Schiehallion Fund Schiehallion - MNTN - Schiehallion Fund Annual Financial Report
08/04/2026 07:00
RNS Number : 5336Z
Schiehallion Fund Limited (The)
08 April 2026
RNS Announcement
The Schiehallion Fund Limited
Regulated Information Classification: Annual Financial and Audit Reports
Legal Entity Identifier: 213800NQOLJA1JCWXQ56
Results for the year to 31 January 2026
For further information please contact:
Alex Blake, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 0203 920 0555 or 07872 495396
8 April 2026
The following text is extracted from the Annual Report and Financial Statements of the Company for the year ended 31 January 2026 which was approved by the Board on 7 April 2026. All page numbers below refer to the Annual Report and Financial Statements which will be made available on the Company's website.
Chairperson's statement
The Schiehallion Fund Limited (the 'Company' or 'Schiehallion') seeks to generate capital growth for investors through long-term minority investments in later stage private businesses that the Company considers to have transformational growth potential and to have the potential to become publicly traded.
Investment performance
During the financial year to 31 January 2026, the Company's ordinary share net asset value ('NAV') returned 32.6% and share price returned 64.8%. The share price discount to NAV moved from a discount of 19.2% to a premium of 0.4% at the year-end. Further commentary on performance is included in the Investment Manager's report on page 9.
Over the period from 27 March 2019 (launch date) to 31 January 2026, the Company's ordinary share NAV returned 77.9% and share price returned 78.0%.
Capital allocation
Over the year to 31 January 2026, the Company bought back 11.7 million shares at a cost of approximately US$13.2 million. These buybacks all took place in the first 10 months of the financial year, with the discount narrowing materially at the end of the period.
Should the premium move to a widening discount, the Board intends to continue to allocate capital towards share repurchases. In considering whether to repurchase shares, the Board will take into account any supply and demand imbalance in the Company's shares, the discount at which the Company's shares trade, working capital requirements and the pipeline of investment opportunities.
Any share repurchases will be funded from the sale of listed investments or from selected secondary trades from the Company's private company investments.
The Company will be seeking authority to renew the buyback authority for the ordinary shares at the forthcoming Annual General Meeting ('AGM'). This authority will expire at the conclusion of the AGM in 2027.
Shareholders may recall that, at the AGM in 2024, authority was granted to allot or sell from treasury up to 102,882,390 ordinary shares. This authority expires at the AGM to be held in 2029. Further issues of ordinary shares will only be made if the Directors determine such issues to be in the best interests of shareholders and the Company as a whole.
Listing migration and tax residency
In December 2025, the Company's shares migrated from the Specialist Fund Segment and were admitted to the Closed-ended Investment Funds ('CEIF') Category of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange. This is expected to broaden the appeal and accessibility of the shares to a wider range of investors. The migration is expected to improve the Company's ability to market the shares to retail investors (where appropriate) and improve the liquidity in the shares as a result of having access to a larger pool of capital.
With effect from 1 February 2026 the Company has become tax resident in the UK and has UK investment trust status for UK tax purposes. The Company's election into the United Kingdom investment trust regime is expected to benefit the Company by aligning the Company's location more closely to its place of listing as well as to take advantage of the double taxation agreements in the UK thereby preventing future tax leakage on some of the Company's holdings. In addition, this election will also make the Company more attractive to investors who may otherwise be tax sensitive to investing in a vehicle that is tax resident outside the United Kingdom.
Costs and charges
The ongoing charges for the ordinary shares as at 31 January 2026 were 0.96% (2025 - 0.92%). The Company has a tiered management fee, which means that the benefits of scale are shared with investors. In addition, no management fee is charged on cash. The Investment Manager absorbs the majority of the valuation costs and legal costs associated with making private company investments.
Earnings and dividend
The Company's priority is to generate capital growth over the long-term. The Company therefore has no dividend target and will not seek to provide shareholders with a particular level of distribution. This year the net revenue return per ordinary share was negative 1.35 cents (year to 31 January 2025, negative 0.39 cents). The Board is recommending that no final dividend be paid.
Board
Members of the Board come from a broad variety of backgrounds, and the Board can draw on a very extensive pool of knowledge and experience. Directors' biographies can be found on pages 55 and 56. All the Directors are subject to annual re‑election at the AGM in May.
The Board continues to place significant emphasis on robust succession planning and the ongoing refreshment of its composition. As part of this succession planning, the Directors reviewed the skills and experience of the Board; considered recent and anticipated developments in the commercial and regulatory landscape; and appointed Fletcher Jones and Trust Associates to commence the search for two new Directors.
Annual General Meeting
The AGM will be held at 12.00pm GMT on Thursday 14 May 2026 at the offices of Herbert Smith Freehills Kramer LLP, Exchange House, Primrose Street, London EC2A 2EG. Shareholders are reminded that they are able to submit proxy voting forms before the applicable deadline on Tuesday 12 May 2026 and also to direct any questions for the Board or Investment Manager in advance by email to adgg-aafa-f@alterdomus.com or call Alter Domus (Guernsey) Limited on +44 (0) 1481 742 250.
The Board is seeking approval for amendments to the Company's Articles of Incorporation. Resolution 12 of the Notice of Annual General Meeting, which will be proposed as a special resolution, seeks shareholder approval for the adoption of new Articles of Incorporation (the 'New Articles'). As permitted by The Companies (Guernsey) Law, 2008, the Board is proposing to amend article 116(1) of the existing Articles of Incorporation so as to increase the aggregate annual limit on directors' fees from £430,000 per annum to £473,000 per annum to allow for an interim increase in the number of Directors to ensure a smooth transition is conducted. No other changes are being proposed.
Information on the resolutions can be found on pages 61 and 62. The Directors consider that all resolutions to be put to shareholders are in their and the Company's best interests as a whole and recommend that shareholders vote in their favour.
Investment outlook
There is a prospect of some potentially generational IPOs later in 2026, including a few companies held in the portfolio. If this transpires, it would be an important marker for some of the most sought‑after private growth companies transitioning into public markets and would also offer further liquidity for the Company to continue pursuing an attractive opportunities set across the private growth landscape.
Dr Linda Yueh CBE
Chairperson
7 April 2026
For a definition of terms see Glossary of terms and Alternative Performance Measures on pages 122 and 123.
Past performance is not a guide to future performance.
Investment Manager's review
Reflections
Schiehallion takes its name from the mountain in Perthshire, Scotland, chosen by scientists in 1774 for a Royal Society experiment that used the mountain's gravitational pull to help estimate the mean density (and therefore mass) of the Earth - an early attempt to "weigh the world". This remains an apt starting point for a portfolio seeking to hold the best private growth companies globally. We spend our time trying to take the measure of businesses that are still, by definition, not fully observable through the daily verdicts of public markets. The task is less about precision in any single moment than about building conviction over time - testing assumptions, triangulating evidence, and distinguishing enduring progress from passing noise.
If the 2026 reporting year had a defining feature for Schiehallion, it was that several of those signals aligned at once. The Company delivered a strong year in NAV terms (+32.6% for the year ended 31 January 2026) alongside an even stronger showing in the share price (+64.8% for the period). The final quarter of 2025 was particularly strong (NAV +9%; share price +23%), and this positive sentiment continued into January 2026. Consequently, by the end of the reporting year the discount to NAV in Schiehallion had been completely eliminated, with the Company trading at a slight premium of 0.4%. This was the first time this has occurred since October 2022.
These developments coincided with an important corporate milestone: the Company completed a change in listing segment on the London Stock Exchange in December 2025, moving away from the Specialist Fund Segment - reserved for professional investors and where it had traded since inception - and now being available to a wider set of shareholders. This marks an important inflection point in Schiehallion's evolution that broadens the potential shareholder base and reflects the Company's continuing maturation.
