NTA & Top 25 Investments as at 31 August 2025

Page 1 of 2
3 September 2025
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 August 2025
Before Tax* After Tax*
31 August 2025 Ex Div
$8.34 $6.95
31 July 2025 Cum Div
$8.51 $7.10
The August 2025 figures are after the provision of the final dividend of 14.5 cents per share and the special dividend of 5 cents per share, and the July 2025 figures are
before the provision for the dividend.
* 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: $10.6 billion at 3 1 August 2025.
Low Management cost: 0.16 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 31 August 2025*


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
MUFG Corporate Markets (AU) Limited
au.investorcentre.mpms.mufg.com

1300 857 499 (in Australia)
+64 9375 5998 (outside Australia)
afi@cm.mpms.mufg.com
7.4%
12.0%
12.0%
10.2%
16.0%
14.5%
13.8%
11.4%
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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In aggregate the S&P/ASX 200 Accumulation Index produced another strong return as the RBA cut interest rates during August with the
Index up 3.1% for the month. However, there was a wide dispersion of returns led by market repositioning and the impact of announced
profit results.

The Resources sector, which had lagged the market more recently, was up 10.2% for the month. Within this sector small and mid cap
resources led by lithium and rare earths were up very strongly, with small resources up 13.7% and mid cap resources up 22.9% for the
month. Banks continued their strength despite the Commonwealth Bank of Australia falling with the sector up 4.6% for the month. Other
sectors to perform strongly in August were Consumer Discretionary, up 7.6% and Utilities up 5.3%. Gold which is often an indicator of
heightened market risk was up 20.1% in August.

The biggest fall came in Healthcare, which was down 13.2%, with the fall in CSL following its profit results having the largest impact on this
sector. The only other sector to produce a negative return in August was Information Technology which was down 1.7%.

For more information visit our website: afi.com.au


Top 25 investments valued at closing prices at 29 August 2025

Total Value
$ Million
% of
Portfolio
1
BHP * 895.5 8.6%
2
Commonwealth Bank of Australia 873.4 8.4%
3
CSL 562.7 5.4%
4
National Australia Bank * 525.7 5.0%
5
Westpac Banking Corporation 512.8 4.9%
6
Macquarie Group * 483.4 4.6%
7
Wesfarmers 482.7 4.6%
8
Goodman Group 395.9 3.8%
9
Transurban Group 385.3 3.7%
10
Telstra Group * 308.8 3.0%
11
ResMed * 270.3 2.6%
12
ANZ Group Holdings 249.7 2.4%
13
CAR Group 230.1 2.2%
14
Coles Group 220.4 2.1%
15
Woodside Energy Group 215.6 2.1%
16
Rio Tinto 215.0 2.1%
17
Woolworths Group 192.0 1.8%
18
ARB Corporation 169.0 1.6%
19
Brambles 151.5 1.5%
20
REA Group 144.8 1.4%
21
James Hardie Industries * 144.0 1.4%
22
ALS * 141.6 1.4%
23
Computershare 138.6 1.3%
24
Xero 136.6 1.3%
25
Cochlear 133.6 1.3%
Total
8,179.1
As percentage of total portfolio value (excludes cash) 78.4%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 August 2025


Banks 20.4%

Materials 13.4%

Healthcare 1 1.6%

Industrials 11.4%

Other Financials 9.4%

Consumer Discretionary 7.9%

Communication Services 7.7%

Real Estate 5.2%

Consumer Staples 3.9%

Information Technology 3.6%

Energy 3.6%

Cash 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

Market commentary
Portfolio facts