FIDELITY ASIAN VALUES PLC: Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 
31 OCTOBER 2012                                                                 
                                                                           
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 6.90% (debt at par) and 6.92% (debt at market value)    
against a 2.79% increase for the benchmark.                                     
                                                                           
- The share price increased by 4.47%.                                           
                                                                           
- The Board and Managers continue to believe that investment in equities will  
produce strong returns for shareholders over the long term.                     
                                                                           
- The main portfolio changes are detailed in the top ten holdings below         
                                                                           
Gearing exposure was 107% as at 31 October 2012.                                
                                                                           
Material transactions                                                           
                                                                           
186,000 shares were repurchased for cancellation during the quarter.            
                                                                           
1,900,000 shares have been repurchased since the quarter end.                   
                                                                           
1,078 ordinary shares were issued during the period following the exercise of  
rights attached to the subscription shares.                                     
                                                                           
Material Events                                                                 
                                                                           
Final results and annual report for the year ended 31 July 2012 published.      
                                                                           
AGM held on 28 November 2012 and all resolutions passed.                        
                                                                           
EGM held on 28 November 2012 and the resolution to change the Investment Policy
of the Company was passed.                                                      
                                                                           
Additional Information                                                          
                                                                           
Details of the Company                               Dealing Information        
                                                                           
Fund Mana  John Lo                                   Listed:       London Stock
ger:                                                               Exchange     
                                                                           
Enquiries: 08457 100 456                             Broker:       Canaccord    
                                                               Genuity Ltd  
                                                                           
WWW        www.fidelity.co.uk/its                    Price Quoted: Financial   
Address:                                                           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     13 June 1996                              Reuters Code: FAS.L       
Date:                                                                           


                                                                               
           As at 31 October 2012  As at 14 December  SEAQ Code:    51094       
                                  2012                                         


                                                                           
Ordinary   59,191,261             57,292,339         ISIN:         GB0003322319
Shares In                                                                      
Issue:                                                                          
                                                                           
Share      12.03%                 13.37%             Registered                
price                                                office                    
discount                                                                       
to NAV:                                                                         
                                                                           
Total      £132.3m                £133.3m            Beech Gate                
Assets:                                                                         
                                                 Millfield                  
                                                 Lane                      
Loan:      £9.3m                  £9.3m                                        
                                                   Lower                      
                                                 Kingswood                 
Total Net  £123m                  £124m                                        
Assets:                                              Tadworth                   
                                                                            
                                                 Surrey KT20               
Gearing    107%                   106.42%            6RP                       
Exposure :                                                                      
                                                                            
                                                                           
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     As at 31     Largest 10      As at 31     As at 31 July
Analysis   October 2012 July 2012    Holdings (%     October 2012 2012         
(% total                             total assets)                             
assets)                                                                         
                                                                           
Korea      31.1         29.4         Samsung         7.0          8.8          
(South)                              Electronics                                
                                                                           
China      25.8         23.6         Taiwan          4.7          4.5           


                                     Semiconductor                             
                                     Manufacturing                             


                                                                           
Hong Kong  23.5         21.2         LG Household &  4.5          5.3           
                                 Healthcare                                 
                                                                           
Taiwan     8.5          9.6          Tencent         4.3          4.7           
                                 Holdings                                   
                                                                           
Indonesia  3.7          1.9          Techtronic      3.9                        


                                     Industries Ord*                           
                                     *                                         


                                                                           
Singapore  3.1          5.5          Wharf Holdings  3.8          4.3           
                                                                           
Israel     2.0          2.4          AIA Group       3.7          4.3           
                                                                           
Other      1.8          1.3          Sung Hung Kai   3.0                        
                                 Properties**                               
                                                                           
Cash       0.5          5.1          Soufun Holdings 3.0                        


                                     ADR**                                     
                                                                               
                                     Petrochina H**  2.9                       
                                                                               
                                     Kia Motors*                  4.8          


                                                                           
Total      100          100          Li & Fung *                  4.7           


                                                                               
                                     China Overseas               3.0          
                                     Land &                                    
                                     Investment*                               
                                                                               
                                     Bank of China                3.0          
                                     Hong Kong*                                
                                                                               
                                     * Not in top 10 at 31 October 2012        
                                                                               
                                     ** Not in top 10 at 31 July 2012          

Performance Record (total return %)                                            
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               31 October 31 July     31 October  31        to 31     to 31    
               2012 (p)   2012        2012        October   October   October  
                                                  2012      2012      2012     


                                                                           
NAV (debt at   207.89     -7.35          6.90       4.56      29.10     12.43  
par)                                                                            
                                                                           
NAV (debt at   207.81     -7.36          6.92       4.56      29.05     12.06  
market value)                                                                   
                                                                           
Ordinary Share 182.88     -6.26          4.47       1.03      19.75     10.49  
price                                                                           
                                                                           
Benchmark                 -0.84          2.79       7.93      27.10     11.61  
Index                                                                           


                                                                               

As at 14 December 2012 the Company's NAV per share was 217.07p (debt at par)
and 217.00p (debt at fair value) and the Company's share price was 188.00p per
share.

Standardised Performance (total return %)                                      
                                                                               
               31/10/2007   31/10/2008   31/10/2009   31/10/2010   31/10/2011  
                                                                               
               31/10/2008   31/10/2009   31/10/2010   31/10/2011   31/10/2012  


                                                                           
NAV            -30.3        67.0         13.7         -8.04        4.56         
                                                                           
Ordinary Share -31.9        80.7         12.4         -7.28        1.03        
price                                                                           
                                                                           
Benchmark      -45.6        61.4         10.1         -6.14        7.93        
Index                                                                           
                                                                            
By order of the Board 
Christopher Pirnie
For and on behalf of FIL Investments International
Company Secretary 
17 December 2012 
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 2012. 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 
-0- Dec/17/2012 16:42 GMT