Information Meetings - Presentation

13 March 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
Information Meetings – Presentation



Dear Sir / Madam


Please find attached the presentation to be given at the Information Meetings being
held in March and April 2025.




Yours faithfully



Andrew Porter
Company Secretary


ASX Release authorised by the Company Secretary.

Shareholder Meetings
March/April 2025
ASX: AFI ASX: DJW ASX: MIR ASX: AMH

Shareholder Meeting March/April 2025
Australian Foundation Investment Company, Djerriwarrh Investments Limited, Mirrabooka Investments Limited and
AMCIL Limited and their service provider Australian Investment Company Services Limited (AICS) (AFSL 303209), their
related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the
information contained in these materials 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.
This information has been prepared and provided by AICS. To the extent that it 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 a financial advisor.
2
Disclaimer

Shareholder Meeting March/April 2025
Agenda
•Overview – Mark Freeman
•Portfolios:
oDavid Grace - AFIC
oOlga Kosciuczyk - Djerriwarrh
oKieran Kennedy - Mirrabooka
oMark Freeman - AMCIL
•Closing Remarks – Mark Freeman
•Questions
3
3

Shareholder Meeting March/April 2025
4
Diversified Australian and
New Zealand Equities –
capital and fully franked
dividend growth over the
long term
MER
Managing four
funds with different
investment objectives
adds significantly
to the effectiveness of
the investment process
and idea generation
Investment team
with over 200 years
experience
Total FUM of
approximately
$12 billion
Grossed up
dividend yield
$10.2 billion
0.15%
Fully franked yield that is
higher than that available
from the ASX 200 Index
utilising option strategies,
long term capital growth
MER
$880 million
0.42%
Australian and New
Zealand small/midcap
sector, capital growth
over the long term and
fully franked dividends
MER
$660 million
0.56%
High conviction
portfolio, strong capital
growth over the long
term and fully franked
dividends
MER
$400 million
0.56%
5.3%7.3%6.0%5.3%
Grossed up
dividend yield
Grossed up
dividend yield
Grossed up
dividend yield
Dividend yields based on share price on 12 March 2025. Includes special dividends for Mirrabooka and AMCIL

Shareholder Meeting March/April 2025
We operate what is called The Traditional LIC Model
Internally managed – no external funds management business charging separate portfolio fees
Long term investor in diversified portfolios of quality companies - tax aware with lower portfolio turnover
and with lower volatility of returns
Independent Board of Directors
Sensitivity to income requirements of shareholders – profit reserves, focus on fully franked dividends
Costs and tax paid have less of an impact on returns – our performance quoted after fees and tax paid
5
Incentives strongly aligned with shareholder interests, benefit of scale flows to shareholders

Shareholder Meeting March/April 2025
AFIC Portfolio* and Sector Performance to 28 February 2025
* Per annum returns. Assumes the full benefit of franking credits.

Past performance is not indicative of future performance.
6
Includes dividends but not franking.
12 Month Sector Performance

Shareholder Meeting March/April 2025
Portfolio Set to Perform in Most Economic Settings
Stalwarts
Growth Companies
Income
Cyclicals
Portfolio at 28 February 2025, excludes cash.
7

Shareholder Meeting March/April 2025
Banking Sector - Valuations
Source FactSet
8

Shareholder Meeting March/April 2025
ResMed – the benefit of long-term investing
Source: Diogenes Research
Source: ResMed
Note: ASX 200 is indexed to company’s share price
ResMed - EPS vs Share Price
9

Shareholder Meeting March/April 2025
Djerriwarrh: Enhanced Yieldand Capital Growth - 28 February 2025*
*Assumes an investor can take full advantage of the franking credits. Yield based on the interim dividend and final dividend paid – in total 15 cents per share.
Past performance is not indicative of future performance.
Enhanced Dividend Yield
Portfolio Per Annum Returns
10

Shareholder Meeting March/April 2025
Portfolio Update: Recent Purchases
Dividend per Share
Sales revenue
$ million
11

Shareholder Meeting March/April 2025
Portfolio Update: Summary
Constructing a diversified portfolio of high-quality companies across different sectors andwith the appropriate balance
ofIncome and Growthis the keyforDjerriwarrhtodeliver on itsInvestment Objectivesin a variety of market
conditions.
Top 20 Holdings
Source: Based on 28 February 2025 Portfolio.
* Portfolio Value is based on the Investment Portfolio plus the
Trading portfolio, not including the Options portfolio and cash.
$850m
Key Portfolio Statistics
Portfolio Value*
39%
Call Option Exposure
1%
Put Option Exposure
$3.29
Net Tangible Asset (NTA) Backing Per Share
45
Stocks in the Portfolio
12

