Half-yearly Report

FIDELITY SPECIAL VALUES PLC AVAILABILITY OF THE HALF-YEARLY REPORT FOR THE SIX MONTHS TO 28 FEBRUARY 2009 Further to the disclosure of the Company's Half-Yearly results for the six months ended 28 February 2009 by way of an announcement dated 17 April 2009, in accordance with the Disclosure and Transparency Rules ("the Rules") 4.2.2 and 6.3.5(3) this announcement contains the text of that announcement dated 17 April 2009 together with the details of the availability of the Half-Yearly Report. Copies of the Fidelity Special Values PLC Half-Yearly Report for the six months ended 28 February 2009 have been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel: 020 7676 1000 (Documents will usually be available for inspection within six normal business hours of this notice being given). The Half-Yearly Report is available on the Company's website: www.fidelity .co.uk/its Fidelity Special Values PLC Preliminary announcement of unaudited Half-Yearly results for the six months ended 28 February 2009. Contents The Investment Objective Summary of Results Half-Yearly Report Responsibility Statement Top 20 Holdings Financial Statements Investor Information Directory The investment objective of the Company is to achieve long term capital growth from an actively managed portfolio of special situation investments, consisting primarily of securities listed or traded on the London Stock Exchange. Up to 20% may be invested outside of the UK. Returns % Six months to From launch 28 February 2009 17 November 1994 Capital Returns Net Asset Value ("NAV") per -33.2% +294.4% share Share price -28.3% +263.3% FTSE All-Share Index -32.7% +23.7% Total Returns¹ NAV per share total return -30.3% +355.7% Share price total return -25.1% +325.2% FTSE All-Share Index total -31.4% +93.2% return ¹ Total return includes reinvested income Standardised performance (on a total return basis) (%) 01/03/04 01/03/05 01/03/06 01/03/07 01/03/08 to to to to to 28/02/05 28/02/06 28/02/07 29/02/08 28/02/09 NAV per share +19.5 +31.3 +11.5 -2.8 -31.0 Share price +17.2 +24.3 +8.4 -7.5 -29.6 FTSE All-Share Index +15.0 +22.3 +11.6 -2.7 -33.0 Sources: Fidelity and Datastream Summary of Results 28 February 31 August % 2009 2008 change Assets Total assets employed¹ £240.83m £354.26m -32.0 Shareholders' funds £213.83m £319.26m -33.0 Borrowings as % of shareholders' funds 12.6% 11.0% Borrowings less cash as % of shareholders' 10.8% 3.4% funds'² NAV per share 375.54p 562.13p -33.2 Number of shares in issue 56,938,896 56,794,503 Stockmarket Data FTSE All-Share Index 1,929.75 2,868.69 -32.7 Share price Period end 345.00p 481.50p -28.3 High 486.00p 596.00p Low 329.00p 407.00p Discount Period end 8.1% 14.3% High 15.0% 14.7% Low 2.6% 4.8% Returnsfor the six months to end February 2009 2008 Capital loss per ordinary share (173.41p) (58.82p) Capital +revenue loss per ordinary share (169.55p) (56.88p) ¹ Total assets less liabilities, excluding fixed term loan liabilities ² Includes cash held and investment in cash funds; excludes amounts held at futures clearing houses and brokers and any effect from Contracts for Difference Half-Yearly Report Half Year Returns: The results for the first half of the year are contained in the tables on the preceding two pages and can be summarised as follows: NAV: -33.2% to 375.54p per share; Share Price: -28.3% to 345p; Benchmark: -32.7% (FTSE All-Share Index) These results are obviously very disappointing indeed to shareholders. This half year report seeks to explain the circumstances of such a sharp decline in the net asset value, to report a degree of caution about the shorter term prospects but to offer longer term optimism once the causes of the current financial crisis have been resolved. Stock Market & Portfolio Review: In one of the worst bear markets for decades, the UK stock market fell over 30% in the first half of our financial year. The outlook for the global economy deteriorated considerably as the severe problems in the banking system led to a sharp slowdown in borrowing, curtailing consumer spending and business investment. The deepening recession is also causing a sharp decline in corporate profits. The fall in