FIDELITY CHINA SPECIAL SITUATIONS PLC: Interim Management Statement
FIDELITY CHINA SPECIAL SITUATIONS PLC - INTERIM MANAGEMENT STATEMENT FOR THE
QUARTER ENDED 31 DECEMBER 2012
Issued pursuant to the requirements of Chapter 4 of the Disclosure and
Fidelity China Special Situations PLC is focused on the long-term growth
potential of China. The portfolio is made up primarily of securities issued by
companies listed in China or Hong Kong and Chinese companies listed elsewhere.
It may also invest in listed companies with significant interest in China and
MSCI China Index (Sterling Equivalent)
Review of Period (total return)
During the period:
- the NAV increased by 9.07% (debt at par) against a 12.13% increase by the
- the share price increased by 16.57%.
- main portfolio changes are detailed in the top ten holdings below.
Gearing was 124.68% on 31 December 2012.
- During the quarter the Company repurchased 500,000 shares for cancellation.
- Since the quarter end no shares have been repurchased.
* Interim Results for the Company for the 6 months ended 30 September 2012
were released on 14 November 2012.
Details of the Company Dealing Information
Fund Manager: Anthony Bolton Listed: London
Enquiries: 08457 100 456 Broker: Cenkos
WWW Address: www.fidelity.co.uk/ Price Quoted: Financial
Copies of major
relating to the
Company may be
found on the
Launch Date: 19 April 2010 Reuters Code: FCSS
As at 31 December As at 13 SEAQ Code: B62Z3C7
2012 February 2013
Ordinary Shares 655,229,480 655,229,480 ISIN:
Share price 1.71% 3.77% Registered
discount to office
Total Assets: £654.9m £742.4m Beech Gate
Loan: £92.2m £96.5m Millfield Lane
Total Net £562.7m £645.9m Lower Kingswood
Gross Asset £701.6m £769.2m
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
Industry As at 31 As at 30 Largest 10 Holdings As at 31 As at 30
Analysis (% December 2012 September (% total assets) December
total assets) 2012 2012 2012
Consumer 27.7 28.7 Tencent Holdings 5.2 3.9
Financials 24.7 24.3 Ping An Insurance 4.0 4.3
(Group) Company of
IT 20.4 16.7 Citic Securities 3.5 3.2
Health Care 10.8 12.8 HSBC Holdings 3.0
Industrials 4.1 3.5 Bank of China Hong 3.0 2.9
Energy 3.4 2.0 AIA Group 2.9 3.3
Consumer 2.6 3.5 Wing Hang Bank 2.8 3.1
Telecom 2.1 4.2 SAIC Motor 2.6 2.3
Other 2.9 - Asiainfo Linkage ** 2.4 -
Cash 1.2 - Huaneng Power 2.2 -
Materials - 1.2 China Unicom (Hong - 3.6
Utilities - 1.0 TVB* - 2.6
Cash & Others - 2.1 Alibaba Group* - 2.6
Total 100 100
* Not currently in the top 10
** Not in the top 10 holdings as at
Price at 31 Quarter to 31 Quarter 1 Year to 2 Years
December December 2012 to 30 31 to 31
2012 (p) September December December
2012 2012 2012
NAV (debt at 85.87 9.07 1.39 13.34 -22.37
Ordinary Share 84.40 16.57 -2.99 16.02 -27.98
Benchmark Index 12.13 1.66 17.36 -3.54
As at 13 February 2013 the Company's NAV per share was 98.57p (debt at par) and
the Company's share price was 94.85p per share.
By order of the Board
For and on behalf of FIL Investments International
14 February 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 and Datastream as at 31 December 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.
-0- Feb/14/2013 15:23 GMT
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