The Scottish American Investment Company, an investment trust often referred to as SAINTS, saw its net asset value "total return", including income and capital, fall 11.8% in 2011.
During the same period the benchmark against which SAINTS is measured fell just 5.2%
Over the whole of 2011, Scottish American shares fell 11.5%.
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The company has announced a final dividend of 2.4p per share bringing the full-year figure to 9.45p, or a rise of 2.2% over 2010, which, as the firm admits, is below the prevailing inflation rate.
SAINTS's Chairman, Sir Brian Ivory, conceded that 2011 had been a "difficult year" for the company, noting the effect of the Eurozone crisis on equity returns.
Shares in SAINTS had gained 0.28% by 10:00.
BS
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