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Help your clients
grow their wealth
Advisors

We provide a simple, low-cost way to expose your clients to a diversified portfolio of Australian equities.

Why choose AFIC for your clients?

  • Diversified portfolio primarily of Australian and New Zealand equities
  • Low management cost of 0.13% and no performance fees
  • Tax-effective income via fully franked dividends
  • Consistent after tax paid investment returns achieved over the long-term
  • Professionally managed with an experienced board, investment and management team
  • Easy to invest with no hidden costs
  • Regular shareholder meetings
  • AFIC is Australia’s largest listed investment company on the Australian Securities Exchange (ASX). Established in 1928, we specialise in investing in Australian equities.

    Portfolio Facts

  • AFIC invests in a diverse range of Australian companies generally held for the long-term
  • Portfolio size: $7.2 billion at 30 June 2020
  • Investment style: active, fundamental, bottom-up, value
  • Suggested duration: 5-10 years
  • Net asset backing: released every month with top 25 investments
  • Download AFIC profile for planners

    Explore independent investment research from research firms.

    While AFIC holds a large number of companies in its portfolio, the Top 25 holdings largely determine the portfolio return and generation of dividend income.


    Top 25 investments valued at closing prices as at 29 May 2020

    RankCompany NameTotal Value
    $ Million
    % of
    Portfolio
    1CSL585.78.5
    2Commonwealth Bank of Australia503.67.3
    3BHP Group*482.47.0
    4Transurban Group330.64.8
    5Wesfarmers297.64.3
    6Westpac Banking Corporation275.34.0
    7Macquarie Group238.63.5
    8National Australia Bank230.13.3
    9Woolworths Group200.32.9
    10Rio Tinto186.7
    2.7
    11Amcor179.52.
    12Telstra Corporation*176.62.6
    13Australia and New Zealand Banking Group164.42.4
    14Ramsay Health Care141.52.0
    15Brambles141.32.0
    16James Hardie Industries134.61.9
    17Sydney Airport125.41.8
    18Mainfreight121.31.8
    19Sonic Healthcare114.21.7
    20Coles Group108.61.6
    21Goodman Group102.71.5
    22Woodside Petroleum101.11.5
    23Fisher & Paykel Healthcare96.61.4
    24Qube Holdings95.71.4
    25Resmed93.31.4
    Total5,227.6
    As percentage of total portfolio value (excludes cash)75.7%

    * Indicates that options were outstanding part of the holding

    Listed Investment Companies (LICs) are similar to managed funds but differ in important ways that allow for long-term investment, low fees, and fully franked dividends.

    Download LIC pamphlet

    LICs are closed-end funds with a fixed number of shares that are traded on the ASX. As a result, AFIC does not issue or cancel shares as investors enter and leave the fund. This allows us to concentrate on the performance of the portfolio over the long term.

    Furthermore, the closed-end structure removes the motivation to shadow indices, allowing us to remain focused on the long-term investment horizon. The costs of administering the fund are also reduced as we are not continually issuing and redeeming units.

    The company structure of AFIC allows us to pay shareholder returns after tax, usually as fully franked dividends.

    Browse our frequently asked questions to find the answers you need.