Schiehallion FundThe is a UK-listed investment trust managed by Baillie Gifford that seeks long-term capital growth by making minority investments in later-stage private businesses with transformational growth potential and the potential to become publicly traded. It sits in the AIC Growth Capital sector and provides listed-market access to a portfolio that is substantially exposed to private and growth companies.

Schiehallion Fund: Portfolio, Strategy, Performance and Key Risks

Schiehallion FundThe occupies an unusual position in the UK investment-trust market. Rather than concentrating primarily on established listed companies, it was created to give investors exposure to later-stage private businesses that may remain outside public markets for longer.

That distinction matters. Investors researching Schiehallion are not simply looking for another diversified equity fund. They are typically trying to understand how the trust provides access to private companies, what businesses it owns, how its portfolio has performed, why its share price can differ from the underlying net asset value (NAV), and what risks come with investing in a portfolio containing private-company valuations.

Schiehallion was launched in 2019 and is managed by Baillie Gifford. The fund's stated objective is to generate capital growth through long-term minority investments in later-stage private businesses that the company believes have transformational growth potential and could eventually become publicly traded.

What Is the Schiehallion Fund?

Schiehallion FundGrowth CapitalThe is a Guernsey-domiciled investment company in the sector of the Association of Investment Companies (AIC).

Sharesify investment approach focuses on later-stage private businesses rather than early-stage venture capital. The idea is to identify companies that have already developed substantial businesses but may still have significant growth potential before or after becoming publicly listed.

MNTNBaillie Gifford manages the fund, with Peter Singlehurst and Robert Natzler listed as fund managers by the AIC. The fund launched on 27 March 2019 and trades on the London Stock Exchange under the ticker .

This structure gives Schiehallion a distinctive role: investors can buy and sell shares in a listed investment company while gaining exposure to businesses that themselves may not yet be publicly traded.

notThat does mean the investment behaves like a conventional private-equity fund. The shares themselves trade on a stock exchange, so their market price is influenced by supply and demand as well as investors' assessment of the underlying portfolio.

How Does the Schiehallion Investment Trust Work?

The basic structure is easier to understand by separating three things:

The underlying businesses
The trust's NAV
The market price of Schiehallion shares

Schiehallion invests in private and public businesses. The value of those investments contributes to the trust's NAV.

Investors, however, buy and sell Schiehallion shares on the stock market. The share price can therefore trade above or below NAV.

This creates an important distinction:

NAV: the estimated value of the trust's underlying assets after relevant liabilities.

Share price: what investors are currently willing to pay for a Schiehallion share on the market.

When the share price is below NAV, the trust is trading at a discount. When it is above NAV, it is trading at a premium.

That discount or premium can materially affect an investor's actual return.

Schiehallion Fund Portfolio and Holdings

The portfolio is one of the most interesting aspects of Schiehallion because it provides exposure to companies that many investors know from the technology and growth sectors but historically could not easily access through public equity markets.

31 July 2026According to AIC portfolio data dated , the largest reported holdings included:

Holding	% of Total Assets
Bending Spoons	17.3%
Space Exploration Technologies	10.1%
ByteDance	7.4%
Tekever Holdings	6.6%
Anthropic	5.9%
Databricks	4.2%
Stripe	3.2%
Wayve	3.1%
Mottu Holding	2.5%
Affirm	2.5%

The same AIC data showed that 59.5% of total assets were classified as unlisted holdings at that reporting date.

private-market exposure, technology companies and high-growth businessesThat portfolio composition illustrates why investors often associate Schiehallion with .

It also demonstrates why the trust should not be assessed using exactly the same framework as a conventional UK equity income trust.

Why Are Private Companies Important to Schiehallion?

One of the central investment ideas behind the Schiehallion Fund is that successful companies are increasingly capable of remaining private for longer.

In previous market cycles, a rapidly growing company might have progressed relatively quickly from venture capital funding to a public-market listing. Today, some businesses can raise substantial amounts of private capital and achieve very large valuations before an IPO.

Baillie Gifford has specifically described this shift as part of the rationale for its private-company strategy.

For Schiehallion, this creates an investment opportunity: the trust can attempt to identify promising companies before they become widely accessible through public markets.

But there is an important qualification.

notPrivate-market exposure does automatically mean superior returns. Private businesses can fail, valuations can fall, financing conditions can change, and exits can take longer than expected.

