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Investment company UIL posted a negative first-half performance, which it pinned on currency fluctuations.
The company's net asset value total return for the six months through December was negative 4.3%.
The pound appreciated against the dollar by 4.1% of that time period, and by 3.9% versus the Australian dollar.
UIL underperformed the FTSE All-Share Index total return over the same period, which was up by 5.5%.