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Australian Foundation Investment Company (AFI) briefings
Read that company's published results in release order, newest first.
Australian Foundation Investment Company (AFI)FY26Released 27 July 2026
Portfolio total return sank to 0.9%, trailing benchmark by 6.3 points
NPAT rose 2.8% to $293.1m, but AFI's portfolio total return of 0.9% badly missed its historical 20.3% average and its own benchmark.
Published 19 August 2026
Read briefingAustralian Foundation Investment Company (AFI)HY26Released 21 January 2026
AFI portfolio return 2.0%, distribution coverage drops to 91.4%
Investment income held inside the historical band, but the interim dividend now exceeds NPAT and the portfolio trailed its benchmark by 2.2 points.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY25Released 22 January 2025
Portfolio trailed benchmark by 0.4pp; payout ratio reached 97.6%
Investment income rose 3.0% but a 7.2% portfolio return lagged the 7.6% benchmark, reversing last year's 0.7pp outperformance.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY24Released 29 July 2024
Portfolio returned 15.1%, beat benchmark by 1.6pp as NAV rose 9.3%
Strong capital return lifted net assets above the historical baseline, but softer investment income left distributions at 102.9% of NPAT.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY24Released 24 January 2024
Portfolio returned 9.0% but income fell 5.4% and lifted payout to 95.4%
Strong portfolio capital return masked a 5.4% drop in investment income, narrowing distribution coverage as the interim dividend was raised.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY23Released 26 July 2023
NPAT fell 14.1% on BHP merger dividend base; portfolio trailed by 2.7pp
Underlying profit rose 8.6% excluding the prior-year one-off, while the 13.9% portfolio return lagged the ASX 200's 16.6% gain.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY23Released 23 January 2023
Record income masks 3.7pp portfolio underperformance versus benchmark
Investment income reached an unprecedented $178.1m and the interim dividend lifted to 11 cents, but the 7.1% portfolio return trailed the 10.8%
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY22Released 25 July 2022
Investment income up 53.4% but portfolio swung to a $347.5m total loss
Dividend receipts lifted distribution coverage to 163.2% even as net assets fell 7.5% against a benchmark total return of just 5.1%.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY22Released 24 January 2022
Investment income up 68.1% restored distribution coverage to 126.2%
Post-COVID dividend recovery lifted income to NZ$161.8m and portfolio return of 6.9% beat the 4.6% benchmark by 2.3 percentage points.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY21Released 26 July 2021
Portfolio returned 31.9% vs 29.1% benchmark, but NPAT fell 2.2%
Capital returns rebounded with the market, but income from holdings stayed subdued, leaving distributions only 106% covered by investment income.
Published 22 April 2026
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