NTA & Top 25 Investments as at 31 July 2026

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10 August 2026
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 31 July 2026
Before Tax* After Tax*
31 July 2026 Cum Div
$8.14 $6.82
30 June 2026 Cum Div
$7.93 $6.67
The Net Tangible Asset Backing per share for both 30 June and 31 July 2026 are before the provision of the final dividend of 14.5 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 July 2026.
Low Management cost: 0.14 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 July 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
1.4%
8.8%
6.5%
9.2%
7.1%
11.7%
9.4%
10.5%
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/ASX 200 Accumulation Index was up 2.3% in July, with the Index finishing just 1.3% below its all-time highs. The market proved
resilient given continuing geopolitical tensions and was somewhat insulated from the market volatility experienced in global markets which
was driven by technology companies. Large cap stocks drove the market return in July with the top 20 stocks up 3.7%. This compared to
the Small Ordinaries Index which was down 3.2%.
Energy was the best performing sector, up 12.2%, for the month, with companies in this sector benefiting from the continuing escalations in
the Middle East. Financials also performed strongly, up 5.8%. This was driven by the Banks which gained 7.6% for the month, with the
major banks all experiencing strong gains.
The Materials sector was down 0.9% for the month with small and mid cap resources being a drag on the sector. The largest miners, BHP
and RIO, experienced some softness during the month but finished the month largely flat. While the Materials sector has softened in recent
months, the ASX 200 Materials sector remains up 44.9% over the 12 months to 31 July 2026.
Information Technology and Industrials were the weakest sectors in July, down 2.8% and 1.4%, respectively. Companies in the Information
Technology sector were impacted by the volatility in global tech companies in July.
For more information visit our website: afi.com.au

Top 25 investments valued at closing prices at 31 July 2026

Total Value
$ Million
% of
Portfolio
1
BHP * 1,149.5 11.6%
2
Commonwealth Bank of Australia 870.6 8.8%
3
Macquarie Group * 534.2 5.4%
4
Westpac Banking Corporation 438.2 4.4%
5
National Australia Bank * 425.6 4.3%
6
Wesfarmers 410.8 4.1%
7
Transurban Group * 390.8 3.9%
8
Telstra Group * 373.7 3.8%
9
Goodman Group * 343.1 3.5%
10
CSL 334.5 3.4%
11
Rio Tinto 317.6 3.2%
12
ANZ Group Holdings * 287.0 2.9%
13
Woolworths Group * 285.7 2.9%
14
Woodside Energy Group * 271.9 2.7%
15
Coles Group * 237.7 2.4%
16
ResMed 209.5 2.1%
17
CAR Group 177.3 1.8%
18
Computershare * 174.0 1.8%
19
Mainfreight 139.3 1.4%
20
JB Hi-Fi 128.9 1.3%
21
Fisher & Paykel Healthcare Corporation 122.5 1.2%
22
ALS 119.7 1.2%
23
REA Group 117.9 1.2%
24
James Hardie Industries 116.3 1.2%
25
Amcor 104.2 1.1%
Total
8,080.5
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 July 2026


Banks 20.2%

Materials 18.8%

Industrials 11.0%

Other Financials 9.9%

Healthcare 8.9%

Communication Services 7.7%

Consumer Discretionary 6.8%

Consumer Staples 5.2%

Real Estate 4.5%

Energy 3.6%

Information Technology 2.5%

Cash 0.9%


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