FIDELITY SPECIAL VALUES PLC - INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 NOVEMBER 2009
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 situations"
investments consisting primarily of the securities of UK listed companies.
The Company's primary objective is measured by the total returns 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 benchmark, the FTSE
All-Share Index
Review of Period (total return)
During the period:
- the NAV decreased by 4.4% (debt at par) and 4.3% (debt at market value)
against an 5.9% absolute return from the benchmark.
- the share price decreased by 2.0%
- 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
Net gearing was 4.21% on 30 November 2009.
Material transactions
- during the period no shares were repurchased for cancellation and there have
been no repurchases since the quarter end
Material Events
Annual report published
AGM held on 16 December 2009
Additional Information
Details of the Company Dealing Information
Fund Manager: Sanjeev Shah Listed: London Stock
Exchange
Enquiries: 08457 100 456 Broker: Cenkos
WWW Address: www.fidelity.co.uk/ Price Quoted: Financial Times
its
Copies of major
announcements and
documentation
relating to the
Company may be found
on the website
Launch Date: 17 November 1994 Reuters Code: FSV.L
As at 30 November As at 14 SEAQ Code: 51079
2009 January 2009
Ordinary Shares In 56,938,896 56,938,896 ISIN: GB0003325106
Issue:
Share price 2.39% 5.64% Registered
discount to NAV: office
Total Assets: 342m 357.7m Beech Gate
Loan: £27.1m £27.1m Millfield
Lane
Total Net Assets: £314.9m 330.6m
Lower
Gross Gearing : 8.63% 24.31% Kingswood
Additional Tadworth
exposure
through Surrey KT20
CFD's 6RP
Net Gearing: 4.21% 19.23%
Additional
exposure
through
CFD's
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 As at 30 As at 31 Largest 10 As at 30 As at 31
(% total assets) November August 2009 Holdings (% November 2009 August 2009
2009 total assets)
Financials 24.5 30.5 HSBC Holdings 5.2 4.6
(UK REG)
Consumer Services 30.5 29.1 Vodafone Group 3.5 4.5
Industrials 10.1 10.0 Royal Bank of 2.9 4.4
Scotland Group
Health Care 10.1 9.3 Glaxosmithkline 5.7 4.4
Oil & Gas 6.3 7.2 Lloyds Banking - 3.9
Group *
Technology 601 6.1 Astrazeneca 3.5 3.7
(UK)
Telecommunications 5.3 5.0 Logicacmg 3.5 3.6
Consumer Goods - 1.0 Royal Dutch 3.0
Shell A (UK)
Other 2.2 1.1 Pearson 2.5 2.9
Cash 2.7 0.6 British Sky 2.9 2.8
Broadcast
(BSYB)
Utilities 2.3 - Partygaming ** 2.6 -
Total 100 100 British Land ** 2.6 -
* Not currently in the top 10 holdings
** Not in the top 10 as at 31 August 2009
Performance Record (total return %)
Price at Quarter to Quarter to 1 Year to 3 Years 5 Years
30 30 November 31 August 30 to 30 to 30
November 2009 2009 November November November
2009 (p) 2009 2009 2009
NAV (debt at 553.22 -4.4 24.2 38.56 4.56 60.51
par)
NAV (debt at 552.87 -4.3 24.3 38.90 4.49 61.61
market value)
Ordinary Share 540.00 -2.0 21.6 50.15 8.42 49.97
price
Benchmark 5.9 13.1 29.28 -4.91 34.94
Index
As at 14 January 2009 the Company's NAV per share was 580.73p (debt at par) and
580.50p (debt at fair value) and the Company's share price was 548p per share.
Standardised Performance (total return %)
30/11/2004 30/11/2005 30/11/2006 30/11/2007 30/11/2008
30/11/2005 30/11/2006 30/11/2007 30/112008 30/11/2009
NAV 547.48 652.08 700.18 492.08 681.81
Ordinary Share 540.73 623.88 645.04 450.49 676.42
price
By order of the Board
Christopher Pirnie
For and on behalf of FIL Investments International
Company Secretary
15 January 2009
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 30 November 2009.
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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