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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.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.
- 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.MNTN
H2 2025 - Double-digit NAV and share price returns, strong portfolio growth, and ongoing buybacks.MNTN
H1 2025 - NAV fell 3.2% but share price surged 44.1%, sharply narrowing the discount to NAV.MNTN
H1 2024
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