Schiehallion Fund Performance

Performance needs to be considered over different periods rather than judged from a single annual figure.

31 January 202632.6% NAV total return64.8% share-price total returnFor the year ended , Schiehallion reported a and a . The difference demonstrates how changes in the market discount or premium can substantially affect shareholders' returns beyond movements in the underlying NAV.

8 September 2026More recent AIC data, calculated to , reported:

Period	Share Price Total Return	NAV Total Return
1 year	80.3%	58.9%
3 years	214.3%	134.9%
5 years	-2.7%	47.2%

The AIC also reported that the Growth Capital sector returned 53.8% on a one-year share-price basis over the same period.

share-price performance and NAV performance can diverge considerablyThese figures highlight an important point: .

Past performance should not be treated as a prediction of future returns.

Schiehallion Fund NAV and Discount

The relationship between NAV and share price is one of the most important concepts for anyone researching the trust.

220.00 cents249.35 cents11.8%For example, Baillie Gifford's fund page showed a price of , an estimated fair NAV of and a discount of approximately as at 7 September 2026.

A discount can make an investment trust look inexpensive relative to its underlying assets, but investors should not automatically assume that a discount will disappear.

Several factors can influence the discount, including:

Investor sentiment
Private-company valuation uncertainty
Liquidity
Interest rates
Investment-trust demand
Portfolio performance
Share buybacks
Perceptions of future growth
The proportion of assets that are privately valued

The discount therefore needs to be considered alongside the quality and valuation of the underlying portfolio.

What Companies Does Schiehallion Invest In?

The portfolio includes businesses operating across technology, industrials, communications, consumer and other growth-oriented areas.

48.2% of total assetsThe AIC's July 2026 portfolio data showed information technology representing , followed by general industrials at 21.5% and telecommunications at 10.4%.

The geographical exposure was also international. The largest country allocations reported by the AIC included the United States, Italy, China, Portugal and the United Kingdom.

That means Schiehallion should not be viewed simply as a UK small-cap investment trust. Its portfolio is globally oriented and heavily influenced by private growth companies.

Schiehallion and SpaceX, Anthropic and Other High-Profile Holdings

Some of Schiehallion's holdings have attracted significant attention because they are associated with major technology and growth themes.

SpaceX, Anthropic, ByteDance, Databricks and Stripe are examples of companies that have become prominent within discussions about private-market investing.

The fund's Q2 2026 update also noted major developments involving SpaceX, Bending Spoons and Anthropic. Baillie Gifford said SpaceX had completed an IPO, Bending Spoons had listed on 1 July, and Anthropic had confidentially filed IPO paperwork.

These events illustrate an important characteristic of the Schiehallion strategy: a private holding can eventually become publicly traded, potentially changing how it is valued and how the fund holds it.

Is Schiehallion a Private Equity Fund?

Not exactly.

listed investment companySchiehallion invests in private companies, but it is structured as a , rather than as a conventional closed private-equity partnership.

That distinction matters for investors.

A listed investment trust can generally be bought and sold through a stockbroker during market hours, whereas traditional private-equity structures often have different liquidity restrictions and investor requirements.

Schiehallion's structure therefore attempts to bridge two worlds:

Public-market liquidity + private-growth-company exposure

That combination is one of the fund's defining characteristics.

Who Might Find the Schiehallion Fund Interesting?

Schiehallion may be worth researching for investors who:

Want exposure to private growth companies
Understand investment-trust discounts and premiums
Have a long-term investment horizon
Can tolerate significant share-price volatility
Want diversified exposure to growth businesses
Are comfortable with private-company valuation uncertainty
Want a listed route into a private-market strategy

It may be less suitable for investors who need predictable income, low volatility or short-term capital preservation.

The fund does not currently pay a regular dividend, according to the AIC.

Key Risks to Consider

The attraction of private-market exposure needs to be balanced against the risks.

Private-company valuation risk

Private investments do not always have the same continuous market pricing available for listed shares. Valuations can therefore involve estimates and may change when new financing rounds, transactions or other valuation evidence become available.

Schiehallion's June 2026 announcement, for example, reported updated valuations for several private-company holdings and a resulting NAV of 232.98 cents as at 17 June 2026.

