First Ontario Labour Sponsored Investment Fund Ltd. announced Thursday that a valuation adjustment has chopped about 20%, or $11 million, from the net asset value of the LSIF.

First Ontario said the valuation adjustment was made in “accordance with the fund’s valuation policy and procedures.”

Prior to the adjustment, the net asset value of thefund was $53.1 million.

In a statement, First Ontario said “The adjustment does not impact the fund’s liquid reserves, which as of today’s date, represents approximately 39% of the fund’s assets.”