FIDELITY SPECIAL VALUES PLC: Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER       
    
ENDED 30 NOVEMBER 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 from an actively  
    
managed portfolio of "special situations" investments consisting primarily of    
    
securities listed or traded on the London Stock Exchange.                        


        
                                                                                


    
The Company's primary objective is measured by the total return of the share     
    
price over a 5 year period. The secondary aim is to make higher returns than     
    
the competition and the market, as measured by the AIC UK Growth Sector and the  
    
FTSE All-Share Index.                                                            


        
                                                                                


    
Benchmark                                                                        


        
                                                                                


    
The returns are compared against cash returns and the total return from the      
    
FTSE All-Share Index.                                                            


        
                                                                                


    
Review of Period (total return)                                                  


        
                                                                                


    
During the period:                                                               


        
                                                                                


    
- The NAV increased by 6.90% against a 3.92% increase for the benchmark.         


        
                                                                                


    
- The share price increased by 9.73%.                                            


        
                                                                                


    
- 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          


        
                                                                                


    
Actual gearing exposure was 114.99% on 30 November 2012.                         


        
                                                                                


    
Material transactions                                                            


        
                                                                                


    
- No shares have been repurchased during the quarter, and no shares have been    
    
repurchased since the quarter end.                                               


        
                                                                                


    
Material Events                                                                  


        
                                                                                


    
Financial results announced.                                                     


        
                                                                                


    
Annual report published.                                                         


        
                                                                                


    
AGM held on 13 December 2012, with all resolutions passed.                       


        
                                                                                


    
Additional Information                                                           


        
                                                                                


    
Details of the Company                                        Dealing 
Information        
                                                                             
    
Fund Manager:      Alex Wright                                Listed:       
London Stock 
                                                                        
Exchange     
                                                                             
    
Enquiries:         08457 100 456                              Broker:       
Cenkos       
                                                                             
    
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:       17 November 1994                           Reuters Code: 
FSV.L        


                                                                                
        


               As at 30 November 2012   As at 8 January   SEAQ Code:    
51079        


                                            2013                                
        
                                                                                


    
Ordinary Shares In 54,378,896               54,378,896        ISIN:         
GB0003325106
Issue:                                                                           


        
                                                                                


    
Share price        13.39%                   9.91%             Registered         
    
discount to NAV:                                              office             


        
                                                                                


    
Total Assets:      £354.7m                  £375.8m           Beech Gate       


          
                                                                                
        
                                                              Millfield         
        
                                                              Lane              


    
Total Net Assets:  £354.7m                  £375.8m                            


          
                                                              Lower             
        
                                                              Kingswood         
        
                                                                                


    
Actual Gearing     114.99%                  115.04%           Tadworth           
    
Exposure:                                                                        


        
                                                              Surrey KT20       
        
                                                              6RP               
        
                                                                                


    
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                                                             


        
                                                                                


    
Industry Analysis  As at 30     As at 31     Largest 10      As at 30     As at 
31      
(% total assets)   November     August 2012  Holdings (%     November     
August 2012    


                   2012                      total assets)   2012               
        
                                                                                


    
Consumer Services  21.0         23.5         Sanofi **       4.4          -      


        
                                                                                


    
Financials         20.6         25.9         United Drug **  4.3          -      


        
                                                                                


    
Oil & Gas          11.5         7.9          DCC **          3.7          -      


        
                                                                                


    
Industrials        11.0         11.5         Brewin Dolphin  3.7          -      


        
                                             **                                 
        
                                                                                


    
Telecommunications 8.9          6.7          HSBC **         3.7          6.8    


        
                                                                                


    
Technology         5.4          5.9          Royal Dutch     2.9          -      


        
                                             Shell **                           
        
                                                                                


    
Utilities          5.0          -            WPP **          2.8          -      


        
                                                                                


    
Consumer Goods     5.0          4.4          SSE **          2.7          -      


        
                                                                                


    
Other              3.1          4.0          Vodafone **     2.6          3.5    


        
                                                                                


    
Cash               8.6          3.6          Cable &         2.6          -      


        
                                             Wireless                           
        
                                             Communications                     
        
                                             **                                 
        
                                                                                


    
Health Care        -            6.6          Lloyds Holdings -            6.8    


        
                                             *                                  
        
                                                                                


    
Total              100          100          BP *            -            4.6    


        
                                                                                
        
                                             Glaxosmithkline -            4.3   
        
                                             *                                  
        
                                                                                
        
                                             Reed Elsevier * -            2.9   
        
                                                                                
        
                                             Wolseley *      -            2.9   
        
                                                                                
        
                                             Ladbrokes *     -            2.8   
        
                                                                                
        
                                             Centrica *      -            2.7   
        
                                                                                
        
                                             Ericsson *      -            2.6   
        
                                                                                
        


                                         * Not in the top 10 as at 30 
November 2012  


                                                                                
        


                                         ** Not in the top 10 as at 31 
August 2012   
Performance Record (total return %)                                             


                                                                               
              Price at   Quarter to  Quarter to  1 Year to  3 Years to 5 Years 
              30         30 November 31 August   30         30         to 30   
              November   2012        2012        November   November   November
              2012 (p)                           2012       2012       2012    


                                                                           
NAV (debt at  652.36p    6.90           9.99       23.04      24.96     21.69  
par)                                                                            
                                                                           
Ordinary      565.00p    9.73           9.34       23.56      11.72     17.16  
Share price                                                                     
                                                                           
Benchmark                3.92           8.56       12.14      28.28     12.38  
Index                                                                           


                                                                               

As at 8 January 2013 the Company's NAV per share was 691.0p and the Company's
share price was 622.50p per share.

Standardised Performance (total return %)                                      
                                                                               
               01/12/2007   01/12/2008   01/12/2009   01/12/2010   01/12/2011  
                                                                               
               30/11/2008   30/11/2009   30/11/2010   30/11/2011   30/11/2012  


                                                                           
NAV            -29.7        38.6         9.1          -6.87        23.04        
                                                                           
Ordinary Share -30.2        50.2         1.3          -10.72       23.56       
price                                                                           
By order of the Board 
Christopher Pirnie 
For and on behalf of FIL Investments International 
Company Secretary 
9 January 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: Datastream as at 30 November 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- Jan/09/2013 14:52 GMT
 
 
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