Baillie Gifford Schiehallion Investment Trust Factsheet

This Month's Scorecard

For the year ended June 30, 2026, the fund returned 68.1% on share price and 58.4% on NAV; since inception (March 27, 2019), the share price return is 73.3% and the NAV return is 134.6%. The original report did not disclose a performance benchmark.

By fiscal year (ended each June 30): FY2022 share price -33.0%, NAV -19.5%; FY2023 -52.4%, -14.5%; FY2024 +64.7%, +7.2%; FY2025 +18.4%, +27.2%; FY2026 +68.1%, +58.4%. After two years of deep declines, the fund has now posted positive returns for three consecutive fiscal years; the stark gap between the 3-year share price return of 227.7% and the 5-year return of just 4.6% indicates that the interval starting in June 2023 began from a low share price level, and the fund's share price has been extremely volatile across periods.

Position Shifts: Where the Fund Added and Trimmed

The report does not disclose any details of new positions, additions, reductions, or exits; the existing portfolio consists of 74.1% private assets, 23.8% listed assets, and 2.1% net current assets, with borrowings of $0.00m and no leverage. Total assets are $2,395.06m, with 52 holdings in total; the top ten account for 68.0% combined:

Geographic distribution: North America 50.2%, Europe 33.8%, Asia 11.7%, South America 1.9%, Australasia 0.3%, net current assets 2.1%. Industry distribution: technology leads at 47.4%, followed by industrials 20.7% and telecommunications 15.9%, with these three totaling 84.0%, followed by consumer discretionary 4.7%, financials 3.2%, healthcare 2.3%, consumer staples 1.6%, basic materials 1.5%, energy 0.4%, and real estate 0.3%.

Fund Notes

The fund is positioned as a capital growth vehicle making long-term minority investments in late-stage private companies; it pays no dividends and carries no borrowings; NAV per share is 233.41¢, the share price is 195.00¢, a 16.5% discount.

• Investment proposition: to achieve capital growth for investors through long-term minority investments in late-stage private companies with "transformational growth potential" and listing potential. This is the fund's self-defined framing; readers should note this is the manager's perspective, not third-party verification.
• Target market: suitable for investors who can bear private investment risks; explicitly not suited to investors seeking income, with investment horizons shorter than five years, or needing ready liquidity; the fund offers no capital protection.
• Fees: ongoing charge 0.96%; the management fee is charged on a tiered basis by asset size — 0.9% on the portion up to US$650m, 0.8% on the US$650m–1.3bn portion, and 0.7% on the portion above US$1.3bn, calculated and paid quarterly.
• Manager: Peter Singlehurst (Partner) / Robert Natzler; London-listed under tickers MNTN (USD) and MNTS (GBP); the fund is denominated in US dollars, so non-USD investors' returns will be affected by currency fluctuations.
• Risks acknowledged in the original report: private asset valuations may be inaccurate and difficult to sell at reasonable prices, and there is no guarantee that private companies will ultimately list; a sharp rise in the value of a single holding increases concentration risk; the portfolio holds only 52 positions, fewer than a typical investment trust, which combined with a long-term holding style may lead to greater share price volatility; emerging markets (including China) carry risks of market volatility, political and economic instability, market suspensions, liquidity, settlement, corporate governance, and regulatory risks; the share price can trade at a discount or premium to NAV, and issuing new shares at a premium may depress the share price.