Schiehallion was established to give shareholders access to the subset of private companies that have outgrown venture capital as their natural backers yet still retain the potential to become large standalone public businesses over time. Many of the world's most innovative businesses continue to stay private for longer. A decade ago, the typical company reached the stock market in under seven years. Now that figure is closer to eleven. The result has been the emergence of private 'mega-caps' - the likes of SpaceX, ByteDance or Anthropic - companies valued in the hundreds of billions of dollars and which would rank among some of the largest public companies in their respective geographies were they to be listed.
The portfolio increasingly exhibits the natural characteristics of this evolution, providing access to a set of genuine private champions driving an emerging asymmetric return profile within the Company. We remain greatly enthused by the broader opportunity set on offer within private growth markets and are excited about providing shareholders with continued access to tomorrow's champions today.
Performance
Schiehallion's NAV progress through the financial year was driven predominantly by valuation uplifts in several of the Company's largest private holdings, alongside a more mixed experience among listed positions as public market sentiment oscillated. The three largest contributors to absolute NAV performance were Italian digital product company Bending Spoons, space infrastructure giant SpaceX, as well as the Chinese social media company ByteDance. The three largest detractors to absolute NAV performance were Indian digital media and content platform Dailyhunt (Ver Se Innovation), the sustainable chemicals business Solugen, and corporate spend management platform Brex.
Among the contributors, Bending Spoons continued to execute its acquisition-led strategy and ended the year with momentum, including announced agreements to acquire the digital internet media and content brand, AOL, as well as the shared experience marketplace, Eventbrite. The company also completed its latest funding round during the fourth quarter to support ongoing investment and future acquisitions.
SpaceX's contribution was driven most directly by secondary market signals. It was reported in December that the company would be commencing a secondary share sale that would potentially value it at US$800 billion. This ultimately resulted in a notable valuation uplift, making it the second largest holding within the portfolio (behind Bending Spoons). The company continues to exhibit arguably one of the strongest competitive advantages that we have ever seen. After the reporting period SpaceX also announced the acquisition of artificial intelligence company, xAI, potentially further strengthening the advantage around the core infrastructure it has already built in its launch and Starlink satellite businesses.
ByteDance similarly finished the year strongly, supported by a reported share auction valuation and evolving clarity around the future structure of TikTok in the US. It continues to serve as a reminder of the fertile growth opportunities on offer in a geography like China.
The detractors reflected a mix of company-specific execution challenges and the market's repricing of relevant public comparables. Dailyhunt (Ver Se Innovation) faced operational pressures in 2025, with operating revenue reported to have declined and a sharper focus on cost control and reducing burn as it tried to stabilise the business. These developments led to valuation reductions during the year.
Solugen also experienced operational headwinds during the year as it continues to work towards scaling its Bioforge facilities. Brex suffered its most material impact earlier in the year following a valuation markdown, attributed to a sharp decline in peer group valuations alongside slowing top-line growth. Shortly before the end of the reporting period it was also announced that Brex is set to be acquired by Capital One, with the transaction expected to close in the middle of 2026.
Portfolio
The fundamental health of the portfolio remains robust. Weighted average revenue growth stood at 54% for the overall portfolio at 31 December 2025 - more than two and a half times that of the Nasdaq 100 public market index - with the top ten holdings growing faster still (66%). Furthermore, 62% of the portfolio is invested in companies that were profitable on a net income basis at 31 December 2025, while only 17% of the portfolio is exposed to holdings with a cash runway of less than two years, thereby giving us confidence about the overall financial resilience across the portfolio.
By the end of the year the portfolio comprised 53 holdings, six of which are listed (11.9% of net assets). The geographic breakdown also continues to showcase the truly global nature of our opportunity set. While 54.3% of the portfolio is invested in US businesses, there are also notable allocations to Europe (20.6%), China (11.2%) and the UK (9.4%). The three largest sector exposures within the Company are Information Technology (42.3%), Industrials (21.8%) and Financials (11.9%). The ten largest companies in the portfolio comprised 58.9% of total net assets, with such concentration expected given the asymmetric return profile that we would expect to continue seeing over time.
Activity
During the year we continued to balance three capital deployment options, namely bringing new investments into the portfolio, supporting existing investments, as well as conducting share buybacks at points where we believed the prevailing discount offered an attractive deployment opportunity. Overall, the pace of deployment remained steady over the course of the year, with eight new investments entering the portfolio (compared to six in the previous reporting year). This also meant that Schiehallion reached full deployment for the first time in its history, having sold all treasury bills by the midpoint of the year. We also made seven follow-on investments in existing holdings, further supporting these names on their growth journeys. There were three complete sales of listed names, coupled with one complete sale via a secondary transaction - evidence of the continued strong competition for capital within the Company. We also utilised secondary markets to trim two positions during the period.
In 2025 we saw the public markets begin to re-engage, in a selective way, with the kind of scaled private businesses that Schiehallion targets. Within the portfolio there were two IPOs during the year, namely the US neobank, Chime Financial (in June 2025), as well as the AI-powered cardiac imaging company, HeartFlow (in August 2025). While Chime Financial has had a bumpy ride since its listing so far with the share price coming under some pressure, HeartFlow has been more resilient and proved to be a positive contributor to absolute NAV performance during the reporting year.
Separately, one of the most striking features of today's private markets is the speed with which disruption can compound once a technology shift finds genuine product and market fit. Our own investment in the AI model developer, Anthropic, during 2025 sits squarely in this context: advanced AI is changing how companies build and defend their advantage, speeding up product development, and driving greater investment in computing infrastructure and specialist talent across the economy. This is merely one example of how private growth companies are at the forefront of some of the most disruptive change we are currently seeing around us.
This is also evident among our other new investments during the period. These included: UK fintech Revolut, which is exhibiting an impressive pace of product iteration while rapidly scaling; Anduril, the US autonomous defence systems maker, which is disrupting an industry that has remained largely unchanged for decades; and Rippling, a US workforce management company exhibiting impressive growth driven by an innovative modular platform spanning HR, IT and finance. Other new US investments included Avanci (a patent licensing platform), Clear Street (a cloud-based financial infrastructure company), and Cellares (a biopharmaceutical company automating and scaling cell therapy manufacturing).
We also made one new investment in China, namely in the lifestyle content community and consumer decision-making platform, Inspire (more widely known as RedNote). This business has built high-end brand equity with affluent users and is well placed to benefit from long-term Chinese consumption trends and developments in AI.
Having reached full deployment during the period - and with competition for capital remaining strong - we also made four complete sales to help fund the aforementioned new investments. These moves comprised three listed sales, namely the online accommodation platform, Airbnb, the technology-driven health insurance provider, Oscar Health, as well as the corrective eyewear retailer, Warby Parker. We also sold online learning platform, Masterclass, via a secondary transaction.
Finally, additional portfolio activity during the year consisted of periodic listed reductions in financial technology companies Wise and Affirm, as well as precision medicine company, Tempus AI. This was coupled with reductions through secondary transactions in SpaceX (once during the reporting period and once thereafter) as well as data security and management company, Cohesity. These reductions were made for portfolio management reasons, and it is worth noting that the likes of SpaceX (second largest), Wise and Affirm (both within the top ten) remain as significant holdings within the portfolio.
Looking Forward
Despite continued geopolitical and macroeconomic uncertainty around the globe, we enter the coming year with three reasons for significant optimism. Firstly, the portfolio's fundamentals remain strong: delivering high growth, improving profitability, and having robust cash runways across the private cohort, allowing these companies to continue capitalising on their respective opportunities. Secondly, we are seeing an increasing maturity in the portfolio's largest holdings, several of which now sit among the world's most significant private companies, and continue to generate external datapoints that help validate intrinsic value. By 31 January 2026 Schiehallion held investments in six of the ten largest private growth companies in the world (by publicly available estimates). The Company therefore continues to offer an exceptionally compelling pathway for shareholders to benefit from the incredible amount of growth and innovation occurring within private markets. Finally, we cast our eyes towards our broader opportunity set, which makes us excited about pursuing new investments within the portfolio in the coming year. While the bar for entry remains high - particularly given the level of full deployment - we retain multiple avenues to create capacity over time, including the disciplined recycling of capital as liquidity events arise across the portfolio (such as IPOs or secondary transactions) and through ongoing portfolio management, ensuring we can act when truly exceptional opportunities present themselves.
