Overview
The Schiehallion Fund aims to generate capital growth for investors through making long-term minority investments in later stage private businesses that the company considers to have transformational growth potential and to have the potential to become publicly traded. The fund’s base currency is US dollars.
The company will only invest in private businesses that are considered to have some or all of the following features:
- the potential to grow revenue and earnings multiple fold over the long term;
- scalable business models that should enable those businesses to grow into their opportunity;
- robust competitive advantages;
- exceptional management teams;
- an entry price which significantly undervalues the long term opportunity for the business; and
- an ambition and ability to become standalone public companies.
Investee companies may be from any sector and any geography but must be worth at least $500m at the time that Schiehallion makes its first investment.
You can access the fund’s website here
Fundamentals
Price
Research History
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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10 Mar 2020 7 min read
QuotedData’s Investment Companies Roundup – March 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over February: An initiation note on Montanaro UK Smaller Companies Trust (MTU) […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
News
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03 Jul 2026 4 min read
Trust Spot: Biotech Growth soars 21%; 3i Group regroups after May slump; Seraphim Space steps back from high
Biotechnology trusts BIOG and IBT replaced technology trusts as last month’s big risers with profit taking hitting Seraphim Space (SSIT) in June, but 3i Group (III) recovering after its tumble in May. June’s top risers Investment company Total shareholder return % Premium (- discount) % Biotech Growth (BIOG) 20.58 -8.59 Bluefield Solar (BSIF) 16.5 -13.96 […]
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02 Jul 2026 2 min read
Baillie Gifford’s European Growth and Schiehallion trusts see Bending Spoons stakes jump 40% on their Nasdaq IPO
Bending Spoons, the Italian app acquisition and restructuring company backed by Baillie Gifford European Growth (BGEU) and stablemate Schiehallion (MNTN), saw its shares surge 39.7% in their Nasdaq debut yesterday. From a listing price of $29 (£21.80), that was just above the initial range, BSP shares enjoyed strong investor demand on their first day of […]
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01 Jul 2026 3 min read
Monks “storms” ahead of FTSE World as Schiehallion and buybacks help deliver 36% shareholder return
Monks (MNKS), the less aggressive sister fund to Baillie Gifford’s Scottish Mortgage Trust (SMT), technically underperformed in the year to 30 April but prodigious share buybacks by its board ensured shareholders beat a “storming” 31% advance in the FTSE World index. The £2.5bn global investment trust delivered a 29.3% underlying return, 0.7% behind the benchmark, […]
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19 Jun 2026 2 min read
Morning briefing: Invesco Asia Dragon hikes dividends by 21%; Personal Assets adopts CPI benchmark; CC Japan posts 14.7% half-year return; Worldwide Health enjoys uniQure’s 78% one-day jump; more private equity gains for BGEU and MNTN
Invesco Asia Dragon (IAD) has hiked its dividends for the current financial year to 30 April 2027 by 21.5% to 19.2p per share reflecting the “significant increase” in returns the £1bn investment trust made in the last financial year and its policy of paying out 4% of net assets in quarterly distributions. The first interim […]
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15 Jun 2026 3 min read
Monks and HarbourVest: Two unsung members of the SpaceX investment company “Magnificent Seven”
Monks and HarbourVest Global Private Equity remind investors they also hitched a ride on $2.3trn SpaceX. Monks (MNKS), a £2.4bn investor in global equities, and HarbourVest Global Private Equity (HVPE) are bidding for attention as two of the just seven UK investment trusts that invested in SpaceX before its record $1.77trn (£1.3trn) flotation on Friday. […]
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12 Jun 2026 3 min read
Scottish Mortgage rallies on day of SpaceX IPO as fund manager Tom Slater warns its shares could be volatile
Update: Scottish Mortgage (SMT) shares rallied 5% after bullish SpaceX investors shook off a warning from fund manager Tom Slater of the potential for volatility in Elon Musk’s company heading for a record $1.77trn (£1.3trn) flotation this afternoon. Shares in the £15.9bn Baillie Gifford flagship advanced 68.5p to £14.94 before slipping to close at […]
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11 Jun 2026 2 min read
Baillie Gifford’s European and Schiehallion trusts lift value of their top holding as Bending Spoons heads for $20bn IPO
Bending Spoons, the unquoted Italian digital turnaround company, has filed plans for a $20bn (£15bn) flotation in the US, boosting Baillie Gifford European Growth (BGEU) and its private equity stable mate Schiehallion (MNTN), which both hold it as a top position. BGEU, a £306m investment trust trying to revive its performance under new fund manager […]
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05 Jun 2026 1 min read
