Britam Holdings Ltd., Kenya’s biggest publicly traded money manager, posted a full-year loss as the value of its traded equity holdings slid in the 12 months through December.

The company reported a 1 billion shillings ($9.88 million) loss on Tuesday after a 2.5 billion shillings profit in 2014. Its financial assets made 2.83 billion shillings loss last year after a gain of 4.1 billion shillings in the previous period.

“The downturn in the performance of the securities market has impacted the fair value of the financial assets resulting in a loss,” the company said in a statement.

Britam holds a 6.98 percent stake in Kenya’s second-largest bank by assets, Equity Group Holdings Ltd., and a 46.1 percent shareholding in mortgage lender HF Group Ltd., according to data compiled by Bloomberg. Equity shares fell by 20 percent in 2015 while those of HF Group slid 44 percent.

Britam’s board recommends a 0.30 shillings dividend per share. The share price is down 11 percent so far this year.

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