Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER              
ENDED 31 MARCH 2011                                                                      
                                                                                         
                                                                                         
                                                                                         
Issued pursuant to the requirements of Chapter 4 of the Disclosure and                   
Transparency Rules                                                                       
                                                                                         
                                                                                         
                                                                                         
Objective                                                                                
                                                                                         
To achieve long term capital growth from a portfolio primarily made up of                
shares in Continental European countries                                                 
                                                                                         
                                                                                         
                                                                                         
Benchmark                                                                                
                                                                                         
FTSE World Europe (ex UK) Index                                                          
                                                                                         
                                                                                         
                                                                                         
Review of Period (total return)                                                          
                                                                                         
During the period:                                                                       
                                                                                         
- the NAV increased by 6.58% (debt at par) and 6.68% (debt at market value)              
against a 5.61% return for the benchmark.                                                
                                                                                         
- the share price increased by 9.38%                                                     
                                                                                         
- the Board and Managers continue to believe that investment in equities should          
produce strong returns for shareholders over the long term.                              
                                                                                         
- main portfolio changes are detailed in the top ten holdings below                      
                                                                                         
                                                                                         
                                                                                         
Net gearing was 8.29% on 31 March 2011 (4.6% at 31 December 2010).                       
                                                                                         
                                                                                         
                                                                                         
Material transactions                                                                    
                                                                                         
During the quarter 730,000 shares were repurchased for cancellation.                     
                                                                                         
Since the quarter end 617,218 shares have been repurchased for cancellation.             
                                                                                         
                                                                                         
                                                                                         
Material Events                                                                          
                                                                                         
Release of Annual Results for the year ended 31 December 2010. Annual General            
Meeting and General Meeting convened for 18 May 2011.                                    
                                                                                         
                                                                                         
                                                                                         
Additional Information                                                                   
                                                                                         
                                                                                         
                                                                                         
Details of the Company                                    Dealing Information            
                                                                                         
                                                                                         
                                                                                         
Fund        Sam Morse                                     Listed:    London Stock        
Manager:                                                             Exchange            
                                                                                         
Enquiries:  08457 100 456                                 Broker:    Winterflood         
                                                                     Investment Trust    
                                                                                         
WWWAddress: www.fidelity.co.uk/its                        Price      Financial Times     
                                                          Quoted:                        
            Copies of major announcements                            The Times           
            and documentation relating to                                                
            the Company may be found on                              The Daily           
            the website                                              Telegraph           
                                                                                         
                                                                     The Independent     
                                                                                         
Launch      05 November 1991                              Reuters    FEV.L               
Date:                                                     Code:                          
                                                                                         
                                                                                         
                                                                                         
            As at 31 March 2011           As at 13 May 11 SEAQ Code: 51034               
                                                                                         
Ordinary    48,794,986                    48,102,768      ISIN:      GB0003375820        
Shares In                                                                                
Issue:                                                                                   
                                                                                         
Share       12,00.00p                     12,58.00p                                      
price:                                                                                   
                                                                                         
Discount to 14.69%                        12.44%          Registered                     
NAV:                                                      office                         
                                                                                         
Total       £750.5m                       £755.9m         Beech Gate                     
Assets:                                                                                  
                                                          Millfield                      
                                                          Lane                           
Loan:       £57.5m                        £57.1m                                         
                                                          Lower                          
                                                          Kingswood                      
Total Net   £693.0m                       £698.8m                                        
Assets:                                                   Tadworth                       
                                                                                         
                                                          Surrey                         
Gross       8.91%                         8.17%           KT20 6RP                       
Gearing :                                                                                
                                                                                         
                                                                                         
Net         8.29%                         7.89%                                          
Gearing:                                                                                 
                                                                                         
                                                                                         
                                                                                         
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  31/03/  As at 31/12/    Largest 10 Holdings  As at 31/03/ As at 31/12/
Analysis (% 2011           2010            (% total assets)     2011         2010        
total                                                                                    
assets)                                                                                  
                                                                                         
France      19.6           20.1            Nestle (Regd)        6.2          6.7         
                                                                                         
Germany     18.7           16.7            Novo-Nordisk B       3.2          3.2         
                                                                                         
Switzerland 17.5           18.9            SAP                  3.2          2.6         
                                                                                         
Italy       7.4            8.6             BNP Paribas          3.1          -           
                                                                                         
Sweden      7.4            7.4             Siemens              3.1          3.4         
                                                                                         
Netherlands 7.2            9.9             Schneider Electric   3.0          2.8         
                                                                                         
Belgium     5.9            6.9             Zurich Financial     2.9          2.9         
                                           Services                                      
                                                                                         
Denmark     5.3            3.3             Saipem               2.8          2.5         
                                                                                         
Norway      3.0            2.2             Sanofi-Aventis       2.8          2.5         
                                                                                         
Finland     2.5            2.5             Royal Dutch Shell A  2.6          -           
                                           (NL)                                          
                                                                                         
Brazil      1.8            -               Anheuser Busch Inbev -            2.6         
                                                                                         
Spain       1.4            1.2             UBS (Regd)           -            2.6         
                                                                                         
Portugal    0.8            0.8                                                           
                                                                                         
Israel      0.7            0.8                                                           
                                                                                         
Czech       0.5            0.5                                                           
Republic                                                                                 
                                                                                         
Iceland     0.1            0.2                                                           
                                                                                         
Total       100            100                                                           
                                                                                         
                                                                                         
                                                                                         

 

                As at 31 March Quarter to 31    1 Year to 31     3 Years to 31     5 Years 
                2011 (p)       March 2011(%)    March 2011 (%)   March 2011 (%)    to 31   
                                                                                           
                                                                                   March   
                                                                                   2011 (%)
                                                                                           
NAV(debt at     1406.59              6.58             9.26             13.07        25.03  
par)                                                                                       
                                                                                           
NAV(debt at     1404.27              6.68             9.65             12.82        24.90  
market value)                                                                              
                                                                                           
Ordinary Share  1200.00              9.38             9.09             2.95         12.09  
price                                                                                      
                                                                                           
Benchmark Index -                    5.61             6.76             7.80         23.24  
                                                                                           
                                                                                           
                                                                                           

 

 

As at 13 May 2011 the Company's NAV per share was 1,436.74p (debt at par) and
1,433.88p (debt at fair value) and the Company's share price was 1,258.00p  per
share.

 

 

 

                                         
                                         
Standardised Performance (total return %)
                                         
                                         
                                         
                              31/03/2010  31/03/2009  31/03/2008  31/03/2007  31/03/2006 
                                                                                         
                              31/03/2011  31/03/2010  31/03/2009  31/03/2008  31/03/2007 
                                                                                         
                                                                                         
                                                                                         
NAV(debt at par)              9.3            37.3        -24.6        0.6         9.9    
                                                                                         
NAV(debt at market value)     9.7            37.7        -25.3        0.6        10.0    
                                                                                         
Ordinary Share price          9.1            33.7        -29.4        0.8         8.0    
                                                                                         
Benchmark Index               6.8            47.6        -31.6        2.3        11.8    
                                                                                         
                                                                                         
                                                                                         

 

 

For and on behalf of FIL Investments International

Company Secretary

16 May 2011

 

 

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 and Datastream as at 31 March 2011.
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.