Shareholder Meeting March/April 2025
Mirrabooka Portfolio Performance – Per Annum Returns to
28 February 2025*
* Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return
is also calculate 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.
13

Shareholder Meeting March/April 2025
Investment Portfolio activity* – selected material transactions
Investment Portfolio sales – total $77 million
Investment Portfolio purchases – total $46 million
Exiting the portfolio
Addition to existing holding
New to the portfolio
Reduction in ongoing holding
*Six months to 31 December 2024
14

Shareholder Meeting March/April 2025
* Indicates that options were outstanding against part of the holding.
Company
% of
Portfolio
Ownership Period
4.6%
4.3%
4.1%
3.3%
3.3%
3.1%
3.1%
2.8%
2.7%
2.6%
8.5 yrs
8 yrs
Company
% of
Portfolio
Ownership Period
4 yrs
2.6%
2.3%
2.2%
2.1%
2.0%
2.0%
1.8%
1.7%
1.7%
1.7%
14.5yrs
13.5yrs
19.5yrs
7.5yrs
3 yrs
20
19
18
17
16
15*
14
13
12*
11
10*
9
8
7
6
5*
4
3
2
1
5 yrs
Note: ResMed, Breville Group, Vista Group, IDP Education, Worley and James Hardie have been held previously by Mirrabooka.
Mirrabooka Top 20 Holdings – 28 February 2025
6.5yrs
9.5 yrs
2 yrs
3 yrs
1.5 years
7.5yrs
9.5 yrs
2.5 years
14.5yrs
19.5yrs
10.0 yrs
15

Shareholder Meeting March/April 2025
AMCIL Portfolio Performance – Per Annum Returns to 28 February 2025*
* Assumes an investor can take full advantage of the franking credits. AMCIL’s portfolio return is also calculated after
management fees, income tax and capitalgains 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.
16

Shareholder Meeting March/April 2025
Recent Selected Portfolio Activity*
17
AddedNewExitedTrimmed
(Acquired)
*Six months to 31 December 2024
17

Shareholder Meeting March/April 2025
* Indicates options were outstanding against some of the holding .
Company
% of
Portfolio
Ownership Period
8.1%
6.0%
4.6%
4.5%
4.4%
3.5%
4.1%
4.0%
3.4%
3.9%
Company
% of
Portfolio
Ownership Period
2.7%
3.2%
2.3%
2.8%
2.3%
2.2%
2.2%
1.8%
1.9%
7 yrs
9.5yrs
7.5 yrs
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6*
5
4
3*
2
1
5.5 yrs
AMCIL Top 20 Holdings – 28 February 2025
21yrs
13yrs
15yrs
2.3%
6 yrs
5.5 yrs
7.5 yrs
5.5 yrs
3.5yrs
13yrs
14.5yrs
2.5yrs
2 yrs
0.5yrs
5 yrs
2 yrs
4 yrs
Note: Wesfarmers, Transurban, Macquarie Technology Group, ResMed, Netwealth, James Hardie, EQT, ALS, Amcor, REA and Fisher and Paykel have
been held previously by AMCIL.
18

Shareholder Meeting March/April 2025
Key Themes from the Recent Company Reporting Season
19
•Majority of the companies reported results in line with expectations.
•Outlook statement and earnings guidance however were on average below
market expectations
•Cost efficiencies helping to support margins.
•Australian consumers remain in reasonable health.
•Balance sheets generally in good shape.
•More mentions of using AI in businesses.

Shareholder Meeting March/April 2025
Where the market is currently trading against the long term
20
ASX 200 Index Price Earnings Ratio
Source: FactSet
ASX 200 Index Dividend Yield

Shareholder Meeting March/April 2025
Where the US market is currently trading against the long term
21
S&P500 Index Price Earnings Ratio
Source: FactSet
S&P500 Index Dividend Yield

Shareholder Meeting March/April 2025
The case for our LICs over Index ETF’s
LICs not wedded to tracking an index that may lead to:
•forced buying in overheated markets – last buyer of upgrades
•forced selling value in falling markets – last seller of downgrades
•large exposure to an individual company/sector
Closed end fund provides stability of capital which allows for long term investment
Greater stability of fully franked dividends, simple distributions, benefit of LIC capital gains. No unexpected
tax outcome for investors
Investments strategies are not influenced by the issuance and redemption of units as they are in open ended
structures – better able to take advantage of market opportunities
As an active investment manager, we have the discretion to take advantage of discounted placements, buy
backs and other corporate actions on behalf of shareholders
22

Shareholder Meeting March/April 2025
Share price relative to Net Asset Backing – 28 February 2025
23

May 2024
24