Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 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 through                   
investment in an actively managed portfolio of equities in the South East Asian          
region (excluding Japan).                                                                
                                                                                         
                                                                                         
                                                                                         
Benchmark                                                                                
                                                                                         
MSCI All Countries (Combined) Far East Free (Excluding Japan)                            
                                                                                         
                                                                                         
                                                                                         
Review of Period (total return)                                                          
                                                                                         
During the period:                                                                       
                                                                                         
- the NAV increased by 6.46% (debt at par) against a 1.79% increase for the              
benchmark.                                                                               
                                                                                         
- the share price increased by 2.60%.                                                    
                                                                                         
- 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.                     
                                                                                         
                                                                                         
                                                                                         
*Gearing exposure was 6.99% on 30 April 2013.                                            
                                                                                         
                                                                                         
                                                                                         
Material transactions                                                                    
                                                                                         
-  on 28 February 2013 the Company repaid and cancelled the US$15,000,000 loan           
facility with Scotiabank Europe PLC.  The Company now utilises long-only CFDs            
for gearing purposes.                                                                    
                                                                                         
- 740,000 shares were repurchased for cancellation during the quarter.                   
                                                                                         
- 250,000 shares have been repurchased since the quarter end.                            
                                                                                         
- 245,105 ordinary shares were issued during the quarter following the exercise          
of rights attached to the subscription shares.                                           
                                                                                         
- on 3 June 2013 the Company issued 11,197,405 ordinary shares following the             
exercise of rights attached to the subscription shares (including 5,072,002              
shares exercised by the final subscription trustee). Following these share               
issues there are no subscription shares outstanding.                                     
                                                                                         
                                                                                         
                                                                                         
Material Events                                                                          
                                                                                         
Half-yearly report published.                                                            
                                                                                         
                                                                                         
                                                                                         
Additional Information                                                                   
                                                                                         
Details of the Company                                        Dealing Information        
                                                                                         
                                                                                         
                                                                                         
Fund        John Lo                                           Listed:        London Stock
Manager:                                                                     Exchange    
                                                                                         
                                                                                         
                                                                                         
Enquiries:  08457 100 456                                     Broker:        Canaccord   
                                                                             Genuity Ltd 
                                                                                         
                                                                                         
WWWAddress: www.fidelity.co.uk/its                            Price Quoted:  Financial   
                                                                             Times       
            Copies of major announcements and                                            
            documentation relating to the                                    The Times   
            Company may be found on the website                                          
                                                                             The daily   
                                                                             Telegraph   
                                                                                         
                                                                             The         
                                                                             Independent 
                                                                                         
Launch      13 June 1996                                      Reuters Code:  FAS.L       
Date:                                                                                    
                                                                                         
                                                                                         
            As at 30 April 2013                 As at 14 June SEAQ Code:     51094       
                                                2013                                     
                                                                                         
Ordinary                                                                                 
Shares In                                                                                
Issue:      56,732,808                          67,680,213    ISIN:          GB0003322319
                                                                                         
Share price 15.83%                              12.03%                                   
discount to                                                                              
NAV:                                                                                     
                                                                                         
                                                              Registered                 
                                                              office                     
                                                                                         
Total Net   £136.3m                             £150.0m       Beech Gate                 
Assets:                                                                                  
                                                              Millfield Lane             
                                                                                         
                                                              Lower                      
                                                              Kingswood                  
Gearing     6.99%                               6.07%                                    
Exposure:*                                                    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                                   
                                                                                         
                                                                                         
                                                                                         
* In line with the AIC's new recommended disclosure. Under previous                      
disclosures, this figure would be represented as 106.99%.                                
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
Portfolio Breakdowns                                                                     
                                                                                         
                                                                                         
                                                                                         
Country     As at 30 April 2013 As at 31 January Largest 10 Holdings As at 30     As at  
Analysis (%                     2013             (% total assets)    April 2013   31     
total                                                                             January
assets)                                                                           2013   
                                                                                         
South Korea 26.8                28.0             Samsung Electronics 7.6          7.7    
                                                                                         
Hong Kong   24.2                24.3             Taiwan              5.4          5.2    
                                                 Semiconductor                           
                                                 Manufacturing                           
                                                                                         
China       20.3                24.1             Techtronic          4.0          3.6    
                                                 Industries Ord                          
                                                                                         
Taiwan      14.7                12.4             Tencent Holdings    3.9          4.2    
                                                                                         
Singapore   4.1                 4.6              LG Household &      3.8          3.9    
                                                 Healthcare                              
                                                                                         
US          2.8                 1.9              AIA Group           3.7          3.5    
                                                                                         
India       2.7                 1.2              Wharf Holdings      3.7          4.6    
                                                                                         
Malaysia    2.2                 1.3              TPK Holding**       2.9          -      
                                                                                         
Australia   1.1                 1.0              Hotel Shilla**      2.7          -      
                                                                                         
Indonesia   1.1                 1.2              Samsonite **        2.6          -      
                                                                                         
                                                 Sun Hung Kai        -            3.6    
                                                 Properties*                             
                                                                                         
Total       100                 100              Petrochina H*       -            3.1    
                                                                                         
                                                 LG Uplus*           -            2.9    
                                                                                         
                                                                                         
                                                                                         
                                                 * No longer in top 10 at 30 April 2013  
                                                                                         
                                                 ** Not in the top 10 at 31 January 2013 
                                                                                         

 

 

                                                                                       
                                                                                       
Performance Record (total return %)                                                    
                                                                                       
                                                                                       
                                                                                       
           Price at 30  Quarter to   Quarter to   1 Year to   3 Years to   5 Years to  
           April 2013   30 April     31 January   30 April    30 April     30 April    
           (p)          2013         2013         2013        2013         2013        
                                                                                       
NAV(debt   240.28       6.46             8.58        14.49       21.51        56.74    
at par)                                                                                
                                                                                       
Ordinary   202.25       2.60             7.79        8.31        12.58        44.76    
Share                                                                                  
price                                                                                  
                                                                                       
Benchmark               1.79             9.28        13.39       19.80        40.78    
Index                                                                                  
                                                                                       
                                                                                       
                                                                                       

 

 

As at 14 June 2013 the Company's NAV per share was 221.66p (debt at par) and
the Company's share price was 195.00p per share.

 

 

 

                                                                              
                                                                              
One Year Performance (total return %)                                         
                                                                              
                                                                              
                                                                              
                  30/04/   30/04/   30/04/   30/04/   30/04/2012              
                  2008     2009     2010     2011                             
                                                      30/04/                  
                  30/04/   30/04/   30/04/   30/04/   2013                    
                  2009     2010     2011     2012                             
                                                                              
NAV               -20.15   61.54    15.6     -8.16    14.49                   
                                                                              
Ordinary Share    -21.06   62.90    13.0     -8.01    8.31                    
price                                                                         
                                                                              
Benchmark Index   -17.85   43.02    13.0     -6.54    13.39                   
                                                                              
                                                                              
                                                                              

 

By order of the Board

David Fallon

 

For and on behalf of FIL Investments International

 

Company Secretary

17 June 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 as at 30 April 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.