Dunedin Enterprise Investment Trust's net asset value per share rose by 5.9% in the six months to the end of June on a total return basis.
This compares with an 8.8% rise in the FTSE Small Cap Index (ex Inv. Cos).
The company said the board remained committed to maximising shareholder value through an orderly wind-down process.
Chairman Duncan Budge said: "We shall continue to pursue this either by judicious and timely sales of our fund interests on the secondary market or by continuing to hold these interests if this is likely to provide better returns to shareholders.
"We are encouraged that the pricing of realisations of quality businesses and fund interests remains buoyant, and by the general improvement in the trading performance of a number of our portfolio companies."
At 9:43am: (LON:DNE) Dunedin Enterprise Investment Trust PLC share price was +5.38p at 362.5p