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FIDELITY SPECIAL VALUES PLC: Interim Management Statement

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
 
 
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