NTA & Top 25 Investments as at 28 February 2022

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Key facts
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: $8.7 billion at 28 February 2022.
Management cost: 0.14 per cent, no performance fees.
Investment style: Long-term, fundamental, bottom-up.
Suggested investment period: Five years to 10 years
or longer.
Net asset backing: released every month with
top 25 investments.
Listed on ASX and NZX: code AFI.
Key benefits
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.
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 28 February 2022
* 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.
The February 2022 figures are after the payment of the interim dividend of 10 cents per share and the January 2022 figures are before the provision for the dividend.
Before Tax*After Tax*
28 February 2022 Ex Div$7.04$5.93
31 January 2022 Cum Div$7.16$6.02
Share price premium/discount to NTA
15%
20%
-10%
-5%
0%
5%
10%
Feb
11
Feb
12
Feb
13
Feb
15
Feb
14
Feb
16
Feb
17
Feb
18
Feb 19Feb 20Feb 21Feb 22
Portfolio performance percentage per annum-periods
ending 28 February 2022*
10 year return
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
1 year return3 year return
* 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.
11.1%
9.8%
11.7%
11.8%
5 year return
10.2%
10.0%
10.8%
11.1%
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
Computershare Investor Services Pty Ltd
investorcentre.com.au
1300 662 270 (in Australia)
+61 3 9415 4373 (outside Australia)
Release authorised by Matthew Rowe, Company Secretary
8 March 2022

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
The Russian invasion of Ukraine influenced market movements for the month of February as investors moved into the Energy, Consumer
Staples and Gold sectors. However, prior to the initiation of this conflict, the Technology sector came under pressure as underlying inflation
continued to surprise in the US, lifting expectations for earlier than expected increase in interest rates.
Overall given the strength in selected sectors, the S&P/ASX 200 Accumulation Index actually closed 2.1 per cent higher over February
following the large fall in January 2022.
As mentioned, the strongest sectors in February were Energy, up 8.6 per cent, Consumer Staples, up 5.6 per cent, and Materials, which
includes gold, was up 5.2 per cent. The Gold sector in its own right was up 18.5 per cent as investors fled to perceived safety during the month.
In contrast, the Information Technology sector was down 6.6 per cent and Consumer Discretionary fell 5.0 per cent as many stocks with high
valuations were re rated down in advance of expected increases in interest rates in the US.
For more information visit our website: afi.com.au
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Banks 18.9%
Other Financials 9.5%
Energy 2.1%
Consumer Discretionary 8.1%
Communication Services 6.0%
Materials 15.0%
Real Estate 3.0%
Healthcare 14.7%
Information Technology 4.5%
Cash 0.7%
Consumer Staples 4.9%
Industrials 12.6%
Investment by sector
at 28 February 2022
Portfolio facts
Top 25 investments valued at closing prices at 28 February 2022
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia738.38.6
2BHP Group 649.87.5
3CSL 616.57.2
4Macquarie Group 398.94.6
5Transurban Group 365.44.2
6Wesfarmers 355.34.1
7Westpac Banking Corporation354.64.1
8National Australia Bank 322.83.7
9Woolworths Group 254.63.0
10Mainfreight 241.92.8
11Australia and New Zealand Banking Group 220.82.6
12Rio Tinto 220.02.6
13James Hardie Industries218.62.5
14Telstra Corporation*215.62.5
15Amcor184.02.1
16Goodman Group179.32.1
17Coles Group 156.81.8
18ResMed152.61.8
19Reece 139.51.6
20ARB Corporation 137.41.6
21Carsales.com 132.61.5
22Sonic Healthcare 129.81.5
23Ramsay Health Care 122.51.4
24ASX 117.91.4
25Woodside Petroleum 103.31.2
Total6,728.9
As percentage of total portfolio value (excludes cash)78.1%
* Indicates that options were outstanding against part of the holding.