Some of the country's shrewdest and best-known investors have suffered an embarrassing change of fortune.
For the first time in more than three years, the multimillionaire share traders have failed to reap returns better than the market average, wiping $19 million off their collective wealth in the process.
Aucklandinvestment adviser David McEwen has been monitoring the portfolios of the group - Craig Heatley, Eric Watson, Peter Masfen, the Todd family, Peter Spencer, Hugh Green, Bernard McCahill, Michael Friedlander and Phil Briggs - every three months since March 1999.
In that time the value of their combined shareholdings in listed New Zealand companies has risen 39.5 per cent while the NZSE40 index, which values the market's 40 largest companies, has fallen 10.5 per cent.
But between May 2 and August 6 the fortunes of those on Mr McEwen's "smart money index" took a turn for the worse - the combined value of their shares fell 3.9 per cent when the market gained 1 per cent.
It is only the second time the smart money index, published in Mr McEwen's weekly tip sheet, McEwen Investment Report, has taken a dive.
The other time was after the dotcom bubble burst in May 2000, and until now the quarterly result of the index has always bettered the NZSE40 over the same period.
Worst hit this time were Wellington's Todd family, with $21.7 million stripped off the value of their shareholdings, mainly because of their stake in publisher INL.
But the drop is not likely to hurt too much - Mr McEwen's index covers only significant stakes in public New Zealand companies. The Todds have significant private and overseas investments, and the National Business Review Rich List estimates the family's total worth at $2 billion.
Auckland property magnate Michael Friedlander's portfolio fell $2.1 million to $17.1 million.
Wine mogul Peter Masfen's large and diverse share portfolio lost $800,000 in value, but is still worth $34.6 million.
Major Affco shareholder Peter Spencer is $6 million worse off after a large fall in the meat company's share price.
Sky Television founder Craig Heatley's portfolio dipped $450,000 to $15.5 million.
High-profile investor Eric Watson was the only member of the list to record a significant improvement in the value of his portfolio. It rose $17.5 million to $131.5 million, thanks mainly to a surge in the value of Pacific Retail Group shares.
Mr McEwen says he is sure the dose of bad luck was just an aberration.
