Carmel Fisher's Kingfish fund has had 5.5 per cent of its value wiped out by two companies in the last quarter, NZX was told yesterday.
Fisher - the managing director - said that without the share price falls of Metlifecare and Turners Auctions, the portfolio's net asset value per share
would be at an all-time high.
She said 2c of the 7.5c drop made up the company's first dividend payment since listing in March last year. Since then its net asset value had climbed 25.8 per cent to sit at $1.2186.
Although solid gains had been made in some of its larger stocks, including Waste Management, Freightways and Mainfreight - which each make up more than 10 per cent of the portfolio - their performance was not enough to offset the overall decline.
Changes to the portfolio in the four months to June include selling the Just Water holding, trimming the position of Metlifecare and increasing its stake in Ryman Healthcare.
New investment opportunities were being considered if Metlifecare was compulsorily acquired, said Fisher.
As reporting season approached, Fisher Funds investment analyst Warren Couillault said the company was optimistic about holdings such as Pumpkin Patch, Waste Management and Michael Hill.
"We expect them to continue to do well, and therefore their share price should reflect that."
On the other hand, he anticipated that investor sentiment would remain cautious during the August-September profit reporting season, which would confirm the extent and impact of any economic slowdown.
Kingfish's initial public offering last year raised $58.5 million.
It invests in small companies that are listed on the main and alternate boards, as well as unlisted companies.
