FIDELITY ASIAN VALUES PLC — Fund Information / Factsheet 2014

Feb 25, 2014

FIDELITY INVESTMENT TRUSTS 31 JANUARY 2014

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 31.01.14

Share price:	198p
NAV:	225.52p
Discount:	12.20%
Gearing:	11.44%
Ordinary shares in issue:	67,610,213
Launch date:	13/06/1996
Portfolio Manager:	John Lo
Appointed to trust:	01/09/2001
Years at Fidelity:	21

PORTFOLIO MANAGER

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.

I continue to remain positive on the prospects of the Asia region. Signs of improvement in the key economies of the US, Europe and Japan bodes well for Asian exports. China's new leadership is focusing on expanding domestic demand and speeding up the transformation of the country's economic growth model, as communicated in the Third Plenum meeting held in November. I believe it will improve the quality and sustainability of Chinese growth. Although the economy will show a gradual slowdown, the rate of growth should remain higher than developed markets. Valuations in Asia are at attractive levels versus history as well as versus global developed markets. Asia's fundamentals continue to be strong and there are no major macroeconomic concerns. Within Asia, the north (China, Korea, Taiwan and Hong Kong) look more attractive than the south, both in terms of valuation and growth outlook. Although growth remains strong in most ASEAN countries this year, the pace of growth is expected to be slower than it was last year. Updated November 2013

John Lo, Portfolio Manager

FIVE YEAR PERFORMANCE COMPARISON

01 09 07 09 ^{01 10 07 10 01 11 07 11} 01 12 07 12 ^{01 13 07 13 01 14} 50% 100% 150% 200% 250% 300% NAV Benchmark Index Share Price

SINGLE YEAR PERFORMANCE (5 YEARS ENDING JANUARY)

Investment available via ISA and Share Plan

	Jan-09	Jan-10	Jan-11	Jan-12	Jan-13
	Jan-10	Jan-11	Jan-12	Jan-13	Jan-14
Share price	68.3%	30.3%	-7.7%	4.6%	1.0%
NAV	72.7%	33.5%	-9.8%	10.0%	0.4%
MSCI All Countries Far East ex Japan
Index (NET)	51.1%	27.7%	-5.7%	12.1%	-6.3%
Price Record	Jan 10	Jan 11	Jan 12	Jan 13	Jan 14
Share Price (pence)	158.50	206.50	189.50	197.13	198.00
NAV (pence)	172.06	229.77	206.11	225.69	225.52

PERFORMANCE RECORD

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 13.06.96
Share Price	-7.5%	-7.5%	-2.7%	1.0%	-2.5%	113.8%	225.8%	120.8%
NAV	-5.4%	-5.4%	-1.6%	0.4%	-0.3%	129.9%	221.0%	144.9%
MSCI All Countries Far East ex Japan Index (NET)	-4.4%	-4.4%	-6.0%	-6.3%	-0.9%	91.2%	166.1%	66.6%

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 January 2014, 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.

FIDELITY ASIAN VALUES PLC

%
5.9
5.9
4.7
4.7
4.3
4.0
3.4
3.4
3.3
2.8
	Source: FIL Limited, 31 January 2014

INDUSTRY BREAKDOWN AS AT 31.01.14 GLOSSARY

Includes present exposure of cash and equities (other). Source: FIL Limited, 31 January 2014

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 31.01.14 GEOGRAPHIC BREAKDOWN AS AT 31.01.14

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

Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans, bank overdrafts and Contracts for Difference (CFDs) to increase its exposure to stocks. CFDs are used as a way of gaining exposure to the price movements of shares without buying the underlying shares directly.

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

FIDELITY, FIDELITY WORLDWIDE INVESTMENT, THE FIDELITY WORLDWIDE INVESTMENT LOGO AND F SYMBOL ARE TRADEMARKS OF FIL LIMITED. ISSUED BY FIL INVESTMENTS INTERNATIONAL AUTHORISED AND REGULATED IN THE UK BY THE FINANCIAL CONDUCT AUTHORITY.