Interim Management Statement

FIDELITY EUROPEAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER                
ENDED 31 MARCH 2014                                                                        
                                                                                           
                                                                                           
                                                                                           
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 (cum) increased by 2.65% against a 3.03% increase of the benchmark.              
                                                                                           
- the share price increased by 3.64%.                                                      
                                                                                           
- the main portfolio changes are detailed in the top ten holdings below.                   
                                                                                           
                                                                                           
                                                                                           
Gearing exposure was 5.21% on 31 March 2014.                                               
                                                                                           
                                                                                           
                                                                                           
Material transactions                                                                      
                                                                                           
During the period 340,303 ordinary shares have been repurchased for                        
cancellation.                                                                              
                                                                                           
Since the quarter end 55,217 ordinary shares have been repurchased for                     
cancellation.                                                                              
                                                                                           
                                                                                           
                                                                                           
Material Events                                                                            
                                                                                           
Release of Annual Results for the year ended 31 December 2013.                             
                                                                                           
Annual General Meeting held on 15 May 2014.                                                
                                                                                           
All resolutions passed, including the resolution approving the sub-division of             
the Company's share capital.                                                               
                                                                                           
                                                                                           
                                                                                           
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 and                           The Times          
            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 2014               As at 15 May SEAQ Code:   51034              
                                              2014                                         
                                                                                           
Ordinary    41,847,390                        41,792,173   ISIN:        GB0003375820       
Shares In                                                                                  
Issue:                                                                                     
                                                                                           
Share price                                                Registered                      
discount to                                                office                          
NAV (cum):  8.84%                             10.60%                                       
                                                                                           
Total Net   £712.1m                           £713.3m      Beech Gate                      
Assets:                                                                                    
                                                           Millfield                       
                                                           Lane                            
                                                                                           
Gearing                                                    Lower                           
exposure:                                                  Kingswood                       
            5.21%                             4.23%                                        
                                                           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                                                                       
                                                                                           
                                                                                           
                                                                                           
Industry Analysis  As at  31     As at 31         Largest 10          As at 31     As at 31
(% total assets)   March 2014    December 2013    exposures (% total  March 2014   December
                                                  assets)                          2013    
                                                                                           
Financials         23.5          24.8             Nestle              6.3          7.0     
                                                                                           
Consumer Goods     19.4          21.0             Sanofi              4.3          5.0     
                                                                                           
Health Care        15.5          12.3             Roche*              4.1          -       
                                                                                           
Industrials        13.0          13.7             Novo-Nordisk        4.0          4.2     
                                                                                           
Consumer Services  8.6           8.6              UBS                 3.7          4.0     
                                                                                           
Technology         6.9           7.2              SAP                 3.6          4.0     
                                                                                           
Basic Materials    4.9           5.7              BNP Paribas         3.2          3.4     
                                                                                           
Utilities          3.4           3.1              Anheuser-Bosch      3.2          3.4     
                                                  InBev                                    
                                                                                           
Oil & Gas          3.2           1.8              Schneider Electric  3.0          3.2     
                                                                                           
Telecommunications 1.7           1.9              Sampo               2.9          3.1     
                                                                                           
                                                  Volkswagen**        -            3.0     
                                                                                           
Total              100           100                                                       
                                                                                           
                                                                                           
                                                                                           
                                                                                           
                                                                                           
                                                  * Not in top 10 at 31 December 2013      
                                                                                           
                                                  ** No longer in top 10 at 31 March 2014  
                                                                                           

 

 

                                                                                         
                                                                                         
Accumulated Performance Record (total return %)                                          
                                                                                         
                                                                                         
                                                                                         
           Price at 31   Quarter to 31 Quarter to   1 Year to   3 Years to   5 Years to  
           March 2014    December 2013 31 March     31 March    31 March     31 March    
           (p)                         2014         2014        2014         2014        
                                                                                         
NAV(debt   1,700.35      2.94          2.65            10.27       27.63        91.42    
at par)                                                                                  
                                                                                         
Ordinary   1,550.00      2.01          3.64            14.95       37.42        100.48   
Share                                                                                    
price                                                                                    
                                                                                         
Benchmark                5.48          3.03            17.26       22.60        93.41    
Index                                                                                    
                                                                                         
                                                                                         
                                                                                         

 

 

 

As at 15 May 2014 the Company's NAV (cum) per share was 1,706.85p and the
Company's share price was 1,526.00p per share.

 

 

 

                                                                               
                                                                               
Standardised Performance (total return %)                                      
                                                                               
                                                                               
                                                                               
                31/03/   31/03/   31/03/   31/03/2012                   31/03/ 
                2009     2010     2011                                 2013    
                                           31/03/                              
                31/03/   31/03/   31/03/   2013                         31/03/ 
                2010     2011     2012                                 2014    
                                                                               
NAV (cum)       37.3     9.3      -3.74    20.22                        10.27  
                                                                               
Ordinary Share  33.7     9.1      -3.80    24.28                        14.95  
price                                                                          
                                                                               
Benchmark Index 47.6     6.8      -11.38   17.98                        17.26  
                                                                               
                                                                               
                                                                               

 

By order of the Board

Christopher Pirnie

 

For and on behalf of FIL Investments International

 

Company Secretary

16 May 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 and Datastream as at 31 March 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