Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — Investor Presentation (May 2025)
28 slides from Australian Foundation Investment's investor presentation, May 26, 2025
Slide 1: Information Meetings – Presentation
26 May 2025 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 For personal use only Electronic Lodgement Australian Foundation Investment Company Limited Information Meetings – Presentation Dear Sir / Madam Please find attach
Slide 2: Tasmania Shareholder Meetings May 2025
For personal use only Tasmania Shareholder Meetings May 2025 ASX: AFI ASX: DJW ASX: MIR ASX: AMH
Slide 3: Disclaimer
Disclaimer Australian Foundation Investment Company, Djerriwarrh Investments Limited, Mirrabooka Investments Limited and For personal use only AMCIL Limited and their service provider Australian Investment Company Services Limited (AICS) (AFSL 303209), their related entities and each of their respec
Slide 4: Equity Market Returns – A Long-Term Perspective
Equity Market Returns – A Long-Term Perspective GFC 10000 -51% For personal use only Eastern Aust Drought -37% COVID-19 Poseidon Bubble -33% 1000 -35% Black Monday Korean War -44% World War II -34% -22% 100 '73-'74 Crash -58% 9.2% ASX All Ordinaries Accumulation Index CAGR since 1992 (inception) 10
Slide 5: Where the market is currently trading against the long term
Where the market is currently trading against the long term ASX 200 Index Price Earnings Ratio ASX 200 Index Dividend Yield For personal use only Source: FactSet 4
Slide 6: Where the US market is currently trading against the long term
Where the US market is currently trading against the long term S&P500 Index Price Earnings Ratio S&P500 Index Dividend Yield For personal use only Source: FactSet 5
Slide 7: Market volatility – positioning for future opportunities
Market volatility – positioning for future opportunities Trump tariffs For personal use only • Trade negotiations are driving volatility in markets and share prices in the immediate term • Current policy uncertainty significantly affects business decision making • Consequential earnings downgrades s
Slide 8: For personal use only
For personal use only Diversified Australian and Fully franked yield that is Australian and New High conviction Managing four New Zealand Equities – higher than that available Zealand small/midcap portfolio, strong capital funds with different investment objectives capital and fully franked from the
Slide 9: A Closer Look at our Investment Approach
A Closer Look at our Investment Approach Attributes of a high-quality company that we seek: Why this matters: For personal use only • Unique assets that are hard to replicate or have an • The presence of these factors drives a competitive Industry leadership position (or developing one) advantage •
Slide 10: Australian Foundation Investment Company
Australian Foundation Investment Company Portfolio Performance – to 30 April 2025 Recent Dividend History Cents per share For personal use only AFIC’s franking reserve balance (in part enabled by the LIC Per annum returns. Assumes the full benefit of franking credits. Only includes franking that has
Slide 11: Attractive Total Returns Over the Long-term
Attractive Total Returns Over the Long-term AFIC NTA vs S&P ASX 200 Accumulation Index $10k in AFIC $167k For personal use only $10k in the Index $138k Excludes the benefit of franking. 10
Slide 12: Portfolio Set to Perform in Most Economic Settings
Portfolio Set to Perform in Most Economic Settings Growth Companies Stalwarts For personal use only Cyclicals Income Portfolio at 30 April 2025, excludes cash. 11
Slide 13: Banking Sector - Valuations
Banking Sector - Valuations For personal use only Price Earnings Ratio - NTM Dividend Yield - NTM Source FactSet 12
Slide 14: ResMed – the benefit of long-term investing
ResMed – the benefit of long-term investing ResMed - EPS vs Share Price For personal use only Source: ResMed Note: ASX 200 is indexed to company’s share price Source: Diogenes Research 13
Slide 15: AFIC Recent Portfolio Activity
