FIDELITY CHINA SPECIAL SITUATIONS PLC - INTERIM MANAGEMENT STATEMENT FOR THE
QUARTER ENDED 31 DECEMBER 2010
Issued pursuant to the requirements of Chapter 4 of the Disclosure and
Transparency Rules
Objective
Fidelity China Special Situations PLC is focused on the long-term growth
potential of China. The portfolio is made up primarily of securities issued by
companies listed in China or Hong Kong and Chinese companies listed elsewhere.
It may also invest in listed companies with significant interests in China and
Hong Kong.
Benchmark
MSCI China Index
Review of Period (total return)
During the period:
- the NAV increased by 5.05% (debt at par) against a 1.35% increase by the
benchmark.
- the share price increased by 4.86%.
- main portfolio changes are detailed in the top ten holdings below
Gearing exposure was 110.94% on 31 December 2010.
Material transactions
On 11 November 2010, the Company issued 4,250,000 ordinary shares at 126.00p
per share.
On 20 December 2010, the Company issued 9,050,000 ordinary shares at 119.00p
per share.
Material Events
On 30 November 2010, the Board announced that the Company planned to issue C
Shares via an open offer to all existing shareholders, and an offer for
subscription and placing.
On 7 January 2011, the Company published a revised Prospectus in preparation
for the issue of C Shares via an open offer to all existing shareholders, and
an offer for subscription and placing.
Details of the Company Dealing Information
Fund Manager: Anthony Bolton Listed: London Stock
Exchange
Enquiries: 08457 100 456 Broker: Cenkos
WWW Address: www.fidelity.co.uk/its Price Financial
Quoted: Times
Copies of major
announcements and
documentation relating
to the Company may be
found on the website
Launch Date: 19 April 2010 Reuters FCSS
Code:
As at 31 December 2010 As at 16 February SEAQ Code: B62Z3C7
2011
Ordinary 498,750,000 498,750,000 ISIN: GB00B62Z3C74
Shares In
Issue:
Share price 5.99% 4.29% Registered
premium to office
NAV:
Total Assets: £625.9m £584.9m Beech Gate
Millfield
Loan: £64.8m £61.9m Lane
Lower
Total Net £561.1m £523.0m Kingswood
Assets:
Tadworth
Gearing 110.94% 121.57% Surrey KT20
Exposure : 6RP
The Company's net asset value per share is announced daily and may be found on
the Stock Exchange website www.londonstockexchange.com
Industry As at 31 As at 30 Largest 10 As at 31 As at 30
Breakdown (% December September Holdings (% December September
total assets) 2010 2010 total assets) 2010 2010
Consumer 24.4 23.6 Bank of China 5.9 4.5
Discretionary Hong Kong
Financials 24.1 26.2 China Unicom 4.9 4.8
Hong Kong
Telecom 9.9 9.8 China Mobile 3.8 4.5
Services
Materials 8.6 7.7 Zhaojin Mining 3.1 -
Industry `H' **
Information 8.3 8.9 HSBC Holdings 3.0 3.3
Technology (HK)
Health Care 8.0 9.1 Ping An 3.0 3.0
Insurance A
(ELN)
Consumer 7.8 5.7 China Merchants 3.0 3.5
Staples Bank A (ELN)
Industrials 6.4 5.2 United 2.5 2.8
Laboratory
International
Holdings
Energy 0.9 0.3 Brilliance China 2.4 3.9
Auto Holding
Utilities 0.4 0.4 Gome Electrical 2.3 -
Appliances
Holdings **
Cash 1.0 3.1 Tencent Holdings - 3.2
*
Total 100 100 Hang Lung - 2.9
Properties *
* Not currently in the top 10 holdings
** Not in the top 10 holdings as at 30
September 2010
Performance Record (total return %)
Price at 31 Quarter to 31 Quarter to 30
December 2010 (p) December 2010 September 2010
NAV (debt at par) 111.99 5.05 13.94
Ordinary Share 118.70 4.86 14.63
price
Benchmark Index 1.35 5.09
As at 16 February 2011 the Company's NAV per share was 104.90p (debt at par)
and the Company's share price was 109.40 per share.
By order of the Board
Christopher Pirnie
For and on behalf of FIL Investments International
Company Secretary
17 February 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 December 2010.
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.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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