleum and maintains
a significant convenience retail footprint.
Worley is a market leader in engineering
and consulting services to the global
energy, chemical and resources industries.
Macquarie Technology is a data centre,
cloud and telecommunications business.
BlueScope Steel is a global leader in metal
coating and painting products servicing
a wide range of end markets, and Sigma
Healthcare operates in wholesale and
community pharmacy with a proposed
merger with Chemist Warehouse, a market
leader in operating retail pharmacies.
We exited Ramsay Health Care and
Domino’s Pizza Enterprises considering
long term prospects for these companies
will be increasingly challenged as
competitive intensity increases.
Mineral Resources was sold given the
disappointing corporate governance
practices that have emerged.

10Australian Foundation Investment Company Limited Half-Year to 31 December 2024
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 2024. Over the six-month
period the share price has moved from
a discount of 9.3 per cent to the net
asset backing of $7.88 per share
at 30 June 2024, to a discount of
10.1 per cent to net asset backing of
$8.24 per share at 31 December 2024.
This movement has meant the share price
return of 6.6 per cent including franking
was behind the portfolio return of 7.2 per
cent including franking for this six-month
period. This is not something that we
can control in the short term, but we are
very conscious of this development. As
a result, the Company has uplifted its
communication with brokers and financial
planners, moved to weekly disclosure of
the portfolio NTA and begun to buy back
shares in an orderly fashion as and when
opportunities arise. In total, approximately
4.8 million shares were bought back at
a cost of approximately $36.2 million.
The way that AFIC shares are priced relative
to the NTA will likely move from modest
premiums to discounts over time, which is
impacted by a range of factors such as the
level of interest rates and the broader stock
market, but we are clear on one thing. We
remain very focused on investing in quality
companies that outperform the market
over an extended period. This will ultimately
drive our share price more than the shorter
term vagaries of the market.
Review of Operations and Activities
continued
Figure 4: Share Price Relative to Net Asset Backing Per Share
Dec
15
Dec
14
Dec
16
Dec
17
Dec
18
Dec 19Dec 20Dec 21Dec 22
Dec 23
Dec 24
15%
-10%
-5%
0%
5%
10%
20%

11Australian Foundation Investment Company Limited Half-Year to 31 December 2024
International Portfolio
We have continued to manage the global
portfolio (within the AFIC portfolio) over
the period. This portfolio was first initiated
in May 2021. We have been trialling
this portfolio for over three years. AFIC
has invested a total of $106.8 million of
shareholder capital in the global portfolio,
which is valued at $164.2 million as at
31 December 2024. At current value,
the global portfolio represents about
1.6 per cent of the overall AFIC portfolio.
We are encouraged by the performance
of this portfolio, which has exceeded its
benchmark index (the MSCI World Index
ex Australia) since its inception.
We are currently working through
the most appropriate next steps for
this initiative, including the options for
establishing a separate low-cost global
investment company in the future.
Outlook
The outlook for equity markets remains
highly uncertain. Heightened geopolitical
tensions coupled with elections outcomes
in many developed markets may lead to
a wide dispersion of potential investment
outcomes in the near term. Accordingly,
equity market volatility is expected to
remain a feature.

12Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Review of Operations and Activities
continued
The operating environment for many
companies appears set to become
increasingly challenged. Sales growth
appears set to slow as economic growth
and consumer confidence remains
subdued, while cost inflation remains
elevated, albeit now growing at a
slower rate.
Following two strong years of performance,
the Australian equity market now appears
more fully priced (Figure 5). In this
environment, we are cautiously allocating
capital as the price you pay for any
investment plays a large role in investment
returns, even over extended time periods.
As long term investors, we are looking
to utilise prevalent share price volatility
to allocate capital to quality companies
at attractive prices, where long term
growth prospects remain strong. Our
focus remains on quality companies that
maintain a strong balance sheet, operate
unique assets and are run by highly
capable boards and management teams.
20
18
16
14
12
10
8
20052006200720082009201020112012201320142015201620172018201920202021202220232024
Times
Average 14.7
Figure 5: S&P/ASX 200 Price Earnings Ratio as an Indicator of Market Valuation
Source: FactSet

