Schiehallion Fund Schiehallion - MNTN - The Schiehallion Fund Interim Results 2026
RNS Announcement
The Schiehallion Fund Limited
Legal Entity Identifier: 213800NQOLJA1JCWXQ56
Regulated Information Classification: Interim Financial Report
The following is the unaudited Interim Financial Report for the six months to 31 July 2026 which was approved by the Board on 24 September 2026. The following text is extracted from the Interim Financial Report for the Company for the six months ended 31 July 2026. All page numbers below refer to the Interim Financial Report 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 the potential to become publicly traded.
Investment performance
The Company delivered another period of very strong investment performance. During the six months to 31 July 2026, the Company's ordinary share net asset value* ('NAV') returned 29.1%, while the share price returned 10.1%.
The portfolio continued to perform strongly during the period, with several important milestones achieved by underlying investee companies, including the IPOs of Merlin Labs, Space Exploration Technologies and Bending Spoons. Further commentary on portfolio performance and activity is provided in the Managers' Report.
Capital allocation
The Board remains focused on allocating capital in a manner that supports long-term shareholder value. During the period, the Company's shares traded across a wide range, moving from a premium to NAV during the spring to a discount by the period end. As at 31 July 2026, the shares traded at a discount† of 14.4% to NAV, compared with a small premium of 0.4% at the beginning of the financial period.
During periods when the shares traded at a premium, the Company reissued treasury shares and issued new ordinary shares at a weighted average premium to NAV of 11.3%, raising gross proceeds of approximately US$28.4 million. The Board believes that issuing shares at a premium benefits existing shareholders by spreading the Company's fixed costs over a larger asset base while ensuring that issuance is accretive to NAV.
Towards the end of the period, as the shares moved to a discount, the Company repurchased 650,000 ordinary shares into treasury. The Board continues to monitor closely the rating at which the Company's shares trade and will consider both share issuance and share repurchases where appropriate, taking account of shareholder interests, market conditions, liquidity requirements and investment opportunities.
Board and governance
As the Company has continued to grow, the Board has remained focused on ensuring that its governance arrangements, Board composition and service providers remain appropriate for a company of its size and complexity. During and after the period, a number of changes have been implemented as part of the Board's long-term succession and governance planning.
We were pleased to welcome Patrick Firth to the Board during the period. Patrick brings extensive experience across audit, investment management, governance and financial services.
Following the period end, the Board announced the appointments of Graeme Proudfoot and Wendy Colquhoun as non-executive Directors, effective from 1 September 2026 and 1 October 2026, respectively. Graeme brings significant asset management and investment trust experience, while Wendy has deep expertise in investment trust governance and financial services regulation. Together, their appointments further strengthen the breadth of skills and experience represented on the Board and support the Company's long-term succession planning.
As part of this orderly succession process, Trudi Clark and John Mackie will not stand for re-election at the Company's 2027 Annual General Meeting. Their planned retirements will follow an appropriate period of overlap with the newly appointed Directors and will reduce the size of the Board accordingly. On behalf of the Board, I would like to thank Trudi and John for their significant contributions to the Company.
The Board has also completed a review of the Company's Guernsey administration arrangements and has appointed Altum (Guernsey) Limited as the Company's administrator and company secretary, replacing Alter Domus (Guernsey) Limited with effect from 8 September 2026. On behalf of the Board, I would like to thank Alter Domus for its support and service to the Company since inception. We look forward to working with Altum as the Company continues to develop.
Outlook
The first half of 2026 marked an encouraging period for later-stage private growth investing. A number of successful public listings, including several from the Company's portfolio, demonstrate that high-quality private businesses are once again finding pathways to the public markets. While market conditions remain selective, these developments are encouraging both for portfolio companies seeking access to capital and for investors in the asset class.
Against this backdrop, the Board believes the Company is well placed to benefit from its differentiated portfolio of high-quality growth businesses and from the Managers' disciplined long-term investment approach. While the macroeconomic and geopolitical environment remains uncertain, the Board remains confident in the Company's strategy of investing patiently in exceptional private growth companies over the long term.
Although the Company's shares ended the period at a discount to NAV despite the strong underlying performance, the Board believes that long-term shareholder value will continue to be driven by growth in the underlying portfolio. The Board will continue to monitor the Company's rating closely and will use the capital management tools available to it where it considers these to be in the best interests of shareholders.
Dr Linda Yueh CBE
Chairperson
24 September 2026
Notes
* For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26.
† Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on page 26.
All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
Summary of unaudited results*
Ordinary shares
31 July 2026
31 January 2026
(audited)
% change
Shareholders' funds
US$2,348.61m
US$1,795.91m
Net asset value per Ordinary share
228.89¢
177.28¢
29.1%
Share price
196.00¢
178.00¢
10.1%
(Discount)/premium†
(14.4%)
0.4%
Number of shares in issue
1,026,093,907
1,013,033,907
Market capitalisation
US$2,011.14m
US$1,803.20m
Six months to
31 July 2026
Six months to
31 July 2025
Revenue earnings per Ordinary share
(0.83¢)
(0.57¢)
Period's high and low
Six months to 31 July 2026
Six months to 31 July 2025
Ordinary shares
High
Low
High
Low
Net asset value per Ordinary share
242.82¢
172.67¢
147.31¢
125.08¢
Share price
225.00¢
180.00¢
122.00¢
83.00¢
Premium/(discount)†
16.5%
(16.5%)
(10.5%)
(35.1%)
Notes
* For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26.
† Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on page 26.
All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
Investment objective
The Schiehallion Fund Limited seeks to generate capital growth for investors through making 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.
Principal risks and uncertainties
The principal and emerging risks facing the Company are:
Investment and strategic risks - liquidity of investments; market, economic, political and environmental risks; valuation risk; investment strategy risk; discount risk; and Environmental, Social and Governance ('ESG') risk.
External risks - political and associated economic risk; legal and regulatory risk.
Operational risks - performance and reliance on third party service providers; cyber security threats; and key professionals.
Emerging risks - 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.
An explanation of these risks and how they are managed is set out on pages 43 to 47 of the Company's Annual Report and Financial Statements for the year to 31 January 2026 which is available on the Company's website: schiehallionfund.com
Responsibility statement
The Directors of The Schiehallion Fund Limited confirm that to the best of their knowledge:
a. the Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Directors have elected to prepare financial statements that comply with IFRS Accounting Standards as issued by the International Accounting Standards Board;
b. the Interim Management Report includes a fair review of the information required by:
i. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
ii. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period, and any changes in the related party transactions described in the last annual report that could do so.
On behalf of the Board
Dr Linda Yueh CBE
Chairperson
24 September 2026
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website, and for the preparation and dissemination of financial statements. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Interim management report
Reflections
The six months ending 31 July 2026 have seen significant developments for the Company from both a structural and portfolio perspective. In terms of the former, Schiehallion was included in the FTSE250 index for the first time in March - a product of having undergone a change in listing segment on the London Stock Exchange in December 2025. These changes have been indicative of the continued maturation of the Company - an aspect which has found further expression inside the portfolio as well. In this regard the two largest holdings, Bending Spoons and SpaceX, both completed successful initial public offerings during the period, thereby providing significant future liquidity (subject to respective lock-up provisions in each case) for further deployment into new private growth opportunities.
The SpaceX listing was the largest in history, with the vertically integrated rocket, satellite and artificial intelligence business raising approximately US$85.7 billion at an implied valuation of US$1.77 trillion through its IPO. This represented a significant milestone for Schiehallion specifically, with SpaceX having been the very first investment made by the Company in 2019, at a valuation of US$33 billion, which subsequently increased more than 53-fold over the holding period. The historical trajectory of this investment is testament to the immense amount of value that can be created in private growth markets, as well as the continued significance of public markets as an exit avenue.
From a performance perspective it has been a positive six months for the Company, producing a NAV* return of 29.1% and a share price return of 10.1%. Over the past twelve months the NAV return has been 55.8%, coupled with a share price return of 63.3%. At the end of the period shares were trading at a 14.4% discount† to NAV and we commenced share buybacks again in June (after a period of share issuance at a premium in the preceding months). We continue to view share buybacks as one leg of our three-pronged capital allocation strategy - the other two being new investments into private holdings and follow-on investments into existing holdings.
Market Update
While the SpaceX IPO dominated news headlines over the period, Bending Spoons - the Italian digital product acquirer - also completed its own successful IPO on the Nasdaq at a valuation of US$18.5 billion. Schiehallion was among the first institutional investors in Bending Spoons early in 2023 at a valuation of about US$1 billion. The company's successful journey into public markets also came in the face of some market uncertainty around software-facing businesses in general, particularly how the rapid developments in artificial intelligence might read across to such businesses, either positively or negatively. We continue to believe that Bending Spoons is applying an innovative business model underpinned by a special culture, and despite its relatively short period as an investment in Schiehallion, it has been the second-best performer for the portfolio since inception (behind only SpaceX).
Elsewhere market news was dominated by advancements in artificial intelligence - a development which continues to find notable expression inside the Schiehallion portfolio through our investments in leading frontier AI model developer Anthropic, Chinese social media giant ByteDance, as well as data intelligence platform Databricks. The significance of this trend can be gleaned from the fact that private company fundraising in 2026 has been extraordinarily concentrated in AI, with OpenAI and Anthropic alone accounting for more than 60% of all US venture dollars in the first half of the year#. It continues to be an area where we are applying a great deal of thought particularly in the context of elevated valuations.
Performance
Bending Spoons was the top contributor to absolute NAV performance over the period as the valuation was increased in the lead-up to the IPO once pricing was confirmed, and the shares then subsequently traded positively during July. SpaceX was the next best contributor, also driven by valuation uplifts as IPO visibility crystallised. Another notable contributor was Tekever, the Portuguese autonomous drone maker, which saw a significant valuation uplift during the period through a combination of strong operational performance and an external price discovery event.
In terms of detractors to absolute performance during the period, Oddity Tech, the listed beauty and wellness company, saw its shares fall sharply in February as the company reported increased customer acquisition costs which prompted investors to reassess its near-term growth outlook. Epic Games, the video game and digital entertainment company, saw valuation reductions during the period on the back of operational pressures which have prompted cost and workforce reductions. Another detractor was Tempus AI, a listed health technology company, which experienced share price weakness as investors remained cautious over loss-making healthcare technology companies despite continued strong revenue growth.
