Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED           
30 APRIL 2014                                                                            
                                                                                         
                                                                                         
                                                                                         
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 principally in the stockmarkets of the 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 3.42% (debt at par) against a 1.93% increase for the              
benchmark.                                                                               
                                                                                         
- the share price increased by 5.75%.                                                    
                                                                                         
- 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 9.19% on 30 April 2014.                                             
                                                                                         
                                                                                         
                                                                                         
Material transactions                                                                    
                                                                                         
- 122,000 shares were repurchased for cancellation during the quarter.                   
                                                                                         
- no shares have been repurchased since the quarter end.                                 
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
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 2014                 As at 17 June SEAQ Code:     51094       
                                                2014                                     
                                                                                         
Ordinary    67,488,213                          67,488,213                               
Shares In                                                                                
Issue:                                                        ISIN:          GB0003322319
                                                                                         
Share price 10.24%                              10.25%                                   
discount to                                                                              
NAV:                                                                                     
                                                                                         
                                                              Registered                 
                                                              office                     
                                                                                         
Total Net   £157.4m                             £163.7m       Beech Gate                 
Assets:                                                                                  
                                                              Millfield Lane             
                                                                                         
                                                              Lower                      
                                                              Kingswood                  
Gearing     9.19%                               9.08%                                    
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                                   
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
Portfolio Breakdowns                                                                     
                                                                                         
                                                                                         
                                                                                         
Country     As at 30 April 2014 As at 31 January Largest 10 Holdings As at 30     As at  
Analysis (%                     2014             (% total assets)    April 2014   31     
total                                                                             January
assets)                                                                           2014   
                                                                                         
China       23.4                28.1             Samsung Electronics 6.8          5.9    
                                                 Co                                      
                                                                                         
Hong Kong   19.0                17.4             Taiwan              5.5          4.7    
                                                 Semiconductor MFG                       
                                                                                         
Korea       27.5                26.8             Sarine Technologies 5.5          4.3    
(South)                                          Ltd                                     
                                                                                         
Malaysia    1.5                 3.7              Techtronic          4.5          4.0    
                                                 Industries Co                           
                                                                                         
Singapore   7.7                 6.7              Tencent Hldgs Ltd   4.4          5.9    
                                                                                         
Taiwan      8.2                 9.8              Ping An Ins Group   4.1          -      
                                                 Co China **                             
                                                                                         
Australia   2.8                 2.3              AIA Group Ltd       3.7          3.4    
                                                                                         
India       9.2                 4.4              China Mobile Ltd    3.3          4.7    
                                                                                         
Other       0.7                 0.8              Amorepacific Corp   3.2                 
                                                                                         
                                                 Nine Dragons Paper  2.8          3.4    
                                                 Hldgs                                   
                                                                                         
                                                 LG Household &      -            3.3    
                                                 Healthcare*                             
                                                                                         
                                                 Hotel Shilla*       -            2.8    
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                                                         
                                                 * No longer in top 10 at 30 April 2014  
                                                                                         
                                                 ** Not in the top 10 at 31 January 2014 
                                                                                         

 

 

                                                                                       
                                                                                       
Performance Record (total return %)                                                    
                                                                                       
                                                                                       
                                                                                       
           Price at 30  Quarter to   Quarter to   1 Year to   3 Years to   5 Years to  
           April 2014   30 April     31 January   30 April    30 April     30 April    
           (p)          2014         2014         2014        2014         2014        
                                                                                       
NAV(debt   233.27       3.42            -6.03        -2.46        2.55        91.46    
at par)                                                                                
                                                                                       
Ordinary   209.38       5.75            -7.48        4.08         3.69        90.87    
Share                                                                                  
price                                                                                  
                                                                                       
Benchmark               1.93            -8.16        -6.14       -0.53        60.80    
Index                                                                                  
                                                                                       

 

 

As at 17 June 2014 the Company's NAV per share was 242.63p (debt at par) and
the Company's share price was 217.75p per share.

 

 

 

                                                                              
                                                                              
One Year Performance (total return %)                                         
                                                                              
                                                                              
                                                                              
                  30/04/   30/04/   30/04/   30/04/2012               30/04/  
                  2009     2010     2011                              2013    
                                             30/04/                           
                  30/04/   30/04/   30/04/   2013                     30/04/  
                  2010     2011     2012                              2014    
                                                                              
NAV               61.54    15.6     -8.16    14.49                    -2.46   
                                                                              
Ordinary Share    62.90    13.0     -8.01     8.31                    4.08    
price                                                                         
                                                                              
Benchmark Index   43.02    13.0     -6.54    13.39                    -6.14   
                                                                              
                                                                              
                                                                              

 

By order of the Board

David Fallon

 

For and on behalf of FIL Investments International

 

Company Secretary

18 June 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: Fidelity as at 30 April 2014. 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.