Carmel Fisher's Kingfish Fund posted a loss of $30.8 million in the year to the end of March, an increase of 16% on the previous year.
Nearly all of that is due to unrealised investment looses as small and medium-sized stocks on the stock market fell by more than a quarter over the year.
Stock markets have improved on hopes the global recession is bottoming out, but Kingfish says it's cautious of saying that the worse is over.
