Salvus Strategic Investments is considering selling its share portfolio and giving the money back to investors.
The company's portfolio of shares is worth almost $20 million.
Chairman Kim Ellis says it's a small funds management company and the value of its portfolio per share is greater than its own shareprice.
He says the obvious choice would be to sell up and return the money to shareholders, but the board is also considering other options.
Mr Ellis says Salvus had hoped to double in size, but there has not been investor appetite for equity raisings to support that.
The listed fund's five largest shareholdings are in Skellerup, Freightways, Pumpkin Patch, Nuplex and Comvita.
Salvus expects to present its shareholders with options for the fund's future by the end of June.
Milford Funds is the largest shareholder in Salvus. It bought a stake of from South Island businessman Alan Hubbard for $2.4 million in March last year.
Earlier this month, the Guiness Peat Group decided to sell nearly all its $1.3 billion portfolio and give the money back to investors.
It plans to return more than $158 million to shareholders this year.