Fidelity Special Values PLC — Fund Information / Factsheet 2015

Jul 31, 2015

Investment Objective

To achieve long term capital growth predominately through investments in UK-listed companies.

Investment Trust Facts

Launch date:	17.11.94
Portfolio manager:	Alex Wright
Appointed to trust:	01.09.12
Years at Fidelity:	14
Total Net Assets (TNA):	£ 561m
Ordinary shares in Issue:	266,524,480
Share price:	206.00p
NAV:	210.48p
Discount:	2.13%
Gross Market Gearing:	19.6%
Net Market Gearing:	3.4%

Performance Comparator

Market Index: FTSE All Share Index TR

The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.

Cumulative performance in GBP (%) Performance for 12 month periods in GBP (%)

Performance is shown for the last five years (or since launch for funds launched within that period).

Performance to 31.07.15 in GBP (%)

	1m	3m	YTD	1yr	3yr	5yr	Since 17.11.94*
Share Price Cumulative Growth	1.5	11.5	20.1	21.1	116.3	108.0	1,341.1
NAV Cumulative Growth	2.0	2.4	13.9	14.3	88.2	92.7	1,331.5
Index Cumulative Growth	2.4	-2.2	5.5	5.4	38.3	59.6	357.7
Share Price Annualised Growth	-	-	-	21.1	29.3	15.8	13.7
NAV Annualised Growth	-	-	-	14.3	23.5	14.0	13.7
Index Annualised Growth	-	-	-	5.4	11.4	9.8	7.6

Basis: bid-bid with net income reinvested, in GBP, net of fees.

Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar. *Performance commencement date.

Key Risks

The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.

Portfolio Manager Commentary

UK equities rallied in July as a fresh bailout deal for cash-strapped Greece and positive corporate announcements led to an improvement in investor sentiment. After long negotiations, eurozone leaders agreed to a third bailout deal for Greece in exchange for strict austerity measures and wide-ranging economic reforms.The recent volatility in the stock market has led to sense of caution among investors. Nevertheless, there are still a large number of companies trading at attractive valuations, which do not reflect the positive changes occurring at industry or company level. Compared to last year, more of these positions are found in the small cap category, with fewer cheap stocks available among large and mid caps. I have increased the Trust's weighting to these smaller companies and expect these positions to drive performance over the medium term. I continue to run the FTSE 250 hedge, which should afford some degree of protection should mid caps come under pressure as political noise volume increases. However, the attractiveness of many stock specific opportunities in this area means I am content to run positions based on fundamental prospects and valuations. I feel better able to add value for clients with this approach rather than forecasting political or macroeconomic outcomes. In July the Trust recorded NAV returns of 2.0%, compared to 2.4% for the index. Holdings in Speedy Hire and Xchanging were among the notable detractors, but Sanofi and Electronic Arts contributed.

Equity Exposure % Total Net Assets (% TNA)

	Exposure (% TNA)
Gross Market Exposure	119.6
Net Equity	103.4
Other	0.5
Uninvested Cash	0.0

Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.

Sector/Industry Exposure (% TNA)

ICB Industry	Net	Index	Relative
Financials	38.9	26.4	12.5
Industrials	28.9	10.2	18.6
Consumer Services	16.8	12.4	4.4
Oil & Gas	7.7	11.3	-3.6
Consumer Goods	7.1	15.1	-8.0
Basic Materials	4.2	5.7	-1.5
Health Care	4.0	8.5	-4.5
Technology	2.7	1.6	1.1
Telecommunications	2.2	5.2	-3.0
Utilities	0.7	3.6	-2.8
Total Sector Exposure	113.3	100.0
Other Index / Unclassified	-9.8	0.0
Total Equity Exposure	103.4	100.0

Top Net Long Positions (% TNA)

	ICB Industry	Country	Net	Index	Relative
HSBC HOLDINGS PLC	Financials	United Kingdom	4.8	5.3	-0.5
CITIGROUP INC	Financials	USA	4.0	0.0	4.0
SANOFI	Health Care	France	3.8	0.0	3.8
ROYAL DUTCH SHELL PLC	Oil & Gas	United Kingdom	3.3	5.5	-2.2
CARNIVAL PLC	Consumer Services	United Kingdom	3.1	0.3	2.8
LLOYDS BANKING GROUP PLC	Financials	United Kingdom	3.1	2.2	0.8
CLS HOLDINGS PLC	Financials	United Kingdom	3.1	0.0	3.0
ELECTRONIC ARTS INC	Consumer Goods	USA	2.9	0.0	2.9
REGUS PLC	Industrials	United Kingdom	2.9	0.1	2.8
WOLSELEY PLC JERSEY	Industrials	United Kingdom	2.9	0.5	2.3

	Net	Index	Relative
CITIGROUP INC	4.0	0.0	4.0
SANOFI	3.8	0.0	3.8
CLS HOLDINGS PLC	3.1	0.0	3.0
ELECTRONIC ARTS INC	2.9	0.0	2.9
REGUS PLC	2.9	0.1	2.8
CARNIVAL PLC	3.1	0.3	2.8
UDG Healthcare PLC	2.8	0.1	2.8
ULTRA ELECTRONICS HLDGS PLC	2.8	0.1	2.7
BREWIN DOLPHIN HLDG PLC	2.7	0.0	2.6
HOMESERVE PLC	2.5	0.1	2.4

Net Long Positions Concentration (% TNA)

	Fund	Index
Top 10	33.8	32.8
Top 20	58.7	49.1
Top 50	93.5	68.5

Market Capitalisation Exposure (% TNA)