commodity prices has resulted in a moderation in inflation, which allowed the world's central banks to announce a series of interest rate cuts in addition to economic stimulus packages; so far, however, these measures have failed to trigger any recovery but it will take time for such measures to take effect. The Bank of England reduced interest rates on six consecutive occasions starting in October reaching a record low rate of 0.5% in March and it recently announced an unprecedented asset purchase programme; as a consequence the US dollar value of sterling tumbled, declining from over $2 to the pound down to circa $1.40. In the near term, equity markets are expected to remain volatile with investment confidence likely to be influenced by economic developments and government action. The nature of the Manager's approach to the management of the portfolio is to identify sectors and stocks that are considered to be materially undervalued. In normal circumstances, as share prices fall they tend to become more attractively valued - some more so than others depending on their individual circumstances. The crash in the stock market over the period, with stocks on average losing about a third of their value, has thrown up a lot of opportunities, some of which the Manager took advantage. The very broad base of the bear market meant that there was nowhere for equity investors to hide from declining share prices; indeed in our portfolio of well over 100 holdings, only four registered positive returns, those in the shares of Experian (a credit reference company), BSkyB, Marks & Spencer and Amlin (a Lloyds underwriter). Our investments in the media, travel & leisure, gambling and catering fared relatively better than the averages. However inevitably there were some mistakes made as the fall in share prices of certain sectors and stocks reflected the depth of their underlying problems, the extent of which was such that the lower share prices proved to be - to use stock market jargon - a "value trap" instead of a "value opportunity". Our investments in the media and particularly in the banking sectors proved to be very costly, none more so than our holding in Lloyds Banking Group. There were other influences on the performance of the net asset value. We used derivatives, including the ability to sell short selected stocks in order to benefit from share price falls and to buy put options to help shield the Company's portfolio from the broad-based stock market decline, to offset the declines suffered elsewhere and that helped alleviate the decline in the value of the portfolio. However we remained overinvested throughout the period with net borrowings of 3.4% of shareholders' equity at the beginning of the half year and 10.8% at the end; that exacerbated the decline in the net asset value. Outlook: There can be no doubt that the current economic and financial circumstances are very grave indeed with far reaching consequences likely to evolve for some time to come. At present it is impossible to forecast with any degree of confidence how the next year or two will develop, so we are not in a position to offer any short term optimism. The best one can say is that stock markets are likely to remain very volatile with marked movements on both the upside and downside. In the longer term, however, the enormous and broadly based overindebtedness of consumers, banks and governments will be reduced as savings rise and borrowings are paid down. In the circumstances of a sounder economic and financial environment, Fidelity's proven ability to manage portfolios profitably provides the prospects of good long-term returns for shareholders. PRINCIPAL RISKS AND UNCERTAINTIES The Board believes that the principal risks and uncertainties faced by the Company continue to fall into two broad categories. The first, external risks, being stock market, share price and discount and the second, internal risks, being portfolio and governance, operational, financial, compliance, administration etc. Information on each of these is given in the Business Review section of the Annual Report for the year ended 31 August 2008. By order of the Board FIL Investments