Quoted venture capital investor Axiomlab has seen the value of its investments fall by a further £750,000 in the last six months, having provided for a £1.5m write-down in the first six months. At 30 April 2002, its portfolio of 12 unquoted investments, spanning software, ice-making machinery and digital storage, was valued at £4.67m. £3.13m was invested in the year. One of the investments, video software business ImageMetrics, received further funding during the period, which increased the value of AxiomLab's holding. Although it boasts a robust board and a sound investment strategy, dramatic returns for AxiomLab's shareholders might arrive later rather than sooner. Hold.