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Investment company Miton UK MicroCap Trust posted a negative first-half performance.
The company's net asset value per share for the six months through October fell 7.8%, including a reinvested dividend.
The Numis All-Share rose 4.2% over the same time period, while the Numis Smaller Companies + AIM ex Investment Companies Index rose 2.4%.
Chairman Andy Pomfret said the period was characterised by fluctuating asset returns with the global economy continuing to be affected by the pandemic.
'The rise of energy prices boosted oil and gas company share prices, whilst concerns that inflationary pressures may turn out to be more persistent than originally expected led to some profit taking in other areas,' Pomfret said.
'Overall, despite the current economic and stock market challenges, we believe the prospects for the Miton UK MicroCap Trust remain attractive given the specific advantages of the strategy.'
'A good example of the ultimate potential was evident in the year to April 2021, when the trust's share price and NAV outperformed many others during the global recession, as its strategy gathered support from a wide range of investors.'