Two new metabolites, (4S)‐(+)‐ascochin (1a) and (S,S)‐(+)‐ascodiketone (3), together with the known compounds (3R,4R)‐(–)‐4‐hydroxymellein (2), ent‐α‐cyperone (4) and (3S,4R)‐(–)‐dihydroxy‐(6S)‐undecyl‐α‐pyranone (5) were isolated from cultures of the of the endophytic fungus Ascochyta sp. The biologically active isocoumarin derivative, (4S)‐(+)‐ascochin (1a), has an unusual substitution pattern which was confirmed by X‐ray diffraction. Its absolute configuration was determined by our solid‐state TDDFT CD methodology using the X‐ray coordinates as input for the calculation. By catalytic hydrogenation, (4S)‐(+)‐ascochin was converted into the corresponding (3S,4S)‐dihydroisocoumarin derivative 1b. The measured and TDDFT calculated CD spectra enabled studies on the correlation between absolute configuration and n‐π* transition Cotton effect. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2007)