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
FIDELITY SPECIAL VALUES PLC: Interim Management Statement
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