I am a holder and I have been an advocate of AFI.However...AFIC...

I am a holder and I have been an advocate of AFI.

However...

AFIC (on their website) states the following;

Our primary investment goals are to provide shareholders with an attractive capital growth over the long term and to pay dividends which over time grow faster than the rate of inflation.

Since 2009, the AFIC dividend has risen from 21c per share to 25c per share in 2023. The most recent rise was in the interim dividend of this year. So including this years 1c increase and since 2009, the AFIC dividend has risen by an average of 1.42% over a 14 year period. Conceding that this doesn't include the special dividends received as a result of the Coles demerger from Wesfarmers. But what happened to the millions of dollars that AFIC received from the Wesfarmers Capital return in 2021? - how did that benefit AFIC shareholders?

AFIC's portfolio manager seems at odds. Fancy ditching BKW that have increased their dividends over the same 2009-2023 period by an average of 4.78% or even ditching a profitable tech company such as Altium which over the same period has seen it's dividend rise every year from 2c to 54c - an average of 185% per year over the same duration and then adding (and then trimming) a company like Next DC. Turnover & tax. Add on top of that AFIC's morale stance on ESG - but you know, coal seam fracking is okay. This company is becoming increasingly at odds with itself.

Speaking of ESG, it was interesting to note that shareholder activist Stephen Mayne didn't have his question addressed at the recent AGM regarding Independent Non-Executive Director and member of the Audit and Investment Committee - Mr. David Peever in relation to the fact that AFIC apply an ESG filter towards gambling companies. Here is the question, word for word that was submitted by Stephen Mayne at the AGM but appeared "censored" by AFIC and did not allow the question to be addressed:

"Could candidate David Peever, please comment on his personal view on this unwritten gambling ban policy we have and how he reconciles with that when committing to new multi-million dollar BET 365 contracts when Chair of Cricket Australia?"

I am not in the corner of @CaptiveCapital - These are my own views. Christ, even DUI invest in ETF's and still manage to increase their dividends.

AFIC will never see a single dollar invested into "our" company on behalf of my children. It's ETF's all the way or at the very least, SOL, BKW, SHL WES etc. Freehold with proven track records over long periods of time of rewarding shareholders instead of snubbing them.

I think AFIC are a joke and a total dinosaur. There's a new generation of investors out there...95 years in the making. I'm not so confident in the next 95 years for AFIC.