Australian Foundation Investment Company Limited specializes in investing in Australian equities. The Company's primary investment goals are to pay dividends which, over time, grow faster than the rate of inflation and to provide total returns over the medium to long term. The Company invests in equity securities and other instruments to provide shareholders with investment returns through access to a steady stream of fully franked dividends and enhancement of capital invested. Australian Investment Company Services Limited (AICS) is a subsidiary of the Company. In March 2014, Templeton Global Growth Fund Ltd announced that Australian Foundation Investment Co Ltd ceased to be substantial holder of the Company.