NTA & Top 25 Investments as at 31 March 2026

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8 April 2026
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 March 2026
Before Tax* After Tax*
31 March 2026
$7.54 $6.41
28 February 2026
$8.09 $6.77
* 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: $9.5 billion at 31 March 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 March 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 Andrew Porter, 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
4.1%
7.3%
7.3%
9.3%
12.8%
10.8%
10.0%
10.9%
1 year return3 year return5 year return10 year return
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Key facts
Key benefits

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The S&P/ASX200 Accumulation Index fell 7.1% in March with the impact of the war in Iran weighing on markets. Closure of the Strait of
Hormuz led to a sharp spike in the oil price. This drove strong gains in the Energy sector, up 20.4%, with Woodside Energy Group and
Ampol Limited experiencing large share price gains.
Across the market a number of sectors were down with the Materials sector hardest hit, with a decline of 13.0% for the month, with gold
stocks and BHP being significant detractors. Despite the sell off in the share price of BHP its total return including dividends remains up
over 37% for the 12 months to 31 March 2026.
The Information Technology sector continued to be negatively impacted, down 12.5%, on concerns around the perceived durability of
earnings for some companies within this sector given the growing capabilities of AI. The Banking sector fell 8.1% in March as valuations fell
from very elevated levels in February.
With the uncertainty in the market and the impacts of higher oil prices on inflation and growth prospects, investors gravitated towards the
defensive sectors with Utilities and Consumer Staples up 4.9% and 1.7%, respectively.
For more information visit our website: afi.com.au

Top 25 investments valued at closing prices at 31 March 2026

Total Value
$ Million
% of
Portfolio
1
BHP * 1,024.6 10.8%
2
Commonwealth Bank of Australia 822.4 8.7%
3
Westpac Banking Corporation 456.7 4.8%
4
Macquarie Group * 433.5 4.6%
5
National Australia Bank * 427.0 4.5%
6
CSL 382.6 4.0%
7
Telstra Group * 380.3 4.0%
8
Transurban Group * 369.7 3.9%
9
Wesfarmers 351.7 3.7%
10
Woolworths Group * 301.5 3.2%
11
Rio Tinto 300.6 3.2%
12
Goodman Group 294.3 3.1%
13
Woodside Energy Group * 281.1 3.0%
14
ANZ Group Holdings 266.7 2.8%
15
Coles Group * 223.6 2.4%
16
ResMed 215.1 2.3%
17
CAR Group 155.5 1.6%
18
Brambles 132.0 1.4%
19
Computershare 120.8 1.3%
20
Mainfreight 115.8 1.2%
21
ALS 115.2 1.2%
22
REA Group 114.8 1.2%
23
Fisher & Paykel Healthcare Corporation 110.3 1.2%
24
Santos * 110.3 1.2%
25
James Hardie Industries 109.7 1.2%
Total
7,616.0
As percentage of total portfolio value (excludes cash) 80.4%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 March 2026


Banks 20.7%

Materials 16.6%

Industrials 11.5%

Healthcare 9.6%

Other Financials 9.0%

Communication Services 7.8%

Consumer Discretionary 6.6%

Consumer Staples 5.5%

Energy 4.6%

Real Estate 4.6%

Information Technology 2.7%

Cash 0.8%


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