Peter Singlehurst
Robert Natzler
7 April 2026
For a definition of terms see Glossary of terms and Alternative Performance Measures on pages 122 and 123.
Past performance is not a guide to future performance.
Environmental, social and governance ('ESG') considerations
Baillie Gifford's integrated approach towards the consideration of Environmental, Social and Governance ('ESG') factors when pursuing investments in high growth private companies is articulated below:
ESG in our philosophy
The Schiehallion Fund invests in companies with a minimum time horizon of five years. Using a genuine long-term approach to investment means looking beyond the narrow scope of traditional financial analysis to consider a range of factors that may affect the ability of the fund's holdings to thrive over the long term. In this regard good governance is crucial towards enabling companies to deliver on their potential. Over our investment horizon, we also believe that scalability and profitability depend not only on a company's ability to serve customers well and execute on its business model, but also on its ability to do this without jeopardising its social licence to operate. As such, we do not separate consideration of a company's role in the broader investment ecosystem from our investment work, under ESG or any other rubric. These considerations are core to long-term investing. It is the long-term nature of the growth ambition within our investment philosophy that leads us to pay special attention to the external effects of a company's operations, both positive and negative. Over periods of five years or longer these can have a profound impact on a company's relationship with customers, regulators and staff, ultimately serving as either a significant contributor or detractor to the growth of a business. Our approach is not about being a moral conscience for our clients. Instead, it is a vital part of practising the philosophy that we believe will grow the value of their capital over the long term.
ESG in our process
The consideration of material ESG factors - those that are likely to affect the financial condition or operating performance of portfolio companies - is well-suited to Baillie Gifford's approach to investing in private markets due to its long-term investment horizon and emphasis on active ownership. Baillie Gifford's Private Companies Team focuses its research into potential investments through a proprietary 10-Question research framework. These questions aim to address issues such as the scale of the opportunity, the competitive edge and potential returns, while others focus specifically on ESG-related elements.
For example, Question Four of the framework ("How will the leadership and cultural attributes help this business achieve its long-term business vision?") considers company leadership, the broader stakeholders within the workplace and whether the company cultivates an effective organisational mindset capable of delivering the mission. Question Five then focuses on external stakeholders ("Do the company's customers like them?"). This question is geared towards broader ecosystem impact and considers, among other aspects, whether the company is listening and responding well to the developing needs of a growing and changing customer base. Question Six of the framework specifically explores any material environmental and social factors in greater depth ("How do environmental and social factors create opportunities and risks?").
Beyond the research framework we also consider how we can assist specific companies, with the focus often being on governance. While we do not take active board seats, we occasionally take observer seats and frequently provide encouragement, input and introductions as companies look to evolve a stronger governance structure that is better suited for public markets.
The Private Companies Team is also supported by a wider network within and outside of Baillie Gifford. As far as ESG topics are concerned specifically, we benefit from the research and expertise of Baillie Gifford's broader team of ESG professionals, academic networks and impact and climate-focused investment teams.
ESG engagement
The Company has given discretionary voting powers to Baillie Gifford. For public holdings within the Company, the Investment Manager votes against resolutions they consider may damage shareholders' rights or economic interests.
The Company believes that it is in the shareholders' interests to consider environmental, social and governance ('ESG') factors when selecting and retaining investments and has asked the Investment Manager to take these issues into account. The Investment Manager does not exclude companies from their investment universe purely on the grounds of ESG factors but adopts a positive engagement approach whereby matters are discussed with management with the aim of improving the relevant policies and management systems and enabling the Investment Manager to consider how ESG factors could impact long-term investment returns. The Investment Manager considers governance factors across the portfolio as part of the investment case and addresses environmental and social factors in terms of material risks and opportunities. The Investment Manager's Statement of Compliance with the UK Stewardship Code can be found on the Investment Manager's website: bailliegifford.com. The Investment Manager's policy has been reviewed and endorsed by the Board. The Investment Manager, Baillie Gifford & Co, are signatories to the United Nations Principles for Responsible Investment.
By engaging with both the private and public companies within the Company's portfolio, the Investment Manager seeks to build constructive relationships with these companies to better inform investment activities and, where necessary, effect changes within holdings, ultimately with the goal of achieving better returns for shareholders. As owners of these companies at an earlier point in their overall growth journey - i.e. while they are still private - the Investment Manager is able to gain deeper and longer-term insight due to the length of these relationships. The potential continuation of these relationships through the Initial Public Offering ('IPO') and into public markets is a key reason why these companies choose Schiehallion as a partner.
Engagement topics
Due to the private nature of the majority of companies within the portfolio, we are unable to disclose the exact nature of our discussions with specific management teams. That said, there are common themes that we engage companies on, and these are pursued in line with our approach to adding value to portfolio holdings, namely around governance, capital structuring and providing network support.
• Governance
Where the Investment Manager can add value is on board composition and, more specifically, board transition. Companies within the portfolio are often transitioning from an investor-led board to an independent board as they grow. The Investment Manager supports companies to build a board of directors that is useful in the long term, including by introducing prospective independent director candidates and supporting board evolution (for example, through board observer roles, where appropriate). Owing to Baillie Gifford's decades-long experience investing in and engaging with public companies, the Investment Manager has access to a network of potential board members that can be introduced to relevant companies and can engage our internal Governance team to advise on good board composition more broadly. During the year, this included specific board-building introductions for selected portfolio holdings. At a practical level, Baillie Gifford continues to convene forums that help companies prepare for the governance demands of life in public markets, sharing learnings from across our global network and supporting the transition from investor-led to independent boards. Events in 2025 comprised CFO-focused gatherings in Scotland and Palo Alto, California, as well as Baillie Gifford's Private Companies AGM event in New York.
• Capital Structuring
The Investment Manager has continued to discuss capital structures with investee companies that have been exploring a range of different options in this regard. The Company's long‑term horizon enables the Investment Manager to offer well-aligned advice with the intention of limiting unintended and potentially destructive consequences that can arise from complicated capital structures. Across the year, engagement topics included share class structures (including dual-class considerations), non-dilutive and debt-related financing options (including venture debt and public bond considerations), and transaction structures such as SPACs/PIPEs, where relevant. When negotiating terms, the Investment Manager seeks clean terms that are well aligned with the long-term interests of shareholders.
• The IPO Process
The Investment Manager often engages with portfolio companies that are thinking about the IPO process. From a practical perspective Baillie Gifford is well placed to advise on aspects such as where to list, the range of reporting that is necessary, and employee stock options, for example. More generally advice also pertains to what kind of public company these private companies eventually want to be. During the year, this support also included acting as a sounding board on listing strategy and implementation considerations (including share class structures), and helping companies prepare for the requirements of public market investor engagement by sharing insights on public markets "storytelling" and investor relations readiness.