Activity
With Schiehallion reaching full deployment for the first time in 2025, we have been judicious in bringing new investments into the portfolio over the period. We have had to balance this against supporting strong-performing existing holdings, noting that the liquid sleeve of the portfolio began the period at approximately 13% of the fund weight, which was towards the lower end of our preferred range.
In this context we made one new investment during the period in Mottu, a Brazilian motorcycle rental and rent-to-own company. Mottu provides affordable access to motorcycles for customers who are often underserved by traditional lenders. Its integrated model spans the design and assembly of durable, low-cost motorcycles, alongside their distribution, maintenance and technology-enabled tracking and recovery. Its large customer base in Brazil, combined with scope to expand its fleet, product offering and international presence, gives Mottu significant long‑term growth potential.
Elsewhere we continued to support a number of existing private holdings through follow-on investments during the period, including Anthropic, Vinted (European online resale platform), Anduril (US autonomous defence), Bending Spoons, Wayve (UK autonomous driving technology), as well as an additional investment into listed holding Oddity Tech.
In terms of realisations, we made one complete sale of the AI-powered cardiac diagnostics company, HeartFlow, and the portfolio saw one private acquisition as Capital One completed its US$5.15 billion acquisition of financial technology company, Brex. Consideration was received in a combination of cash and Capital One shares, with the shares subsequently sold, returning further liquidity to the portfolio. In addition, we made use of secondary transactions to reduce positions in Stripe, the payments and financial infrastructure company, as well as SpaceX (early in February). We also made a reduction in Bending Spoons in a partial sell-down at IPO, coupled with a reduction in listed cross-border payments company, Wise.
Finally, in addition to the SpaceX and Bending Spoons IPOs, the portfolio also saw a third holding go public during the period, namely the US autonomous flight company Merlin Labs, via a SPAC merger in March. This provided the company with additional capital to support its development and commercialisation.
Outlook
The successful listings of Schiehallion's two largest holdings in recent months have provided further validation of the incredible value that continues to be created within private growth markets. At the same time the shape of the portfolio has changed significantly, moving from an approximate 13% liquid sleeve at the start of the period to around 40% by the end of it. This rightly prompts the question: what next for Schiehallion? In response we would like to emphasise that Schiehallion fundamentally remains a private growth portfolio, and as such we will continue to take a measured approach in redeploying capital towards that end. Historically the Company has already redeployed more than US$400 million from cumulative realisations, and we intend to continue along this path subject to lockup provisions, market conditions and our broader opportunity set.
In terms of the existing holdings, we are greatly enthused by the progress being shown by a next generation of potential winners within the portfolio. In this regard ByteDance remains a large holding pursuing an incredible opportunity set in China, while fellow Chinese social media business RedNote (held as Inspire Inc.) is building a differentiated social, search and commerce platform, underpinned by highly engaged users and a strong focus on trusted, user-led content. Elsewhere the UK financial technology company, Revolut, continues to disrupt traditional banking in a number of markets, while Vinted has built a leading second-hand marketplace with strong network effects, supported by a simple user experience and integrated payments and shipping. Its growth prospects remain attractive as it expands into new geographies and product categories, while benefiting from the broader shift towards second-hand consumption.
More broadly we remain excited by the breadth and quality of opportunities in the investment pipeline. Recent realisations have increased the Company's capacity to invest, and we remain disciplined on valuation as we seek exceptional growth businesses with the potential to become the next generation of portfolio leaders.
Peter Singlehurst
Robert Natzler
Notes
* For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26.
† Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on page 26.
# Source: Pitchbook, cited by Axios on 27 July 2026.
All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
Portfolio executive summary
Performance
6 months
%
1 year
%
3 years
%
5 years
%
Since inception
% *
NAV
29.1%
55.8%
109.0%
39.4%
129.7%
Share price
10.1%
63.3%
197.0%
(3.4%)
96.0%
* Inception date: 27 March 2019.
All figures are stated on a total return basis† for periods to 31 July 2026.
† Alternative Performance Measure - see Glossary of terms and Alternative Performance Measures on page 26.
Source: Baillie Gifford/LSEG. See disclaimer on page 25.
Key contributors to and detractors from Company performance - six months to 31 July 2026
Contributors†
Contribution
to absolute
performance *
(%)
Absolute
return #
(%)
Bending SpoonsP
9.6
62.9
Space Exploration TechnologiesP
6.2
28.7
Tekever
5.0
237.6
Anthropic
4.8
127.3
ByteDance
2.5
24.9
Detractors†
Contribution
to absolute
performance *
(%)
Absolute
return #
(%)
OddityP
(1.6)
(57.6)
Epic Games
(1.1)
(55.4)
Tempus AIP
(0.6)
(26.7)
HeartFlow
(0.4)
(19.6)
WiseP
(0.4)
(8.4)
* Alternative Performance Measure - see Glossary of terms and Alternative Performance Measures on page 26.
