The Schiehallion Fund (MNTN) H1 2026 earnings summary

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.