Australian Foundation Investment : AFIC Half Year Review to 31 December 2021

24 February 2022

The Manager

ASX Market Announcements

Australian Securities Exchange

Exchange Centre

Level 4

20 Bridge Street

Sydney NSW 2000

Electronic Lodgement

Australian Foundation Investment Company Limited

Half Year Review to 31 December 2021

Dear Sir / Madam

Please find attached the Half Year Review to 31 December 2021 that is being sent to shareholders.

Yours faithfully

Matthew Rowe

Company Secretary

Release authorised by Matthew Rowe, Company Secretary

Half-Year Review to 31 December

2021

AUSTRALIAN FOUNDATION INVESTMENT COMPANY IS A LISTED INVESTMENT COMPANY INVESTING

IN AUSTRALIAN AND NEW ZEALAND EQUITIES.

Contents

1	Half-Year in Summary	18	Holdings of Securities
2	About the Company	21	Holdings of International
6	Review of Operations		Securities
	and Activities	23	Top 5 Transactions in
14	Top 25 Investments		the Investment Portfolio
15	Income Statement	24	Company Particulars
16	Balance Sheet	25	Shareholder Information

17 Summarised Statement of Changes in Equity

Australian Foundation Investment Company Limited

ABN 56 004 147 120

		Half-Year in Summary
		2021
Profit for the		$146.0m		Up 73.5%
Half-Year					from 2020
Fully Franked		10	¢		10 cents
Interim Dividend			per share
Per Share				in 2020
Total Six-Month		6.9%		S&P/ASX 200
Portfolio					Index including
Return		Including franking*		franking* 4.6%
Total Six-Month		10.0%		Share price
Return
Shareholder					plus dividend
Management		0.15%		0.10%
Expense Ratio
		last year
(Annualised)
Total Portfolio		$9.6b
(Including Cash)			$8.1 billion
at 31 December					in 2020
2021

* Assumes an investor can take full advantage of the franking credits.

Australian Foundation Investment Company Limited

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Half-Year Review to 31 December 2021

About the Company

Australian Foundation Investment Company (AFIC)

is a listed investment company with an investment focus

on a diversified portfolio of Australian equities.

Investment Objectives

The Company aims to provide shareholders with attractive investment returns through access to a growing stream of fully franked dividends and growth in capital invested.

The Company's primary investment goals are:

• to pay dividends which, over time, grow faster than the rate of inflation; and
• to provide attractive total returns over the medium to long term.

How AFIC Invests - What We Look For in Companies

											A portfolio that
Quality First				Growth				Value			is managed to
								achieve long term
				Including dividends							capital and dividend
											growth

Australian Foundation Investment Company Limited

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Half-Year Review to 31 December 2021