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Investment group Witan Investment Trust posted a negative annual performance that missed its benchmark.
The company's net asset value total return per share for the year through May was negative 17%, trailing a negative 5% return on its benchmark.
Witan pinned the 'disappointing' performance on a relatively large weighting to UK investments that did not perform as well as hoped, as well as being 'geared into a market fall'.
'Shareholders could be forgiven for thinking that Witan and its managers had been afflicted with a reverse Midas touch - everything we touch having seemingly turned to lead earlier in the year,' chief executive Andrew Bell said.
'The impact is all the greater coming after a strong year in 2019. I apologise to our shareholders for the poor performance experienced so far this year.'
'Rest assured that the board and everyone at Witan take the delivery of value for shareholders very seriously and this year's setback is felt keenly, not least because we are shareholders ourselves.'
'Witan's business model has delivered good returns for shareholders in most years over the past decade and the board is confident that, following a poor showing during this especially turbulent time, our managers will return to form, enhanced by the changes made and the broader range of opportunities offered by the benchmark adopted at the turn of the year.'