NTA & Top 25 Investments as at 31 December 2025

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7 January 2026
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 December 2025
Before Tax* After Tax*
31 December 2025
$7.90 $6.66
30 November 2025
$7.91 $6.66
* 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.

These figures are subject to external review by the auditors.


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: $9.9 billion at 3 1 December 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 December 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
1.2%
9.9%
8.7%
9.3%
11.5%
12.7%
11.3%
10.8%
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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For December the S&P/ASX 200 Accumulation Index produced a positive return of 1.3% driven by strong gains in Materials and Financials.
For the 12 months to 31 December the S&P/ASX 200 Accumulation Index produced a return of 10.3%, although there was a wide
dispersion in sector returns within this performance.
The Materials sector was up 6.7% in December and up 36.2% for the calendar year. There was continued strength in small and mid- cap
resources driven by strong gains in rare earth and critical minerals stocks. Gold was up 6.9% in December and this sector has produced a
12-month return of 127.0% to the end of the calendar year. Financials were up 3.4% in December with this sector producing a 12-month
return of 12.1%.
All other sectors other than Real Estate produced negative returns for the month. The largest falls were in Information Technology, down
8.7% (down 20.8% for the calendar year as valuations for many stocks fell from heightened levels), and Healthcare down 7.1% (with a 12-
month return of negative 23.7%, with CSL being a large contributor to this outcome).
For more information visit our website: afi.com.au


Top 25 investments valued at closing prices at 31 December 2025

Total Value
$ Million
% of
Portfolio
1
BHP * 942.1 9.6%
2
Commonwealth Bank of Australia 823.5 8.4%
3
National Australia Bank * 502.2 5.1%
4
Westpac Banking Corporation 492.9 5.0%
5
CSL 469.3 4.8%
6
Macquarie Group 436.4 4.5%
7
Wesfarmers 391.2 4.0%
8
Transurban Group * 375.0 3.8%
9
Goodman Group * 357.0 3.6%
10
Telstra Group * 338.0 3.5%
11
Rio Tinto 273.4 2.8%
12
ANZ Group Holdings 269.5 2.8%
13
Woolworths Group 243.7 2.5%
14
ResMed 240.4 2.5%
15
Coles Group * 197.9 2.0%
16
Woodside Energy Group 192.6 2.0%
17
CAR Group 175.0 1.8%
18
ALS 154.5 1.6%
19
Mainfreight 142.4 1.5%
20
Computershare 134.2 1.4%
21
Brambles 134.1 1.4%
22
ARB Corporation 132.9 1.4%
23
James Hardie Industries 129.8 1.3%
24
Amcor 120.7 1.2%
25
Fisher & Paykel Healthcare Corporation 117.5 1.2%
Total
7,786.1
As percentage of total portfolio value (excludes cash) 79.5%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 December 2025


Banks 2 1.1%

Materials 15.2%

Industrials 12.3%

Healthcare 11.3%

Other Financials 8.8%

Communication Services 7.4%

Consumer Discretionary 7.2%

Real Estate 5.0%

Consumer Staples 4.5%

Energy 3.4%

Information Technology 2.5%

Cash 1.3%


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