International 16 April 2009 Responsibility Statement The Directors confirm to the best of their knowledge that: a) the condensed set of financial statements contained within the Half-Yearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement `Half-Yearly Financial Reports'; b) the Half-Yearly report narrative (constituting the interim management report) includes a fair review of the information required by Rule 4.2.7R of the FSA's Disclosure and Transparency Rules and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been no related parties transactions during the six months to 28 February 2009 and therefore nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period; and there have been no changes in this position since the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. The Half-Yearly financial report has not been audited or reviewed by the Company's auditors. The Half-Yearly financial report was approved by the Board on 16 April 2009 and the above responsibility statement was signed on its behalf by Alex Hammond-Chambers, Chairman. Enquiries Chris Davies - Head of Investment Trusts, FIL Investments International - 01737 837 723 Anne Read - Corporate Communication, FIL Investments International - 0207 961 4409 Christopher Pirnie - Company Secretary, FIL Investments International - 01737 837929 Top 20 Holdingsas at 28 February 2009 Holding Fair Value %¹ £'000 GlaxoSmithKline 8,920 3.7 Pharmaceutical company BSkyB 8,900 3.7 Broadcasting company AstraZeneca 8,750 3.6 Pharmaceutical company Vodafone Group 8,684 3.6 Mobile telecommunications company Pearson 8,316 3.5 Global publishing company HSBC 8,226 3.4 Banking and financial services organisation Royal Dutch Shell 'A' 7,217 3.0 Oil and gas company Reed Elsevier 7,035 2.9 International publishing company LogicaCMG 6,301 2.6 Information technology consultancy services provider PartyGaming 6,254 2.6 Online gaming company Premier Farnell 6,219 2.6 Electronic components and equipment distributing company Kingfisher 5,308 2.2 International home improvement retailer London Stock Exchange 5,086 2.1 United Kingdom's primary stock exchange Cairn Energy 5,036 2.1 Oil and gas company Xchanging 4,797 2.0 Insurance and financial markets processing services provider Standard Chartered 4,575 1.9 Banking and financial services organisation Provident Financial 4,383 1.8 International personal finance and insurance company Lloyds Banking Group 4,349 1.8 Banking group Compass Group 3,992 1.7 International food service provider British Land 3,543 1.5 Property company Top 20 Holdings 125,891 52.3 ¹ % total assets less current liabilities, excluding fixed term loan liabilities Income Statement For the six months ended 28.02.09 unaudited Notes revenue capital total £'000 £'000 £'000 Losses on investments - (98,737) (98,737) Income 2 4,698 - 4,698 Investment management fee (1,317) - (1,317) VAT recovered on investment management 6 - 6 fee Other expenses (277) - (277) Exchange gains/(losses) - 138 138 NET RETURN/(LOSS) BEFORE 3,110 (98,599) (95,489) FINANCE COSTS AND TAXATION Interest payable (899) - (899) NET RETURN/(LOSS) ON ORDINARY 2,211 (98,599) (96,388) ACTIVITIES BEFORE TAXATION Taxation on return on ordinary 3 (15) - (15) activities NET RETURN/(LOSS) ON ORDINARY ACTIVITES 2,196 (98,599) (96,403) AFTER TAXATION FOR THE PERIOD RETURN/(LOSS) PER ORDINARY SHARE 4 3.86p (173.41p) (169.55p) Income Statement(continued) For the year ended 31.08.08 For the six months ended 29.02.08 audited Unaudited revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 - (46,807) (46,807) (34,406) (34,406) 13,758 - 13,758 4,322 - 4,322 (3,507) - (3,507) (1,848) - (1,848) 2,300 - 2,300 - - - (490) - (490) (270) - (270) - (46) (46) (4) (44) (48) 12,061 (46,853) (34,792) 2,200 (34,450) (32,250) (2,033) - (2,033) (1,064) - (1,064) 10,028 (46,853) (36,825) 1,136 (34,450) (33,314) (121) - (121) (2) - (2) 9,907 (46,853) (36,946) 1,134 (34,450) (33,316) 17.13p (81.03p) (63.90p) 1.94p (58.82p) (56.88p) A Statement of Total Recognised Gains and Losses has not been prepared as there are no gains and losses other than those reported in this Income Statement. The total column of the Income Statement