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The Schiehallion Fund (Baillie Gifford) Letters & Research Archive

7 pieces · 2025–2026 · updated every Monday

2026

09-08Baillie Gifford Schiehallion Investment Trust FactsheetThis 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 hol…→08-12Baillie Gifford Schiehallion Investment Trust FactsheetThis 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%),…→07-09Baillie Gifford Schiehallion Investment Trust FactsheetThis fact sheet covers a Baillie Gifford investment trust that puts money into late-stage private companies—fast-growing businesses not yet on the stock market—such as ByteDance and SpaceX. Its recent returns have been strong, but the fund pays no dividends, its holdings can be hard to sell, and its value has swung sharply, including a year when it lost half its money. For an ordinary investor, this means it’s suitable only if you can leave money…→07-01The Schiehallion Fund Valuation - 31 May 2026This piece explains how the Schiehallion fund, which invests in private companies that aren’t listed on stock exchanges, was valued on May 31, 2026. The fund held around $1.98 billion in assets, and over 80% of that sat in unlisted tech names such as SpaceX, ByteDance and Anthropic. For everyday investors, the key points are that such funds are hard to buy into, money can be tied up for long periods, and the top ten stakes make up more than 60% o…→05-26The Schiehallion Fund Articles of AssociationThis article explains the articles of association of the Schiehallion Fund, a legal document that sets out how the company issues new shares and protects existing shareholders. It focuses on a special class of shares called C shares: holders get voting rights, but conversion terms are set by the board and unconverted shares can be redeemed with unclear amounts. The document also requires that cash share offers must first go to existing shareholde…→04-09The Schiehallion Fund Annual Report - including the Notice of AGM - 31 January 2026This is about the Schiehallion Fund's annual report. The fund owns late-stage private tech companies. Last year its shares rose 64.8% because they had traded at a 19.2% discount to the value of its holdings, and that discount turned into a small premium. The managers are optimistic: they expect a possible once-in-a-generation wave of stock-market listings (IPOs) in 2026 and have fully invested the fund's cash. Key names: Bending Spoons, now the t…→

2025

10-06The Schiehallion Fund - Interim Financial Report - 31 July 2025This semi-annual report says Schiehallion Fund's net asset value rose 9.9% and its share price 11.1% in six months. The manager is cautious: returns come from a few winners, so he concentrates only on "true champions." Top holdings include Bending Spoons (the biggest gainer, an app consolidator), SpaceX (a key holding, performing well), and ByteDance (contributing positively). There were also laggards like Indian media firm Dailyhunt, which was w…→