# Absolute performance (in US$ terms) has been calculated on a total return basis (including reinvestment of any dividends paid by portfolio holdings) over the period 1 February 2026 to 31 July 2026.
† The contributors to and detractors from Company performance are listed in descending order.
Source: Revolution.
P Denotes listed investment previously held in the portfolio as a private company investment.
Distribution of total net assets* (unaudited)
Geographical as at 31 July 2026
Geographical
% at
31 July
2026
% at
31 January
2026
Number of
investments
at 31 July
2026
1
United States
44.7
54.3
32
2
Italy
17.3
14.6
1
3
China
10.4
11.2
4
4
United Kingdom
7.2
9.4
3
5
Portugal
6.6
2.6
1
6
Brazil
2.7
0.4
2
7
Lithuania
2.3
2.1
1
8
India
1.1
1.7
2
9
Singapore
1.0
1.3
1
10
Germany
0.9
1.3
2
11
Australia
0.3
0.5
1
12
Canada
-
-
1
13
Sweden
-
-
1
14
Net current assets
5.5
0.6
Sectoral as at 31 July 2026
Sectoral
% at
31 July
2026
% at
31 January
2026
Number of
investments
at 31 July
2026
1
Information Technology
44.6
42.3
20
2
Communication Services
17.8
8.3
3
3
Industrials
13.3
21.8
7
4
Financials
8.6
11.9
5
5
Consumer Discretionary
4.1
4.6
5
6
Consumer Staples
2.4
3.1
4
7
Health Care
1.9
5.0
4
8
Materials
1.6
2.0
2
9
Real Estate
0.2
0.4
2
10
Net current assets
5.5
0.6
The above sectoral distribution is not derived from any index.
* For a definition of terms see Glossary of terms and Alternative Performance Measures on page 26.
Baillie Gifford - valuing private companies
We aim to hold our private company investments at 'fair value', i.e. the price that would be paid in an open-market transaction. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to 'trigger events'. Baillie Gifford's valuation process ensures that private companies are valued in both a fair and timely manner.
The valuation process is overseen by a valuations group at Baillie Gifford, which takes advice from an independent third party (S&P Global). The valuations group is independent from the investment team with all voting members being from different operational areas of the firm, and the investment managers only receive final valuation notifications once they have been applied.
Baillie Gifford revalues the private holdings on a three‑month rolling cycle, with one-third of the holdings reassessed each month. During stable market conditions, and assuming all else is equal, each investment would be valued four times in a twelve‑month period. The valuations are also reviewed twice per year by the Board, which receives copies of Baillie Gifford's proposed valuations as well as the latest valuation reports from its external valuer. The valuations are also subject to the scrutiny of external auditors in the annual audit process.
Beyond the regular cycle, the valuations team also monitors the portfolio for certain 'trigger events'. These may include changes in fundamentals, a takeover approach, an intention to carry out an Initial Public Offering ('IPO'), company news which is identified by the valuation team or by the portfolio managers, or meaningful changes to the valuation of comparable public companies. Any ad hoc change to the fair valuation of any holding is implemented swiftly and reflected in the next published net asset value ('NAV'). There is no delay.
The valuations team also monitors relevant market indices on a weekly basis and updates valuations in a manner consistent with our external valuer's (S&P Global) most recent valuation report where appropriate.
Continued improvements in market conditions have sustained an increase in deal activity, but isolated pockets of heightened volatility remain. The data below quantifies the revaluations carried out during the six months to 31 July 2026, however, it does not reflect the ongoing monitoring of the private investment portfolio which has not resulted in a change in valuation.
The Schiehallion Fund*
Instruments valued
231
Instruments held
94
Percentage of portfolio revalued up to 2 times
59.8%
Percentage of portfolio revalued 3+ times
40.2%
* Data reflecting period 1 February 2026 to 31 July 2026.
