AFI Share Price: Live ASX:AFI Chart, NTA & Dividends

AFI has quietly generated one of the market’s more generous dividend yields, yet its shares often trade below the value of the assets backing them. With a trailing yield around 5.09%—sitting roughly 77% above its 10-year historical average of 2.93%—income-focused investors are taking a fresh look at the investment company. What makes this story worth tracking is the gap between the share price and the net tangible asset (NTA) value of the underlying portfolio, combined with a dividend schedule that’s paid consistently since 1962. The last interim dividend of $0.12 went ex-date on 03 Feb 2025.

Last Price: $6.640 · Today’s Change: -$0.039 (-0.59%) · Volume: 702,136 · 52 Week Range: 6.39 – 8.23 · Avg. Volume: 699,990

How often does AFI pay dividends?

AFI operates on a semi-annual dividend cycle, distributing profits twice yearly with fully franked distributions. This cadence means investors typically receive an interim payment around February and a final payment around August. The company has maintained this schedule for decades, building a reputation for predictable income rather than chasing growth.

Dividend frequency details

Each dividend is paid from a combination of current year profits and profit reserves—a mechanism that lets AFI smooth payments even when earnings fluctuate. The payout ratio has ranged from 87% to over 100% in recent years, occasionally exceeding what pure earnings would cover. According to Market Index, the dividend growth over the past year reached 21.15%, reflecting both improved earnings and the company’s commitment to distributions.

Ex-dividend dates

Verified ex-dividend dates show a consistent pattern: interim distributions typically go ex-date in early February, while final dividends follow in mid-to-late August. The most recent ex-date for the $0.12 interim dividend was 03 Feb 2025 (Market Index). The next estimated ex-date falls on 01 Feb 2026, per ASX Official data. Shareholders who hold AFI before each ex-date qualify for the upcoming distribution.

The ex-date schedule matters for yield calculations: when AFI trades near $6.64, the annual dividend of $0.29 translates to approximately 4.37% yield before the impact of franking credits.

Is AFI a good investment for long term?

The question of long-term viability hinges on two forces: the durability of the dividend and whether the NTA discount will eventually close. AFI’s 60+ year history suggests the distribution is likely to persist, but the persistent gap between share price and underlying asset value raises questions about shareholder returns.

Long-term performance review

Over the past year, AFI returned -4.82%, underperforming the ASX 200 which fell -5.82% over the same period, according to Market Index. The 1-year total shareholder return sits at approximately -2.93% when measured against pre-tax NTA levels. However, the dividend yield—now at 5.09%—is substantially higher than the mean historical yield of 2.93% recorded over the past decade, per Wise Sheets. For income-oriented shareholders, the current yield compensates partially for price stagnation.

Comparison to benchmarks

AFI’s dividend yield of 4.32% surpasses the AU market bottom 25% threshold of 2.7%, positioning it above the lower tier of dividend payers. However, it remains below the top quartile at 6.6%. The management expense ratio of approximately 0.14% is notably low, keeping more of the portfolio’s returns within the investment company itself. According to Simply Wall St, AFI’s total shareholder yield reaches 5.1% when factoring in any return of capital.

The implication: income-focused investors find value in AFI’s current yield, but those expecting capital appreciation may need to wait for either higher earnings growth or a narrowing of the NTA discount.

What companies does AFI invest in?

AFI operates as a classic investment company, holding a concentrated portfolio of Australian equities rather than operating a business directly. The holdings are dominated by the country’s largest corporations, giving the portfolio a blue-chip character that underpins the NTA calculation.

Top holdings list

The two largest positions are BHP at 12.4% and Commonwealth Bank at 10.6% of the portfolio, as reported by Market Index. These two holdings alone account for nearly a quarter of the entire portfolio. The remaining holdings span other large-cap Australian companies across sectors including financials, materials, and healthcare.

Portfolio allocation

Over 70% of the portfolio is invested in large and giant Australian stocks, with up to 10% allocated to overseas securities, according to Morningstar AU. The remaining exposure is distributed across mid-cap positions and some cash. With 1.26 billion shares outstanding and a market capitalization around $8.53 billion, per Motley Fool, AFI represents a significant institutional presence on the ASX.

The pattern: the portfolio tilts toward mega-cap Australian financials and materials, making AFI’s performance closely tied to those sectors. Sector diversification is limited.

How volatile is AFI’s stock price?

Like most listed investment companies, AFI experiences modest daily price swings compared to growth stocks, but the gap between share price and NTA introduces its own volatility dynamic. Shareholders watching for entry points need to track both the market price and the periodic NTA announcements.

Volatility metrics

Recent trading volume has averaged around 630,000 to 700,000 shares, with the current session showing 702,136 shares traded. The 52-week range spans $6.39 to $8.23, suggesting that over the past year AFI has traded as low as $6.39 and as high as $8.23. The current price near $6.64 sits closer to the lower end of that range, indicating some recent price pressure.

52-week range analysis

The 52-week range of $6.39 to $8.23 implies roughly 22% upside to the high and minimal downside from the current level. When measured against pre-tax NTA of approximately A$7.59, per Simply Wall St, the current price represents a meaningful discount to underlying asset value.

The implication: the price has recently traded near the lower end of the 52-week range, and the discount to pre-tax NTA suggests limited upside unless portfolio performance improves materially.

Is AFI a good buy?

The buy decision depends heavily on what an investor prioritizes. AFI offers a solid dividend backed by a blue-chip portfolio and an unusually high current yield compared to historical norms. The persistent NTA discount, however, suggests the market has reservations about either the portfolio’s mark-to-market value or management’s ability to unlock shareholder value.

Current valuation vs NTA

According to AFI Official, the investment company typically trades at a slim premium or discount to NTA. Recently, the shares have traded at a discount, with the price of approximately A$6.56 versus a pre-tax NTA around A$7.59 representing a gap that some analysts view as an opportunity.

Pros and cons

What this means: income-focused investors who can tolerate modest capital gains find AFI’s yield attractive, while growth-oriented shareholders may find better returns elsewhere on the ASX.

For Australian investors focused on income, the buy case is clearer than for those chasing capital gains. The current yield above the 10-year average offers an attractive entry point, and the 13% discount to pre-tax NTA provides some margin of safety. However, the payout ratio exceeding 100% signals that today’s dividend rate cannot be taken for granted indefinitely if portfolio earnings disappoint. Those building a high-yield allocation on the ASX will find AFI worth a closer look, provided they accept the trade-off between today’s generous payout and the uncertain path to closing the NTA discount.

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