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FIDELITY JAPAN TRUST PLC 31 AUGUST 2019

The Trust recorded NAV returns of -5.3% over the 12 months to August 2019, underperforming the reference index, which returned -0.5%. The discount to NAV narrowed over the same period and the Trust’s share price returned -1.3%. Stock selection in machinery-related sectors detracted from performance over the 12-month period. Global trade frictions and slower growth in China posed downside risks for earnings. The contribution from holdings in retail and services companies was mixed, and was largely determined by idiosyncratic factors. Conversely, positions in innovative internet firms and semiconductor related companies made a positive contribution to returns.

FIDELITY SPECIAL VALUES PLC 31 JULY 2019

The Trust recorded NAV returns of -2.8% over the 12 months to July 2019, underperforming the reference index, which returned 1.0%. The discount to NAV widened over the same period and the Trust’s share price returned -5.0%. Stock selection in machinery-related sectors detracted from performance over the 12-month period. Global trade frictions and slower growth in China posed downside risks for earnings.

The contribution from holdings in retail and services companies was mixed, and was largely determined by idiosyncratic factors.

FIDELITY JAPAN TRUST PLC 30 JUNE 2019

The Trust recorded NAV returns of -10.3% over the 12 months to June 2019, underperforming the reference index, which returned -2.1%. The discount to NAV widened marginally over the same period and the Trust’s share price returned -11.0%.

Stock selection in machinery-related sectors detracted from performance over the 12-month period. Global trade frictions and slower growth in China posed downside risks for earnings. The contribution from holdings in retail and services companies was mixed, and was largely determined by idiosyncratic factors. Conversely, positions in innovative internet-related companies and global leaders in medtech made a positive contribution to returns.

FIDELITY JAPAN TRUST PLC MARCH 2019

The Trust recorded NAV returns of -6.5% over the 12 months to March 2019, underperforming the reference index, which returned -1.7%. The discount to NAV narrowed over the same period and the Trust’s share price returned -4.9%. Stock selection in machinery-related sectors detracted from performance over the 12-month period. Global trade frictions and slower growth in China posed downside risks for earnings.

FIDELITY JAPAN TRUST PLC FEBRUARY 2019

The Trust recorded NAV returns of -11.2% over the 12 months to February 2019, underperforming the reference index, which returned -7.1%. The discount to NAV narrowed over the same period and the Trust’s share price returned -9.8%.

Stock selection in machinery-related sectors detracted from performance over the 12-month period. Escalating trade frictions and slower growth in China posed downside risks for earnings. The contribution from holdings in retail and services companies was mixed, and determined by stock-specific factors. Conversely, positions in innovative internet-related companies and global leaders in fields such as medical equipment made a positive contribution tor returns.

FIDELITY EUROPEAN VALUES PLC JANUARY 2019

The Trust recorded NAV returns of -14.2% over the 12 months to

January 2019, underperforming the reference index, which returned

-5.0%. There was a marginal widening of the discount to NAV over

the same period and the Trust’s share price returned -14.8%.

Stock selection in machinery-related sectors detracted from

performance over the 12-month period. Escalating trade frictions

and slower growth in China posed downside risks for earnings. The

contribution from holdings in retail and services companies was

mixed, and determined by stock-specific factors. Conversely,

positions in innovative internet-related companies and global

leaders in fields such as medical equipment made a positive

contribution tor returns.

FIDELITY JAPAN TRUST PLC DECEMBER 2018

The Trust recorded NAV returns of -15.5% over the 12 months to

December 2018, underperforming the reference index, which

returned -8.3%. The discount to NAV widened over the same period

and the Trust’s share price returned -16.2%.

Stock selection in machinery-related sectors detracted from

performance over the 12-month period. Escalating trade frictions

and slower growth in China posed downside risks for earnings. The

contribution from holdings in services companies was mixed and

determined by stock-specific factors. Holdings in Japanese firms

with leading global positions in musical instruments and medical

equipment performed well for the Trust.

FIDELITY JAPAN TRUST PLC NOVEMBER 2018

The Trust recorded NAV returns of -2.1% over the 12 months to November 2018, underperforming the reference index, which returned 0.1%. The discount to NAV widened over the same period and the Trust’s share price returned -5.4%.

Stock selection in the machinery and chemicals sectors detracted from performance over the 12-month period. Escalating trade frictions, slower growth in China and rising input costs posed downside risks for earnings. Conversely, holdings in services companies, particularly among recruitment/staffing and innovative internet-related firms, contributed to returns.

FIDELITY JAPAN TRUST PLC OCTOBER 2018

The Trust recorded NAV returns of -1.4% over the 12 months to October 2018, underperforming the reference index, which returned 0.8%. The discount to NAV narrowed over the same period and the Trust’s share price returned 3.3%.

Stock selection in the machinery and chemicals sectors detracted from performance over the 12-month period. Escalating trade frictions, slower growth in China and rising input costs posed downside risks for earnings. Conversely, holdings in services companies, particularly among recruitment/staffing and innovative internet-related firms, contributed to returns.

FIDELITY JAPAN TRUST PLC SEPTEMBER 2018

The Trust recorded NAV returns of 26.7% over the 12 months to

September 2018, outperforming the reference index, which returned

13.9%. The discount to NAV narrowed over the same period and

the Trust’s share price returned 28.4%.

Strong stock selection in the services sector, particularly among

recruitment and staffing companies, was a key contributor to

returns over the 12-month period. Holdings in innovative medtech

and internet-related firms also performed well. Conversely, stockspecific

factors weighed on holdings in the retail and

pharmaceutical sectors.

FIDELITY JAPAN TRUST PLC AUGUST 2018

The Trust recorded NAV returns of 22.7% over the 12 months to

August 2018, outperforming the reference index, which returned

8.3%. The discount to NAV widened over the same period and the

Trust’s share price returned 21.4%.



Strong stock selection in the services sector, particularly among

recruitment and staffing companies, was a key contributor to

returns over the 12-month period. Holdings in innovative medtech

and internet-related firms also performed well. Conversely, stockspecific

factors weighed