The pension pot for Jersey's States workers has shrunk by almost £240m.
At the start of the year, there was more than £1.2bn in the Public Employees Contributory Retirement Scheme fund.
That fell to about £940m by the end of October - about a 20% drop for the independent pension fund.
But fund chairman Ron Amy said it was still in a good long-term position. He said despite the drop, it was still worth more than it was five years ago.