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
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.
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.
- No shares have been repurchased during the quarter, and no shares have been
repurchased since the quarter end.
Financial results announced.
Annual report published.
AGM held on 13 December 2012, with all resolutions passed.
Details of the Company Dealing
Fund Manager: Alex Wright Listed:
Enquiries: 08457 100 456 Broker:
WWW Address: www.fidelity.co.uk/its Price Quoted:
Copies of major
announcements and The
to the Company may be The
found on the website
Launch Date: 17 November 1994 Reuters Code:
As at 30 November 2012 As at 8 January SEAQ Code:
Ordinary Shares In 54,378,896 54,378,896 ISIN:
Share price 13.39% 9.91% Registered
discount to NAV: office
Total Assets: £354.7m £375.8m Beech Gate
Total Net Assets: £354.7m £375.8m
Actual Gearing 114.99% 115.04% Tadworth
The Company's net asset value per share is announced daily and may be found on
the Stock Exchange website www.londonstockexchange.com
Industry Analysis As at 30 As at 31 Largest 10 As at 30 As at
(% total assets) November August 2012 Holdings (% November
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 -
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 -
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
** Not in the top 10 as at 31
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
Ordinary 565.00p 9.73 9.34 23.56 11.72 17.16
Benchmark 3.92 8.56 12.14 28.28 12.38
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
By order of the Board
For and on behalf of FIL Investments International
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
-0- Jan/09/2013 14:52 GMT
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