Australian Foundation Investment Co. Ltd. · ASX:AFI
Australian Foundation Investment — Investor Presentation (May 2025)
27 slides from Australian Foundation Investment's investor presentation, May 2025
Slide 1: Tasmania Shareholder Meetings May 2025
Tasmania Shareholder Meetings May 2025 ASX: AFI ASX: DJW ASX: MIR ASX: AMH
Slide 2: Disclaimer
Disclaimer Australian Foundation Investment Company, Djerriwarrh Investments Limited, Mirrabooka Investments Limited and AMCIL Limited and their service provider Australian Investment Company Services Limited (AICS) (AFSL 303209), their related entities and each of their respective directors, office
Slide 3: Equity Market Returns – A Long-Term Perspective
Equity Market Returns – A Long-Term Perspective GFC 10000 -51% 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 1940 Source: FactSet.
Slide 4: 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 Source: FactSet 4
Slide 5: 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 Source: FactSet 5
Slide 6: Market volatility – positioning for future opportunities
Market volatility – positioning for future opportunities Trump tariffs • 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 seem likely, though har
Slide 7: Four funds with different investment objectives
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 ASX 200 Index sector,
Slide 8: 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: • 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 • Which leads to high re
Slide 9: Australian Foundation Investment Company
Australian Foundation Investment Company Portfolio Performance – to 30 April 2025 Recent Dividend History Cents per share 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 been paid out. struct
Slide 10: 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 $10k in the Index $138k Excludes the benefit of franking. 10
Slide 11: Portfolio Set to Perform in Most Economic Settings
Portfolio Set to Perform in Most Economic Settings Growth Companies Stalwarts Cyclicals Income Portfolio at 30 April 2025, excludes cash. 11
Slide 12: Banking Sector - Valuations
Banking Sector - Valuations Price Earnings Ratio - NTM Dividend Yield - NTM Source FactSet 12
Slide 13: ResMed – the benefit of long-term investing
ResMed – the benefit of long-term investing ResMed - EPS vs Share Price Source: ResMed Note: ASX 200 is indexed to company’s share price Source: Diogenes Research 13
Slide 14: AFIC Recent Portfolio Activity
AFIC Recent Portfolio Activity* Purchases Sales *Calendar Year 2025 14
Slide 15: Djerriwarrh: Enhanced Yield - April 2025
Djerriwarrh: Enhanced Yield - 30 April 2025* *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 16: Djerriwarrh: Capital Growth - April 2025
Djerriwarrh: Capital Growth - 30 April 2025* Portfolio Per Annum Returns Portfolio Performance Since Strategy Reset *Assumes an investor can take full advantage of the franking credits. Past performance is not indicative of future performance. 16
Slide 17: 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. Key Portfolio Stat
Slide 18: Mirrabooka Portfolio Performance – Per Annum Returns to April 2025
Mirrabooka Portfolio Performance – Per Annum Returns to 30 April 2025* * 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. It should be noted t
Slide 19: Mirrabooka Rights Issue
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. • Shareholders can apply for m
Slide 20: Rationale for raising additional capital
Rationale for raising additional capital • Market volatility – we have seen greater opportunities arise in early 2025, positioning for more • Replenishing capital – since our first special dividend in 2013, $81 mil paid out in cash dividends and Capital Gains Tax, net of capital raised through DRPs
Slide 21: 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: 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 22: 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* 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 3.3% 13.5 yrs 16 1.9%
Slide 23: AMCIL Portfolio Performance – Per Annum Returns to April 2025
AMCIL Portfolio Performance – Per Annum Returns to 30 April 2025* * 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 should be noted that Index
Slide 24: AMCIL Recent Portfolio Activity
AMCIL Recent Portfolio Activity* Purchases Sales *Calendar Year 2025 24
Slide 25: 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 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 yrs 16 2.3% 2 yrs 7 3.5
Slide 26: Share price relative to Net Asset Backing – April 2025
Share price relative to Net Asset Backing – 30 April 2025 26
Slide 27: % MIRRABOOKA Aly Cl L
* ¢- % MIRRABOOKA Aly Cl L Investments Limited AUSTRALIAN FOUNDATION INVESTMENT COMPANY
Australian Foundation Investment Company — Investor Presentation (May 2025) on 6ix