Interim Management Statement

FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER                     
ENDED 31 MAY 2013                                                                              
                                                                                               
                                                                                               
                                                                                               
Issued pursuant to the requirements of Chapter 4 of the Disclosure and                         
Transparency Rules                                                                             
                                                                                               
                                                                                               
                                                                                               
                                                                                               
                                                                                               
Objective                                                                                      
                                                                                               
The Company's objective is to achieve long term capital growth from an actively                
managed portfolio of "special situation" investments, consisting primarily of                  
securities listed or traded on the London Stock Exchange.                                      
                                                                                               
                                                                                               
                                                                                               
The Company's primary objective is measured by the total return of the share                   
price over a 5 year period. The secondary aim is to make higher returns than                   
the competition and the market, as measured by the AIC UK Growth Sector and the                
FTSE All-Share Index.                                                                          
                                                                                               
                                                                                               
                                                                                               
Benchmark                                                                                      
                                                                                               
The returns are compared against cash returns and the total return from the                    
FTSE All-Share Index.                                                                          
                                                                                               
                                                                                               
                                                                                               
Review of Period (total return)                                                                
                                                                                               
During the period:                                                                             
                                                                                               
- the NAV increased by 12.0% against a 5.0% increase for the benchmark.                        
                                                                                               
- the share price increased by 14.2%.                                                          
                                                                                               
- the Board and Managers continue to believe that investment in equities will                  
produce strong returns for shareholders over the long term.                                    
                                                                                               
- main portfolio changes are detailed in the top ten holdings below                            
                                                                                               
                                                                                               
                                                                                               
Gross gearing exposure was 21.0% on 31 May 2013.                                               
                                                                                               
                                                                                               
                                                                                               
Material transactions                                                                          
                                                                                               
200,000 ordinary shares were purchased for cancellation during the quarter, and                
no shares have been repurchased since the quarter end.                                         
                                                                                               
                                                                                               
                                                                                               
Material Events                                                                                
                                                                                               
Publication of half-yearly results for the six months ended 28 February 2013.                  
                                                                                               
                                                                                               
                                                                                               
Additional Information                                                                         
                                                                                               
                                                                                               
                                                                                               
Details of the Company                                             Dealing Information         
                                                                                               
                                                                                               
                                                                                               
Portfolio    Alex Wright                                           Listed:         London Stock
Manager:                                                                           Exchange    
                                                                                               
Enquiries:   08457 100 456                                         Broker:         Cenkos      
                                                                                               
WWWAddress:  www.fidelity.co.uk/its                                Price Quoted:   Financial   
                                                                                   Times       
             Copies of major announcements and                                                 
             documentation relating to the Company                                 The Times   
             may be found on the website                                                       
                                                                                   The Daily   
                                                                                   Telegraph   
                                                                                               
                                                                                   The         
                                                                                   Independent 
                                                                                               
Launch Date: 17 November 1994                                      Reuters Code:   FSV.L       
                                                                                               
                                                                                               
                                                                                               
             As at 31 May 2013                     As at 18 July   SEAQ Code:      51079       
                                                   2013                                        
                                                                                               
Ordinary     54,128,896                            54,128,896      ISIN:           GB0003325106
Shares In                                                                                      
Issue:                                                                                         
                                                                                               
Share price  7.4%                                  7.6%            Registered                  
discount to                                                        office                      
NAV:                                                                                           
                                                                                               
Total        £452.5m                               £479.4m         Beech Gate                  
Assets:                                                                                        
                                                                   Millfield Lane              
Total Net    £452.5m                               £479.4m                                     
Assets:                                                            Lower Kingswood             
                                                                                               
Gross        21.0%                                 27.0%           Tadworth                    
Gearing                                                                                        
Exposure:                                                          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 (% total    As   As at 28         Largest 10 Holdings   As at 31 May As at   
assets)                       at   February 2013    (% total assets)      2013         28      
                               31                                                      February
                              May                                                      2013    
                              2013                                                             
                                                                                               
Financials                    21.6 19.9             Sanofi                5.9          5.2     
                                                                                               
Consumer Services             18.8 22.9             United Drug PLC       5.5          4.3     
                                                                                               
Industrials                   16.2 16.5             Royal Dutch Shell     4.8          3.4     
                                                                                               
Consumer Goods                10.5 10.6             Brewin Dolphin        4.6          3.7     
                                                                                               
Health Care                   10.4 9.9              DCC PLC               4.5          4.2     
                                                                                               
Oil & Gas                     10.2 10.2             HSBC Holdings PLC     4.3          4.1     
                                                                                               
Telecommunications            6.8  9.7              SSE PLC               3.9          3.0     
                                                                                               
Utilities                     5.7  5.0              Electronics Arts Inc* 3.8          -       
                                                    *                                          
                                                                                               
Technology                    4.5  5.9              Glaxosmithkline PLC   3.7          3.1     
                                                                                               
Basic Materials               0.7  1.3              WPP PLC               3.3          3.1     
                                                                                               
Futures & Options             -4.9 -12.7            Cable & Wireless*     -            2.9     
                                                                                               
Total                         100  100                                                         
                                                                                               
                                                                                               
                                                                                               
                                                    * Not in the top 10 as at 31 May 2013      
                                                                                               
                                                    ** Not in the top 10 as at 28 February 2013
                                                                                               
                                                                                            
                                                                                            
Performance Record (total return %)                                                         
                                                                                            
                                                                                            
                                                                                            
            Price at 31   Quarter to   Quarter to 28   1 Year to   3 Years to   5 Years to  
            May 2013 (p)  31 May 2013  February 2013   31 May 2013 31 May 2013  31 May 2013 
                                                                                            
NAV(debt at 835.88        12.0              14.4          50.6         53.1         61.2    
par)                                                                                        
                                                                                            
Ordinary    762.00        14.2              18.1          61.8         54.1         63.7    
Share price                                                                                 
                                                                                            
Benchmark   n/a           5.0                9.9          30.1         44.1         35.2    
Index                                                                                       
                                                                                            
                                                                                            
                                                                                            

 

 

 

 

As at 18 July 2013 the Company's NAV per share was 885.61p and the Company's
share price was 818.00p per share.

 

 

                                                                               
                                                                               
Standardised Performance (total return %)                                      
                                                                               
                                                                               
                                                                               
              31/05/  31/05/  31/05/    31/05/ 31/05/2012                      
              2008    2009    2010    2011                                     
                                               31/05/                          
              31/05/  31/05/  31/05/    31/05/ 2013                            
              2009    2010    2011    2012                                     
                                                                               
NAV           -15.2   +24.2   +13.3   -10.3    +50.6                           
                                                                               
Ordinary      -10.4   +18.6   +11.7   -14.7    +61.8                           
Share price                                                                    
                                                                               
                                                                               
                                                                               

 

By order of the Board

Christopher Pirnie

 

For and on behalf of FIL Investments International

 

Company Secretary

19 July 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: Datastream as at 31 May 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.