Amerindo Internet, the fast diminishing fund run by opera backer Alberto Vilar, is meeting with increasing scepticism over the valuations it puts on the unquoted part of its portfolio.

Amerindo revealed in its results on Friday that it felt the need to write down the value of only one of the dozens of unquoted shares it holds, the bizarrely named Furniture.com. The rest of its unlisted holdings remain unchanged in its books, despite the freefall in the value of its listed shareholdings and the 70% tumble in its nearest benchmark, the Morgan Stanley internet index.