RAB Capital is still taking a bath on the illiquid assets that contributed to its flagship’s catastrophic losses last year.

RAB Special Situations could be up 24.3% this year, if not for those unlisted investments. The fund’s profits on its listed portfolio have soared by almost a quarter, but those gains have been all but whipped out by the 22% decline in value of the fund’s private investments, Financial News reports.

All told, Special Situations is down 1.9% in 2009, after a 10.5% jump last month. In 2008, the fund lost almost three-quarters of its value, forcing RAB to hold an investor vote to decide what to do with the battered vehicle. In September, Special Situations shareholders voted to approve a new three-year lockup in exchange for fee reductions.

Things are better for several other RAB funds. The firm’s energy fund is up more than 50% this year, while both its European credit and gold funds have returned about 20% in the first five months of the year.