Crystal Amber Fund, the activist investor, saw net asset values (NAV) fall over the last year as its investments were hit by global economic woes.
At the end of June the firm's NAV was £63.4m, a drop of 3.1% compared to £65.4m the previous year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Taking into account the 0.5p dividend per share paid in July 2011, investors suffered a total return of minus 2.7%.
The Fund performed better in the second half of its financial year than the first, which was hit by a heavy sell-off in markets and share price weakness at Omega Insurance Holdings.
In the second half, the Fund's two largest holdings, TT Electronics PLC and Renishaw PLC, delivered strong gains and helped drive the recovery in value.
Chairman William Collins said that mongst under-researched or misunderstood UK small and mid-cap companies, the opportunities to deliver gains by focusing on shareholder value are promising.
Crystal is stuck with a sizeable stake in JJB Sports, the retailer that is struggling to sell itself before it collapses.
The Fund said JJB had taught it the limits of its ability to effect wholesale turnarounds when faced with the toughest obstacles.
-
London Stock Exchange gets go-ahead to run Pisces private stock marketThe Pisces market will allow investors to buy and sell shares in private companies. But how will it work, when will it launch, and who is allowed to use it?
-
Could landlords face National Insurance on rental income?The Treasury is said to be considering a tax increase for landlords in an attempt to boost revenue in Rachel Reeves’s Autumn Budget
