NTA & Top 25 Investments as at 30 September 2025

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3 October 2025
Monthly net tangible asset (NTA) backing per share
and top 25 investments as at 30 September 2025
Before Tax* After Tax*
30 September 2025
$8.14 $6.82
31 August 2025
$8.34 $6.95
* 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: $10.4 billion at 3 0 September 2025.
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 30 September 2025*


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
3.1%
13.7%
12.0%
10.3%
11.7%
16.6%
14.5%
11.6%
1 year return3 year return5 year return10 year return
-15%
-10%
-5%
0%
5%
10%
15%
20%
Key facts
Key benefits

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After consecutive monthly gains this financial year the S&P/ASX 200 Accumulation Index produced a negative return of 0.8% for the month
of September.
The biggest fall was in the energy sector, down 9.8%, after strong returns in the previous four months, as the oil price fell towards the end of
September and the bid for Santos was withdrawn. Healthcare continued its previous falls and was down 4.2% in September as CSL
continued to lead this sector lower. The other sector to experience a significant decline over the month was Consumer Staples, down 4.4%,
with the fall in the share price of Woolworths over the month having a large impact.
The strongest positive sector for September was Materials up 6.1% with the continued rally in gold contributing significantly to this sector
return. Over the month of September, the All-Ordinaries Gold Index was up 25.4% and is up 40.3% for the financial year to date.

For more information visit our website: afi.com.au


Top 25 investments valued at closing prices at 30 September 2025

Total Value
$ Million
% of
Portfolio
1
BHP * 881.9 8.7%
2
Commonwealth Bank of Australia 855.9 8.5%
3
National Australia Bank * 541.9 5.4%
4
CSL 538.7 5.3%
5
Westpac Banking Corporation 517.6 5.1%
6
Macquarie Group * 470.9 4.7%
7
Wesfarmers 443.9 4.4%
8
Goodman Group 377.8 3.7%
9
Transurban Group 364.2 3.6%
10
Telstra Group * 304.4 3.0%
11
ResMed * 263.6 2.6%
12
ANZ Group Holdings 246.3 2.4%
13
Rio Tinto 227.2 2.2%
14
Coles Group 215.0 2.1%
15
CAR Group 209.3 2.1%
16
Woolworths Group 192.6 1.9%
17
Woodside Energy Group 188.0 1.9%
18
ARB Corporation 163.0 1.6%
19
ALS * 151.5 1.5%
20
Brambles 144.8 1.4%
21
REA Group 133.3 1.3%
22
Mainfreight 132.6 1.3%
23
Computershare 131.7 1.3%
24
Xero 131.5 1.3%
25
James Hardie Industries 129.7 1.3%
Total
7,957.5
As percentage of total portfolio value (excludes cash) 78.6%
* Indicates that options were outstanding against part of the holding

Investment by sector
at 30 September 2025


Banks 20.9%

Materials 13.4%

Industrials 11.5%

Healthcare 11.3%

Other Financials 9.0%

Consumer Discretionary 7.7%

Communication Services 7.6%

Real Estate 5.1%

Consumer Staples 4.0%

Information Technology 3.6%

Energy 3.3%

Cash 2.6%


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