	Net	Index	Relative
FTSE 100	24.3	79.9	-55.6
FTSE 250	31.0	16.5	14.5
FTSE Smallcap	16.4	3.6	12.8
Non FTSE	31.7	0.0	31.7
Total Market Cap Exposure	103.4	100.0
Other Index / Unclassified	0.0	0.0
Total Equity Exposure	103.4	100.0

Country Exposure (% TNA)

	Net	Index	Relative
United Kingdom	83.1	99.5	-16.4
USA	8.5	0.0	8.5
France	5.0	0.0	5.0
Ireland	2.4	0.1	2.3
Austria	1.3	0.0	1.3
Canada	1.2	0.0	1.2
Switzerland	1.1	0.0	1.1
Germany	0.7	0.0	0.7
Grand Cayman (UK Overseas	0.2	0.0	0.2
Hong Kong	0.2	0.0	0.2
Other Countries	-0.2	0.5	-0.6
Total Country Exposure	103.4	100.0
Other Index / Unclassified	0.0	0.0
Total Equity Exposure	103.4	100.0

	4.8
USA	4.0	0.0	4.0
France	3.8	0.0	3.8
United Kingdom	3.3	5.5	-2.2
United Kingdom	3.1	0.3	2.8
United Kingdom	3.1	2.2	0.8
United Kingdom	3.1	0.0	3.0
USA	2.9	0.0	2.9
United Kingdom	2.9	0.1	2.8
United Kingdom	2.9	0.5	2.3

Top Overweight Positions (% TNA) Top Underweight Positions (% TNA)

	Net	Index	Relative
BP PLC	0.0	3.4	-3.4
BRITISH AMERICAN TOBACCO PLC	0.0	3.3	-3.3
GLAXOSMITHKLINE PLC	0.0	3.2	-3.2
VODAFONE GROUP PLC	0.0	3.0	-3.0
ASTRAZENECA PLC	0.0	2.5	-2.5
ROYAL DUTCH SHELL PLC	3.3	5.5	-2.2
DIAGEO PLC	0.0	2.1	-2.1
RECKITT BENCKISER GROUP PLC	0.0	1.8	-1.8
PRUDENTIAL PLC	0.0	1.8	-1.8
UNILEVER PLC	0.0	1.6	-1.6

There are two key elements to Alex's investment approach:

1. Downside risk management

Alex looks for companies where there is limited downside risk. In other words, he wants to invest in companies that have exceptionally cheap valuations or some kind of asset that should stop their share prices falling below a certain level. This can be anything from inventory to intellectual property.

2. Unrecognised growth potential

Alex looks for events that could significantly improve a company's earning power, but are not currently reflected in the company's share price. These include changes in the company's competitors or market, a new product line or an expansion into new business areas.

What's more, the trust benefits from in-depth company and valuation analysis, drawing on the extensive Fidelity research platform.

This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.

The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.

The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.

Approach and Style Administrative & Dealing Information

Financial Year End:	31st August
Reference currency:	UK Sterling (GBP)
Company domicile:	United Kingdom
Company legal structure:	Investment trust
Capital guarantee:	No
ISIN:	GB00BWXC7Y93
SEDOL:	BWXC7Y9
Bloomberg:	FSV LN
Distribution frequency:	Bi Annual
Charges made to income or capital:	Income
Ongoing Charges Figure (OCF) per year:	1.12% (31.08.14)
OCF takes into account annual management	0.875% (net)
charge:

Independent Assessment

Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results.

Portfolio Construction – Explained How data is calculated and presented

Portfolio composition data has been calculated and presented according to several general principles, which are listed below.

• Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated.

• Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.

• Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.

• "Basket" securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.

Glossary / Additional Notes

Equity Exposure notes

GROSS MARKET EXPOSURE

Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).

NET EQUITY

The net positive exposure to the market with short and hedge positions subtracted from long positions.

Glossary / Additional Notes

OTHER

The value of any non-equity investments (excluding cash funds) expressed as a percentage of fund TNA.

UNINVESTED CASH

This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.

Investment Trust Facts

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

Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.

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.

General notes

TOTAL NET ASSETS (TNA)

The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.

INDEX

The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.

TOP NET LONG POSITIONS

Those companies in which the largest percentages of the fund's total net assets are effectively invested. Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.

TOP OVERWEIGHT & UNDERWEIGHT POSITIONS

Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.

NET LONG POSITIONS CONCENTRATION

Illustrates the weight of the top 10, 20 and 50 positions in the fund and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (ie GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions of GICS, ICB, TOPIX and IPD can be found in the glossary.

Glossary / Additional Notes

ONGOING CHARGES

The ongoing charges figure represents the charges taken from the fund over a year. It is calculated at the fund's financial year end and may vary from year to year. For new funds, the ongoing charges figure is estimated until the fund's financial year end.

The types of charges included in the ongoing charges figure are management fees, administration fees, custodian and depositary fees and transaction charges, shareholder reporting costs, regulatory registration fees, Directors fees (where applicable) and bank charges.

It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking. For more information about charges (including details of the fund's financial year end), please consult the charges section in the most recent Annual Report.

SECTOR INDUSTRY CLASSIFICATION

GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries. More information is available at http://www.standardandpoors.com/indices/gics/en/us

ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/

Legal Information

Fidelity Worldwide Investment refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America.

Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.

This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.

Unless otherwise stated, all views are those of Fidelity.

Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, 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. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.

Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited.

This fund is managed by FIL Investments International.

Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.

Issued by FIL Investments International, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investments International is registered in England and Wales under the company number 1448245. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.