One year summary
The following information illustrates how The Schiehallion Fund Limited performed over the year ended 31 January 2026.
| Ordinary shares | 31 January 2026 | 31 January 2025 | % change |
| Shareholders' funds | US$1,795.91m | US$1,369.96m | |
| Net asset value* | 177.28¢ | 133.69¢ | 32.6% * |
| Share price* | 178.00¢ | 108.00¢ | 64.8% * |
| Premium/(discount)†* | 0.4% | (19.2%) | |
| Number of shares in issue | 1,013,033,907 | 1,024,738,907 | |
| Market capitalisation | US$1,803.20m | US$1,106.72m | |
| Ongoing charges†* | 0.96% | 0.92% | |
| Year ended 31 January 2026 | Year ended 31 January 2025 | ||
| Revenue loss per share | (1.35¢) | (0.39¢) |
| Year ended 31 January 2026 | Year ended 31 January 2025 | |||
| Ordinary shares | High | Low | High | Low |
| Net asset value per ordinary share | 177.28¢ | 125.08¢ | 133.89¢ | 112.90¢ |
| Share price | 180.00¢ | 83.00¢ | 120.00¢ | 57.00¢ |
| Premium/(discount)† | 0.4% | (35.1%) | (7.3%) | (52.4%) |
| Geography | Italy |
| Valuation at 31 January 2026 | US$261,386,000 |
| % of net assets | 14.6% |
| Valuation at 31 January 2025 | US$111,244,000 |
| % of net assets | 8.1% |
| Net purchases/(sales) in the year | US$9,965,000 |
| Geography | United States |
| Valuation at 31 January 2026 | US$243,490,000 |
| % of net assets | 13.6% |
| Valuation at 31 January 2025 | US$128,811,000 |
| % of net assets | 9.4% |
| Net purchases/(sales) in the year | (US$24,999,000) |
| Geography | China |
| Valuation at 31 January 2026 | US$139,178,000 |
| % of net assets | 7.7% |
| Valuation at 31 January 2025 | US$85,177,000 |
| % of net assets | 6.2% |
| Net purchases/(sales) in the year | - |
| Geography | United States |
| Valuation at 31 January 2026 | US$80,168,000 |
| % of net assets | 4.5% |
| Valuation at 31 January 2025 | US$39,029,000 |
| % of net assets | 2.8% |
| Net purchases/(sales) in the year | - |
| Geography | United Kingdom |
| Valuation at 31 January 2026 | US$72,762,000 |
| % of net assets | 4.1% |
| Valuation at 31 January 2025 | US$36,275,000 |
| % of net assets | 2.6% |
| Net purchases/(sales) in the year | - |
| Geography | United Kingdom |
| Valuation at 31 January 2026 | US$63,730,000 |
| % of net assets | 3.5% |
| Valuation at 31 January 2025 | US$83,229,000 |
| % of net assets | 6.1% |
| Net purchases/(sales) in the year | (US$13,571,000) |
| Geography | United States |
| Valuation at 31 January 2026 | US$51,874,000 |
| % of net assets | 2.9% |
| Valuation at 31 January 2025 | US$39,796,000 |
| % of net assets | 2.9% |
| Net purchases/(sales) in the year | - |
| Geography | United States |
| Valuation at 31 January 2026 | US$49,857,000 |
| % of net assets | 2.8% |
| Valuation at 31 January 2025 | US$79,224,000 |
| % of net assets | 5.9% |
| Net purchases/(sales) in the year | (US$35,047,000) |
| Geography | Portugal |
| Valuation at 31 January 2026 | US$46,245,000 |
| % of net assets | 2.6% |
| Valuation at 31 January 2025 | US$20,790,000 |
| % of net assets | 1.5% |
| Net purchases/(sales) in the year | US$1,671,000 |
| Geography | United States |
| Valuation at 31 January 2026 | US$45,957,000 |
| % of net assets | 2.6% |
| Valuation at 31 January 2025 | - |
| % of net assets | - |
| Net purchases/(sales) in the year | US$25,000,000 |
| The Schiehallion Fund Limited* | |
| Instruments valued | 492 |
| Instruments held | 90 |
| Percentage of portfolio revalued up to 4 times | 34.4% |
| Percentage of portfolio revalued 5 or more times | 65.6% |
| Name | Business | Country | 2026 Total value US$'000 | 2026 % of net assets | 2025 Total value US$'000 | 2025 % of net assets |
| Bending Spoons | Mobile application software operator | Italy | 261,386 | 14.6 | 111,244 | 8.1 |
| Space Exploration Technologies | Designs, manufactures and launches rockets, spacecraft and satellites | United States | 243,490 | 13.6 | 128,811 | 9.4 |
| ByteDance | Social media company | China | 139,178 | 7.7 | 85,177 | 6.2 |
| Databricks | Data software solutions | United States | 80,168 | 4.5 | 39,029 | 2.8 |
| Wayve | AI based software for self-driving cars | United Kingdom | 72,762 | 4.1 | 36,275 | 2.6 |
| WiseP | Online provider of cross-border money transfer services | United Kingdom | 63,730 | 3.5 | 83,229 | 6.1 |
| Stripe | Online payment platform | United States | 51,874 | 2.9 | 39,796 | 2.9 |
| AffirmP | Fintech providing lending and consumer credit services | United States | 49,857 | 2.8 | 79,224 | 5.9 |
| Tekever | Surveillance-as-a-service technology | Portugal | 46,245 | 2.6 | 20,790 | 1.5 |
| Anthropic | AI safety and research | United States | 45,957 | 2.6 | - | - |
| Vinted | Online marketplace | Lithuania | 37,110 | 2.1 | 23,430 | 1.7 |
| HeartFlowP | Medical technology company | United States | 33,619 | 1.9 | 15,925 | 1.2 |
| Chi Forest Technology | Non-alcoholic beverages | China | 33,139 | 1.8 | 21,973 | 1.6 |
| Tempus AIP | Offers molecular diagnostics tests for cancer and aggregates clinical oncology records | United States | 32,637 | 1.8 | 46,435 | 3.4 |
| Revolut | Neobank and fintech company that offers a wide range of financial services | United Kingdom | 31,915 | 1.8 | - | - |
| Anduril Industries | Software and hardware based defence systems | United States | 30,199 | 1.7 | - | - |
| Clear Street Group | Financial technology company | United States | 30,000 | 1.7 | - | - |
| PsiQuantum | Silicon photonic quantum computing | United States | 27,827 | 1.5 | 23,536 | 1.7 |
| Epic Games | Gaming platform | United States | 27,404 | 1.5 | 27,018 | 2.0 |
| Faire Wholesale | Online wholesale marketplace | United States | 26,864 | 1.5 | 27,997 | 2.0 |
| Flix | European long-distance bus and train provider | Germany | 24,140 | 1.3 | 24,114 | 1.8 |
| Inspire | Social networking and e-commerce platform | China | 24,000 | 1.3 | - | - |
| Bolttech | Global insurance platform services | Singapore | 23,941 | 1.3 | 20,000 | 1.5 |
| Nuro | Delivery business, using self-driving purpose-built electric vehicles | United States | 23,568 | 1.3 | 14,870 | 1.1 |
| Rappi | Provider of an on-demand delivery platform designed to connect consumers with local stores | United States | 20,745 | 1.2 | 23,190 | 1.7 |
| Kepler Computing | Semiconductor company | United States | 20,043 | 1.1 | 20,221 | 1.5 |
| Avanci | Application software | United States | 20,000 | 1.1 | - | - |
| Zetwerk Manufacturing | Fabricated metal products | India | 19,320 | 1.1 | 19,488 | 1.4 |
| Brex | Corporate credit cards for startups | United States | 19,075 | 1.1 | 28,014 | 2.1 |
| Rippling (People Center) | US software company | United States | 18,304 | 1.0 | - | - |
| Chime FinancialP | Digital banking platform | United States | 17,246 | 1.0 | 24,987 | 1.9 |
| Superhuman Platform (Grammarly) | Online platform for checking grammar, spelling and improving written communication | United States | 16,705 | 0.9 | 25,435 | 1.9 |
| Solugen | Solugen exists to scale synthetic biology and bring green chemicals to the world | United States | 15,651 | 0.9 | 30,301 | 2.2 |
| OddityP | Online direct-to-customer skincare and cosmetics | United States | 15,270 | 0.9 | 22,180 | 1.6 |
| Cellares | Biotech company providing robust and reproducible cell therapy | United States | 15,000 | 0.8 | - | - |
| Merlin Labs | Autonomous flight technology | United States | 14,654 | 0.8 | 13,483 | 1.0 |
| Tanium | Provides security and systems management solutions | United States | 14,274 | 0.8 | 15,698 | 1.2 |
| Runway AI | Artificial Intelligence based applications developer | United States | 13,494 | 0.8 | 10,000 | 0.7 |
| Dailyhunt (Ver Se Innovation) | Telephone voice, data, text messaging, and roaming services | India | 10,257 | 0.6 | 34,314 | 2.5 |
| Tenstorrent | Processor architecture and software solutions | United States | 9,619 | 0.5 | 10,000 | 0.7 |
| Workrise Technologies | Online platform connecting contractors with work | United States | 9,527 | 0.5 | 14,467 | 1.1 |
| Pet Circle (Millell) | Pet food and accessories | Australia | 9,445 | 0.5 | 12,945 | 1.0 |
| Away (JRSK) | Manufactures luggage | United States | 9,059 | 0.5 | 8,411 | 0.6 |
| Honor Technology | Provider of home-care services | United States | 8,376 | 0.5 | 7,877 | 0.5 |