is the profit and loss account of the Company. These financial statements have been prepared in accordance with the AIC Statement of Recommended Practise ("SORP") issued in January 2003 and revised in December 2005. Reconciliation of Movements in Shareholders' Funds Notes called up share premium capital share account redemption capital £'000 reserve £'000 £'000 Opening shareholders' funds: 1 14,926 95,058 1,817 September 2007 Net recognised gains/(losses) for - - - the period Repurchase of ordinary shares (537) - 537 Net revenue after taxation - - - Dividend paid to shareholders - - - Shareholders' funds: 29 February 14,389 95,058 2,354 2008 Opening shareholders' funds: 1 14,926 95,058 1,817 September 2007 Net recognised gains/(losses) for - - - the year Repurchase of ordinary shares (728) - 728 Net revenue after taxation - - - Dividend paid to shareholders - - - Closing shareholders' funds: 31 14,198 95,058 2,545 August 2008 Net recognised losses for the period - - - Repurchase of ordinary shares (9) - 9 Issue of ordinary shares 45 709 - Net revenue after taxation - - - Dividend paid to shareholders 7 - - - Closing shareholders' fund: 28 14,234 95,767 2,554 February 2009 Reconciliation of Movements in Shareholders' Funds(continued) other capital capital revenue total reserve non-distributable reserve reserve equity unrealised reserve realised £'000 £'000 £'000 £'000 £'000 5,152 232,390 21,733 5,514 376,590 - 25,718 (60,168) - (34,450) - (11,923) - - (11,923) - - - 1,134 1,134 - - - (4,426) (4,426) 5,152 246,185 (38,435) 2,222 326,925 5,152 232,390 21,733 5,514 376,590 - 9,041 (55,894) - (46,853) - (15,961) - - (15,961) - - - 9,907 9,907 - - - (4,426) (4,426) 5,152 225,470 (34,161) 10,995 319,257 - (29,214) (69,385) - (98,599) - (123) - - (123) - - - - 754 - - - 2,196 2,196 - - - (9,655) (9,655) 5,152 196,133 (103,546) 3,536 213,830 Balance Sheet Notes 28.02.09 31.08.08 29.02.08 unaudited audited unaudited £'000 £'000 £'000 FIXED ASSETS Investments at fair value through profit 233,281 331,312 347,533 or loss CURRENT ASSETS Debtors 3,789 6,994 7,292 Amounts held at futures clearing houses 1,985 1,573 1,549 and brokers Fidelity Institutional Cash Fund plc - 9,091 9,578 Cash at bank 3,846 14,994 3,883 9,620 32,652 22,302 CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR Fixed rate unsecured loans 8 (27,000) (8,000) - Other creditors (2,071) (9,707) (7,910) (29,071) (17,707) (7,910) NET CURRENT(LIABILITIES)/ASSETS (19,451) 14,945 14,392 TOTAL ASSETS LESS CURRENT LIABILITIES 213,830 346,257 361,925 CREDITORS - AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR Fixed rate unsecured loans 8 - (27,000) (35,000) TOTAL NET ASSETS 213,830 319,257 326,925 CAPITAL AND RESERVES Called up share capital 14,234 14,198 14,389 Share premium account 95,767 95,058 95,058 Capital redemption reserve 2,554 2,545 2,354 Other non-distributable reserve 5,152 5,152 5,152 Capital reverse - realised 196,133 225,470 246,185 Capital reverse - unrealised (103,546) (34,161) (38,435) Revenue reverse 3,536 10,995 2,222 TOTAL EQUITY SHAREHOLDERS' FUNDS 213,830 319,257 326,925 NET ASSET VALUE PER ORDINARY SHARE 5 375.54p 562.13p 568.00p Cash Flow Statement 28.02.09 31.08.08 29.02.08 unaudited audited unaudited £'000 £'000 £'000 OPERATING ACTIVITIES Investment income received 2,162 5,639 1,832 Deposit interest received 616 947 571 Investment management fee paid 859 (3,704) (2,033) Directors' fees paid (49) (108) (47) Other cash payments (220) (620) (500) NET CASH INFLOW/(OUTFLOW)FROM OPERATING 3,368 2,154 (177) ACTIVITIES RETURN ON INVESTMENTSAND SERVICING OF FINANCE Interest paid (960) (2,057) (1,099) NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND (960) (2,057) (1,099) SERVICING OF FINANCE TAXATION Overseas taxation recovered 38 13 13 TAXATION RECOVERED 38 13 13 FINANCIAL INVESTMENTS Purchase of investments (144,546) (318,920) (170,539) Disposal of investments 139,301 338,703 177,008 NET CASH (OUTFLOW)/INFLOW FROM (5,245) 19,783 6,469 FINANCIAL INVESTMENTS EQUITY DIVIDEND PAIDTO SHAREHOLDERS (9,655) (4,426) (4,426) NET CASH (OUTFLOW)/INFLOWBEFORE USE OF LIQUID (12,454) 15,467 780 RESOURCES AND FINANCING NET CASH INFLOWFROM MANAGEMENT