NTA & Top 25 Investments as at 30 September 2026

Page 1 of 2
8 October 2026
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 30 September 2026
Before Tax* After Tax*
30 September 2026 Cum Div
$7.82 $6.58
31 August 2026 Cum Div
$8.06 $6.73
Both the August and September 2026 figures are before the provision of the first quarterly dividend of 6.75 cents per share and the special dividend of 2.5 cents per share
which is payable in 12 November to shareholders on the register on 16 October 2026.

* 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 30 September 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.
Dividend Frequency, quarterly.

Portfolio performance percentage per annum-periods
ending 30 September 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
1.6%
9.4%
6.0%
9.2%
3.8%
12.6%
9.1%
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 fell 2.4% in September, ending a run of five consecutive monthly gains. As widely expected, the
RBA raised the cash rate by 25 basis points in September, citing inflation that remained too high driven by a broadening conflict in the
Middle East, AI-driven price pressures on technology goods, and domestic capacity constraints amid weak productivity growth. The Board
also signalled it was prepared to raise rates further if needed.
Dispersion in sector returns remained pronounced. Health Care was the best performing sector for a second month in a row, up 4.4%,
driven by CSL, which rose 7.4 %. Energy also finished the month higher, up 0.6% lead by Santos which rose 5.9%.
Information Technology was the weakest sector in September, down 10.6% with sharp share price falls in Xero (-31.3%), NextDC (-21.6%)
and WiseTech Global (-19.6%). Materials gave back some of August's strong gains, falling 6.0%. The two biggest contributors to the
sector’s decline were BHP, which fell 8.2%, and PLS Group, which fell 28.5% driven by weakness in the lithium price. A decline in the gold
price weighed on gold miners, with the exception of Northern Star, which was up on the back of a takeover bid.
Banks were down 1.3% for the month, with continued pressure on households. Analysts flagged expected earnings downgrades into 2027,
with rising provisions and margin pressure weighing on the outlook.
For more information visit our website: afi.com.au

Top 25 investments valued at closing prices at 30 September 2026

Total Value
$ Million
% of
Portfolio
1 BHP Group * 1,159.0 12.1%
2 Commonwealth Bank of Australia 740.6 7.7%
3 Macquarie Group * 519.6 5.4%
4 CSL 500.7 5.2%
5 Westpac Banking Corporation 396.5 4.1%
6 National Australia Bank * 394.0 4.1%
7 Transurban Group * 359.4 3.8%
8 Telstra Group * 359.3 3.8%
9 Wesfarmers 352.2 3.7%
10 Goodman Group 313.2 3.3%
11 Rio Tinto 310.8 3.2%
12 ANZ Group Holdings * 294.8 3.1%
13 Woolworths Group * 278.8 2.9%
14 Woodside Energy Group * 262.6 2.7%
15 Coles Group 230.5 2.4%
16 Resmed 224.9 2.3%
17 Computershare * 169.4 1.8%
18 CAR Group 152.6 1.6%
19 Fisher & Paykel Healthcare Corporation 134.7 1.4%
20 Mainfreight 127.8 1.3%
21 JB Hi-Fi 120.2 1.3%
22 Evolution Mining 119.1 1.2%
23 REA Group 115.6 1.2%
24 ALS 115.5 1.2%
25 ASX * 107.7 1.1%
Total
7,859.8
As percentage of total portfolio value (excludes cash) 82.1%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 30 September 2026


Materials 19.6%

Banks 18.9%

Healthcare 11.3%

Industrials 10.5%

Other Financials 10.0%

Communication Services 7.4%

Consumer Discretionary 6.1%

Consumer Staples 5.3%

Real Estate 4.3%

Energy 3.6%

Information Technology 2.2%

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