The Schiehallion Fund (MNTN) H2 2025 earnings summary

Executive summary

• Achieved a 12.9% NAV total return and a 51.0% share price total return for the year to 31 January 2025, with the share price discount to NAV narrowing from 39.6% to 19.2%.

• Portfolio remains focused on long-term minority investments in late-stage private businesses with transformational growth potential.

• Over 80% of private holdings have a cash runway of more than two years, and 40% of the portfolio was EBITDA-profitable at year-end.

• The company bought back 5.2 million shares during the year and an additional 2.75 million shares after year-end, totaling 10.5 million shares since November 2023.

Financial highlights

• Shareholders' funds increased to $1,369.96m from $1,219.14m year-over-year.

• NAV per share rose to 133.69¢ from 118.37¢, and share price increased to 108.00¢ from 71.50¢.

• Ongoing charges ratio increased to 0.92% from 0.85%.

• Net revenue return per share was negative 0.39¢ (prior year: negative 0.12¢).

• No dividend declared or proposed.

Outlook and guidance

• Optimism about the long-term outlook, with a strong pipeline of private company opportunities and continued focus on transformational growth businesses.

• Board is considering UK tax residency and joining the UK investment trust regime, with further updates to be provided.

• The IPO market remains muted but is accessible for the right companies at the right price.