Mark Freeman, chief executive of Australian Foundation Investment Company, the country’s oldest and biggest listed investment company, admits he’s cautious about the outlook for the ASX after the extraordinary rally of the last three months. 

“Certainly it’s at a point where we are not seeing value in the things we want to buy,” he tells Chanticleer after AFIC announced a first-half result portfolio return of 9 per cent of the six months to December, beating the ASX 200 accumulation index’s return of 8.3 per cent.