Interim Management Statement

FIDELITY ASIAN VALUES PLC - INTERIM MANAGEMENT STATEMENT 
                     FOR THE QUARTER ENDED 31 OCTOBER 2013
 
Issued pursuant to the requirements of Chapter 4 of the Disclosure and Transparency Rules
 
Objective
The Company's objective is to achieve long-term capital growth through investment in an actively managed
portfolio of equities in the South East Asian region (excluding Japan).
 
Benchmark
MSCI All Countries (Combined) Far East Free (Excluding Japan)
 
Review of Period (total return)
During the period:
 
- the NAV increased by 4.72% (debt at par) against a 2.34% increase for the benchmark.
- the share price increased by 5.20%.
- the Board and Managers continue to believe that investment in equities will produce strong returns for
shareholders over the long term.
- main portfolio changes are detailed in the top ten holdings below:
 
Gearing exposure was 8.58% on 31 October 2013.
 
Material transactions
- During the quarter 70,000 shares were repurchased for cancellation.
Since the quarter end no shares have been repurchased for cancellation.
 
Material Events
Final results and annual report for the year ended 31 July 2013 published.
AGM held on 29 November 2013 and all resolutions passed.
 
Additional Information

Details of the Company                                                       Dealing Information
 
Fund Manager:             John Lo                                            Listed:                   London Stock
                                                                                                       Exchange
Enquiries:                08457 100 456                                      Broker:                   Canaccord
                                                                                                       Genuity Ltd
WWW Address:              www.fidelity.co.uk/its                             Price Quoted:             Financial
                                                                                                       Times
                          Copies of major
                          announcements and                                                            The Times
                          documentation relating
                          to the Company may be                                                        The daily
                          found on the website                                                         Telegraph
 
                                                                                                       The
                                                                                                       Independent

Launch Date:              13 June 1996                                       Reuters Code:             FAS.L
 
                          As at 31 October 2013    As at 17 December 2013    SEAQ Code:                51094
Ordinary Shares In        67,610,213               67,610,213                ISIN:                     GB0003322319
Issue:
Share price discount to   10.83%                   9.94%                     Registered office
NAV:
Total Net Assets:         £162.2m                  £160.6m                   Beech Gate
                                                                             Millfield Lane
                                                                             Lower Kingswood
                                                                             Tadworth
                                                                             Surrey KT20 6RP
Gearing Exposure:         8.58%                    9.77%
 
The Company's net asset value per share is announced daily and may be found on the Stock Exchange website
www.londonstockexchange.com
 

Portfolio Breakdowns
 
Country       As at 31 October 2013   As at 31 July     Largest 10    As at 31 October     As at 31 July
Analysis (%                           2013              Holdings (%   2013                 2013
total assets)                                           total assets)

Korea (South) 27.6                    25.7              Samsung       7.4                  6.4
                                                        Electronics

China         27.1                    23.7              Taiwan        4.9                  5.0
                                                        Semiconductor

Hong Kong     21.4                    23.9              Tencent       4.9                  4.5
                                                        Holdings

Taiwan        11.3                    13.1              China Mobile  4.8                  3.3

Malaysia      5.4                     6.3               Sarin         4.0                  3.3
                                                        Technologies

Other         7.2                     7.3               Techtronic    3.8                  4.1
                                                        Industries

Total         100.0                   100.0             LG Household  3.8                  4.0
                                                        & Healthcare

                                                        AIA Group     3.7                  3.8

                                                        Nine Dragons  3.3                  -
                                                        Paper
                                                        Holdings**

                                                        Wharf         3.1                  3.5
                                                        Holdings

                                                        Hotel Shilla* -                    3.1
 
                                                        * Not in top 10 at 31 October 2013
                                                        ** Not in top 10 at 31 July 2013
 


Performance Record (total return %)
 
                 Price at 31   Quarter to 31     Quarter to   1 Year    3 Years    5 Years
                 October 2013  July 2013         31 October   to 31     to 31      to 31
                 (p)                             2013         October   October    October
                                                              2013      2013       2013

NAV (debt at     239.98        -4.22             4.72         15.98     11.51      150.07
par)
Ordinary Share   214.00        1.11              5.20         17.64     10.21      154.63
price
Benchmark Index                -2.03             2.34         11.53     13.06      128.74


As at 17 December 2013 the Company's NAV per share was 237.61p (debt at par)
and the Company's share price was 214.00p per share.



Standardised Performance (total return %)
 
                  31/10/2008   31/10/2009   31/10/2010   31/10/2011   31/10/2012
                  31/10/2009   31/10/2010   31/10/2011   31/10/2012   31/10/2013

NAV                  67.0         13.7        -8.04         4.56        15.98
Ordinary Share       80.7         12.4        -7.28         1.03        17.64
price
Benchmark Index      61.4         10.1        -6.14         7.93        11.53
 
By order of the Board

David Fallon
For and on behalf of FIL Investments International
Company Secretary
18 December 2013

Past performance is not a guide to future returns. The value of investments
can go down as well as up. For funds that invest in overseas markets, changes
in currency exchange rates may affect the value of an investment. Investments
in small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity as at 31 October 2013. Basis: bid-bid
with net income reinvested. Fidelity only gives information about its own
products and services and does not provide investment advice based on
individual circumstances.