AFIC Recent Portfolio Activity* Purchases Sales For personal use only *Calendar Year 2025 14
Slide 16: Djerriwarrh: Enhanced Yield - April 2025
Djerriwarrh: Enhanced Yield - 30 April 2025* For personal use only *Assumes an investor can take full advantage of the franking credits. Yield based on the interim dividend and final dividend paid – in total 15.25 cents per share. Past performance is not indicative of future performance. 15
Slide 17: Djerriwarrh: Capital Growth - April 2025
Djerriwarrh: Capital Growth - 30 April 2025* Portfolio Per Annum Returns Portfolio Performance Since Strategy Reset For personal use only *Assumes an investor can take full advantage of the franking credits. Past performance is not indicative of future performance. 16
Slide 18: Djerriwarrh Portfolio Update: Summary
Djerriwarrh Portfolio Update: Summary Constructing a diversified portfolio of high-quality companies across different sectors and with the appropriate balance of Income and Growth is the key for Djerriwarrh to deliver on its Investment Objectives in a variety of market conditions. For personal use o
Slide 19: Mirrabooka Portfolio Performance – Per Annum Returns to April 2025
Mirrabooka Portfolio Performance – Per Annum Returns to 30 April 2025* For personal use only * Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculate after management fees, income tax and capital gains tax on realised sales of investments
Slide 20: Mirrabooka Rights Issue
For personal use only Mirrabooka Rights Issue • 1 for 7 Rights Issue – Non Renounceable. Raising up to approximately $85 million. • Issue price of $3.06* – approximately 5% discount to current share price. • New shares entitled to dividend of 6.5 cents with results in July^. Paid in August. • Shareh
Slide 21: Rationale for raising additional capital
Rationale for raising additional capital • Market volatility – we have seen greater opportunities arise in early 2025, positioning for more For personal use only • Replenishing capital – since our first special dividend in 2013, $81 mil paid out in cash dividends and Capital Gains Tax, net of capita
Slide 22: Greater investment opportunities – stock purchases in 2025 YTD
Greater investment opportunities – stock purchases in 2025 YTD $72 million of purchases across 40 stocks, largest below: For personal use only 3.20 15 3.00 100 14 2.80 90 13 2.60 80 12 2.40 70 11 2.20 10 60 9 2.00 50 8 1.80 40 3.20 50 10 3.00 45 9 2.80 40 2.60 35 8 2.40 30 7 2.20 25 20 2.00 6 21
Slide 23: Mirrabooka Top Holdings – April 2025
Mirrabooka Top 20 Holdings – 30 April 2025 % of % of Company Portfolio Ownership Period Company Portfolio Ownership Period 1 5.2% 8 yrs 2.3% 9.5 yrs 11* For personal use only 2* 4.4% 5 yrs 12 2.3% 1.5 years 3 4.0% 14.5 yrs 13 2.3% 7.5 yrs 4 3.6% 3 yrs 14 2.2% 4 yrs 5 3.5% 19.5 yrs 15* 2.0% 7.5 yrs 6
Slide 24: AMCIL Portfolio Performance – Per Annum Returns to April 2025
AMCIL Portfolio Performance – Per Annum Returns to 30 April 2025* For personal use only * Assumes an investor can take full advantage of the franking credits. AMCIL’s portfolio return is also calculated after management fees, income tax and capital gains tax on realised sales of investments. It shou
Slide 25: AMCIL Recent Portfolio Activity
AMCIL Recent Portfolio Activity* Purchases Sales For personal use only *Calendar Year 2025 24
Slide 26: AMCIL Top Holdings - April 2025
AMCIL Top 20 Holdings - 30 April 2025 % of % of Company Portfolio Ownership Period Company Portfolio Ownership Period 1 8.1% 13 yrs 11* 3.2% 6 yrs For personal use only 2 5.3% 7 yrs 12* 2.6% 4 yrs 3* 4.8% 6 yrs 13* ALS 2.5% 3 yrs 4* 4.6% 15 yrs 14* 2.4% 13 yrs 5 4.5% 21 yrs 15* 2.4% 8 yrs 6 4.4% 6 y
Slide 27: Share price relative to Net Asset Backing – April 2025
Share price relative to Net Asset Backing – 30 April 2025 For personal use only 26
Slide 28: For personal use only
For personal use only AUSTRALIAN FOUNDATION INVESTMENT COMPANY J * * ¢. MIRRA Inv BOOKA restments Limited
Australian Foundation Investment Company — Investor Presentation (May 2025) on 6ix