This fund, Baillie Gifford Schiehallion, invests in late-stage private tech companies with big growth potential and holds them for the long term. Over the past year its assets rose 55.8% and its share price jumped 63.3%. But the shares trade at a 14.4% discount to the value of what the fund owns, and over five years the share price is still down. No market view was disclosed. Its largest holdings are Bending Spoons (an Italian app maker, 17.3%), SpaceX (Elon Musk's rocket company, 10.1%) and ByteDance (TikTok's parent, 7.4%) — bets on these private winners.
The July 2026 report of Schiehallion Fund Limited shows that the fund focuses on investing in late-stage private companies with transformational growth potential, with total assets of $2,348.88m, a net asset value (NAV) of 228.91 cents, a share price of 196.00 cents, and a discount of 14.4%. NAV ret
As of July 31, 2026, the fund's NAV returned 55.8% over one year and the share price returned 63.3% over one year; the report did not disclose monthly returns or benchmark comparisons.
| Metric | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|
| Fund NAV | 55.8% | 109.1% | 39.4% | 130.1% |
| Fund Share Price | 63.3% | 197.0% | -3.4% | 74.2% |
| Period (Discrete Year) | Share Price | NAV |
|---|---|---|
| 30/06/21-30/06/22 | -33.0% | -19.5% |
| 30/06/22-30/06/23 | -52.4% | -14.5% |
| 30/06/23-30/06/24 | 64.7% | 7.2% |
| 30/06/24-30/06/25 | 18.4% | 27.2% |
| 30/06/25-30/06/26 | 68.1% | 58.4% |
NAV has delivered positive returns over the past one, three, and five years, but the share price five-year return of -3.4% sits far below NAV's +39.4%. The period-end discount of 14.4% is the immediate backdrop to the share price's long-term underperformance versus NAV.
Total assets $2,348.88m, borrowings $0.00m, 52 holdings; NAV 228.91 cents, share price 196.00 cents, discount 14.4%, dividend yield zero.
| Key Metric | Value |
|---|---|
| Manager(s) | Peter Singlehurst / Robert Natzler |
| Total Assets | $2,348.88m |
| Total Borrowings | $0.00m |
| Ongoing Charge | 0.96% |
| Dividend Yield | Zero |
| NAV/Share | 228.91 cents |
| Share Price | 196.00 cents |
| Discount | 14.4% |
| Number of Holdings | 52 |
| Ticker | MNTN (USD), MNTS (GBP) |
Management fees are tiered by net asset value (excluding cash): 0.9% on the portion up to $650m, 0.8% on the portion from $650m to $1.3bn, and 0.7% on the portion above $1.3bn, accrued quarterly. The fund is denominated in USD and performance is measured in USD total returns.
Portfolio structure: private assets 59.5%, public assets 35.0%, net current assets 5.5%.
| Asset Class | Weight |
|---|---|
| Private Assets | 59.5% |
| Public Assets | 35.0% |
| Net Current Assets | 5.5% |
| Region | % of Total Assets |
|---|---|
| North America | 44.5% |
| South America | 2.8% |
| Europe | 34.4% |
| Asia | 12.5% |
| Australasia | 0.3% |
| Net Current Assets | 5.5% |
| Industry | % of Total Assets |
|---|---|
| Technology | 48.2% |
| Industrials | 21.5% |
| Telecommunications | 10.4% |
| Consumer Discretionary | 4.8% |
| Financials | 3.7% |
| Healthcare | 2.0% |
| Consumer Staples | 1.7% |
| Basic Materials | 1.5% |
| Energy | 0.4% |
| Real Estate | 0.2% |
| Net Current Assets | 5.5% |
The top ten holdings account for 62.9% of total assets in aggregate, a very high level of concentration:
| Holding | % of Total Assets |
|---|---|
| Bending Spoons | 17.3% |
| Space Exploration Technologies | 10.1% |
| ByteDance Ltd. | 7.4% |
| Tekever Holdings SA | 6.6% |
| Anthropic | 5.9% |
| Databricks | 4.2% |
| Stripe | 3.2% |
| Wayve | 3.1% |
| Mottu Holding | 2.5% |
| Affirm | 2.5% |
The fund's investment thesis is to make long-term minority investments in late-stage private companies with transformative growth potential and a credible path to public listing. The portfolio is therefore characterized by a high private-asset weight, with industry concentration in technology (48.2%) and geographic concentration in North America (44.5%) and Europe (34.4%). The report did not disclose monthly buy/sell activity, individual position attribution, or the manager's market views.