Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER               
ENDED 31 MARCH 2013                                                                       
                                                                                          
Issued pursuant to the requirements of Chapter 4 of the Disclosure and                    
Transparency Rules                                                                        
                                                                                          
Objective                                                                                 
                                                                                          
To achieve long term capital growth from the stock markets of continental                 
Europe.                                                                                   
                                                                                          
Benchmark                                                                                 
                                                                                          
FTSE World Europe (ex UK) Index.                                                          
                                                                                          
Review of Period (total return)                                                           
                                                                                          
During the period:                                                                        
                                                                                          
- the NAV increased by 11.68% against a 9.99% increase of the benchmark.                  
                                                                                          
- the share price increased by 8.92%.                                                     
                                                                                          
- the main portfolio changes are detailed in the top ten holdings below.                  
                                                                                          
*Gearing exposure was 8.6% on 31 March 2013.                                              
                                                                                          
Material transactions                                                                     
                                                                                          
- During the period 452,770 ordinary shares have been repurchased for                     
cancellation.                                                                             
                                                                                          
Since the quarter end 307,223 ordinary shares have been repurchased for                   
cancellation.                                                                             
                                                                                          
Material Events                                                                           
                                                                                          
Release of Annual Results for the year ended 31 December 2012.  Annual General            
Meeting held on 16 May 2013.  All resolutions passed.                                     
                                                                                          
                                                                                          
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                            The Daily Telegraph
            website                                                                       
                                                                       The Independent    
                                                                                          
                                                                                          
Launch      05 November 1991                              Reuters      FEV.L              
Date:                                                     Code:                           
                                                                                          
                                                                                          
            As at 31 March 2013              As at 16 May SEAQ Code:   51034              
                                             2013                                         
                                                                                          
Ordinary    42,674,303                       42,367,080   ISIN:        GB0003375820       
Shares In                                                                                 
Issue:                                                                                    
                                                                                          
Share price 12.37%                           10.06%       Registered                      
discount to                                               office                          
NAV:                                                                                      
                                                                                          
Total Net   £669.7m                          £705.7m      Beech Gate                      
Assets:                                                                                   
                                                          Millfield                       
                                                          Lane                            
                                                                                          
Gearing                                                   Lower                           
exposure:                                                 Kingswood                       
            8.6%                             6.8%                                         
                                                          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 recommendation                                               
Under previous disclosures, this figure would                                             
be represented as 108.6%.                                                                 
                                                                                          
                                                                                    
                                                                                          
                                                                                          
Portfolio Breakdowns                                                                      
                                                                                          
                                                                                          
                                                                                          
Industry Analysis (% total As at As at 31        Largest 10          As at 31     As at 31
assets)                     31   December 2012   exposures (% total  March 2013   December
                           March                 assets)                          2012    
                           2013                                                           
                                                                                          
Financials                 23.5  22.6            Nestle              7.2          6.4     
                                                                                          
Consumer Goods             19.9  18.7            Sanofi              5.4          4.9     
                                                                                          
Industrials                13.2  12.4            Novo-Nordisk        4.2          4.2     
                                                                                          
Health Care                12.8  12.6            SAP                 4.2          4.2     
                                                                                          
Consumer Services          9.0   10.2            UBS                 3.8          3.8     
                                                                                          
Technology                 8.3   7.6             Schneider Electric  3.4          3.4     
                                                                                          
Basic Materials            5.4   6.7             Anheuser-Busch      3.3          -*      
                                                 Inbev                                    
                                                                                          
Utilities                  3.6   3.8             Zurich Insurance    3.1          -*      
                                                 Group                                    
                                                                                          
Oil & Gas                  3.0   4.3             Royal Dutch Shell   3.0          2.9     
                                                                                          
Telecommunications         1.4   1.1             Sampo               2.7          -*      
                                                                                          
                                                 Zurich Insurance    -**          3.0     
                                                 Group                                    
                                                                                          
Total                      100   100             Umicore             -**          2.7     
                                                                                          
                                                 BNP Paribas         -**          2.6     
                                                                                          
                                                 * Not in top 10 at 31 December 2012      
                                                 ** No longer in top 10 at 31 March 2013  
                                                                                          
                                                                                         
                                                                                         
Accumulated Performance Record (total return %)                                          
                                                                                         
                                                                                         
                                                                                         
           Price at 31  Quarter to 31  Quarter to   1 Year to   3 Years to   5 Years to  
           March 2013   December 2012  31 March     31 March    31 March     31 March    
           (p)                         2013         2013        2013         2013        
                                                                                         
NAV(debt   1,569.06     6.79           11.68           20.22       26.44        30.86    
at par)                                                                                  
                                                                                         
Ordinary   1,375.00     10.76          8.92            24.28       30.41        23.08    
Share                                                                                    
price                                                                                    
                                                                                         
Benchmark               8.12           9.99            17.98       11.73        12.82    
Index                                                                                    
    
As at 16 May 2013 the Company's NAV per share was 1,665.59p and the Company's
share price was 1,498.00p per share.

                                                                               
                                                                               
Standardised Performance (total return %)                                      
                                                                               
                31/03/   31/03/   31/03/   31/03/   31/03/2012                 
                2008     2009     2010     2011                                
                                                    31/03/                     
                31/03/   31/03/   31/03/   31/03/   2013                       
                2009     2010     2011     2012                                
                                                                               
NAV             -24.6    37.3     9.3      -3.74    20.22                      
                                                                               
Ordinary Share  -29.4    33.7     9.1      -3.80    24.28                      
price                                                                          
                                                                               
Benchmark Index -31.6    47.6     6.8      -11.38   17.98                      
                                                                               

       
 

By order of the Board
Jennifer Thompson  

For and on behalf of FIL Investments International

Company Secretary

17 May 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 and Datastream as at 31 March 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