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The Schiehallion Fund Limited (MNTC) investor relations material
The Schiehallion Fund Limited H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
NAV total return was 9.9% and share price total return was 11.1% for the six months to 31 July 2025, with the share price discount to NAV narrowing from 19.2% to 18.3%.
The fund reached full deployment for the first time, with performance driven by top holdings Bending Spoons, SpaceX, and ByteDance.
Three new investments were made: Revolut, Anduril, and Rippling; two complete sales (Airbnb and Masterclass) were executed.
The Board intends to continue share repurchases and is progressing towards UK tax residency and a main market listing.
Financial highlights
Shareholders' funds increased to $1,497.53m at 31 July 2025 from $1,369.96m at 31 January 2025.
NAV per share rose to 146.95¢ from 133.69¢; share price increased to 120.00¢ from 108.00¢.
Revenue earnings per share were (0.57¢) for the period, compared to (0.04¢) in the prior year.
No dividends were paid or proposed for the period.
Outlook and guidance
Portfolio companies reported strong aggregate revenue growth of 45% (trailing 12 months as of June 2025), more than double the Nasdaq 100.
Gross margins for holdings averaged 59%, comparable to the Nasdaq 100.
Nearly 80% of private holdings have a cash runway of at least four years.
Optimism remains for growth equity investing, with a robust pipeline of opportunities.
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