FIDELITY ASIAN VALUES PLC — Fund Information / Factsheet 2013

Feb 20, 2013

FIDELITY ASIAN VALUES PLC

SEEKING UNRECOGNISED GROWTH POTENTIAL

Fidelity Asian Values PLC aims to produce long-term capital growth through investment in an actively managed portfolio of equities primarily in the South East Asian region (excluding Japan). The portfolio manager uses a bottomup investment approach in the stock selection and portfolio construction process.

FIDELITY ASIAN VALUES PLC DETAILS TO 31.01.13

Share price:	197.13p
NAV:	225.72p
Discount:	12.67%
Gearing:	5.31%
Ordinary shares in	57,222,057
issue:
Launch date:	13/06/1996
Portfolio Manager:	John Lo
Appointed to trust:	01/09/2001
Years at Fidelity:	20

PORTFOLIO MANAGER UPDATE

The portfolio favours companies with management who have a proven track record of managing through extreme cycles. I focus on companies with entrenched market positions where this strength and solid management of the company is exhibited in the ability to grow market share while maintaining pricing power. Typically these companies are likely to emerge stronger after any downturn. I pay particular attention to balance sheet strength and hence tend to hold companies that have low leverage. I do acknowledge top-down factors to portfolio construction, however stocks need to fit criteria and hence the focus remains from a bottom-up perspective. Since understanding a company in isolation is insufficient, I also consider the long term trends in an industry and the market, which can deliver a tangible investment advantage.

The fund typically holds between 30-70 stocks and tends to be fairly concentrated. I control risk in a number of ways such as holding a widely diversified portfolio of stocks invested across the Asian region, avoiding companies without sustainable growth models, weak management and corporate governance. Overall, I favour medium and large-cap stocks as they tend to offer longer track records of corporate profit growth, management capability and trustworthiness.

From a positioning perspective the fund is strongly overweight in the IT and consumption sectors as rising internet usage and strong demand for smartphones and tablet PCs benefits companies. Overall growth in South East Asian economies will remain buoyant given their structural growth drivers, including favourable demographics, rapid infrastructure development and robust domestic consumption. Updated January 2013

John Lo, Portfolio Manager

SINGLE YEAR PERFORMANCE (5 YEARS ENDING JANUARY)

Investment available via ISA and Share Plan

	Jan 08-	Jan 09-	Jan 10-	Jan 11-	Jan 12-
	Jan 09	Jan 10	Jan 11	Jan 12	Jan 13
Share Price	-28.5%	68.3%	30.3%	-7.7%	4.6%
Price Record	Jan	Jan	Jan	Jan	Jan
	09	10	11	12	13
Share Price (pence)	94.75	158.50	206.50 189.50		197.13
NAV (pence)	100.18	172.06	229.77 206.11		225.72

FIVE YEAR PERFORMANCE COMPARISON

NAV
Benchmark Index
Share Price

PERFORMANCE RECORD
Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 13.06.96
Share Price	3.8%	3.8%	12.6%	4.6%	25.8%	51.4%	356.2%	118.6%
NAV	4.6%	4.6%	16.1%	10.0%	32.6%	56.7%	345.3%	144.0%
MSCI All Countries Far East ex Japan Index (NET)	3.9%	3.9%	12.3%	12.1%	35.0%	51.5%	289.7%	77.7%

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 January 2013, bid-bid with net income reinvested. These figures do not include an initial charge.

Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be subject to currency fluctuations. Investments in small and emerging markets may be more volatile than more established markets. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.

	%
SAMSUNG ELECTRONICS	7.7
TAIWAN SEMICONDUCTOR MANUFACTURING	5.2
WHARF HOLDINGS	4.6
TENCENT HOLDINGS	4.2
LG HOUSEHOLD & HEALTHCARE	3.9
SUN HUNG KAI PROPERTIES	3.6
TECHTRONIC INDUSTRIES ORD	3.6
AIA GROUP	3.5
PETROCHINA H	3.1
LG UPLUS	2.9
Source: FIL Limited, 31 January 2013		Source: FIL Limited, 31 January 2013

INDUSTRY BREAKDOWN AS AT 31.01.13 GLOSSARY

Includes present exposure of cash and equities (other). Source: FIL Limited, 31 January 2013

DEALING INFORMATION

Listed:	London Stock Exchange
Quoted:	London Stock Exchange
	Financial Times
	The Times
	The Daily Telegraph
	The Independent
Reuters Code:	FAS.L
SEAQ Code:	51094

TOP 10 INVESTMENTS AS AT 31.01.13 GEOGRAPHIC BREAKDOWN AS AT 31.01.13

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING EXPOSURE

Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans and bank overdrafts to increase its exposure to stocks.

OVERWEIGHT/UNDERWEIGHT

If a stock is deemed "overweight" this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed "underweight" this indicates that portfolio has a lower exposure to a stock compared to its benchmark.

TOP 10 INVESTMENTS

The ten largest investments by value are valued at fair value and shown as a percentage of total assets less current liabilities, excluding loans.

SECTOR/GEOGRAPHICAL BREAKDOWNS

These are expressed as a percentage of total portfolio and cash.

FAIR VALUE

The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.

Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.

For more information contact us on 0800 41 41 10, 9am – 6pm Monday to Saturday or go to www.fidelity.co.uk/asianvalues