The Schiehallion Fund
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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.
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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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