Page 1 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise Fidelity Asian Values PLC FAS Morningstar Peer Group Classification Asia Pacific - Excluding Japan Total Return Performance (GBP) over 5 years (or since inception) Investment Objective To achieve long-term capital growth through investment principally in the stock markets of the Asian Region (excluding Japan). Valuation statistics (NAVs estimated1) GBX 13 Oct 2014 Price 228.50 Fair Cum NAV 254.24 Fair Ex NAV 253.88 Par Cum NAV 254.24 Par Ex NAV 253.88 Fair Cum Discount -10.12 Fair Ex Discount -10.00 Par Cum Discount -10.12 Par Ex Discount -10.00 Peer Group Discount -5.59 0.49 Z-Statistic2 12 m High 251.50 Low 195.50 278.19 219.43 -7.72 -13.86 Last Actual NAVs (GBX) as at 10 Oct 2014 Fair Cum NAV 256.24 Fair Ex NAV Par Cum NAV 256.24 Par Ex NAV Key Data Domicile Launch Date Financial Year-end Exchange Next AGM NAV Frequency Dividend Frequency Total Assets (GBP) Net Assets (GBP) Shares Outstanding Gross Gearing3 Net Gearing4 Average Daily Shares Traded (1yr) Average Daily Value Traded (1yr) Total Expense Ratio5 (2013) Market Capitalisation (GBP) Net Dividend Yield6 UK 13 Jun 1996 31 Jul London (LSE) Nov 2014 Daily Annual 194.6m 171.3m 67,488,213 114 112 0.035m 0.124m 1.57% 154.2m 0.48% Performance (Total Return %)8 GBP 1 month 3 months Price -7.49 +3.86 NAV -6.79 +3.51 Peer Group (Price) -6.76 +1.43 Peer Group (NAV) -4.97 +2.94 Benchmark -6.30 +0.22 6 months +8.68 +6.22 +6.40 +5.96 +2.17 1 year +6.28 +6.90 +1.67 +3.85 +0.53 YTD +6.78 +7.19 +7.39 +8.59 +5.00 3 years +31.24 +32.00 +35.24 +35.32 +23.89 5 years +42.36 +49.30 +52.08 +55.20 +32.99 Peer Group: Morningstar IT AsiaPacific ExJapP Morningstar Benchmark: MSCI AC ASIA PACIFIC ex JAPAN Price performance based on LSE official closing prices. NAV Performance based on a bid to bid basis. Fund distributions reinvested on ex dividend date. Initial charge excluded The value of the fund can go down as well as up so you may get back less than you invested. Past performance is not a guide of what might happen in the future. Dividend Yields over 5 years (or since inception) Dividend Policy The fund intends to pay annual dividends Year-on-Year Dividend Growth % (financial year 31 Jul) 2015 0.00 2014 0.00 2013 10.00 2012 0.00 2011 - Dividend Growth % (annualised on current financial year)7 1 year 0.00 2 years 0.00 3 years 3.23 4 years 2.41 Distributions (GBP) over 5 years (or since inception) 5 years 0.00 Directors Hugh Bolland (Chairman), Kate Bolsover, William Knight, Philip Smiley, Grahame Stott, Michael Warren Fund Manager: John Lo (01 Oct 2001) FIL Investments International Ltd Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, SURREY, UK, KT20 6RP Telephone: +44 (0)845 358 1107 Website: www.fidelity.co.uk/investmenttrusts/investment-range/asianvalues/default.page Stockbroker: Canaccord Genuity Limited Latest Dividend History (GBp) Type Income Income Income Dividend Declared Date 1.100 02 Oct 14 1.100 30 Sep 13 1.000 28 Sep 12 Ex Div Date 08 Oct 14 09 Oct 13 03 Oct 12 Record Date 10 Oct 14 11 Oct 13 05 Oct 12 Payment Date 30 Oct 14 06 Dec 13 06 Dec 12 Management Fee Summary Management fee 0.25% p.q. of Total Assets (0.2125% on Cash). Contract terminable on 6 months notice. Initial Public Offering 102,458,000 Ordinary shares and 288,000 extra shares issued at 1.00 GBP on 13 Jun 1996 raising 102.7m gross and 98.1m net of expenses The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these factbook pages. Financial Year 2014 2013 2012 Page 2 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise Fidelity Asian Values PLC FAS Risk & Return9 Discrete Monthly Price & NAV Total Return % (GBP) Sector Breakdown (%) Discrete Yearly Price & NAV Total Return % (GBP) Geographic Breakdown (%) Risk & Correlation Alpha (NAV) 11 Beta (NAV)12 R-squared (NAV)13 Sharpe (NAV)14 Price Volatility15 NAV Volatility15 Benchmark Volatility15 Peer Group Price Volatility15 Peer Group NAV Volatility15 3 months 0.05 1.01 0.85 1.95 13 12 9 11 9 6 months 0.03 1.00 0.71 1.64 12 11 8 9 8 1 year 0.52 0.96 0.80 1.57 15 12 9 10 8 3 years 0.18 0.92 0.83 0.66 18 15 14 12 11 5 years 0.23 0.92 0.87 0.79 19 16 17 14 13 Additional Performance (Total Return%8) GBX Largest Holdings (% Portfolio10) as at 31 Aug 2014 Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Tencent Sarin Technologies Ping An Insurance Co -H China Mobile Ltd. AIA Group Ltd. Nine Dragons Paper holdings Techtronic Industries Co Ltd Wharf Holdings Ltd Total Capital Structure Number of Shares 67,488,213 Loan CCY GBP 5.2% 4.8% 4.7% 4.5% 3.7% 3.5% 3.4% 2.7% 2.7% 2.5% 37.5% Share Type Ord 25p £m 23.3 Redemption Coupon - Period 2014 2013 2012 2011 2010 2009 Since FTSE 2009 Low (13 Mar 2009) Since Sub-Prime (20 Nov 07) Since FTSE 2007 Peak (13 Oct 07) Price +6.78 +13.23 +8.70 -14.67 +18.77 +76.44 +177.53 +52.97 +42.57 NAV Peer Price +7.19 +7.39 +12.69 -0.50 +12.26 +25.75 -15.64 -15.45 +23.89 +28.92 +67.94 +62.84 +181.92 +170.11 +56.12 +70.59 +44.27 +55.41 Peer NAV Benchmark +8.59 +5.00 +1.16 +1.73 +22.87 +17.24 -14.45 -14.75 +29.46 +22.14 +55.31 +54.61 +165.62 +135.46 +63.72 +40.66 +52.61 +30.37 Wind-up Provisions/Buy Back Policy If the shares have traded at an average discount in excess of 15% to the diluted NAV for a 12 month period leading up to the board meeting at which the annual accounts and notice of AGM are approved, the board will put forward an ordinary resolution on whether the Company should continue as an investment trust at the AGM. A continuation vote was passed at the Companys AGM on 23-Nov-12. The Company is subject to a continuation vote every five years. A further continuation vote will take place at the AGM in 2016. The Company may purchase up to 14.99% of its own share capital. Renewal of this authority will be sought annually. The Company has proposed amendments to its Investment Policy to permit the use of CFDs for gearing purposes. NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an 6 Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price. estimation of its value calculated using points over gilt methodology. 7 Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts. Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects 8 Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV. of warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For 9 Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions respectively. more detailed methodology document please contact [email protected] 10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash and fixed interest which represent non-equity exposure. 2 Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over 11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return. the past year, calculated as (Current Discount – Mean) / Std Dev 12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index. 3 Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage 13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index. 4 Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed 14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns. The as a percentage. Cash and fixed interest represents not-equity exposure. figure shown is the annualized Sharpe Ratio. 5 Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) / 15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital. Average Net Assets The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these factbook pages. 1
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