Share-price volatility

Even if the underlying NAV changes gradually, the market price of the investment trust can move substantially as investor sentiment changes.

Discount risk

Buying at a discount does not guarantee that the discount will narrow.

Concentration risk

A relatively small number of large holdings can have a significant effect on overall portfolio performance. Bending Spoons alone represented 17.3% of total assets in the AIC's July 2026 data.

Currency risk

The fund operates in US dollars, and returns for UK investors can therefore be affected by exchange-rate movements as well as investment performance.

Growth-stock risk

Companies with high expected growth can experience substantial valuation changes when expectations, interest rates or market conditions change.

Schiehallion Fund: Quick Decision Framework

Investor priority	How Schiehallion fits
Private-company exposure	Strong fit
Listed investment structure	Strong fit
Long-term capital growth	Core objective
Regular income	Weak fit
Low volatility	Weak fit
Global growth exposure	Strong fit
High tolerance for valuation risk	Important
Short-term investing	Less suitable
Understanding investment-trust discounts	Important

This is not a personal investment recommendation. The appropriate decision depends on an investor's objectives, risk tolerance, time horizon, and overall portfolio.

What Should Investors Check Before Buying?

Before researching or buying the Schiehallion Fund, it is worth checking five things:

1. Portfolio composition

Look at the latest holdings rather than relying on an old article.

2. NAV versus share price

Understand whether the shares trade at a premium or discount and why.

3. Private-company valuations

Recognise that valuations of unlisted investments can change as new information becomes available.

4. Concentration

Check how much of the portfolio is represented by its largest holdings.

5. Your own risk tolerance

A strong historical return does not remove the possibility of significant future losses.

The latest fund information should always take precedence over historical articles, particularly for holdings, NAV, share price and portfolio weights.

Frequently Asked Questions

What is the Schiehallion Fund?

The Schiehallion Fund is a listed investment company managed by Baillie Gifford that seeks capital growth through long-term minority investments in later-stage private businesses with transformational growth potential and the possibility of becoming publicly traded.

Is Schiehallion an investment trust?

Growth CapitalYes. Schiehallion is a listed investment company and is classified by the Association of Investment Companies within its sector. It trades on the London Stock Exchange under the ticker MNTN.

Who manages the Schiehallion Fund?

The fund is managed by Baillie Gifford. The AIC lists Peter Singlehurst and Robert Natzler as fund managers.

What are Schiehallion Fund's main holdings?

The AIC's 31 July 2026 data listed Bending Spoons, Space Exploration Technologies, ByteDance, Tekever, Anthropic, Databricks, Stripe, Wayve, Mottu Holding and Affirm among its top holdings.

Does Schiehallion invest in private companies?

Yes. Private businesses are central to its investment strategy. The fund seeks long-term minority investments in later-stage private companies with significant growth potential.

Does Schiehallion pay a dividend?

The AIC currently lists no dividend frequency and reports no dividends in the last 12 months. Investors should check the latest official information because distribution policies can change.

Why can the Schiehallion share price differ from NAV?

Because the shares trade on the stock market, their price is determined by market supply and demand. It can therefore trade above or below the estimated value of the underlying assets, creating a premium or discount to NAV.

Is Schiehallion suitable for every investor?

No. Its exposure to private growth businesses, valuation uncertainty, share-price volatility and investment-trust discounts means it may be inappropriate for investors seeking low volatility, predictable income or short-term capital preservation.

Where can I check the latest Schiehallion Fund information?

The most useful sources are the fund manager's official information, regulatory announcements and the Association of Investment Companies. Current portfolio weights, NAV, share-price information and performance should be checked before making investment decisions.

Conclusion

Schiehallion FundThe is best understood as a listed route to a portfolio of later-stage private and growth companies. Its appeal comes from the possibility of participating in businesses that can remain private for longer, while the listed structure allows investors to buy and sell shares through the market.

At the same time, private-company valuations, portfolio concentration, investment-trust discounts and share-price volatility make the fund materially different from a conventional diversified equity fund. Anyone considering Schiehallion should therefore look beyond headline performance and examine the latest portfolio, NAV, discount, valuation methodology and risk profile before making an investment decision.

Schiehallion Fund: Portfolio, Strategy and Performance

AIC Growth Capital sector and provides listed-market access to a portfolio that is substantially exposed to private and growth companies.