The Dunedin City Council has lost some money selling its shares in mining, energy and petroleum companies.
Councillors made an ethical move to divest last year, and subsequently sold shares in four large international firms.
The council received almost $1.2m for the equities.
But that was about $380,000 less than their combined worth.
However if the council had retained those investments, their falling value would have resulted in a loss of about $150,000.
Mayor Dave Cull and some other councillors are still happy with the divestment, away from unstable industries.