Edinburgh Dragon Trust has seen its share price more than halve in value over the past 12 months according to its preliminary results ending 31 August this year.
But it is still beating its benchmark, the MSCI All Countries Asia Free (ex Japan) Index by 9.7 per cent.
The trust's share price fell by 54.1 per cent to 33.75p. The net asset value declined by 49.5 per cent to 44.82p over the last year.
Trust chairman Tony Cassidy said that the single most important contribution to the outperformance against the index came from the decision to increase cash holdings, signalled in last year's report.