Dunedin Enterprise Investment Trust's net asset per share stood at 475.7p at the end of June, compared with 505.8p at 31 December.
The company said the reduction was partly attributable to the payment of a dividend of 16p on 18 May. Taking account of this, in the half year to 30 June, the company's net asset value total return was -2.9%, compared with -4.6% for the FTSE Small Cap index.
During the six months to 30 June the share price decreased by 3.6% from 321.5p to 310p.
After allowing for the 16p dividend paid in May, this equates to a total return in the half year of +1.3%.
The share price discount to net asset value at 30 June 2016 was 34.8% compared with 36.4% at 31 December 2015.
At 2:24pm: (LON:DNE) Dunedin Enterprise Investment Trust PLC share price was 0p at 323p