Fidelity Japanese Values NAV 59.9P At June 30

2nd Aug 2010 16:06

LONDON (Dow Jones)--Fidelity Japanese Values PLC (FJV.LN) said Monday that at June 30, the undiluted ordinary NAV per share was 59.93 pence, compared with 55.56 pence at Dec. 31, 2009. MAIN FACTS: -Diluted NAV 59.12 pence at June 30 compared with 55.47 pence at Dec. 31, 2009. -June 30 Total assets employed: GBP57.34 million (Dec. 31, 2009: GBP53.m) -June 30 Shareholders funds: GBP57.34 million (Dec. 31, 2009: GBP53.1 million) -For the six months ended June 30, loss per share: 0.12 pence (six months ended June 30, 2009: loss per share 0.22 pence) -1H Capital gain per ordinary share 4.49 pence (1H, 2009: loss 1.7 pence) -Total return per ordinary share 4.37 pence (1H, 2009: loss 1.92 pence) -Over the six months, the company's net asset value increased by 4.37 pence per share (7.9%) to 59.93 pence per share. -The discount, although high, remained stable. -Gearing had a negative impact of 0.65 pence (calculated on a pre-exchange rate basis) while a strengthening of the yen against sterling added 7.34 pence. -Index performance detracted from performance by 2.35 pence, but the portfolio manager's stock selection contributed 0.31 pence. -The Board is noticing the benefits of the reduced interest costs of using Contacts For Difference for gearing purposes as compared with traditional loans. -Over the coming months, the pace of the economic recovery is likely to moderate, which is consistent with decelerating but positive trends in exports and production. -Generally strong economic growth in Asia, which accounts for around 55% of Japanese export trade, should continue to support the export-led recovery. -Shares at 1504 GMT unchanged at 50.3 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] Order free Annual Report for Fidelity Japanese Values PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB0003328555 or call +44 (0)208 391 6028 (END) Dow Jones Newswires August 02, 2010 11:06 ET (15:06 GMT)