This factsheet covers Baillie Gifford's Schiehallion investment trust, which focuses on private companies. The fund soared 90% in the past year after big losses earlier. No clear market view is given, but top holdings include Bending Spoons (Italian app developer, 15% of assets), Anthropic (AI firm, 8.7%), and SpaceX (Elon Musk's rocket company, 8%). These are all private, illiquid, and risky.
Schiehallion Fund Limited (as of September 30, 2026) focuses on investing in late-stage private companies with transformative growth potential, with total assets of USD 2.56921 billion and no borrowings. Core thesis: The fund achieves capital appreciation through long-term minority equity investment
Monthly data was not provided for this period; only annual and longer-term performance figures as of September 30, 2026, were disclosed. Over the past year, the share price returned 90.4%, and the NAV returned 56.8%, both significantly outperforming.
| Metric | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|
| Share Price | 90.4% | 280.9% | -13.1% | 94.7% |
| NAV | 56.8% | 137.4% | 37.7% | 151.7% |
Discrete annual performance shows the fund experienced significant drawdowns from 2021 to 2023 (share price -48.6% and -55.6%, respectively), followed by a strong rebound over the next two years (2024-2025 share price +37.4% and +45.6%), with accelerated gains in 2025-2026.
This chapter did not provide a monthly breakdown of contributions and detractors, only listing the top ten holdings and their weightings. The top ten holdings account for 61.1% of total assets, indicating a high concentration.
| Holding | % of Assets |
|---|---|
| Bending Spoons | 15.0% |
| Anthropic | 8.7% |
| Space Exploration Technologies | 8.0% |
| Tekever Holdings SA | 7.3% |
| ByteDance Ltd. | 6.4% |
| Databricks | 4.2% |
| Stripe | 3.2% |
| Revolut Group Holdings | 3.0% |
| Wayve | 2.8% |
| Mottu Holding | 2.4% |
This chapter did not provide commentary on specific holdings.
Stance: [Not Explicitly Stated]. This chapter consists of an investment overview and data disclosure, containing no manager commentary on the market or industry.
This chapter did not disclose position changes. The portfolio structure shows: private assets at 61.9%, public assets at 36.9%, and net current assets at 1.3%. Geographically, North America (45.5%) and Europe (33.3%) dominate, while by sector, technology (46.5%) and industrials (21.3%) are the primary exposures.