Interim Management Statement

FIDELITY JAPANESE 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 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 increased by 26.7% against a 18.9% increase for the benchmark;                   
- the share price increased by 19.1%;                                                      
- gearing continued to be maintained by way of Contracts For Difference;                   
- total gearing exposure was 15.3% on 31 March 2013;                                       
- main portfolio changes are detailed in the top ten holdings below                        
                                                                                           
                                                                                           
                                                                                           
Material transactions                                                                      
                                                                                           
- During the quarter 100,000 ordinary shares have been repurchased for cancellation.                                                                              - Since the quarter end no ordinary shares have been repurchased for cancellation.                                                                              - 17,232,149 Ordinary shares were issued during the period following the                   
exercise of the rights attached to subscription shares.                                    
-  There are nil subscription shares in issue following the final exercise of              
rights attaching to subscription shares on 01 March 2013.                                  
                                                                                           
                                                                                           
                                                                                           
Material Events                                                                            
                                                                                           
Annual Report published.                                                                   
                                                                                           
AGM held on 14 May 2013. All resolutions passed.                                           
                                                                                           
                                                                                           
                                                                                           
Additional Information                                                                     
                                                                                           
Details of the Company                                         Dealing Information         
                                                                                           
Fund Manager: Shinji Higaki                                    Listed:         London Stock
                                                                               Exchange    
                                                                                           
Enquiries:    08457 100 456                                    Broker:         Canaccord   
                                                                               Genuity     
                                                                                           
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 Date:  15 March 1994                                    Reuters Code:   FJV.L       
                                                                                           
                                                                                           
                                                                                           
              As at 31 March 2013                As at 14 May  SEAQ Code:      51054       
                                                 2013                                      
                                                                                           
Ordinary      113,954,834                        113,954,834   ISIN:           GB0003328555
Shares In                                                                                  
Issue:                                                                                     
                                                                                           
Share price   19.0%                              12.7%         Registered                  
discount to                                                    office                      
NAV:                                                                                       
                                                                                           
Total Net     £86.5m                             £100.0m       Beech Gate                  
Assets:                                                        Millfield Lane              
Gearing       15.3%                              15.7%         Lower Kingswood             
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                                                                       
                                                                                           
                                                                                           
                                                                                           
Sector        As at  31 March    As at 31         Largest 10          As at 31     As at   
Analysis (%   2013               December 2012    Exposures (% total  March 2013   31      
total assets)                                     assets)                          December
                                                                                   2012    
                                                                                           
Electrical    11.1               9.6              Kakaku.com          2.9          2.5     
Machinery                                                                                  
                                                                                           
Chemicals     9.7                8.4              M3                  2.8          2.3     
                                                                                           
Services      8.6                8.3              Sekisui Chemical    2.7          3.2     
                                                                                           
Unclassified  6.9                                 Bit-Isle            2.6          2.8     
                                                                                           
Retail Trade  6.5                10.4             Honeys              2.4          2.8     
                                                                                           
Information & 6.5                9.7              Lixil Group         2.4          3.3     
Communication                                                                              
                                                                                           
Banks         5.2                -                Sumitomo Rubber     2.3          2.1     
                                                                                           
Metal         5.0                5.4              Sumitomo Electric*  2.1          -       
Products                                                                                   
                                                                                           
Other         35.5               31.9             Anritsu*            2.0          -       
                                                                                           
Cash          5.0                5.3              JP Holdings*        1.9          -       
                                                                                           
Machinery     -                  5.8              Maruwa**            -            2.9     
                                                                                           
Transport     -                  5.2              Takata**            -            2.8     
Equipment                                                                                  
                                                                                           
Total         100.0              100.0            1st Holdings**      -            2.0     
                                                                                           
                                                                                           
                                                                                           
                                                  * Not in top 10 as at 31 December 2012   
                                                                                           
                                                  ** No longer in top 10 as at 31 March 2013                                     
                                                                                           

 
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          75.94            -0.7          26.7          15.7         16.3         31.0    
                                                                                            
Ordinary     61.50             3.3          19.1          13.9         12.8         30.9    
Share                                                                                       
price                                                                                       
                                                                                            
Benchmark                      2.8          18.9          10.4         7.8          29.6    
Index                                                                                       
                                                                                            
                                                                                            
As at 14 May 2013 the Company's NAV per share was 87.79p and the Company's
share price was 76.63p per share.


Standardised Performance (total return %)
 
                  31/03/2008 31/03/2009 31/03/2010 31/03/2011 31/03/2012 
                  31/03/2009 31/03/2010 31/03/2011 31/03/2012 31/03/2013


NAV               -21.9      44.2       0.7        -0.1       15.7
Ordinary Share    -29.3      63.9       0.2        -1.1       13.9
price
                                                                                             
                                                                                             

 

By order of the Board

David Fallon
For and on behalf of FIL Investments International
Company Secretary

15 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.