List of investments
as at 31 July 2026 (unaudited)
Name
Business
Country
2026
Total value
US$'000
2026
% of net
assets *
Bending SpoonsP
Mobile application software developer
Italy
406,822
17.3
Space Exploration TechnologiesP
Designs, manufactures and launches rockets and spacecraft
United States
236,252
10.1
ByteDance
Social Media
China
173,892
7.4
Tekever
Surveillance-as-a-service technology
Portugal
156,108
6.6
Anthropic
AI safety and research
United States
139,460
5.9
Databricks
Data software solutions
United States
98,113
4.2
Stripe
Online payment platform
United States
75,763
3.2
Wayve Technologies
AI based software for self-driving cars
United Kingdom
72,739
3.1
Mottu
Motorcycle rental and last-mile delivery platform
Brazil
59,835
2.5
AffirmP
Fintech providing lending and consumer credit services
United States
59,127
2.5
Vinted
Online marketplace
Lithuania
54,217
2.3
WiseP
Online provider of cross-border money transfer services
United Kingdom
53,826
2.3
Revolut
Neobank and fintech company that offers a wide range of financial services
United Kingdom
41,951
1.8
Name
Business
Country
2026
Total value
US$'000
2026
% of net
assets *
Anduril
Software and hardware based defence systems
United States
36,232
1.5
Inspire
Social networking and e-commerce platform
China
32,180
1.4
Rippling (People Center)
US Software company
United States
31,730
1.4
Chi Forest Technology
Non-alcoholic beverages
China
31,636
1.3
Clear
Financial technology company
United States
30,000
1.3
Avanci
Application software
United States
26,195
1.1
Faire Wholesale
Online wholesale marketplace
United States
26,026
1.1
Nuro
Delivery business, using self-driving purpose-built electric vehicles
United States
24,072
1.0
Tempus AIP
Offers molecular diagnostics tests for cancer and aggregates clinical oncology records
United States
23,899
1.0
Bolttech
Global insurance platform services
Singapore
23,811
1.0
Flix
European long-distance bus and train provider
Germany
21,799
0.9
Rappi
Provider of an on-demand delivery platform designed to connect consumers with local stores
United States
20,904
0.9
PsiQuantum
Silicon photonic quantum computing
United States
20,640
0.9
Kepler Computing
Semiconductor company aiming to allow for the continuation of Moore's law with lower investment into fabs
United States
20,043
0.9
OddityP
Online direct-to-customer skincare and cosmetics
United States
18,100
0.8
Solugen
Solugen exists to scale synthetic biology and bring green chemicals to the world
United States
17,730
0.8
Zetwerk Manufacturing
Fabricated metal products
India
17,691
0.8
Superhuman
Online platform for checking grammar, spelling and improving written communication
United States
16,018
0.7
Chime FinancialP
Digital Banking Platform
United States
15,597
0.7
Cellares
Biotech company providing robust and reproducible cell therapy
United States
15,004
0.6
Runway AI
Artificial Intelligence based applications developer
United States
13,494
0.6
Tanium
Provides security and systems management solutions
United States
12,824
0.5
Epic Games
Gaming platform
United States
12,224
0.5
Merlin LabsP
Autonomous flight technology
United States
10,308
0.4
Workrise Technologies
Online platform connecting contractors with work
United States
9,539
0.4
Tenstorrent
Processor architecture and software solutions
United States
9,077
0.4
Away (JRSK)
Manufactures luggage
United States
8,512
0.4
Honor Technology
Provider of home-care services
United States
8,161
0.3
Bottle Planet
Producer of alcoholic beverages
China
7,464
0.3
Dailyhunt (Ver Se Innovation)
Telephone voice, data, text messaging, and roaming services
India
7,295
0.3
Pet Circle (Millell)
Pet food and accessories
Australia
7,068
0.3
Cohesity Global
Storage provider
United States
5,540
0.3
Carbon
Manufactures and develops 3D printers
United States
5,366
0.3
Loft
Online property platform
Brazil
4,879
0.2
Illumina CVR
Gene sequencing equipment and consumables
United States
71
-
Blockstream
Financial software developer
Canada
-
-
Indigo Agriculture
Agricultural technology company
United States
-
-
McMakler
Digital real estate broker
Germany
-
-
Northvolt
Battery developer and manufacturer
Sweden
-
-
Total investments
2,219,234
94.5
Cash
132,031
5.6
Other current assets and liabilities
(2,654)
(0.1)
Net current assets
129,377
5.5
Total net assets
2,348,611
100.0
Name
Listed
investments
%
Private
company
investments
%
Net current
assets *
%
Net assets *
%
31 July 2026
35.1
59.4
5.5
100.0
31 January 2026
11.9
87.5
0.6
100.0
Name
31 July
2026
Total value
US$'000
31 July
2026
% of net
assets *
Listed investments
823,931
35.1
Private company investments
1,395,232
59.4
Contingent value rights
71
<0.1
Cash and cash equivalents
132,031
5.6
Other current assets and liabilities
(2,654)
(0.1)
Total net assets
2,348,611
100.0
P Denotes listed investment previously held in the portfolio as a private company investment.
* See Glossary of terms and Alternative Performance Measures on page 26.
The Company may hold various classes of shares in investee companies, some of which may have a preference on winding up.
Statement of comprehensive income (unaudited)
For the six months to 31 July 2026
For the six months to 31 July 2025
For the year to 31 January 2026
Notes
Revenue
US$'000
Capital
US$'000
Total
US$'000
Revenue
US$'000
Capital
US$'000
Total
US$'000
Revenue
US$'000
Capital
US$'000
Total
US$'000
Gains on investments
-
534,060
534,060
-
138,912
138,912
-
452,482
452,482
Currency (losses)/gains
-
(103)
(103)
-
176
176
-
117
117
Income
2
640
-
640
1,191
-
1,191
1,716
-
1,716
Investment management fee
3
(8,209)
-
(8,209)
(5,794)
-
(5,794)
(12,712)
-
(12,712)
Other administrative expenses
4
(850)
-
(850)
(1,199)
-
(1,199)
(2,794)
-
(2,794)
Operating profit/(loss) before taxation
(8,419)
533,957
525,538
(5,802)
139,088
133,286
(13,790)
452,599
438,809
Tax on ordinary activities
-
-
-
-
316
316
-
317
317
(Loss)/profit and total comprehensive income for the period attributable to ordinary shareholders
(8,419)
533,957
525,538
(5,802)
139,404
133,602
(13,790)
452,916
439,126
Earnings/(loss) per ordinary share
(0.83¢)
52.36¢
51.53¢
(0.57¢)
13.65¢
13.08¢
(1.35¢)
44.49¢
43.14¢
The total column of this Statement represents the Statement of Comprehensive Income of the Company.
