The Schiehallion Fund (MNTN) H2 2026 earnings summary

Executive summary

• Achieved a NAV total return of 32.6% and share price total return of 64.8% for the year ended 31 January 2026, with the share price moving from a 19.2% discount to a 0.4% premium to NAV.

• Shareholders' funds increased to $1,795.9m from $1,370.0m year-over-year, and market capitalisation rose to $1,803.2m.

• Portfolio reached full deployment for the first time, with 53 holdings (47 private, 6 listed), and 87.5% of net assets in private companies.

• Migration to the Main Market of the London Stock Exchange and UK tax residency status effective February 2026, expected to broaden investor base and improve liquidity.

Financial highlights

• Net gains on investments totaled $452.5m, up from $158.5m in the prior year.

• Net revenue return per share was negative 1.35 cents (2025: negative 0.39 cents).

• Ongoing charges ratio increased slightly to 0.96% (2025: 0.92%).

• No dividend declared; focus remains on long-term capital growth.

• 11.7 million shares were bought back at a cost of $13.2m, narrowing the discount to NAV.

Outlook and guidance

• Anticipates potential generational IPOs in 2026, including portfolio companies, which could provide further liquidity and validate intrinsic value.

• Portfolio fundamentals remain strong, with weighted average revenue growth of 54% and 62% of holdings profitable on a net income basis.

• The company remains optimistic about new investment opportunities, with disciplined capital recycling planned.