| Loft | Online property platform | Brazil | 8,010 | 0.4 | 9,763 | 0.6 |
| Cohesity Global | Storage provider | United States | 7,752 | 0.4 | 11,302 | 0.8 |
| Bottle Planet | Producer of alcoholic beverages | China | 7,695 | 0.4 | 8,756 | 0.6 |
| Carbon | Manufactures and develops 3D printers | United States | 4,453 | 0.2 | 6,701 | 0.5 |
| Illumina CVR | Gene sequencing equipment and consumables | United States | 75 | <0.1 | 407 | <0.1 |
| Indigo Agriculture | Agricultural technology company | United States | 15 | <0.1 | 100 | <0.1 |
| Blockstream | Financial software developer | Canada | - | - | 339 | <0.1 |
| McMakler | Digital real estate broker | Germany | - | - | 2,079 | 0.2 |
| Northvolt | Battery developer and manufacturer | Sweden | - | - | 600 | <0.1 |
| Total investments | 1,785,074 | 99.4 | ||||
| Cash | 13,001 | 0.7 | ||||
| Other current assets and liabilities | (2,167) | (0.1) | ||||
| Net current assets | 10,834 | 0.6 | ||||
| Total net assets | 1,795,908 | 100.0 |
| Listed investments % | Private company investments % | Net current assets % | Net assets % | |
| 31 January 2026 | 11.9 | 87.5 | 0.6 | 100.0 |
| 31 January 2025 | 21.3 | 72.9 | 5.8 | 100.0 |
| Name | 2026 Total value US$'000 | 2026 % of net assets | 2025 Total value US$'000 | 2025 % of net assets |
| Listed investments | 212,434 | 11.9 | 290,843 | 21.3 |
| Private company investments | 1,572,640 | 87.5 | 999,607 | 72.9 |
| US Treasury Bills | - | - | 77,334 | 5.6 |
| Cash and cash equivalents | 13,001 | 0.7 | 6,118 | 0.5 |
| Net current assets less capital gains tax provision | (2,167) | (0.1) | (3,945) | (0.3) |
| Total net assets | 1,795,908 | 100.0 | 1,369,957 | 100.0 |
| Company metrics | Capital deployed * | Number of private company acquisitions | Number of IPOs/listings | Gross Internal Rate of Return (IRR) * | Gross Multiple on Invested Capital (MOIC) * | |
| Since launch | US$1,376m | 63 | 11 | 10.6% | 1.5 |
| 1 year % | 3 years % | 5 years % | Since inception % * | |
| Share price | 64.8% | 93.5% | (1.1%) | 78.0% |
| NAV | 32.6% | 48.5% | 20.6% | 77.9% |
| Contributors† | Contribution to absolute performance (%) * | Absolute return (%)# |
| Bending Spoons | 11.7 | 125.8 |
| Space Exploration Technologies | 9.5 | 127.6 |
| ByteDance | 4.4 | 63.4 |
| Databricks | 2.8 | 105.4 |
| Tekever | 2.6 | 112.7 |
| Detractors† | Contribution to absolute performance (%)* | Absolute return (%)# |
| Dailyhunt (Ver Se Innovation) | (2.1) | (70.1) |
| Solugen | (1.3) | (48.4) |
| Brex | (0.9) | (31.9) |
| Superhuman Platform (Grammarly) | (0.8) | (34.3) |
| Chime FinancialP | (0.7) | (31.0) |
| Geographical | % at 31 January 2026 | % at 31 January 2025 | Number of investments at 31 January 2026 |
| United States | 54.3 | 56.8 | 34 |
| Italy | 14.6 | 8.1 | 1 |
| China | 11.2 | 8.4 | 4 |
| United Kingdom | 9.4 | 8.7 | 3 |
| Portugal | 2.6 | 1.5 | 1 |
| Lithuania | 2.1 | 1.7 | 1 |
| India | 1.7 | 3.9 | 2 |
| Germany | 1.3 | 2.0 | 2 |
| Singapore | 1.3 | 1.5 | 1 |
| Australia | 0.5 | 1.0 | 1 |
| Brazil | 0.4 | 0.6 | 1 |
| Canada | - | <0.1 | 1 |
| Sweden | - | <0.1 | 1 |
| Net current assets | 0.6 | 5.8 |
| Sectoral | % at 31 January 2026 | % at 31 January 2025 | Number of investments at 31 January 2026 |
| Information technology | 42.3 | 30.6 | 20 |
| Industrials | 21.8 | 15.9 | 7 |
| Financials | 11.9 | 17.0 | 6 |
| Communication services | 8.3 | 8.8 | 2 |
| Healthcare | 5.0 | 5.1 | 5 |
| Consumer discretionary | 4.6 | 8.6 | 5 |
| Consumer staples | 3.1 | 3.8 | 4 |
| Materials | 2.0 | 3.6 | 2 |
| Real estate | 0.4 | 0.8 | 2 |
| Net current assets | 0.6 | 5.8 |
| Investment and strategic risk | ||||
| Liquidity of investments | What is the risk? The Company's investments are predominantly in private investee companies or companies which have recently completed an IPO. Such investments may not be liquid or may have restrictions on sale or transfer of shares. This may limit the Company's ability to realise investments at short notice or at all. | How is it managed? By diversification of the portfolio, in accordance with the Company's investment limits and risk diversification policies. | Rating and change ─ | Current assessment of risk Risk Level: Moderate Stable: The Company has not seen any significant impact on underlying liquidity of investments, however, there are signs that the IPO market is opening up. |
| Market, economic, political and environmental risks | What is the risk? From time to time a large proportion of the total value of the Company's portfolio could be concentrated in a limited number of investee companies, which could be adversely affected by an unexpected change in their markets, by governmental intervention or by a reputational issue. This could have a material impact on the overall value of the Company's portfolio and consequential adverse effects on the Company's share price. | How is it managed? The Board assesses this risk by considering, at each meeting, metrics which have contributed to performance as well as discussion with the portfolio managers on specific conditions which the underlying investee companies face. This risk is also managed by the Company's investment diversification policy. | Rating and change ↑ | Current assessment of risk Risk Level: High Increasing: This risk is considered to be increasing as governments and consumers around the world continue to assess the impact of heightened geopolitical tensions and conflicts as well as challenging macroeconomic conditions. |
| Valuation risk | What is the risk? The Company invests in late stage private businesses which are valued in accordance with International Private Equity and Venture Capital Valuation ('IPEV') Guidelines using appropriate valuation methods. Such methods include an element of judgement which may lead to a material mis-statement of the valuation and consequently of the Company's net asset value. | How is it managed? The Investment Manager has a robust valuation methodology, which is applied consistently. The Investment Manager's valuation process revalues each of the private company investments every 3 months and additional valuations are carried out in response to trigger events to ensure the investments are carried at fair value. The valuation process is overseen by the Private Companies Valuations Group at Baillie Gifford which is independent from the portfolio managers and which takes advice from an independent third party (S&P Global). The valuations are subject to review and challenge by the Board every 6 months and are subject to scrutiny annually by the external Auditor. | Rating and change ─ | Current assessment of risk Risk Level: Moderate Stable: This risk is seen as stable. In periods of market volatility the Private Company Valuations Group will perform trigger analyses and, if appropriate, revalue the affected investments, as described in the report on page 27. |
| Investment strategy risk | What is the risk? Pursuing an investment strategy to fulfil the Company's objective which the market perceives to be unattractive or inappropriate, or ineffective implementation of the Company's investment strategy, may lead to reduced returns for shareholders and, as a result, decreased demand for the Company's shares. This may lead to the Company's shares trading at a widening discount to their net asset value. | How is it managed? The Board regularly reviews and monitors the Company's investment policy and strategy, the investment portfolio and its performance, the level of discount/premium to net asset value at which the shares trade and movements in the share register. A strategy meeting is also held annually. In addition, the Investment Manager keeps in close contact with key shareholders and provides regular feedback to the Board. | Rating and change ─ | Current assessment of risk Risk Level: Moderate Stable: This risk is considered to be stable as there are signs that the market's appetite for growth stocks, typically held by the Company, is recovering. The listing migration in December lead to the shares being accessible to a wider pool of investors and consequently demand for the Company's shares increased. |