The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
Statement of financial position (unaudited)
At 31 July 2026
At 31 January 2026
Notes
US$'000
US$'000
US$'000
US$'000
Non-current assets
Investments held at fair value through profit or loss
7
2,219,234
1,785,074
Current assets
Cash and cash equivalents
132,031
13,001
Debtors
2,129
1,922
134,160
14,923
Current liabilities
Amounts falling due within one year
(4,783)
(4,089)
Net current assets
129,377
10,834
Net assets
2,348,611
1,795,908
Capital and reserves
Share capital
8
1,223,972
1,209,208
Capital reserve
1,156,549
610,191
Capital redemption reserve
7,296
7,296
Revenue reserve
(39,206)
(30,787)
Shareholders' funds
2,348,611
1,795,908
The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
Statement of changes in equity (unaudited)
Six months to 31 July 2026
Notes
Share
capital
US$'000
Capital
reserve *
US$'000
Capital
redemption
reserve
US$'000
Revenue
reserve
US$'000
Shareholders'
funds
US$'000
Shareholders' funds at 1 February 2026
1,209,208
610,191
7,296
(30,787)
1,795,908
Ordinary shares issued
8
14,764
13,669
-
-
28,433
Ordinary shares bought back
8
-
(1,268)
-
-
(1,268)
Total comprehensive income/(loss)
-
533,957
-
(8,419)
525,538
Shareholders' funds at 31 July 2026
1,223,972
1,156,549
7,296
(39,206)
2,348,611
Six months to 31 July 2025
Share
capital
US$'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
8
-
(6,030)
-
-
(6,030)
Total comprehensive income/(loss)
-
139,404
-
(5,802)
133,602
Shareholders' funds at 31 July 2025
1,209,208
303,824
7,296
(22,799)
1,497,529
* Includes investment holdings gains of US$1,018,384,000 (31 July 2025 - gains of US$354,824,000).
The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
Statement of cash flows (unaudited)
Six months to 31 July 2026
Six months to 31 July 2025
US$'000
US$'000
US$'000
US$'000
Cash flows from operating activities
Operating profit before taxation
525,538
133,286
US Treasury Bills interest
-
(825)
Net gains on investments
(534,060)
(138,912)
Currency losses/(gains)
103
(176)
Changes in debtors and creditors
489
461
Net cash outflow from operating activities*
(7,930)
(6,166)
Cash flows from investing activities
Disposals of US Treasury Bills
-
78,159
Acquisitions of investments
(118,606)
(60,985)
Disposals of investments
218,504
25,634
Net cash inflow from investing activities
99,898
42,808
Cash flows from financing activities
Ordinary shares issued
28,433
-
Ordinary shares bought back
(1,268)
(6,138)
Net cash inflow/(outflow) from financing activities
27,165
(6,138)
Net increase in cash and cash equivalents
119,133
30,504
Effect of exchange rate fluctuations on cash and cash equivalents
(103)
176
Cash and cash equivalents at 1 February
13,001
6,118
Cash and cash equivalents at 31 July
132,031
36,798
* Cash from operations includes interest received of US$256,000 (2025 - US$165,000) and dividends received of US$41,000 (2025 - nil).
The accompanying notes on pages 21 to 24 are an integral part of the Financial Statements.
Notes to the Financial Statements (unaudited)
01 Basis of accounting
The condensed Financial Statements for the six months to 31 July 2026 comprise the statements set out on pages 16 to 20 together with the related notes on pages 21 to 24. They have been prepared in accordance with IAS 34 Interim Financial Reporting. The Financial Statements for the six months to 31 July 2026 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 January 2026.
Equity investment
The ordinary shares of the Company are classified as equity in accordance with the definition of equity instruments under IAS 32 Financial Instruments: presentation (IAS 32). The proceeds from the issue of shares are recognised in the Statement of Changes in Equity net of incremental issuance costs.
Going concern
In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern.
In undertaking this review, the Board has considered the Company's principal risks and uncertainties, as set out on the inside front cover, and in particular considered the impact of heightened market volatility due to macroeconomic and geopolitical concerns, including trade tariffs, the wars in Ukraine and the Middle East and heightened tensions between China and both the USA and Taiwan. Liquidity stress testing has been carried out and having done so the Board does not believe the Company's going concern status is affected. The Company maintains sufficient cash balances to enable it to meet its liabilities as they fall due.
In managing the Company's assets, the Investment Manager will seek to ensure that the Company holds at all times a proportion of assets that is sufficiently liquid to enable it to discharge its payment obligations.
Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors' opinion, having assessed the principal risks and uncertainties, that the Company will continue in operational existence for a period of at least 12 months from the date of approval of these Financial Statements.
Tax residency
With effect from 1 February 2026, the Company became tax resident in the United Kingdom and obtained United Kingdom investment trust status for United Kingdom tax purposes. The Company's entry into the United Kingdom investment trust regime is expected to benefit the Company by aligning its tax residence more closely with its place of listing, as well as enabling it to take advantage of the United Kingdom's double taxation agreements, thereby reducing potential future tax leakage on certain of the Company's holdings. In addition, this is expected to 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. The Company remains incorporated in Guernsey.
