Interim Management Statement
18/12/2013 17:39
FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 OCTOBER 2013
Issued pursuant to the requirements of Chapter 4 of the Disclosure and Transparency Rules
Objective
The Company's objective is to achieve long-term capital growth through investment in an actively managed
portfolio of equities in the South East Asian region (excluding Japan).
Benchmark
MSCI All Countries (Combined) Far East Free (Excluding Japan)
Review of Period (total return)
During the period:
- the NAV increased by 4.72% (debt at par) against a 2.34% increase for the benchmark.
- the share price increased by 5.20%.
- the Board and Managers continue to believe that investment in equities will produce strong returns for
shareholders over the long term.
- main portfolio changes are detailed in the top ten holdings below:
Gearing exposure was 8.58% on 31 October 2013.
Material transactions
- During the quarter 70,000 shares were repurchased for cancellation.
Since the quarter end no shares have been repurchased for cancellation.
Material Events
Final results and annual report for the year ended 31 July 2013 published.
AGM held on 29 November 2013 and all resolutions passed.
Additional Information
Details of the Company Dealing Information
Fund Manager: John Lo Listed: London Stock
Exchange
Enquiries: 08457 100 456 Broker: Canaccord
Genuity Ltd
WWW Address: www.fidelity.co.uk/its Price Quoted: Financial
Times
Copies of major
announcements and The Times
documentation relating
to the Company may be The daily
found on the website Telegraph
The
Independent
Launch Date: 13 June 1996 Reuters Code: FAS.L
As at 31 October 2013 As at 17 December 2013 SEAQ Code: 51094
Ordinary Shares In 67,610,213 67,610,213 ISIN: GB0003322319
Issue:
Share price discount to 10.83% 9.94% Registered office
NAV:
Total Net Assets: 162.2m 160.6m Beech Gate
Millfield Lane
Lower Kingswood
Tadworth
Surrey KT20 6RP
Gearing Exposure: 8.58% 9.77%
The Company's net asset value per share is announced daily and may be found on the Stock Exchange website
www.londonstockexchange.com
Portfolio Breakdowns
Country As at 31 October 2013 As at 31 July Largest 10 As at 31 October As at 31 July
Analysis (% 2013 Holdings (% 2013 2013
total assets) total assets)
Korea (South) 27.6 25.7 Samsung 7.4 6.4
Electronics
China 27.1 23.7 Taiwan 4.9 5.0
Semiconductor
Hong Kong 21.4 23.9 Tencent 4.9 4.5
Holdings
Taiwan 11.3 13.1 China Mobile 4.8 3.3
Malaysia 5.4 6.3 Sarin 4.0 3.3
Technologies
Other 7.2 7.3 Techtronic 3.8 4.1
Industries
Total 100.0 100.0 LG Household 3.8 4.0
& Healthcare
AIA Group 3.7 3.8
Nine Dragons 3.3 -
Paper
Holdings**
Wharf 3.1 3.5
Holdings
Hotel Shilla* - 3.1
* Not in top 10 at 31 October 2013
** Not in top 10 at 31 July 2013
Performance Record (total return %)
Price at 31 Quarter to 31 Quarter to 1 Year 3 Years 5 Years
October 2013 July 2013 31 October to 31 to 31 to 31
(p) 2013 October October October
2013 2013 2013
NAV (debt at 239.98 -4.22 4.72 15.98 11.51 150.07
par)
Ordinary Share 214.00 1.11 5.20 17.64 10.21 154.63
price
Benchmark Index -2.03 2.34 11.53 13.06 128.74
As at 17 December 2013 the Company's NAV per share was 237.61p (debt at par)
and the Company's share price was 214.00p per share.
Standardised Performance (total return %)
31/10/2008 31/10/2009 31/10/2010 31/10/2011 31/10/2012
31/10/2009 31/10/2010 31/10/2011 31/10/2012 31/10/2013
NAV 67.0 13.7 -8.04 4.56 15.98
Ordinary Share 80.7 12.4 -7.28 1.03 17.64
price
Benchmark Index 61.4 10.1 -6.14 7.93 11.53
By order of the Board
David Fallon
For and on behalf of FIL Investments International
Company Secretary
18 December 2013
Past performance is not a guide to future returns. The value of investments
can go down as well as up. For funds that invest in overseas markets, changes
in currency exchange rates may affect the value of an investment. Investments
in small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity as at 31 October 2013. Basis: bid-bid
with net income reinvested. Fidelity only gives information about its own
products and services and does not provide investment advice based on
individual circumstances.
END