| Discount risk | What is the risk? The discount/premium at which the Company's shares trade relative to its net asset value can change. Such an imbalance can diminish the attractiveness of the Company's shares to existing investors and lead to a lack of liquidity in the Company's share trading. | How is it managed? The Board monitors the level of discount/premium at each Board meeting. The Company has authorities in place to buy back or issue shares, when deemed to be in the best interests of the Company and its shareholders. | Rating and change ↓ | Current assessment of risk Risk Level: Moderate Decreasing: The discount narrowed over the year to 31 January 2026. The Directors continue to buy back shares when it is deemed to be in the best interests of the Company and its shareholders. |
| Climate and governance risk | What is the risk? Perceived problems on environmental, social and governance ('ESG') matters in an investee company could lead to that company's shares being less attractive to investors, adversely affecting its share price, in addition to potential valuation issues arising from any direct impact of the failure to address the ESG weakness on the operations or management of the investee company (for example in the event of an industrial accident or spillage). Repeated failure by the Investment Manager to identify ESG weaknesses in investee companies could lead to the Company's own shares being less attractive to investors, adversely affecting its own share price. In addition, the valuation of investments could be impacted by climate change due to climate-related operational challenges, changes in end demand or failure to identify a pathway to Net Zero. | How is it managed? This is mitigated by the Investment Manager's ESG stewardship and engagement policies, which are integrated into the investment process, as well as the extensive upfront and ongoing due diligence which the Investment Manager undertakes on each investee company. This includes the risk inherent in climate change (see page 70). | Rating and change ─ | Current assessment of risk Risk Level: Low Stable: The Investment Manager continues to employ strong ESG stewardship and engagement policies. Active engagement with portfolio companies and increased focus on climate and governance strategy implementation lead to a decrease in the rating to low. |
| External risks | ||||
| Political and associated economic risk | What is the risk? Global political changes resulting in policy changes in areas in which the Company invests or may invest may have practical consequences for the Company and impact financial performance. | How is it managed? Political developments and other social trends are closely monitored by the Board and are regularly discussed at Board meetings. | Rating and change ↑ | Current assessment of risk Risk Level: High Increasing: This risk is increasing as governments and consumers around the world continue to assess the impact of ongoing conflicts and global economic and political tensions. |
| Legal and regulatory risk | What is the risk? Changes to the regulatory environment could negatively impact the Company. Failure to comply with applicable legal, regulatory and tax requirements could lead to suspension of the Company's Stock Exchange listing, financial penalties, a qualified Audit Report or the Company being subject to tax on capital gains. | How is it managed? To mitigate this risk, Baillie Gifford's Business Risk, Internal Audit and Compliance Departments provide regular reports to the Audit Committee on Baillie Gifford's monitoring programmes. The Administrator provides regular compliance reports to the Audit Committee to confirm the relevant Guernsey submissions are made to protect the legal and tax status of the Company. Major regulatory change could impose disproportionate compliance burdens on the Company. In such circumstances representation is made to ensure that the special circumstances of investment companies are recognised. Shareholder documents and announcements, including the Company's published Interim and Annual Report and Financial Statements, are subject to stringent review processes and procedures are in place to ensure adherence to the Transparency Rules and the Market Abuse Regulations with reference to inside information. | Rating and change ─ | Current assessment of risk Risk Level: Low Stable: All control procedures are deemed to be working effectively. There have been no material regulatory changes that have occurred during the year. |
| Operational risks | ||||
| Performance and reliance on third party service providers | What is the risk? In common with most other investment companies the Company has no direct employees and relies entirely for its operations on third party service providers. Failure of the Investment Manager's systems or those of another service provider, such as the Custodian and Depositary, could lead to an inability to accurately report or lead to a misappropriation of assets. | How is it managed? The Audit Committee receives six monthly reports from the Investment Manager's Business Risk Department on their monitoring programme of internal controls. The Audit Committee also receives ISAE 3402 or equivalent reports on the Investment Manager and other service providers. These reports are reviewed by Baillie Gifford's Business Risk Department and a summary of the key points is reported to the Audit Committee and any concerns are investigated. | Rating and change ─ | Current assessment of risk Risk Level: Low Stable: All control procedures are deemed to be working effectively. Portfolio management and all regulatory and administrative tasks have continued uninterrupted during the year. |
| Cyber security threats | What is the risk? Errors, fraud or control failures by the Company's key service providers or loss of data through increasing cyber threats or business continuity interruptions could damage the Company's reputation or investors' interests or result in losses. | How is it managed? The Audit Committee receives confirmation that key service providers have appropriate cyber/IT policies to ensure that controls are in place including business continuity and disaster recovery arrangements. | Rating and change ↑ | Current assessment of risk Risk Level: High Increasing: This risk is seen as increasing due to recent indications that the continuation of geopolitical tensions could lead to more cyber attacks. Emerging technologies, including AI, could potentially increase information security risks. In addition, service providers operate a hybrid approach of remote and office working, thereby increasing the potential of a cyber security threat. |
| Key professionals | What is the risk? Loss of key professionals, particularly in relation to the Investment Manager could impact the Company's ability to implement its investment strategy. | How is it managed? The Board reviews the Investment Manager's performance annually as well as the resources of the Investment Manager for attracting and retaining talent. | Rating and change ─ | Current assessment of risk Risk Level: Low Stable: All procedures are satisfactory. |
| Emerging risks | As explained on pages 68 to 69 the Board has regular discussions on principal risks and uncertainties, including any risks which are not an immediate threat but could arise in the longer term. Emerging risks are considered under the categories noted above rather than included as discrete risks. | |||
| Stakeholder | Why we engage | How we engage and what we do |
| Shareholders | Shareholders are, collectively, the Company's owners: providing them with a return for their investment in accordance with the Company's investment policy and objective is the reason for its existence. | The Board places great importance on communication with shareholders. The Annual General Meeting provides an opportunity for the Board and Investment Manager to present to shareholders on the Company's performance, future plans and prospects. It also allows shareholders the opportunity to meet with the Board and Investment Manager and raise questions and concerns. The Chairperson and Senior Independent Director are available to meet with shareholders as appropriate and met with major shareholders during the year. The Investment Manager meets regularly with shareholders and their representatives, reporting their views back to the Board. Directors also attend certain shareholder presentations, in order to gauge shareholder sentiment first hand. Shareholders may also communicate with members of the Board at any time by writing to them at the Company's registered office or to the Company's broker. These communication opportunities help inform the Board when considering how best to promote the success of the Company for the benefit of all shareholders over the long term. |