02 Income
Six months
to 31 July
2026
US$'000
Six months
to 31 July
2025
US$'000
Year to
31 January
2026
US$'000
Dividend income
41
-
-
US Treasury Bills interest
-
825
824
Overseas interest
355
201
525
Deposit interest
244
165
367
Total income
640
1,191
1,716
03 Investment management fee
Six months to
31 July 2026
US$'000
Six months to
31 July 2025
US$'000
Year to
31 January 2026
US$'000
Investment management fee
8,209
5,794
12,712
The Company has appointed Baillie Gifford & Co Limited as its Investment Manager (the 'Investment Manager'). As the entity appointed to be responsible for risk management and portfolio management, the Investment Manager has also been appointed as the Company's Alternative Investment Fund Manager ('AIFM'). Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford Overseas Limited. The Investment Management Agreement is terminable on not less than six months' notice.
Under the terms of the Investment Management Agreement, the Investment Manager will be entitled to an annual fee (exclusive of VAT, which shall be added where applicable) of: 0.9% on the net asset value excluding cash or cash equivalent assets up to and including US$650 million; 0.8% on the net asset value of the Company excluding cash or cash equivalent assets exceeding US$650 million up to and including US$1.3 billion; and 0.7% on the net asset value excluding cash or cash equivalent assets exceeding US$1.3 billion. Management fees are calculated and payable quarterly.
Cash equivalents include US Treasury Bills.
04 Other administrative expenses
Six months to
31 July 2026
US$'000
Six months to
31 July 2025
US$'000
Year to
31 January 2026
US$'000
General administrative expenses
200
613
1,485
Administrator's fee
59
63
119
Auditor's remuneration for audit services
183
214
504
Directors' fees
224
209
446
Depositary and custody fees
84
38
115
Registrar fees
33
29
52
Marketing*
67
33
73
850
1,199
2,794
* The Company is part of a marketing programme which includes all the investment trusts managed by the Investment Manager. The marketing strategy has an ongoing objective to stimulate demand for the Company's shares. The cost of this marketing strategy is borne in partnership by the Company and the Investment Manager. The Investment Manager matches the Company's marketing contribution and provide the resource to manage and run the programme.
05 Earnings per share
Six months to
31 July 2026
Six months to
31 July 2025
Year to
31 January 2026
Ordinary shares
US$'000
¢
US$'000
¢
US$'000
¢
Revenue return on ordinary activities after taxation
(8,419)
(0.83)
(5,802)
(0.57)
(13,790)
(1.35)
Capital return on ordinary activities after taxation
533,957
52.36
139,404
13.65
452,916
44.49
Profit and total comprehensive income for the period
525,538
51.53
133,602
13.08
439,126
43.14
Weighted average number of Ordinary shares in issue
1,019,874,846
1,021,130,924
1,018,034,031
Net return per share is based on the above totals of revenue and capital and the weighted average number of shares in issue during each period. There are no dilutive or potentially dilutive shares in issue.
06 Ordinary dividends
There were no dividends paid or proposed in respect of the six months to 31 July 2026 (2025 - nil).
07 Financial instruments
Fair value hierarchy
The fair value hierarchy used to analyse the fair values of financial assets is described below. The levels are determined by the lowest (that is the least reliable or least independently observable) level of input that is significant to the fair value measurement for the individual investment in its entirety as follows:
Level 1 - using unadjusted quoted prices for identical instruments in an active market;
Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable (based on market data); and
Level 3 - using inputs that are unobservable (for which market data is unavailable).
As at 31 July 2026
Level 1
US$'000
Level 2
US$'000
Level 3
US$'000
Total
US$'000
Listed equities
823,931
-
-
823,931
Private company ordinary shares
-
-
410,590
410,590
Private company preference shares*
-
-
963,449
963,449
Private company convertible promissory notes
-
-
21,193
21,193
Contingent value rights†
-
-
71
71
Total financial asset investments
823,931
-
1,395,303
2,219,234
As at 31 January 2026
Level 1
US$'000
Level 2
US$'000
Level 3
US$'000
Total
US$'000
Listed equities
212,434
-
-
212,434
Private company ordinary shares
-
-
481,655
481,655
Private company preference shares*
-
-
1,065,201
1,065,201
Private company convertible promissory notes
-
-
25,784
25,784
Contingent value rights†
-
-
-
-
Total financial asset investments
212,434
-
1,572,640
1,785,074
* The investments in preference shares are not classified as equity holdings as they include liquidation preference rights that determine the repayment (or multiple thereof) of the original investment in the event of a liquidation event such as a take-over.
† See Glossary of terms and Alternative Performance Measures on page 26.