OF LIQUID 9,091 1,251 764 RESOURCES NET CASH (OUTFLOW)/INFLOWBEFORE FINANCING (3,363) 16,718 1,544 FINANCING Repurchase of ordinary shares (123) (16,442) (12,400) Issue of ordinary shares 754 - - 4.91% fixed rate unsecured loan repaid - (5,000) (5,000) 5.655% fixed rate unsecured loan repaid (8,000) - - NET CASH OUTFLOWFROM FINANCING (7,369) (21,442) (17,400) DECREASE IN CASH (10,732) (4,724) (15,856) Notes to the Financial Statements 1 ACCOUNTING POLICIES The Half-Yearly financial statements have been prepared on the basis of the accounting policies set out in the Company's annual report and financial statements dated 31 August 2008. 2 INCOME 28.02.09 31.08.08 29.02.08 unaudited audited unaudited £'000 £'000 £'000 Franked investment income 1,295 5,051 1,790 UK unfranked investment income - 60 - UK scrip dividends 2,181 6,009 1,808 Overseas dividends 167 1,144 103 Overseas scrip dividends 228 275 - Property income distribution 244 197 40 Other income 17 38 4 Deposit interest 131 632 342 Income from Fidelity Institutional 28 352 235 Cash Fund plc Investment on VAT recovered on 407 - - investment management fee* 4,698 13,758 4,322 * This is interest received on VAT on the investment management fees reclaimed following the decision of the European Court of Justice in the JP Morgan Claverhouse Investment Trust / AIC Case (C-363/05). 3 TAXATION ON RETURN ON ORDINARY ACTIVITIES 28.02.09 31.08.08 29.02.08 unaudited audited unaudited £'000 £'000 £'000 Overseas taxation suffered 15 121 2 4 RETURN/(LOSS) PER ORDINARY SHARE 28.02.09 31.08.08 29.02.08 unaudited audited unaudited Revenue 3.86p 17.13p 1.94p Capital (173.41p) (81.03p) (58.82p) Total (169.55p) (63.90p) (56.88p) Returns per ordinary share is based on the net revenue return on ordinary activities after taxation in the period, the capital loss in the period and the weighted average number of ordinary shares in issue over the period: 28.02.09 31.08.08 29.02.08 unaudited audited unaudited £'000 £'000 £'000 Revenue return 2,196 9,907 1,134 Capital loss (98,599) (46,853) (34,450) Total (96,403) (36,946) (33,316) Weighted average of number of shares 56,859,269 57,823,165 58,567,005 5 NET ASSET VALUE PER ORDINARY SHARE The net asset value per ordinary share is based on net assets of £213,830,000 (31.08.08: £319,257,000; 29.02.08: £326,925,000) and on 56,938,896 ordinary shares (31.08.08: 56,794,503; 29.02.08: 57,557,003), being the number of ordinary shares in issue at the period end. 6 COSTS OF INVESTMENT TRANSACTION Included in the losses on investments are the following costs of investment transactions: 28.02.09 31.08.08 29.02.08 unaudited audited unaudited £'000 £'000 £'000 Purchases expenses 704 1,634 876 Sales expenses 107 313 156 Total 811 1,947 1,032 7 DIVIDEND No dividend has been declared in respect of the current period. The dividend shown in the Reconciliation of Movements in Shareholders' Funds for the six months ended 28 February 2009 relates to the year ended 31 August 2008. 8 LOAN FACILITIES The fixed rate unsecured loan from Barclays Bank PLC of £7,000,000 (Tranche A) was drawn down on 25 October 2004 and a further £20,000,000 (Tranche B) was drawn down on 26 January 2005, each with a maturity date of 26 January 2010 at an interest rate of 5.435% per annum. The fixed rate unsecured loan from The Royal Bank of Scotland PLC of £8,000,000 drawn down on 16 January 2004 at an interest rate of 5.655% per annum was repaid on 16 January 2009. 9 SHARE ISSUES During the period 178,393 ordinary shares of 25p were issued at a small premium for a total cost of £754,000 and an average price per share of 422.66 pence (31.08.08: nil; 29.02.08: nil). 