| Stakeholder | Why we engage | How we engage and what we do |
| Baillie Gifford, Investment Manager and Alter Domus, Administrator and Secretaries | The Company's Board has delegated the management of the Company's portfolio to Baillie Gifford and the administration of the Company's operations including fulfilment of regulatory and taxation reporting requirements to Alter Domus. Baillie Gifford and Alter Domus are therefore responsible for the substantial activities of the Company and have the most immediate influence on its conduct towards the other stakeholders, subject to the oversight and strategic direction provided by the Board. | The Board seeks to engage with its Investment Manager, Administrator and other service providers in a collaborative and collegiate manner, encouraging open and constructive discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships with the Company's providers, with a view to ensuring the interests of the Company's shareholders are best served by keeping cost levels proportionate and competitive, and by maintaining the highest standards of business conduct. |
| Portfolio companies | As all of the Company's operations are conducted by third party professional providers, it is the companies held in its investment portfolio which have the primary real-world impact in terms of social and environmental change, both positively and negatively, as well as generating, through their commercial success, the investment growth sought by the Company's shareholders. The investee companies have an interest in understanding their shareholders' investment rationale in order to assure themselves that long-term business strategies will be supported. | The Board is cognisant of the need to consider the impact of the Company's investment strategy and policy on wider society and the environment. The Board considers that its oversight of environmental, social and governance ('ESG') matters is an important part of its responsibility to all stakeholders. The Board's review of the Investment Manager includes an assessment of their ESG approach and its application in making investment decisions. The Board reviews Governance Engagement reports, which document the Investment Manager's interactions with investee companies on ESG matters (see pages 29 to 31). The portfolio managers regularly report to the Board on discussions with portfolio companies on operational and strategic matters. |
| Broker | The Company's brokers provide an interface between the Company's Board and its institutional shareholders. | The Company's brokers regularly attend Board meetings, and provide reports to those meetings, in order to keep the Board apprised of shareholder and wider market sentiment regarding the Company. They also arrange opportunities for shareholders to meet the Chairperson outside the normal general meeting cycle. |
| Registrar | The Company's registrars provide an interface with those shareholders who hold the Company's shares directly. | The Investment Manager liaises with the registrars to ensure the frequency and accuracy of communications to shareholders is appropriate, and monitor shareholder correspondence to ensure that the level of service provided by the registrar is acceptable. The Investment Manager's risk function reviews the registrar's internal controls report and reports on the outcome of this review to the Board. |
| Auditor | The Company's Auditor has a responsibility to provide an opinion on whether the Company's Financial Statements present a true and fair view of the state of affairs of the Company and its profit or loss for the period, and as a whole are free from material misstatement, as set out in more detail in the Auditor's report to the Members on page 79. | The Company's Auditor meets with the Audit Chair and the Audit Committee, in the absence of the Investment Manager where deemed necessary, and the Investment Manager, Company Secretary and Administrator undertake to provide all information requested by the Auditor in connection with the Company's annual audit promptly and to ensure that it is complete and accurate in all respects. |
| Depositary and Custodian | The Depositary is responsible for the safekeeping of the Company's financial instruments, as set out in more detail on page 59. | The Depositary provides the Audit Committee with a report on its monitoring activities. The Investment Manager's Business Risk team reviews the relevant Bank of New York Mellon internal controls report and reports any relevant matters to the Audit Committee. The Board and Investment Manager seeks to engage with the Depositary and Custodian in a collaborative and collegiate manner, encouraging open and constructive discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships, with a view to ensuring the interests of the Company's shareholders are best served by keeping cost levels proportionate and competitive, and by maintaining the highest standards of business conduct. |
| AIC/industry peers | The Association of Investment Companies ('AIC') and the Company's investment trust industry peers have an interest in the Company's conduct and performance, as adverse market sentiment towards one investment trust can affect attitudes towards the wider industry. | The Company is a member of the AIC, and the Directors and or the Investment Manager and Secretaries (as appropriate) participate in technical reviews, requests for feedback on proposed legislation or regulatory developments, corporate governance discussions and/or training. |
| Investment platforms | Investment platforms provide an interface with shareholders who invest in the Company indirectly. | The Investment Manager liaises with the various investment platforms on strategies for improving communications with the Company's shareholders who hold their shares via these platforms. An annual timetable of key dates is published on the Company's website, for the ease of reference of such shareholders. |
| Wider society and the environment | No entity, corporate or otherwise, can exist without having an influence on the society in which it operates or utilising the planet's resources. Through its third-party relationships, as noted above, the Company seeks to be a positive influence and, in circumstances where that is not possible, to mitigate its negative impacts insofar as is possible. The primary real-world impact of the Company's operations are through the companies held in its investment portfolio - please refer to 'Portfolio companies' section above. | The Board and Investment Manager's interactions with the various stakeholders as noted above form the principal forms of direct engagement with wider society and in respect of the environment (commercial, financial, and in terms of planetary health and resources). |
| Regulatory bodies | Engagement with regulatory bodies is important to ensure effective compliance with law and regulation. Failure to maintain good relations with regulatory bodies, or comply with relevant law and regulation, could lead to penalties and damage the Company's reputation. Regulatory risk can be mitigated by making representations to regulators regarding the specific circumstances of investment companies. | The Investment Manager engages regularly with the Financial Reporting Council ('FRC') and where required the Guernsey Financial Services Commission ('GFSC') and reports to the Board. |
| Notes | 2026 Revenue US$'000 | 2026 Capital US$'000 | 2026 Total US$'000 | 2025 Revenue US$'000 | 2025 Capital US$'000 | 2025 Total US$'000 | |
| Gains on investments | 7 | - | 452,482 | 452,482 | - | 158,543 | 158,543 |
