Ann: Results Webcast Presentation, page-2

Still smoke & mirrors. AFIC seemed hellbent on focusing on their returns vs the XJO.

Their one year returns haven't beaten the index. That's an outright lie if you look at price action alone. But what AFIC do is quote their NTA which as we know, has zero correlation to the their share price. Still trading at a sizeable discount. Why?

Still spruiking their increasing dividends. Hey, I'm not complaining about the dividend that's barely matched inflation over the past several years. But they display pathetic graphs to make their point but omit the fact that their dividend didn't change from 2016 through to 2022. That is, except for the special dividend thanks to the Coles demerger from Wesfarmers in 2019. Speaking of which, they've trimmed Wesfarmers and seemingly taken some profits, only to re-invest in cyclicals (more mining...more energy), even after stating that their dividend income REDUCED thanks to pay cuts from these very same companies.

Listening to the FY results presentation totally reeked on desperation of the company attempting to downplay index investing.

Couldn't care less what anybody thinks of my perspective. I can see exactly what they're doing in their communication.

MVW costs double that of AFIC by a little over 20 basis points. But over the past 10 years, they've increased their dividend pay outs for all but one year in 10 and has appreciated compared to that of AFIC's share price by over 50% in the same time frame.

They're still dawdling with their International portfolio. Meanwhile, first time investors have been buying up IVV and paying 4 basis points and receiving double digit returns whilst AFIC are being "patient". Don't believe me - check the inflows of ETF's vs LIC's.

Times have changed.

Why am I still invested in AFIC? I'm not too sure to tell you the truth. It's been the biggest laggard in my portfolio for years. AFIC claim to have returned 15.1% over a one year period. That's total crap! Even after todays spike, that's still garbage.

Lastly, they talk about the indexes historical Price to Earnings and how it's currently at the higher end of historical averages.

YET, EVEN WHEN TRADING AT A DISCOUNT TO PREMIUM, AFIC IS CURRENTLY TRADING AT A P/E OF 31.

Smoke and mirrors...