Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 SEPTEMBER 2013
 
Issued pursuant to the requirements of Chapter 4 of the Disclosure and Transparency Rules
 
Objective
 
To achieve long term capital growth from an actively managed portfolio of securities primarily of small
and medium sized Japanese companies listed or traded on the Japanese stock markets.
 
Benchmark
 
Russell Nomura Mid/Small Cap Index.
 
Review of Period (total return)
 
During the period:
 
- the NAV increased by 0.04% against a 0.69% increase for the benchmark;
 
- the share price increased by 0.35%;
 
- gearing continued to be maintained by way of Contracts For Difference;
 
- total gearing exposure was 16.44% on 30 September 2013;
 
- main portfolio changes are detailed in the top ten holdings below
 
Material transactions
 
- During the quarter no ordinary shares were repurchased for cancellation.
 
- Since the quarter end no ordinary shares have been repurchased for cancellation.
 
Material Events
 
Half-yearly report published.
 
Additional Information

Details of the Company                                         Dealing Information
 
Fund Manager: Shinji Higaki                                    Listed:                     London Stock Exchange
Enquiries:    08457 100 456                                    Broker:                     Canaccord Genuity
WWW Address:  www.fidelity.co.uk/its                           Price Quoted:               Financial Times
                                                                                           The Times
              Copies of major                                                              The Daily Telegraph        
              announcements and                                                            The Independent
              documentation relating                                                       
              to the Company may be
              found on the website                                                         
 
Launch Date:  15 March 1994                                    Reuters Code:               FJV.L
 
              As at 30 September 2013 As at 12 November 2013   SEAQ Code:                  51054
              
Ordinary      113,954,834             113,954,834              ISIN:                       GB0003328555
Shares In
Issue:
Share price   11.12%                  10.27%                   Registered office
discount to
NAV:
Total Net     £93.0m                  £91.3m                   Beech Gate
Assets:                                                        Millfield Lane
Gearing       16.44%                  16.40%                   Lower Kingswood
                                                               Tadworth
                                                               Surrey KT20 6RP

 
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
 
Sector        As at 30    As at 30 June 2013  Largest 10 Holdings (% total  As at 30 September      As at 30 June
Analysis (%   September                       assets)                       2013                    2013
total assets) 2013
 
Electrical    13.6        12.3                Sanix                         4.1                     4.2
Machinery
Services      13.1        14.5                M3                            3.1                     3.0
Chemicals     9.1         7.5                 Sekisui Chemical              2.7                     2.9
Retail Trade  7.8         5.7                 Kakaku.Com                    2.6                     3.0
Information & 7.4         5.2                 Livesense                     2.4                     2.3
Communication
Machinery     6.6         6.5                 Zeon*                         2.1                     -
Unclassified  5.4         6.6                 Sumitomo Electric             2.0                     2.0
Real Estate   4.7         -                   Nuflare Technology*           1.9                     -
Other         28.6        33.4                Lixil Group                   1.8                     2.3
Cash          3.7         2.9                 Honeys                        1.8                     1.8
Wholesale     -           5.4                 Disco**                       -                       1.7
Trade
                                              Anicom Holdings**             -                       1.6
Total         100.0       100.0
 
                                              * Not in top 10 at 30 June 2013
                                              ** No longer in top 10 at 30 September 2013
 
Performance Record (total return %)
 
                Price at 30 Quarter to   Quarter to 1 Year to  3 Years   5 Years
                September   30 June 2013 30         30         to 30     to 30
                2013 (p)                 September  September  September September
                                         2013       2013       2013      2013
NAV (debt at    81.57       7.39            0.04      35.14      36.91     58.60
par)
Ordinary Share  72.50       17.48           0.35      45.00      45.00     65.71
price
Benchmark Index             3.18            0.69      26.88      21.29     46.69
 
As at 12 November 2013 the Company's NAV per share was 80.10p and the
Company's share price was 71.88p per share.

Standardised Performance (total return %)
 
                      30/09/2008 30/09/2009 30/09/2010 30/09/2011 30/09/2012
                      30/09/2009 30/09/2010 30/09/2011 30/09/2012 30/09/2013
 
NAV                   14.8       0.9        12.99      -10.34     35.14
Ordinary Share price  17.1       -2.4       11.00      -9.91      45.00
Benchmark Index       22.4       -1.2       6.49       -10.23     26.88
 
By order of the Board
David Fallon
For and on behalf of FIL Investments International
Company Secretary
13 November 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 and Datastream as at 30 September
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.