This is a monthly update for the Baillie Gifford Schiehallion trust, which invests in private and public tech/growth companies. Over the past year, its net asset value (NAV, the underlying value of its holdings) rose 58.9%, while its share price jumped 84.9%—meaning investors are paying a premium for future expectations. But over five years, the share price barely moved (+1.9%) versus NAV (+47.2%), a warning about the persistent discount. Top holdings: Bending Spoons (18.7%, an Italian app developer), SpaceX (8.9%, space exploration), and Tekever (7.5%, drones). No manager commentary or trading activity was disclosed.
Schiehallion Fund Limited (as of August 31, 2026) is a closed-end fund focused on investing in late-stage private companies with transformative growth potential, aiming to achieve capital appreciation through long-term minority equity stakes. The core view is that the fund has delivered strong perfo
The fund's monthly NAV return was +58.9% (1-year), and the share price return was +84.9% (1-year), both significantly outperforming the benchmark (benchmark name and value not disclosed). Year-to-date cumulative data was not separately disclosed, but the discrete performance table shows that for the 12 months ending June 30, 2026, the share price return was +68.1% and the NAV return was +58.4%.
| Metric | 1 Year | 3 Years | 5 Years | Since Inception (2019.3.27) |
|---|---|---|---|---|
| Fund (Share Price) | +84.9% | +272.9% | +1.9% | +95.6% |
| Fund (NAV) | +58.9% | +134.9% | +47.2% | +150.6% |
| Excess (Share Price - NAV) | +26.0% | +138.0% | -45.3% | -55.0% |
The report did not disclose the contribution/detraction details for the current month (August), only providing the portfolio structure as of August 31. The top ten holdings account for 62.8%, indicating a high concentration.
| Position | Weight | Notes |
|---|---|---|
| Bending Spoons | 18.7% | Largest holding, over 1/6 of assets |
| Space Exploration Technologies | 8.9% | Second largest holding |
| Tekever Holdings SA | 7.5% | Third largest holding |
| ByteDance Ltd. | 6.8% | Fourth largest holding |
| Anthropic | 6.1% | Fifth largest holding |
| Databricks | 4.2% | Sixth largest holding |
| Stripe | 3.0% | Seventh largest holding |
| Wayve | 2.9% | Eighth largest holding |
| Affirm | 2.4% | Ninth largest holding |
| Mottu Holding | 2.3% | Tenth largest holding |
The report did not provide commentary on any specific positions, only listing the holding data.
[Not Explicitly Stated] The report does not include the manager's judgment on the market, sectors, or themes. Clues from the portfolio structure: private assets account for 58.0%, public assets account for 35.3%, and net liquid assets account for 6.7%. No leverage (borrowings are zero). No data on net exposure, long/short ratio, or leverage changes.
The report did not disclose any new positions, additions, reductions, or liquidations for the current month. Sector allocation: Technology (47.9%), Industrials (21.6%), Telecommunications (9.3%), Consumer Discretionary (4.4%), Financials (3.7%), Healthcare (2.2%), Consumer Staples (1.5%), Basic Materials (1.4%), Energy (0.4%), Real Estate (0.2%). Geographic allocation: North America (42.4%), Europe (36.0%), Asia (11.5%), South America (2.5%), Australasia (0.3%).