FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 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 through
investment in an actively managed portfolio of equities in the South East Asian
region (excluding Japan).
Benchmark
MSCI All Countries (Combined) Far East Free (Excluding Japan)
Review of Period (total return)
During the period:
- the NAV increased by 6.46% (debt at par) against a 1.79% increase for the
benchmark.
- the share price increased by 2.60%.
- 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.
*Gearing exposure was 6.99% on 30 April 2013.
Material transactions
- on 28 February 2013 the Company repaid and cancelled the US$15,000,000 loan
facility with Scotiabank Europe PLC. The Company now utilises long-only CFDs
for gearing purposes.
- 740,000 shares were repurchased for cancellation during the quarter.
- 250,000 shares have been repurchased since the quarter end.
- 245,105 ordinary shares were issued during the quarter following the exercise
of rights attached to the subscription shares.
- on 3 June 2013 the Company issued 11,197,405 ordinary shares following the
exercise of rights attached to the subscription shares (including 5,072,002
shares exercised by the final subscription trustee). Following these share
issues there are no subscription shares outstanding.
Material Events
Half-yearly report published.
Additional Information
Details of the Company Dealing Information
Fund John Lo Listed: London Stock
Manager: Exchange
Enquiries: 08457 100 456 Broker: Canaccord
Genuity Ltd
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 13 June 1996 Reuters Code: FAS.L
Date:
As at 30 April 2013 As at 14 June SEAQ Code: 51094
2013
Ordinary
Shares In
Issue: 56,732,808 67,680,213 ISIN: GB0003322319
Share price 15.83% 12.03%
discount to
NAV:
Registered
office
Total Net £136.3m £150.0m Beech Gate
Assets:
Millfield Lane
Lower
Kingswood
Gearing 6.99% 6.07%
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
* In line with the AIC's new recommended disclosure. Under previous
disclosures, this figure would be represented as 106.99%.
Portfolio Breakdowns
Country As at 30 April 2013 As at 31 January Largest 10 Holdings As at 30 As at
Analysis (% 2013 (% total assets) April 2013 31
total January
assets) 2013
South Korea 26.8 28.0 Samsung Electronics 7.6 7.7
Hong Kong 24.2 24.3 Taiwan 5.4 5.2
Semiconductor
Manufacturing
China 20.3 24.1 Techtronic 4.0 3.6
Industries Ord
Taiwan 14.7 12.4 Tencent Holdings 3.9 4.2
Singapore 4.1 4.6 LG Household & 3.8 3.9
Healthcare
US 2.8 1.9 AIA Group 3.7 3.5
India 2.7 1.2 Wharf Holdings 3.7 4.6
Malaysia 2.2 1.3 TPK Holding** 2.9 -
Australia 1.1 1.0 Hotel Shilla** 2.7 -
Indonesia 1.1 1.2 Samsonite ** 2.6 -
Sun Hung Kai - 3.6
Properties*
Total 100 100 Petrochina H* - 3.1
LG Uplus* - 2.9
* No longer in top 10 at 30 April 2013
** Not in the top 10 at 31 January 2013
Performance Record (total return %)
Price at 30 Quarter to Quarter to 1 Year to 3 Years to 5 Years to
April 2013 30 April 31 January 30 April 30 April 30 April
(p) 2013 2013 2013 2013 2013
NAV(debt 240.28 6.46 8.58 14.49 21.51 56.74
at par)
Ordinary 202.25 2.60 7.79 8.31 12.58 44.76
Share
price
Benchmark 1.79 9.28 13.39 19.80 40.78
Index
As at 14 June 2013 the Company's NAV per share was 221.66p (debt at par) and
the Company's share price was 195.00p per share.
One Year Performance (total return %)
30/04/ 30/04/ 30/04/ 30/04/ 30/04/2012
2008 2009 2010 2011
30/04/
30/04/ 30/04/ 30/04/ 30/04/ 2013
2009 2010 2011 2012
NAV -20.15 61.54 15.6 -8.16 14.49
Ordinary Share -21.06 62.90 13.0 -8.01 8.31
price
Benchmark Index -17.85 43.02 13.0 -6.54 13.39
By order of the Board
David Fallon
For and on behalf of FIL Investments International
Company Secretary
17 June 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 as at 30 April 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.
END
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