Fidelity Special Values PLC — Fund Information / Factsheet 2012

Aug 20, 2012

FIDELITY INVESTMENT TRUSTS 31 JULY 2012

FIDELITY SPECIAL VALUES PLC AIMS TO PROFIT FROM STOCKS UNLOVED BY THE MARKET

Fidelity Special Values PLC invests mainly in UK-listed companies. The portfolio is likely to have a bias towards medium-sized and smaller companies. The portfolio manager is a value investor, naturally seeking out stocks that are often unloved and unfashionable at the current time.

FIDELITY SPECIAL VALUES PLC DETAILS TO 31.07.12

Share price:	508.75p
NAV:	594.13p
Discount:	14.37%
Gearing Exposure:	113.66%
Ordinary shares in	54,753,896
issue:
Launch date:	17/11/1994
Portfolio Manager:	Sanjeev Shah
Appointed to trust:	01/01/2008
Years at Fidelity:	16
Investment available via ISA and Share Plan

PORTFOLIO MANAGER

I am still positive on the direction of markets overall. I anticipate a low-growth environment over the next few quarters, but remain positive on the direction of markets overall as well as on the outlook for the companies held in the portfolio. I would use any volatility in the short term to add to positions. I own a number of turnaround situations in the fund and continue to emphasise more stable, high quality growth companies.

Sanjeev Shah, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Trust NAV fell by 0.2% compared to the index, which rose by 1.3%. Several of our key holdings made significant contributions to returns, but the overweight stance in banks and selected holdings in the consumer segment offset these gains. Continuing concerns about the impact of the eurozone debt crisis weighed down our holdings in banks. Home improvement retailer Kingfisher was the key detractor within the consumer sector, as the company noted that unprecedented wet weather across Northern Europe impacted footfall and consumer demand, although trading in the UK and Ireland was resilient. As of the 1st of September Alex Wright will assume management of Special Values PLC.

FIVE YEAR PERFORMANCE COMPARISON

SINGLE YEAR PERFORMANCE (5 YEARS ENDING JULY)

	Jul 07- Jul 08	Jul 08- Jul 09	Jul 09- Jul 10	Jul 10- Jul 11	Jul 11- Jul 12
Share Price	-21.6%	8.5%	19.6%	-0.1%	-3.8%
Price Record	Jul 08	Jul 09	Jul 10	Jul 11	Jul 12
Share Price (pence)	452.00	469.25		552.00 541.00	508.75

PERFORMANCE RECORD

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	7.8%	0.0%	4.8%	-3.8%	15.0%	-2.2%	133.5%	564.9%
NAV	10.1%	-0.2%	5.1%	-0.8%	20.4%	5.6%	176.7%	660.4%
FTSE All Share Index	4.7%	1.3%	1.9%	0.4%	37.7%	6.9%	102.0%	230.9%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	8	13	7	7	12	9	9	2
Total number of companies	19	18	18	19	18	17	15	11
Quartile Ranking	2	3	2	2	3	3	3	1

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 July 2012, bid-bid with net income reinvested. These figures do not include an initial charge. Rankings: Morningstar. Quartile rank refers to performance over time rated on a scale of 1-4. A ranking of 1 indicates that the item being ranked is in the top 25% of the sample; a quartile of 2 indicates it's in the top 50% and so on.

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 you invested. As this fund can invest up to 20% in overseas companies this fund may be subject to currency fluctuations. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.

FIDELITY SPECIAL VALUES PLC

TOP 10 POSITIONS AS AT 31.07.12

	%
HSBC HOLDINGS (UK REG)	6.7
BP	4.6
LLOYDS BANKING GROUP	4.6
GLAXOSMITHKLINE	4.5
VODAFONE GROUP	3.6
ERICSSON	2.7
REED ELSEVIER	2.7
WOLSELEY	2.7
CENTRICA	2.7
LADBROKES	2.6
All data in the above includes any derivative exposures as an economically equivalent position		Source: FIL Limited, 31 July 2012

in the underlying asset. Source: FIL Limited, 31 July 2012

INDUSTRY BREAKDOWN AS AT 31.07.12

Includes present exposure of cash and equities (other). Source: FIL Limited, 31 July 2012

DEALING INFORMATION

SEAQ Code: 51079

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

GEOGRAPHIC BREAKDOWN AS AT 31.07.12

GLOSSARY

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, 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 POSITIONS

The ten largest holdings are shown as a percentage based on total exposure which is the fixed asset investments plus the fair value of the underlying securities within the derivative instruments.

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/specialvalues