Fidelity Special Values PLC — Fund Information / Factsheet 2012

Oct 19, 2012

FIDELITY INVESTMENT TRUSTS 30 SEPTEMBER 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 30.09.12

Share price:	548p
NAV:	640.95p
Discount:	14.50%
Gearing Exposure:	102.60%
Ordinary shares in	54,378,896
issue:
Launch date:	17/11/1994
Portfolio Manager:	Wright Alex
Appointed to trust:	03/09/2012
Years at Fidelity:	11
Investment available via ISA and Share Plan

PORTFOLIO MANAGER

Whilst I do not expect the volatility of stock market returns to reduce over the near term, valuations remain attractive, and the opportunities for bottom-up stock pickers are compelling. My process of investing in unloved stocks with mitigated downside risk and unrecognised growth options has continued to add value in an uncertain economic environment. Additionally, my bias towards mid and small caps will allow Special Values to exploit the inefficiencies in this area of the market, and to benefit from M&A activity.

Alexander Wright, Portfolio Manager

INVESTMENT HIGHLIGHTS

The Trust NAV rose by 2.9% compared to the index, which rose by 1.1%. Strong stock selection across sectors, notably support services and banking, drove returns during the month. Banks, such as Lloyds Banking Group, benefited as worries about the fallout of the eurozone debt crisis eased. Elsewhere, the holding in Speedy Hire, the tools and equipment for hire business, was supported by an improving outlook, while gaming firm Sportingbet was buoyed by bid talks. The position in Google also rose amidst easing concerns regarding the cost of its Motorola Mobility acquisition. However, the underweight stance in the mining sector detracted due to an improving demand outlook.

FIVE YEAR PERFORMANCE COMPARISON

SINGLE YEAR PERFORMANCE (5 YEARS ENDING SEPTEMBER)

		Sep 07- Sep 08- Sep 09- Sep 10- Sep 11- Sep 08 Sep 09 Sep 10 Sep 11 Sep 12
Share Price	-23.1%	32.2%	1.8%	-14.0%	20.6%
Price Record	Sep 08	Sep 09	Sep 10	Sep 11	Sep 12
Share Price (pence)	435.00	550.00	551.00 465.00		548.00

PERFORMANCE RECORD

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 17.11.94
Share Price	16.1%	4.0%	2.0%	20.6%	5.6%	7.4%	193.6%	616.2%
NAV	18.8%	2.9%	4.2%	23.2%	13.2%	13.9%	233.7%	720.4%
FTSE All Share Index	8.2%	1.1%	1.9%	17.2%	26.1%	8.7%	135.7%	241.9%
Ranking within UK Capital Growth Inv. Trust Sector (Share Price)
Position of the company	8	9	9	6	12	8	7	2
Total number of companies	17	17	17	16	16	15	14	11
Quartile Ranking	2	3	3	2	3	3	2	1

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 30 September 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 30.09.12

	%
VODAFONE GROUP	5.7	UNITED KINGDOM
HSBC HOLDINGS (UK REG)	5.2	USA
GLAXOSMITHKLINE	4.2	Other Cash
SANOFI	4.1
ROYAL DUTCH SHELL	3.6
SSE	3.2
WOLSELEY	3.0
LADBROKES	2.9
LONDON STOCK EXCHANGE	2.8
UNITED DRUG	2.7
All data in the above includes any derivative exposures as an economically equivalent position in the underlying asset. Source: FIL Limited, 30 September 2012		Cash includes derivative equity exposure. Source: FIL Limited, 30 September 2012

INDUSTRY BREAKDOWN AS AT 30.09.12

Includes present exposure of cash and equities (other). Cash includes derivative equity exposure. Source: FIL Limited, 30 September 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 30.09.12

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

FIDELITY INVESTMENT TRUSTS 30 SEPTEMBER 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.

PORTFOLIO MANAGER

Alex Wright has over 10 years' investment experience at Fidelity, initially as a research analyst and more recently as a portfolio manager. He has managed the Fidelity UK Smaller Companies Fund since its inception in February 2008.

Since launch, Alex is the number one performing fund manager in his IMA peer group, UK Smaller Companies.

He has a contrarian investment style, buying out-of-favour stocks with downside protection and unrecognised growth. This, combined with a preference for smaller and medium sized companies, makes his investment approach an ideal fit for the Company.

Based in: London Years of Investment Experience: 11 Education: BSc (Economics), Warwick University (1st Class Honours)

CURRENT POSITION

Fund Manager, Fidelity Special Values PLC	September 2012 - present
Fund Manager, FIF UK Smaller Companies	March 2008 - present
Internal All Cap Fund	May 2010 - present

PREVIOUS FIDELITY EXPERIENCE

UK Generalist Small Cap Analyst	2007 - 2008
Emerging European and African Banks (All Cap)	2005 - 2007
Pan European Alcoholic Beverages and Leisure (All Cap)	2003 - 2005
Pan European Building Materials (All Cap)	2001 - 2003

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