Kingfish, the investment company, reported a gross performance return of -1.8% and an adjusted net asset value (NAV) return of -1.7% in January.
This compared to a -0.9% return for the S&P/NZX 50 benchmark.
The company said there was limited news flow during the month, which is typical for the January holiday period.
Infratil had the biggest impact on Kingfish's portfolio, with a decline of 11%.
Summerset, on the other hand, reported a 1% decrease.
Kingfish's share price was $1.46, representing a 7.3% discount to its NAV.
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