Baillie Gifford lifts SpaceX valuation to $1.6trn, raising Scottish Mortgage Trust’s stake to 21% or £3.5bn
Baillie Gifford investment trusts have raised their valuation of SpaceX for a third time in six months with its flagship Scottish Mortgage (SMT) now holding a highly concentrated 21% position in the Elon Musk’s rocket, satellite and artificial intelligence (AI) group seeking a record $1.78tn (£1.3trn) flotation next week. Scottish Mortgage Trust and stablemates Schiehallion […]
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03 Jun 2026 3 min read
Morning briefing: Morningstar says SpaceX is “significantly overvalued”; British Land hires its first female CEO; Tritax Big Box sells £199m of logistics assets; ICG Enterprise fee cut; 3i backs French supplements brand; GABI disposal
Morningstar has warned SpaceX is “significantly overvalued” and estimated its fair value at $780bn, less than half the $1.75tn-$1.8tn target in next month’s flotation. In their report, analysts Nicolas Owens and Suryansh Sharma cited regulatory and technical hurdles and also untested AI economics for their cautious assessment. Seeking to puncture some of the hype in […]
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12 May 2026 2 min read
Scottish Mortgage sticks with $1.25trn valuation for SpaceX it says provides “infrastructure for the global economy”
Scottish Mortgage Trust (SMT) has confirmed its $1.25trn (£920bn) valuation of SpaceX and said it does not yet know what restrictions will apply to its $3.94bn (£2.98bn) investment after the Elon Musk group’s possible record-breaking flotation this summer. There has been intense speculation about the valuation of the space technology giant since its merger with […]
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27 Apr 2026 2 min read
Baillie Gifford’s Scottish Mortgage, Schiehallion and US Growth trusts more than double their valuation of AI challenger Anthropic
Baillie Gifford trusts Scottish Mortgage, Schiehallion and US Growth have more than doubled their valuation of Anthropic, the Claude chatbot developer reported to be overtaking arch-rival OpenAI at $1trn. Scottish Mortgage (SMT), Baillie Gifford’s £15.1bn global flagship, said after an upwards adjustment the unquoted AI company accounted for 2.5% of net assets at Friday’s close, […]
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08 Apr 2026 2 min read
Baillie Gifford’s Schiehallion looks forward to “generational” IPOs from SpaceX and others after a “defining” year
Schiehallion (MNTN), the £1.7bn Baillie Gifford private equity fund mulling over a possible share issue, has reported on a “defining” year of progress. Annual results show the closed-end fund delivered an underlying return of 32.6% in the year to 31 January with shareholders enjoying a 64.8% total return as the company re-rated from a steep […]
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07 Apr 2026 2 min read
Schiehallion, Baillie Gifford’s “future of the Nasdaq” trust, plans fund raise after shares surge 120% to a premium
Schiehallion (MNTN), one of four Baillie Gifford managed investment companies with double-digit holdings in SpaceX, is considering a fund raising after its shares shot up 27% in the first quarter to stand 4% above net asset value (NAV) at 31 March. Co-manager Robert Natzler said the £1.7bn private equity fund, which bills itself as a […]
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02 Apr 2026 4 min read
March Madness: How the Iran war hit investment companies – the top risers and fallers over one month and first quarter
March was a tough month for investors as the UK stock market dropped 7% and globally share prices retreated 5% with equities in Japan, Asia and emerging markets sliding 10-12% at the shock of oil prices soaring 63% to more than $118 a barrel in response to the US and Israel’s war on Iran. A […]
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2 min read
Baillie Gifford hikes SpaceX to 13%-20% of Scottish Mortgage, Edinburgh Worldwide, US Growth and Schiehallion as Elon Musk’s rocket company aims for $1.75trn IPO
Update: Baillie Gifford has hiked its valuation of SpaceX for the second time in four months amid reports that the Elon Musk rocket and satellite group has filed for an initial public offering (IPO) in the US that could value it at up to $1.75trn (£1.3trn), up from the $800bn it doubled at the end […]
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26 Mar 2026 2 min read
Morning briefing: SpaceX “to file” IPO prospectus; 3i falls on Action update; Int’l Biotechnology boosted by Terns bid; Golden Prospect considers management proposals
SpaceX is to file a prospectus for an initial public offering with US regulators as early as this week, according to reports, with the Times saying this starts a countdown to a $1.5trn flotation that could see Elon Musk’s rocket, satellite and AI group raise $75bn. Baillie Gifford trusts Scottish Mortgage Trust (SMT), Edinburgh Worldwide […]
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06 Feb 2026 4 min read
Agent-ick AI? trusts hit by volatile share prices
On 5 January 2026, Ben Rogoff and Alastair Unwin, managers of Polar Capital Technology (PCT), published a think piece entitled “2026: The year AI’s impact becomes impossible to ignore”. It looks as though they were right. AI had been talked about for decades, but it was the release of ChatGPT4 in March 2023 that lit […]
