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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Schiehallion Fund
The Schiehallion Fund (MNTN) investor relations material
The Schiehallion Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary25 Sep, 2026
Executive summary
Achieved a 29.1% NAV total return and 10.1% share price return for the six months to 31 July 2026, with NAV outperforming share price.
Major portfolio milestones included IPOs of Merlin Labs, SpaceX (largest in history at $1.77 trillion valuation), and Bending Spoons.
FTSE 250 index inclusion in March 2026 and change in LSE listing segment reflect company maturation.
Board strengthened with new appointments and succession planning; new administrator appointed.
Financial highlights
Shareholders' funds rose to $2,348.61m from $1,795.91m at 31 January 2026.
NAV per share increased to 228.89¢ (from 177.28¢), share price to 196.00¢ (from 178.00¢).
Market capitalization reached $2,011.14m.
Revenue earnings per share were -0.83¢ for the period.
Cash and cash equivalents increased to $132.03m.
Outlook and guidance
Recent IPOs and increased liquidity position the portfolio for new private growth investments.
Board remains confident in long-term strategy despite macroeconomic and geopolitical uncertainties.
Portfolio remains focused on high-quality private growth companies, with disciplined capital redeployment.
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Latest events from The Schiehallion Fund
- NAV rose 32.6% and share price 64.8%, with the discount turning to a 0.4% premium.MNTN
H2 2026 - NAV up 12.9%, share price up 51.0%, with strong private company growth and major share buybacks.MNTNH2 2025
- Double-digit NAV and share price returns, strong portfolio growth, and ongoing buybacks.MNTNH1 2025
- NAV fell 3.2% but share price surged 44.1%, sharply narrowing the discount to NAV.MNTNH1 2024
Next The Schiehallion Fund earnings date
H2 20278 Apr, 2027
The Schiehallion Fund
Next The Schiehallion Fund earnings date
H2 20278 Apr, 2027
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Frequently asked questions
The Schiehallion Fund Limited is a Guernsey-based closed-ended investment company focused on capital growth through long-term minority investments in later-stage private businesses. The company targets firms it believes have the potential for transformational growth and the prospect of becoming publicly traded. Its investment portfolio spans a diverse range of sectors, including information technology, industrials, financials, communications services, consumer discretionary, healthcare, consumer staples, and materials. These investments typically manifest as equity or equity-related instruments, such as preference shares, convertible debt instruments, equity-related and equity-linked notes, and warrants. Baillie Gifford & Co Limited manages the investment activities of The Schiehallion Fund Limited. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.