10 SHAREREPURCHASES The following share repurchases were made in the period: 28.02.09 31.08.08 29.02.08 unaudited audited unaudited Number of shares repurchased 34,000 2,910,157 2,147,657 Average price per share 361.76p 548.46p 555.16p Total cost including stamp duty £123,000 £15,961,000 £11,923,000 and commission 11UNAUDITED FINANCIAL STATEMENTS The results for the six months to 28 February 2009 and 29 February 2008, which are unaudited, constitute non-statutory accounts within the meaning of s435 of the Companies Act 2006. The figures and financial information for the year ended 31 August 2008 are extracted from the latest published financial statements. These financial statements, on which the auditors gave an unqualified report, have been delivered to the Registrar of Companies. Investor Information CONTACT INFORMATION Private investors can call free on 0800 41 41 10, 9am to 6pm,Monday to Saturday. Financial advisers can call free on 0800 41 41 81, 8am to 6pm, Monday to Friday. www.fidelity.co.uk/its Existing shareholders who have specific queries regarding their holding, for example a change of address, should contact the appropriate administrator. Holders of ordinary shares: Capita Registrars, Registrars to Fidelity Special Values PLC, Northern House, Woodsome Park, Fenay Bridge, Huddersfield, West Yorkshire, HD8 OGA, Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras) email:ssd@capitaregistrars.com. Details of individual shareholdings and other information can also be obtained from the Registrars' website: www.capitaregistrars.com Fidelity Share Plan investors: Fidelity Investment Trust Share Plan, Equiniti Limited, PO Box 4605, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6QY. Telephone: 0871 384 2781 (calls to this number are charged at 8p per minute from a BT landline. Other telephony providers' costs may vary.) Fidelity ISAinvestors: Fidelity, using the freephone numbers given above, or by writing to: UK Customer Service, Fidelity Investments, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ. www.fidelity.co.uk/its Fidelity ShareNetwork: http://www.fidelity.co.uk/sharenetwork General enquiries should be made to FIL Investments International, the Investment Manager and Secretary, at the Company's registered office: FIL Investments International, Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. Telephone: 01732 36 11 44 Fax: 01737 83 68 92 www.fidelity.co.uk/its FINANCIAL CALENDAR 28 February - Half-Yearly period end 17 April - announcement of Half-Yearly results Beginning of May - publication of Half-Yearly report July - Interim Management Statement (as at 31 May 2009) 31 August - financial year end November - publication of annual report December - Annual General Meeting Directory Board of Directors Alex Hammond-Chambers (Chairman) Sir Richard Brooke, Bt Douglas Kinloch Anderson Nicky McCabe Lynn Ruddick (Chairman of the Audit Committee) Ben Thomson Manager, Secretary and Registered Office FIL Investments International Beech Gate, Millfield Lane Lower Kingswood Tadworth, Surrey, KT20 6RP Financial Advisers and Stockbrokers Cenkos Securities plc 6,7,8 Tokenhouse Yard London EC2R 7AS Independent Auditor Grant Thornton UK LLP Chartered Accountants and Registered Auditor 30 Finsbury Square London, EC2P 2YU Bankers and Custodian JPMorgan Chase Bank (London Branch) 125 London Wall London, EC2Y 5AJ Registrars Capita Registrars Northern House Woodsome Park Fenay Bridge Huddersfield West Yorkshire HD8 OGA Lawyers Slaughter and May One Bunhill Row London, EC1Y 8YY The Fidelity Individual Savings Account ("ISA") is offered and managed by Financial Administration Services Limited. The Fidelity Investment Trust Share Plan is managed by FIL Investments International, administered by Equiniti Limited and with shares held in the name of Lloyds TSB Registrars Savings Nominees Limited. The value of tax savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future. Fidelity Investment Trusts are managed by FIL Investments International. FIL Investments International is authorised and regulated in the UK by the Financial Services Authority. Fidelity only gives information about its own products and services and does not provide investment advice based on individual circumstances. For funds that invest in overseas markets, changes in currency exchange rates may affect the value of your investment. Investments in small and emerging markets can be more volatile than other more developed markets. Should you wish to seek advice please contact a Financial Adviser. Issued by Fidelity Special Values PLC, authorised and regulated in the UK by the Financial Services Authority.

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