Interim Management Statement

FIDELITY JAPANESE 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 an actively managed portfolio of                   
securities primarily of small and medium sized Japanese companies listed or                 
traded on the Japanese stock markets.                                                       
                                                                                            
                                                                                            
                                                                                            
Benchmark                                                                                   
                                                                                            
Russell Nomura Mid/Small Cap Index                                                          
                                                                                            
                                                                                            
                                                                                            
Review of Period (total return)                                                             
                                                                                            
During the period:                                                                          
                                                                                            
- the NAV decreased by 3.9% against a decrease of 6.3% for the benchmark.                   
                                                                                            
- the share price decreased by 4.6%.                                                        
                                                                                            
- gearing continues to be maintained by way of Contracts For Difference.                    
                                                                                            
- total exposure was 122.62% on 31 March 2011.                                              
                                                                                            
- main portfolio changes are detailed in the top ten holdings below.                        
                                                                                            
                                                                                            
                                                                                            
Material transactions                                                                       
                                                                                            
- No shares were repurchased for cancellation during the period and none have               
been repurchased since the period end.                                                      
                                                                                            
- 1,660,892 Ordinary shares were issued during the period following the                     
exercise of the rights attached to subscription shares and 17,347,422                       
subscription shares remained in issue.                                                      
                                                                                            
                                                                                            
                                                                                            
Material Events                                                                             
                                                                                            
Annual Report Published.                                                                    
                                                                                            
AGM held on 12 May 2011. All resolutions passed.                                            
                                                                                            
                                                                                            
                                                                                            
Additional Information                                                                      
                                                                                            
Details of the Company                                     Dealing Information              
                                                                                            
                                                                                            
                                                                                            
Fund Manager:  Shinji Higaki                               Listed:     London Stock Exchange
                                                                                            
Enquiries:     08457 100 456                               Broker:     Collins Stewart      
                                                                       Europe Limited       
                                                                                            
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 Telegraph  
               the website                                                                  
                                                                       The Independent      
                                                                                            
                                                                                            
Launch Date:   15 March 1994                               Reuters     FJV.L                
                                                           Code:                            
                                                                                            
               As at 31 March 2011           As at 16 May  SEAQ Code:  51054                
                                             2011                                           
                                                                                            
Ordinary       97,345,412                    97,346,331    ISIN:       GB0003328555         
Shares In                                                                                   
Issue:                                                                                      
                                                                                            
Share price    16.92%                        12.56%        Registered                       
discount to                                                office                           
NAV:                                                                                        
                                                                                            
Total Net      £64,077,973.84                £             Beech Gate                       
Assets:                                      61,783,220.66                                  
                                                           Millfield                        
                                                           Lane                             
Gearing        122.62%                       123.29%                                        
Exposure:                                                  Lower                            
                                                           Kingswood                        
                                                                                            
                                                           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                                           
                                                                                            
                                                                                            
                                                                                            
Sector         As at 31 March   As at 31 December Largest 10      As at 31 March As at  31  
Analysis (%    2011             2010              Exposures       2011           December   
total assets)                                                                    2010       
                                                  (% total                                  
                                                  assets)                                   
                                                                                            
Chemicals      17.0             16.3              M3              3.5            3.1        
                                                                                            
Electrical     10.9             14.0              Sekisui         3.2            3.2        
Machinery                                         Chemical                                  
                                                                                            
Machinery      8.7              9.5               Kakaku.com      2.8            2.5        
                                                                                            
Information &  7.2              6.1               Takata          2.4            3.3        
Communications                                                                              
                                                                                            
Services       10.7             10.4              Cyber Agent     2.3*           1.0        
                                                                                            
Transport      5.8              10.1              FP              2.3            2.4        
Equipment                                                                                   
                                                                                            
Glass &        4.2              2.7               Bit-Isle        2.1            1.7        
Ceramics                                                                                    
                                                                                            
Retail Trade   3.9              4.0               GMO Payment     2.1*           0.7        
                                                  Gateway                                   
                                                                                            
Other          23.0             19.1              NPC             1.9            1.9        
                                                                                            
Cash           2.8              1.2               Mitsui Chemical 1.8*           1.6        
                                                                                            
Real Estate    3.1              2.6               Toyota Boshuku  -              1.8**      
                                                                                            
Banks          2.7              4.0               LEC             -              1.8**      
                                                                                            
Total          100              100               Mitsumi         -              1.7**      
                                                  Electric                                  
                                                                                            
                                                  * Not in top 10 at 31 December 2010       
                                                                                            
                                                  ** No longer in top 10 as at 31 March 2011
                                                                                            

 

 

                                                                                        
                                                                                        
                      Performance Record (total return %)                               
                                                                                        
                                                                                        
                                                                                        
           Price at 31  Quarter to 31 Quarter to   1 Year to   3 Years to   5 Years to  
           March 2011   December 2010 31 March     31 March    31 March     31 March    
           (p)                        2011         2011        2011         2011        
                                                                                        
NAV        65.75        14.9              -3.9         0.7         13.4        -46.4    
                                                                                        
Ordinary   54.63        14.5              -4.6         0.2         16.2        -53.8    
Share                                                                                   
price                                                                                   
                                                                                        
Benchmark  N/A          11.8              -6.3        -3.2         16.3        -20.5    
Index                                                                                   
                                                                                        
                                                                                        
                                                                                        

 

 

As at 16 May 2011, the Company's NAV per share was 63.47p (debt at par) and the
Company's ordinary share price was 55.50p per share.  The subscription shares
have an exercise price of 55.0p per share, as at 16 May 2011 the subscription
share price was 8.88p per share.

 

 

 

                                                                                             
                                                                                             
                   Standardised Performance (total return %)                                 
                                                                                             
                                                                                             
                                                                                             
                      31/03/2006  31/03/2007  31/03/2008  31/03/2009  31/03/2010             
                                                                                             
                      31/03/2007  31/03/2008  31/03/2009  31/03/2010  31/03/2011             
                                                                                             
NAV                   -35.4       -26.8       -21.9       44.2        0.7                    
                                                                                             
Ordinary Share price  -38.1       -35.8       -29.3       63.9        0.2                    
                                                                                             
                                                                                             
                                                                                             

 

By order of the Board

Ben McMechan

 

For and on behalf of FIL Investments International

 

Company Secretary

17 March 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.