The metabolites produced in liquid culture by the fungus Lachnellulafuscosanguinea (Rehm) Dennis have been examined and two antifungal agents, lachnelluloic acid and lachnellulone, have been isolated. The structure of lachnelluloic acid has been established as (−)-4-hydroxy-3-octanoyl-6-pentyl-5,6-dihydro-2-pyrone (1) by chemical and spectroscopic methods. The total synthesis of racemic lachnelluloic acid, starting from 6,8-tridecanedione (6) is reported. Lachnelluloic acid (1) shows strong antifungal activity against Ceratocystisulmi, the causative agent of Dutch elm disease.