FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 NOVEMBER 2013 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 situation" 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 All Companies Sector (previously known as the 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 5.89% against a 4.71% increase for the benchmark. - the share price increased by 7.52%. - the Board and Managers continue to believe that investment in equities will produce strong returns for shareholders over the long term. - main portfolio changes are detailed in the top ten holdings below Actual gearing exposure which includes derivatives was 27.45% on 30 November 2013. Material transactions No ordinary shares were purchased for cancellation during the quarter, and no ordinary shares have been repurchased since the quarter end. Material Events Financial results announced. Annual report published. AGM held on 12 December 2013, 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 Price Quoted: Financial /its Times Copies of major The Times announcements and documentation The Daily relating to the Telegraph Company may be found on the The website Independent Launch Date: 17 November 1994 Reuters Code: FSV.L As at 30 November As at 14 January SEAQ Code: 51079 2013 2014 Ordinary Shares In 54,128,896 54,128,896 ISIN: GB0003325106 Issue: Share price 3.56% 4.27% Registered discount to NAV: office Total Net Assets: £497.9m £529.9m Beech Gate Millfield Lane Actual Gearing 27.45% 24.61% Exposure: Lower Kingswood Tadworth 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 201 Holdings (% November August 2013 2013 3 total assets) 2013 Financials 27.5 24.9 Sanofi 5.2 5.1 Consumer Services 21.5 19.7 Royal Dutch 5.0 5.0 Shell PLC Industrials 16.9 14.9 Brewin 4.8 4.8 Dolphin HLDGS PLC Consumer Goods 11.6 10.9 UDG 4.8 - Healthcare PLC Oil & Gas 8.3 8.9 DCC PLC 4.7 4.1 Health Care 8.1 9.0 Lloyds 4.3 4.2 Banking Group PLC Telecommunications 5.9 5.2 WPP PLC 3.6 3.3 Utilities 2.4 4.1 HSBC Holdings 3.6 3.7 PLC Technology 2.3 1.8 Barclays PLC* 3.1 - * Basic Materials 0.2 0.8 Electronic 3.0 4.0 Arts Inc Futures & Options -4.4 - United Drug - 5.3 PLC* SSE PLC* - 3.7 * Not in the top 10 as at 30 November 2013 ** Not in the top 10 as at 31 August 2013 Performance Record (total return %) Price at Quarter to Quarter to 1 Year to 3 Years 5 Years 30 30 November 31 August 30 to 30 to 30 November 2013 2013 November November November 2013 (p) 2013 2013 2013 NAV 919.77 5.89 5.75 43.48 64.41 148.43 Ordinary Share 887.00 7.52 10.24 59.85 76.34 168.14 price Benchmark 4.71 -0.79 19.80 37.80 98.68 Index As at 14 January 2014 the Company's NAV per share was 977.70p and the Company's share price was 936.00p per share. Standardised Performance (total return %) 01/12/2008 01/12/2009 01/12/2010 01/12/2011 01/12/2012 30/11/2009 30/11/2010 30/11/2011 30/11/2012 30/11/2013 NAV 38.6 9.1 -6.87 23.04 43.48 Ordinary Share 50.2 1.3 -10.72 23.56 59.85 price By order of the Board Christopher Pirnie For and on behalf of FIL Investments International Company Secretary 15 January 2014 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 2013. 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/15/2014 16:51 GMT
FIDELITY SPECIAL VALUES PLC: Interim Management Statement
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