Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 2012 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 6.90% (debt at par) and 6.92% (debt at market value) against a 2.79% increase for the benchmark. - The share price increased by 4.47%. - The Board and Managers continue to believe that investment in equities will produce strong returns for shareholders over the long term. - The main portfolio changes are detailed in the top ten holdings below Gearing exposure was 107% as at 31 October 2012. Material transactions 186,000 shares were repurchased for cancellation during the quarter. 1,900,000 shares have been repurchased since the quarter end. 1,078 ordinary shares were issued during the period following the exercise of rights attached to the subscription shares. Material Events Final results and annual report for the year ended 31 July 2012 published. AGM held on 28 November 2012 and all resolutions passed. EGM held on 28 November 2012 and the resolution to change the Investment Policy of the Company was passed. Additional Information Details of the Company Dealing Information Fund Mana John Lo Listed: London Stock ger: Exchange Enquiries: 08457 100 456 Broker: Canaccord Genuity Ltd WWW www.fidelity.co.uk/its Price Quoted: Financial Address: Times Copies of major announcements and The Times documentation relating to the Company may be The Daily found on the website Telegraph The Independent Launch 13 June 1996 Reuters Code: FAS.L Date: As at 31 October 2012 As at 14 December SEAQ Code: 51094 2012 Ordinary 59,191,261 57,292,339 ISIN: GB0003322319 Shares In Issue: Share 12.03% 13.37% Registered price office discount to NAV: Total £132.3m £133.3m Beech Gate Assets: Millfield Lane Loan: £9.3m £9.3m Lower Kingswood Total Net £123m £124m Assets: Tadworth Surrey KT20 Gearing 107% 106.42% 6RP Exposure : 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 Country As at 31 As at 31 Largest 10 As at 31 As at 31 July Analysis October 2012 July 2012 Holdings (% October 2012 2012 (% total total assets) assets) Korea 31.1 29.4 Samsung 7.0 8.8 (South) Electronics China 25.8 23.6 Taiwan 4.7 4.5 Semiconductor Manufacturing Hong Kong 23.5 21.2 LG Household & 4.5 5.3 Healthcare Taiwan 8.5 9.6 Tencent 4.3 4.7 Holdings Indonesia 3.7 1.9 Techtronic 3.9 Industries Ord* * Singapore 3.1 5.5 Wharf Holdings 3.8 4.3 Israel 2.0 2.4 AIA Group 3.7 4.3 Other 1.8 1.3 Sung Hung Kai 3.0 Properties** Cash 0.5 5.1 Soufun Holdings 3.0 ADR** Petrochina H** 2.9 Kia Motors* 4.8 Total 100 100 Li & Fung * 4.7 China Overseas 3.0 Land & Investment* Bank of China 3.0 Hong Kong* * Not in top 10 at 31 October 2012 ** Not in top 10 at 31 July 2012 Performance Record (total return %) Price at Quarter to Quarter to 1 Year to 3 Years 5 Years 31 October 31 July 31 October 31 to 31 to 31 2012 (p) 2012 2012 October October October 2012 2012 2012 NAV (debt at 207.89 -7.35 6.90 4.56 29.10 12.43 par) NAV (debt at 207.81 -7.36 6.92 4.56 29.05 12.06 market value) Ordinary Share 182.88 -6.26 4.47 1.03 19.75 10.49 price Benchmark -0.84 2.79 7.93 27.10 11.61 Index As at 14 December 2012 the Company's NAV per share was 217.07p (debt at par) and 217.00p (debt at fair value) and the Company's share price was 188.00p per share. Standardised Performance (total return %) 31/10/2007 31/10/2008 31/10/2009 31/10/2010 31/10/2011 31/10/2008 31/10/2009 31/10/2010 31/10/2011 31/10/2012 NAV -30.3 67.0 13.7 -8.04 4.56 Ordinary Share -31.9 80.7 12.4 -7.28 1.03 price Benchmark -45.6 61.4 10.1 -6.14 7.93 Index By order of the Board Christopher Pirnie For and on behalf of FIL Investments International Company Secretary 17 December 2012 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 31 October 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.
UK 100

Latest directors dealings