Interim Management Statement

FIDELITY JAPANESE 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 an actively managed portfolio of                      
securities primarily of small and medium sized Japanese companies listed or                    
traded on the Japanese stock markets.                                                          
                                                                                               
Reference Index                                                                                
                                                                                               
Russell Nomura Mid/Small Cap Index                                                             
                                                                                               
Review of Period (total return)                                                                
                                                                                               
During the period:                                                                             
                                                                                               
- the NAV decreased by 2.4% against a 4.1% decrease for the benchmark;                         
                                                                                               
- the share price decreased by 6.3%;                                                           
                                                                                               
- gearing continued to be maintained by way of Contracts For Difference;                       
                                                                                               
- total gearing exposure was 16.0% on 31 March 2014;                                           
                                                                                               
- main portfolio changes are detailed in the top ten holdings below                            
                                                                                               
Material transactions                                                                          
                                                                                               
- During the quarter no ordinary shares have been repurchased for cancellation.                
                                                                                               
- Since the quarter end no ordinary shares have been repurchased for                           
cancellation.                                                                                  
                                                                                               
- During the quarter the Company announced that it is considering a bonus issue                
of subscription shares to ordinary shareholders on the basis of one                            
subscription share for every five ordinary shares held. A further announcement                 
will be made in due course.                                                                    
                                                                                               
Material Events                                                                                
                                                                                               
Annual Report published.                                                                      
AGM held on 14 May 2014. All resolutions passed.                                               
                                                                                               
Additional Information                                                                         
                                                                                               
Details of the Company                                       Dealing Information               
                                                                                               
                                                                                               
                                                                                               
Fund        Shinji Higaki                                    Listed:        London Stock       
Manager:                                                                    Exchange           
                                                                                               
Enquiries:  08457 100 456                                    Broker:        Canaccord Genuity  
                                                                                               
WWWAddress: www.fidelity.co.uk/its                           Price Quoted:  Financial Times    
                                                                                               
            Copies of major announcements                                   The Times          
            and documentation relating to                                                      
            the Company may be found on the                                 The Daily Telegraph
            website                                                                            
                                                                            The Independent    
                                                                                               
                                                                                               
Launch      15 March 1994                                    Reuters Code:  FJV.L              
Date:                                                                                          
                                                                                               
                                                                                               
            As at 31 March 2014             As at 15 May     SEAQ Code:     51054              
                                            2014                                               
                                                                                               
Ordinary                                                     ISIN:          GB0003328555       
Shares In                                                                                      
Issue:      113,954,834                     113,954,834                                        
                                                                                               
Share price 12.5%                           12.2%            Registered                        
discount to                                                  office                            
NAV:                                                                                           
                                                                                               
Total Net   £87.9m                          £85.0m           Beech Gate                        
Assets:                                                                                        
                                                             Millfield Lane                    
                                                                                               
                                                             Lower                             
Gearing     16.0%                           18.0%            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 Analysis (% total    As at As at                                  As at         As at   
assets)                                                                                        
                            31    31 December    Largest 10 Exposures    31 March 2014 31      
                            March 2013           (% total assets)                      December
                            2014                                                       2013    
                                                                                               
Services                    16.2  14.9           Sanix                   4.3           3.0     
                                                                                               
Electrical Machinery        14.5  17.5           M3                      3.5           2.8     
                                                                                               
Information & Communication 7.6   7.8            Tosho                   2.4           2.4     
                                                                                               
Retail Trade                7.1   7.5            Nihon Nohyaku           2.3           2.1     
                                                                                               
Chemicals                   5.7   6.4            Hikari Tsushin*         2.2           -       
                                                                                               
Precision Instruments       5.0   4.6            Seria                   2.2           2.2     
                                                                                               
Transport Equipment         4.7   4.6            Fuji Kyuko*             2.1           -       
                                                                                               
Wholesale Trade             4.5   -              Lixil Group             2.1           2.7     
                                                                                               
Other                       29.3  28.8           Stanley Electric        2.0           2.0     
                                                                                               
Cash                        5.4   3.2            Round One*              2.0           -       
                                                                                               
Real Estate                 -     4.7            Sekisui Chemical**      -             2.5     
                                                                                               
                                                 Livesense**             -             2.2     
                                                                                               
Total                       100.0 100.0          Japan Aviation          -             1.9     
                                                 Electronics**                                 
                                                                                               
                                                 * Not in top 10 as at 31 December 2013        
                                                                                               
                                                 ** No longer in top 10 as at 31 March 2014    
                                                  
                                                                                            
Performance Record (total return %)                                                         
                                                                                            
           Price at 31   Quarter to 31   Quarter to   1 Year to 31 3 Years to   5 Years to  
           March 2014    December 2013   31 March     March 2014   31 March     31 March    
           (p)                           2014                      2014         2014        
                                                                                            
NAV        77.1          -3.1                -2.4         1.5          17.3         70.3    
                                                                                            
Ordinary   67.5          -0.7                -6.3         9.9          23.6        103.0    
Share                                                                                       
price                                                                                       
                                                                                            
Benchmark                -1.4                -4.1         -1.8         9.5          34.6    
Index                                                                                       

As at 15 May 2014 the Company's NAV per share was 74.6p and the Company's share
price was 65.5p per share.

                                                                                   
Standardised Performance (total return %)                                                   
                                                                                            

                31/03/2009   31/03/2010   31/03/2011   31/03/2012   31/03/2013
                                                                              
                31/03/2010   31/03/2011   31/03/2012   31/03/2013   31/03/2014
                                                                              
NAV                   44.2          0.7         -0.1         15.7          1.5
                                                                              
Ordinary              63.9          0.2         -1.1         13.9          9.7
Share price                                                                   

 

By order of the Board
David Fallon

 

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.