NTA & Top 25 Investments as at 31 January 2026

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6 February 2026
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 January 2026
Before Tax* After Tax*
31 January 2026 Cum Div
$8.00 $6.74
31 December 2025 Cum Div
$7.90 $6.66
The Net Tangible Asset Backing per share for both 31 December 2025 and 31 January 2026 are before the provision of the interim dividend of 12.0 cents per share and
the special dividend of 2.5 cents per share.
* 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: $10.0 billion at 31 January 2026.
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 January 2026*


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%
8.1%
8.9%
10.1%
8.5%
11.1%
11.7%
11.6%
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 month of January produced further gains with the S&P/ASX 200 Accumulation Index delivering a positive return of 1.8% driven by
continued strong gains in Materials, up 9.5%, and a rebound in Energy which was up 10.6% over the month. Contributing to the strength in
Materials, Gold had a strong month up 11.0%.
Healthcare showed some improvement over January, up 2.3%, after a prolonged period of disappointing returns.
Information Technology was down once again following previous declines with this sector down 9.4% for the month (this sector is down
32.3% for the financial year to date). Other sectors to show more significant declines were Banks, down 2.0%, and Real Estate, down 2.7%
For more information visit our website: afi.com.au


Top 25 investments valued at closing prices at 30 January 2026

Total Value
$ Million
% of
Portfolio
1
BHP * 1,042.5 10.5%
2
Commonwealth Bank of Australia 766.0 7.7%
3
National Australia Bank * 514.7 5.2%
4
Westpac Banking Corporation 495.7 5.0%
5
CSL 493.1 4.9%
6
Macquarie Group * 455.5 4.6%
7
Wesfarmers 402.1 4.0%
8
Transurban Group * 368.2 3.7%
9
Goodman Group * 354.2 3.6%
10
Telstra Group * 348.9 3.5%
11
Rio Tinto 282.2 2.8%
12
ANZ Group Holdings 272.1 2.7%
13
Woolworths Group * 256.5 2.6%
14
ResMed 251.1 2.5%
15
Woodside Energy Group * 206.7 2.1%
16
Coles Group * 196.4 2.0%
17
ALS 172.8 1.7%
18
CAR Group 157.1 1.6%
19
Mainfreight 139.5 1.4%
20
James Hardie Industries 139.2 1.4%
21
Brambles 130.8 1.3%
22
Cochlear 129.5 1.3%
23
REA Group 129.0 1.3%
24
Computershare 128.6 1.3%
25
Fisher & Paykel Healthcare Corporation 121.1 1.2%
Total
7,953.5
As percentage of total portfolio value (excludes cash) 79.7%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 January 2026


Banks 20.4%

Materials 16.3%

Industrials 12.2%

Healthcare 11.7%

Other Financials 9.1%

Communication Services 7.4%

Consumer Discretionary 6.9%

Real Estate 4.9%

Consumer Staples 4.5%

Energy 3.5%

Information Technology 2.4%

Cash 0.7%


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