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.
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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.
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