Kingfish, the listed investment company, has reported a gross performance return of -7.1% and an adjusted net asset value (NAV) return of -6.8% for the March quarter.
This compares to a return of -6.4% for the S&P/NZX50G benchmark index.
Kingfish attributed the poor performance to company-specific dynamics affecting some of New Zealand's largest companies, including Fisher & Paykel Healthcare, Infratil, Ryman, and Spark.
Kingfish's portfolio companies, however, delivered credible results, with a2 Milk and Vista achieving gains of 40% and 22% respectively.
The company said it used the quarter's volatility as an opportunity to adjust its portfolio, adding electricity company Mercury.
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