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
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.
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
No ordinary shares were purchased for cancellation during the quarter, and no
ordinary shares have been repurchased since the quarter end.
Financial results announced.
Annual report published.
AGM held on 12 December 2013, with all resolutions passed.
Details of the Company Dealing Information
Fund Manager: Alex Wright Listed: London
Enquiries: 08457 100 456 Broker: Cenkos
WWW Address: www.fidelity.co.uk Price Quoted:
Copies of major The
relating to the
Company may be
found on the The
Launch Date: 17 November 1994 Reuters Code: FSV.L
As at 30 November As at 14 January SEAQ Code: 51079
Ordinary Shares In 54,128,896 54,128,896 ISIN:
Share price 3.56% 4.27% Registered
discount to NAV: office
Total Net Assets: £497.9m £529.9m Beech Gate
Actual Gearing 27.45% 24.61%
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 31
(% total assets) November August 201 Holdings (% November August
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
Industrials 16.9 14.9 Brewin 4.8 4.8
Consumer Goods 11.6 10.9 UDG 4.8 -
Oil & Gas 8.3 8.9 DCC PLC 4.7 4.1
Health Care 8.1 9.0 Lloyds 4.3 4.2
Telecommunications 5.9 5.2 WPP PLC 3.6 3.3
Utilities 2.4 4.1 HSBC Holdings 3.6 3.7
Technology 2.3 1.8 Barclays PLC* 3.1 -
Basic Materials 0.2 0.8 Electronic 3.0 4.0
Futures & Options -4.4 - United Drug - 5.3
SSE PLC* - 3.7
* Not in the top 10 as at 30 November
** Not in the top 10 as at 31 August
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
Benchmark 4.71 -0.79 19.80 37.80 98.68
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
By order of the Board
For and on behalf of FIL Investments International
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
-0- Jan/15/2014 16:51 GMT
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