NTA & Top 25 Investments as at 31 May 2026

Page 1 of 2
4 June 2026
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 May 2026
Before Tax* After Tax*
31 May 2026
$7.76 $6.55
30 April 2026
$7.69 $6.51
* 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: $9.7 billion at 31 May 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 May 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
0.0%
8.5%
6.6%
9.0%
8.0%
12.3%
9.5%
10.5%
1 year return3 year return5 year return10 year return
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Key facts
Key benefits

Page 2 of 2

The S&P/ASX 200 Accumulation Index gained 1.2% in the month of May, with a strong final day of the month delivering 1.6% which
strengthened the overall result. The Financials sector fell 2.9% in May, with Banks declining 4.2% as money rotated out of the sector
following a prolonged period of strong performance. The bank re-rating of recent years continued to unwind, with the sector now sitting
around 12.4% below its all-time high.
The Materials and Resources sectors were the standout performers for the month, with Resources gaining 7.8% and Materials rising
10.5%. Both sectors registered all-time highs during May, the only sectors to do so. The divergence between resources and banks has
been a defining feature of the financial year. Consumer Discretionary also performed well in May, gaining 4.7% led by Wesfarmers. The
Healthcare sector declined 9.2% over the month, continuing its difficult run with CSL falling 22.3% over the month, and the sector now down
43.6% over the financial year to date. Utilities (down 7.6%) and Energy (down 5.9%) were also among the weaker performers.
The market’s increasingly binary response to corporate news was a notable feature of May, with companies delivering downgrades or
underwhelming updates punished severely — a trend that appears to be intensifying. With the new financial year approaching, the key
questions for the market are whether the rotation into resources has further to run and whether the banks can stabilise after their recent
declines. Against a backdrop of ongoing global uncertainty, we expect the market to remain selective and sensitive to any deviation from
expectations at the stock level. For more information visit our website: afi.com.au

Top 25 investments valued at closing prices at 29 May 2026

Total Value
$ Million
% of
Portfolio
1 BHP Group * 1,244.5
12.9%
2 Commonwealth Bank of Australia 809.3
8.4%
3 Macquarie Group * 511.4
5.3%
4 Westpac Banking Corporation 416.6
4.3%
5 Transurban Group * 405.9
4.2%
6 Wesfarmers 384.9
4.0%
7 National Australia Bank 384.7
4.0%
8 Telstra Group * 366.9
3.8%
9 Goodman Group 365.0
3.8%
10 Rio Tinto 345.6
3.6%
11 Woolworths Group * 289.0
3.0%
12 CSL 262.6
2.7%
13 ANZ Group Holdings 261.0
2.7%
14 Woodside Energy Group * 252.9
2.6%
15 Coles Group * 221.4
2.3%
16 ResMed 192.3
2.0%
17 CAR Group 169.4
1.8%
18 Computershare 147.2
1.5%
19 James Hardie Industries 134.1
1.4%
20 ALS 130.7
1.4%
21 Mainfreight 129.6
1.3%
22 Fisher & Paykel Healthcare Corporation 112.2
1.2%
23 REA Group 109.3
1.1%
24 JB Hi-Fi 106.7
1.1%
25 Amcor 105.7
1.1%
Total
7,859.0
As percentage of total portfolio value (excludes cash) 81.6%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 31 May 2026


Materials 19.5%

Banks 19.3%

Industrials 12.0%

Other Financials 9.6%

Healthcare 7.7%

Communication Services 7.6%

Consumer Discretionary 6.6%

Consumer Staples 5.3%

Real Estate 5.1%

Energy 3.7%

Information Technology 3.2%

Cash 0.4%


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