Australian Foundation Investment Company Limited13 Annual Review 2024

14Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Includes investments held in both the investment and trading portfolios.
Value at Closing Prices at 31 December 2024
Total Value
$ Million
% of the
Portfolio
1Commonwealth Bank of Australia975.49.7
2BHP 820.88.1
3CSL 722.07.2
4Macquarie Group* 476.04.7
5National Australia Bank* 457.34.5
6Wesfarmers 454.24.5
7Westpac Banking Corporation429.34.3
8Transurban Group 363.33.6
9Goodman Group361.93.6
10Telstra Group 262.52.6
11James Hardie Industries229.22.3
12Rio Tinto 218.72.2
13ResMed 214.82.1
14ANZ Group Holdings 211.62.1
15CAR Group* 205.02.0
16Woolworths Group 203.32.0
17Woodside Energy Group 200.92.0
18Coles Group* 183.41.8
19Mainfreight 160.01.6
20ARB Corporation 150.51.5
21Amcor144.01.4
22Xero 140.71.4
23REA Group 134.61.3
24Reece 126.01.2
25Fisher & Paykel Healthcare 125.81.2
Total7,971.1
As percentage of total portfolio value (excludes cash)79.0%
* Indicates that options were outstanding against part of the holding.
Top 25 Investments
As at 31 December 2024

15Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Half-Year
2024
$’000
Half-Year
2023
$’000
Dividends and distributions166,298162,673
Revenue from deposits and bank bills4,1263,263
Net gains on trading portfolio 1,8921,332
Total income 172,316167,268
Finance costs(631)(700)
Administration expenses(7,787)(6,200)
Profit before income tax163,898160,368
Income tax (9,734)(10,289)
Profit for the half-year 154,164150,079
CentsCents
Earnings per share12.2912.05
Income Statement
For the Half-Year Ended 31 December 2024

16Australian Foundation Investment Company Limited Half-Year to 31 December 2024
31 Dec 2024
$’000
30 June 2024
$’000
Current assets
Cash 294,114166,499
Receivables12,77542,425
Trading portfolio5,6415,387
Total current assets312,530214,311
Non-current assets
Deferred tax assets – other1,328–
Investment portfolio 10,081,2289,703,558
Total non-current assets10,082,5569,703,558
Total assets10,395,0869,917,869
Current liabilities
Payables1,6611,256
Borrowings – bank debt10,00010,000
Tax payable53,09334,105
Provisions4,3896,014
Total current liabilities69,14351,375
Non-current liabilities
Provisions151154
Deferred tax liabilities – other–1,237
Deferred tax liabilities – investment portfolio1,712,9031,603,716
Total non-current liabilities1,713,0541,605,107
Total liabilities1,782,1971,656,482
Net assets8,612,8898,261,387
Shareholders’ equity
Share capital3,208,3403,205,000
Revaluation reserve3,679,0983,449,280
Realised capital gains reserve631,683546,953
General reserve23,63723,637
Retained profits1,070,1311,036,517
Total shareholders’ equity
(including minority interests)8,612,8898,261,387
Balance Sheet
As at 31 December 2024

17Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Half-Year
2024
$’000
Half-Year
2023
$’000
Total equity at the beginning of the half-year8,261,3877,557,556
Dividends paid(174,798)(167,176)
Dividend Reinvestment Plan39,65037,121
Shares bought back(36,156)–
Other share capital adjustments(154)(90)
Total transactions with shareholders(171,458)(130,145)
Profit for the half-year154,164150,079
Revaluation of investment portfolio531,401582,535
Provision for tax on revaluation(162,605)(176,807)
Revaluation of investment portfolio (after tax)368,796405,728
Total comprehensive income for the half-year522,960555,807
Realised gains on securities sold192,39673,205
Tax on realised gains on securities sold(53,418)(13,736)
Net realised gains on securities sold138,97859,469
Transfer from revaluation reserve to realised
gains reserve(138,978)(59,469)
Total equity at the end of the half-year8,612,8897,983,218
A full set of AFIC’s interim accounts are available on the Company’s website.
Summarised Statement of Changes in Equity
and Comprehensive Income Statement
For the Half-Year Ended 31 December 2024

18Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Individual investments for the combined investment and trading portfolios as at
31 December 2024 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.
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
AIAAuckland International Airport11,50189,250
ALDAmpol1,85552,292
ALQALS7,622114,942
AMCAmcor9,617143,961
ANZANZ Group Holdings7,415211,624
ARBARB Corporation3,705150,464
ASXASX 1,757114,346
AUBAUB Group1,43244,684
BHPBHP20,753820,787
BRGBreville Group70224,854
BSLBlueScope Steel1,37025,605
BXBBrambles5,840112,362
CAR*CAR Group5,690205,013
CBACommonwealth Bank of Australia6,365975,436
COHCochlear404117,162
COL*Coles Group9,722183,374
CPUComputershare3,630123,239
CSLCSL2,564721,971
Holdings of Securities
As at 31 December 2024

19Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
CWYCleanaway Waste Management18,18548,190
DJWDjerriwarrh Investments7,50524,242
DUIDiversified United Investment12,03063,760
EQTEQT Holdings 1,64752,718
FPHFisher & Paykel Healthcare Corporation3,600125,820
GMGGoodman Group10,155361,924
IAGInsurance Australia Group4,74040,098
IELIDP Education4,53857,312
JBHJB Hi-Fi1,131104,846
JHXJames Hardie Industries4,577229,170
MAQMacquarie Technology Group38033,600
MFTMainfreight (NZX listed)2,406160,014
MGRMirvac Group29,35055,031
MIRMirrabooka Investments8,72829,413
MQG*Macquarie Group2,148475,981
NAB*National Australia Bank12,335457,332
NANNanosonics5,71617,204
NWLNetwealth Group3,489100,310
NXTNEXTDC2,03430,658
PXAPEXA Group3,10240,516
REAREA Group577134,620
REHReece5,628125,955
RGNRegion Group16,00033,120
RIORio Tinto1,862218,712
RMDResMed5,842214,810
SEK*Seek3,79585,633
SHL*Sonic Healthcare3,32089,637
SIGSigma Healthcare2,7137,108

20Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
STOSantos13,92192,990
TCLTransurban Group27,132363,296
TLSTelstra Group65,455262,475
WBCWestpac Banking Corporation13,283429,290
WDSWoodside Energy Group8,165200,859
WESWesfarmers6,350454,216
WORWorley3,06842,030
WOWWoolworths Group6,667203,277
WTCWiseTech Global69784,368
XROXero835140,748
Total9,922,650
* Indicates that options were outstanding against part of the holding.
Holdings of Securities
As at 31 December 2024 continued

21Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2024
Market
Value
2024
A$
ACN-USAccenture7,3944,201,123
AENA-ESAena9,6183,175,287
GOOGL-USAlphabet28,7548,791,248
AMZN-USAmazon23,9158,474,041
AAPL-USApple18,9937,681,909
BLDR-USBuilders Firstsource8,3601,929,906
CP-USCanadian Pacific20,4322,388,296
SCHW-USCharles Schwab32,9763,941,621
CMG-USChipotle Mexican54,0905,267,825
CTAS-USCintas3,002885,830
COST-USCostco2,3913,538,393
CRH-USCRH14,9152,228,748
CCI-USCrown Castle14,2862,094,185
LLY-USEli Lilly530660,841
EXE-USExpand Energy11,8541,905,886
FERG-GBFerguson Enterprises10,4112,927,261
FTNT-USFortinet29,1254,444,475
FCX-USFreeport46,3212,848,742
HLMA-GBHalma21,3701,162,314
HCA-USHCA Healthcare8,4344,088,635
HD-USHome Depot6,5644,123,899
ICE-USIntercontinental17,3484,175,143
TFLO-USiShares Treasury41,1923,357,560
Holdings of International Securities
As at 31 December 2024

22Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
2024
Market
Value
2024
A$
JPM-USJP Morgan15,1365,860,054
MC-FRLVMH Moët1,5111,605,951
MAR-USMarriott6,2952,836,023
MA-USMastercard2,8762,445,952
MCD-USMcDonalds8,0663,776,582
META-USMeta Platforms7,0736,688,724
MSFT-USMicrosoft14,78310,063,823
NESN-CHNestlé23,0763,065,877
NFLX-USNetflix3,9825,732,447
NEE-USNextera30,9093,578,953
NKE-USNike6,573803,352
NOVOB-DKNovo Nordisk16,6162,322,086
NVDA-USNVIDIA45,3309,831,624
PEP-USPepsiCo9,6002,357,664
SPGI-USS&P Global4,3423,492,618
SU-FRSchneider10,8514,371,759
SBUX-USStarbucks8,0001,179,040
TMO-USThermo Fisher1,5181,275,469
UNH-USUnited Health5,3104,338,376
UMG-NLUniversal Music50,4982,087,587
V-USVisa4,3322,211,226
Total164,218,356
Holdings of International Securities
As at 31 December 2024 continued

23Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Major Transactions in the
Investment Portfolio
Six Months to End December 2024
Acquisitions
Cost
($’000)
BHP95,416
Worley45,163
BlueScope Steel27,868
Ampol21,905
Cochlear20,310
Disposals
Proceeds
($’000)
Commonwealth Bank of Australia190,178
Ramsay Health Care*51,040
Mineral Resources*35,342
Westpac Banking Corporation 35,089
Domino’s Pizza Enterprises*31,879
* Complete disposal from the portfolio.
New Companies Added to the Portfolio
Worley
BlueScope Steel
Sigma Healthcare

24Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Australian Foundation
Investment Company
Limited
ABN 56 004 147 120
Directors
Craig M Drummond, Chairman
Rebecca P Dee-Bradbury
Julie A Fahey
Katie M Hudson
Graeme R Liebelt
Richard L Murray
David A Peever
Mark Freeman, Managing Director
Company Secretaries
Matthew J Rowe
Andrew JB Porter
Auditor
PricewaterhouseCoopers
Chartered Accountants
Country of Incorporation
Australia
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)
Company Particulars

25Australian Foundation Investment Company Limited Half-Year to 31 December 2024
Share Registrar
MUFG Corporate Markets (AU) Limited
Mail Address Locked Bag A14
Sydney South
NSW 1235
AFIC Shareholder
Enquiry Lines 1300 857 499 (AU)
+64 9375 5998 (NZ)
Email afi@cm.mpms.mufg.com
Facsimile (02) 9287 0303
Website au.investorcentre.mpms.
mufg.com
For all enquiries relating to shareholdings,
dividends and related matters, please
contact the share registrar as above.
Securities Exchange Codes
AFI Ordinary shares
(ASX and NZX)
Shareholder Meetings
Melbourne Shareholder Meeting
Time 10.00am
Date Thursday 13 March 2025
Venue ZINC Federation Square
Swanston Street and
Flinders Street
Melbourne
Sydney Shareholder Meeting
Time 10.00am
Date Monday 17 March 2025
Venue Swissotel
68 Market Street
Sydney
Brisbane Shareholder Meeting
Time 10.00am
Date Tuesday 18 March 2025
Venue Sky Room
Brisbane Convention
and Exhibition Centre
Corner Merivale and
Glenelg Streets
South Bank
Brisbane
Perth Shareholder Meeting
Time 10.00am
Date Monday 31 March 2025
Venue Swan Room
Parmelia Hilton
14 Mill Street
Perth
Adelaide Shareholder Meeting
Time 10.00am
Date Tuesday 1 April 2025
Venue Panorama Rooms
Adelaide Convention Centre
North Terrace
Adelaide
Canberra Shareholder Meeting
Time 10.00am
Date Thursday 3 April 2025
Venue Hotel Realm
18 National Circuit
Barton
Shareholder Information

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