During the six months to 31 July 2026, corporate activity in underlying portfolio holdings resulted in transfers from Level 3 to Level 1 as follows:
Holding
Value on
transfer
US$'000
Corporate
event
Bending Spoons
367,280
IPO
Space Exploration Technologies
294,199
IPO
Merlin Labs
8,952
SPAC merger
The valuation techniques used by the Company are explained in the accounting policies on pages 90 and 91 of the Company's Annual Report and Financial Statements for the year to 31 January 2026. Listed investments are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and as Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data. The Company's holdings in unlisted investments are categorised as Level 3 unobservable data is a significant input to their fair value measurements.
08 Share capital
31 July
2026
Number
31 July
2026
US$'000
31 January
2026
Number
31 January
2026
US$'000
Allotted, called up and fully paid Ordinary shares of US$1 each
1,026,093,907
1,223,322
1,013,033,907
1,197,038
Treasury shares of US$1 each
650,000
650
12,170,000
12,170
1,026,743,907
1,223,972
1,025,203,907
1,209,208
By way of a Special Resolution passed on 10 May 2024 the Directors of the Company were granted a general authority to allot or sell from treasury, without regard to the pre-emption rights contained in the Articles of Incorporation of the Company, up to 102,882,390 Ordinary shares or C shares (as defined in the Articles of Incorporation). This authority will expire at the end of the period concluding immediately prior to the Annual General Meeting of the Company to be held in 2029 (or, if earlier, five years from the date of the passing of the resolution).
During the six months to 31 July 2026 the Company issued 1,540,000 (31 July 2025 - nil) new Ordinary shares and reissued 12,170,000 Ordinary shares from treasury (31 July 2025 - nil). In the period from 1 August 2026 to 22 September 2026 the Company issued no Ordinary shares or C shares.
By way of a Special Resolution passed on 14 May 2026 the Directors of the Company have general authority to make market purchases of up to 152,041,157 Ordinary shares, being 14.99% of the Ordinary shares in issue as at 14 May 2026, being the date of the passing of the resolution. This authority will expire at the conclusion of the Annual General Meeting of the Company to be held in respect of the year ending 31 January 2027.
650,000 Ordinary shares were bought back and held in treasury during the six months to 31 July 2026 (31 July 2025 - 5,660,000 shares were bought back and cancelled). In the period from 1 August 2026 to 22 September 2026 332,870 Ordinary shares were bought back and held in treasury.
Holders of Ordinary shares have the right to receive income and capital from assets attributable to such share class. Ordinary shareholders have the right to receive notice of general meetings of the Company and have the right to attend and vote at all general meetings.
09 Transactions with related parties and the investment manager and administrator
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have such an effect on the Company during that period.
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Further shareholder information
Automatic Exchange of Information
In order to fulfil its legal obligations under the Guernsey Common Reporting Standard Legislation relating to the Automatic Exchange of Information, the Company is required to collect and report certain information about certain shareholders.
The legislation will require investment companies to provide personal information to the Guernsey authorities on certain investors who purchase shares in investment funds. As an affected company, The Schiehallion Fund Limited will have to provide information annually to the local authority on the tax residencies of non-UK based certificated shareholders and corporate entities.
Foreign Account Tax Compliance Act
Pursuant to the reciprocal information sharing inter-governmental agreement entered into by the States of Guernsey and the US Treasury, and for the purposes of the US Foreign Account Tax Compliance Act ('FATCA'), the Company registered with the Internal Revenue Service ('IRS') as a Foreign Financial Institution ('FFI') and received a Global Intermediary Identification Number (R2NXXB.9999.SL.831). The Company can be located on the IRS FFI list.
Third party data providers disclaimer
No third party data provider ('Provider') makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
Glossary of terms and Alternative Performance Measures ('APM')
An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.
Shareholders' funds and Net Asset Value
Shareholders' funds is the value of all assets held less all liabilities, with borrowings deducted at book cost. Net Asset Value (NAV) is the value of all assets held less all liabilities, with borrowings deducted at either fair value or par value. Per share amounts are calculated by dividing the relevant figure by the number of ordinary shares in issue.
Total Return
The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend. The Company does not pay a dividend, therefore, the total returns for the share price and NAV per share are the same as the percentage movements in the share price and NAV per share as detailed on page 4.
Capital deployed (APM)
Capital deployed reflects cumulative amounts invested since inception of the Company.
Contingent value rights
'CVR' after an instrument name indicates a security, usually arising from a corporate action such as a takeover or merger, which represents a right to receive potential future value, should the continuing company achieve certain milestones.
Total net assets
Total value of all assets held less current liabilities, other than liabilities in the form of borrowings.
Net current assets
Net current assets comprise current assets less current liabilities (excluding borrowings).
(Discount)/premium (APM)
As stock markets and share prices vary, an investment company's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, it is said to be trading at a premium.
Ordinary shares
31 July
2026
31 January
2026
Closing NAV per share
(a)
228.89¢
177.28¢
Closing share price
(b)
196.00¢
178.00¢
(Discount)/premium expressed as a percentage
(b - a) ÷ a
(14.4%)
0.4%
A copy of the Interim Financial Report has been submitted to the National Storage Mechanism and is available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Interim Financial Report will be posted to shareholders in due course.
25 September 2026
For further information please contact:
Joanna Duquemin Nicolle, Altum (Guernsey) Limited
Tel: 01481 703 100
Alex Blake, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 0203 920 0555 or 07872 495396
- ends -
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