| Currency gains | - | 117 | 117 | - | 15 | 15 | |
| Income | 2 | 1,716 | - | 1,716 | 7,509 | - | 7,509 |
| Investment management fee | 3 | (12,712) | - | (12,712) | (9,562) | - | (9,562) |
| Other administrative expenses | 4 | (2,794) | - | (2,794) | (1,956) | - | (1,956) |
| Operating profit/(loss) before taxation | (13,790) | 452,599 | 438,809 | (4,009) | 158,558 | 154,549 | |
| Tax on ordinary activities | - | 317 | 317 | - | 517 | 517 | |
| Profit/(loss) and total comprehensive income/(loss) for the year attributable to ordinary shareholders | (13,790) | 452,916 | 439,126 | (4,009) | 159,075 | 155,066 | |
| Earnings/(loss) per ordinary share | (1.35¢) | 44.49¢ | 43.14¢ | (0.39¢) | 15.49¢ | 15.10¢ |
| Notes | 2026 US$'000 | 2026 US$'000 | 2025 US$'000 | 2025 US$'000 | |
| Non-current assets | |||||
| Investments held at fair value through profit or loss | 7 | 1,785,074 | 1,290,450 | ||
| Current assets | |||||
| US Treasury Bills | - | 77,334 | |||
| Cash and cash equivalents | 13,001 | 6,118 | |||
| Debtors | 1,922 | 1,427 | |||
| 14,923 | 84,879 | ||||
| Current liabilities | |||||
| Amounts falling due within one year | (4,089) | (5,055) | |||
| Net current assets | 10,834 | 79,824 | |||
| Non-current liabilities | |||||
| Amounts falling due after more than one year: | |||||
| Provision for tax liability | - | (317) | |||
| Net assets | 1,795,908 | 1,369,957 | |||
| Capital and reserves | |||||
| Share capital | 8 | 1,209,208 | 1,209,208 | ||
| Capital reserve | 610,191 | 170,450 | |||
| Capital redemption reserve | 7,296 | 7,296 | |||
| Revenue reserve | (30,787) | (16,997) | |||
| Ordinary shareholders' funds | 1,795,908 | 1,369,957 | |||
| Net asset value per ordinary share | 177.28¢ | 133.69¢ | |||
| Number of ordinary shares in issue | 8 | 1,013,033,907 | 1,024,738,907 | ||
| Notes | Share capital US$'000 | Capital reserve US$'000 | Capital redemption reserve US$'000 | Revenue reserve US$'000 | Shareholders' funds US$'000 | |
| Shareholders' funds at 1 February 2025 | 1,209,208 | 170,450 | 7,296 | (16,997) | 1,369,957 | |
| Ordinary shares bought back | - | (13,175) | - | - | (13,175) | |
| Total comprehensive income/(loss) | - | 452,916 | - | (13,790) | 439,126 | |
| Shareholders' funds at 31 January 2026 | 1,209,208 | 610,191 | 7,296 | (30,787) | 1,795,908 |
| Notes | Share capital US$'000 | Capital reserve US$'000 | Capital redemption reserve US$'000 | Revenue reserve US$'000 | Shareholders' funds US$'000 | |
| Shareholders' funds at 1 February 2024 | 1,213,903 | 15,621 | 2,601 | (12,988) | 1,219,137 | |
| Ordinary shares bought back | (4,695) | (4,246) | 4,695 | - | (4,246) | |
| Total comprehensive income/(loss) | - | 159,075 | - | (4,009) | 155,066 | |
| Shareholders' funds at 31 January 2025 | 1,209,208 | 170,450 | 7,296 | (16,997) | 1,369,957 |
| Notes | 2026 US$'000 | 2026 US$'000 | 2025 US$'000 | 2025 US$'000 | |
| Cash flows from operating activities | |||||
| Operating profit before taxation | 438,809 | 154,549 | |||
| US Treasury Bills interest | 2 | (824) | (6,705) | ||
| Net gains on investments | (452,482) | (158,543) | |||
| Currency gains | (117) | (15) | |||
| Changes in debtors and creditors | (1,353) | 910 | |||
| Net cash used in operating activities* | (15,967) | (9,804) | |||
| Cash flows from investing activities | |||||
| Acquisitions of US Treasury Bills | - | (151,064) | |||
| Disposals of US Treasury Bills | 78,159 | 247,928 | |||
| Acquisitions of investments | 7 | (194,966) | (121,914) | ||
| Disposals of investments | 7 | 152,824 | 33,788 | ||
| Net cash used in investing activities | 36,017 | 8,738 | |||
| Cash flows from financing activities | |||||
| Ordinary shares bought back | (13,284) | (4,137) | |||
| Net cash outflow from financing activities | (13,284) | (4,137) | |||
| Net decrease in cash and cash equivalents | 6,766 | (5,203) | |||
| Effect of exchange rate fluctuations on cash and cash equivalents | 117 | 15 | |||
| Cash and cash equivalents at 1 February | 6,118 | 11,306 | |||
| Cash and cash equivalents at 31 January | 13,001 | 6,118 |
| 2026 US$'000 | 2025 US$'000 | ||||
| Cash and cash equivalents comprise the following: | |||||
| Cash at bank | 13,001 | 6,118 | |||
| 2026 US$'000 | 2025 US$'000 | ||
| US Treasury Bill interest | 824 | 6,705 | |
| Overseas interest | 525 | 392 | |
| Deposit interest | 367 | 412 | |
| Total income | 1,716 | 7,509 |
| 2026 US$'000 | 2025 US$'000 | ||
| Investment Management fee | 12,712 | 9,562 |
| 2026 US$'000 | 2025 US$'000 | ||
| General administrative expenses | 1,485 | 944 | |
| Administrator's fee | 119 | 112 | |
| Auditor's remuneration for audit and non-audit services* | 504 | 260 | |
| Directors' fees | 446 | 395 | |
| Depositary and custody fees | 115 | 144 | |
| Registrar fees | 52 | 39 | |
| Marketing† | 73 | 62 | |
| 2,794 | 1,956 |
| Year ended 31 January 2026 | Year ended 31 January 2025 | ||||
| Ordinary shares | US$'000 | ¢ | US$'000 | ¢ | |
| Revenue return on ordinary activities after taxation | (13,790) | (1.35) | (4,009) | (0.39) | |
| Capital return on ordinary activities after taxation | 452,916 | 44.49 | 159,075 | 15.49 | |
| Profit and total comprehensive income for the year | 439,126 | 43.14 | 155,066 | 15.10 | |
| Weighted average number of ordinary shares in issue | 1,018,052,112 | 1,027,245,710 | |||
| As at 31 January 2026 | Level 1 US$'000 | Level 2 US$'000 | Level 3 US$'000 | Total US$'000 | |
| Listed equities | 212,434 | - | - | 212,434 | |
| Private company ordinary shares/warrants | - | - | 481,655 | 481,655 | |
| Private company preference shares* | - | - | 1,065,201 | 1,065,201 | |
| Private company convertible promissory notes | - | - | 25,784 | 25,784 | |
| Total financial asset investments | 212,434 | - | 1,572,640 | 1,785,074 |
As at 31 January 2025 | Level 1 US$'000 | Level 2 US$'000 | Level 3 US$'000 | Total US$'000 | |
| Listed equities | 290,843 | - | - | 290,843 | |
| Private company ordinary shares/warrants | - | - | 280,083 | 280,083 | |
| Private company preference shares* | - | - | 712,041 | 712,041 | |
| Private company convertible promissory notes | - | - | 7,483 | 7,483 | |
| Total financial asset investments | 290,843 | - | 999,607 | 1,290,450 |
| Listed securities US$000 | Private company securities US$000 | Total US$000 | ||
| Cost of investments at 1 February 2025 | 134,094 | 935,572 | 1,069,666 | |
| Investment holding gains and losses at 1 February 2025 | 156,749 | 64,035 | 220,784 | |
| Fair value of investments at 1 February 2025 | 290,843 | 999,607 | 1,290,450 | |
| Movements in the period: | ||||
| Purchases at cost† | - | 194,966 | 194,966 | |
| Sales - proceeds† | (120,684) | (32,140) | (152,824) | |
| - profit on disposal | 55,728 | 15,603 | 71,331 | |
| Changes in categorisation at cost | 57,100 | (57,100) | - | |
| Changes in investment holding gains and losses | (70,553) | 451,704 | 381,151 | |
| Fair value of investments at 31 January 2026 | 212,434 | 1,572,640 | 1,785,074 | |
| Cost of investments at 31 January 2026 | 126,238 | 1,056,901 | 1,183,139 | |
| Investment holding gains and losses at 31 January 2026 | 86,196 | 515,739 | 601,935 | |
| Fair value of investments at 31 January 2026* | 212,434 | 1,572,640 | 1,785,074 |
| 2026 Number | 2026 US$'000 | 2025 Number | 2025 US$'000 | ||
| Allotted, called up and fully paid ordinary shares of US$1 each | 1,013,033,907 | 1,197,038 | 1,024,738,907 | 1,208,743 | |
| Treasury shares of US$1 each | 12,170,000 | 12,170 | 465,000 | 465 | |
| 1,025,203,907 | 1,209,208 | 1,025,203,907 | 1,209,208 |
| Ordinary shares | 2026 | 2025 | |
| Closing NAV per share | (a) | 177.28¢ | 133.69¢ |
| Closing share price | (b) | 178.00¢ | 108.00¢ |
| Premium/(discount) ((b - a) ÷ (a) expressed as a percentage) | 0.4% | (19.2%) |
| Ordinary shares | 2026 US$'000 | 2025 US$'000 | |
| Investment management fee | 12,712 | 9,562 | |
| Other administrative expenses | 2,794 | 1,956 | |
| Less: Non-recurring expenses* | (1,219) | - | |
| Total recurring expenses | (a) | 14,287 | 11,518 |
| Average net asset value | (b) | 1,495,174 | 1,248,889 |
| Ongoing Charges ((a) ÷ (b) expressed as a percentage) | 0.96% | 0.92% |
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