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03 Feb 2026 2 min read
Morning briefing: SpaceX merges with xAI before “$1.25tn” IPO; DL Invest has €1.5bn pipeline to restart ASLI; Starling bank eyes US for Engine expansion; hedge funds buy LABS after British Land bid; plus GHV1, GHV2
SpaceX, the Elon Musk rocket and satellite company backed by Baillie Gifford investment trusts Scottish Mortgage (SMT), Edinburgh Worldwide (EWI), Baillie Gifford US Growth (USA) and Schiehallion (MNTN), has merged with xAI, his artificial intelligence startup and developer of the Grok chatbot. It said the energy to properly develop AI is only available in space […]
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12 Jan 2026 3 min read
Saba says Baillie Gifford and Edinburgh Worldwide “impossible to believe” as they dismiss as “complete nonsense” activist’s claim that SpaceX shares were sold to ease USA merger
(Update) Baillie Gifford has issued a statement clarifying the decision to sell a third of Edinburgh Worldwide’s stake in SpaceX “was not made to facilitate a merger” with Baillie Gifford US Growth (USA). Responding to questions asked by activist hedge fund Saba Capital, which has accused the board of Edinburgh Worldwide (EWI) of acting in […]
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17 Dec 2025 3 min read
Baillie Gifford hikes SpaceX valuation by 87%, adding £1bn to Scottish Mortgage in one day
(Update of article published yesterday) Baillie Gifford has hiked its valuation of SpaceX by 87% according to updates published by four of its investment trusts yesterday. This includes flagship Scottish Mortgage, which saw its net asset value (NAV) jump by a remarkable £1bn in one day Citing a “trigger event that required an upwards adjustment” in the valuation, Scottish […]
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09 Dec 2025 3 min read
Morning briefing: Schiehallion wins 98% backing in trust vote; AVI Japan offers 100% tender; Aberdeen Equity Income and Lowland beat All-Share; Baillie Gifford European falls short
Schiehallion (MNTN), the £890m Baillie Gifford growth capital fund, cleared its path for a main market listing tomorrow with 98% of shareholder votes in favour of changes to its articles of association and the issue of restricted voting “B”-shares. Proxy vote adviser ISS had questioned the new share class on corporate governance grounds, but a […]
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08 Dec 2025 5 min read
Trust Spot: After November’s fireworks, Schiehallion and Aurora UK Alpha might deserve a second look
November, a month of fireworks, saw explosive gains from several investment companies but other London-listed funds fizzled out with big falls. Amid all the noise, there were several significant moves in share price ratings. Best performing investment companies November’s biggest share price risers (left) and biggest gainers in net asset value (right). Fund Share price […]
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01 Dec 2025 2 min read
Schiehallion’s plans to become investment trust at risk after proxy adviser tells investors to reject new voting shares
Plans for Schiehallion (MNTN), the £1.1bn Baillie Gifford private equity fund, to become an investment trust hang in the balance after influential proxy vote adviser Institutional Shareholder Services recommended investors vote against the investment company at an extraordinary general meeting next week. Schiehallion, an investor in Tik-Tok owner ByteDance and SpaceX and other unquoted tech […]
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06 Oct 2025 3 min read
Morning briefing: Baillie Gifford’s Schiehallion to become an investment trust next year; “disappointing” Franklin Global interims; plus AIRE, SRE, MVI, EAT-ESCT, CLC, CGI
Half-year results from Baillie Gifford growth capital fund Schiehallion and Franklin Global; annual figures from Alternative Income REIT; shareholder approval for the merger of European Assets with European Smaller Companies Trust; plus updates from Sirius Real Estate, Marwyn Value Investors, Calculus VCT and Canadian General Investments. Schiehallion (MNTN), the £1.1bn Baillie Gifford growth capital fund […]
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20 Aug 2025 2 min read
Scottish Mortgage AI holding Databricks soars 60% to $100bn valuation in nine months
Baillie Gifford investment trusts Scottish Mortgage, Schiehallion and Baillie Gifford US Growth have made a 60% gain on Databricks, one of their artificial intelligence (AI) investments, in just nine months. The San Francisco company – which accounts for 0.8% of the £14.6bn Scottish Mortgage (SMT) portfolio, 2.6% of £1.1bn private equity fund Schiehallion (MNTN) and […]
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09 Jul 2025 1 min read
SpaceX eyes $400bn valuation that offers further boost to Scottish Mortgage and Baillie Gifford trusts
SpaceX is looking to achieve its second big valuation increase in a year in a further round of fund raising and share sales that could be good news for Baillie Gifford trusts, including Scottish Mortgage and Edinburgh Worldwide which both hold the company as their largest holdings. According to a Bloomberg report this week, SpaceX […]
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23 May 2025 12 min read
An opportunity for reflection and discussion: Inside Baillie Gifford’s Investment Trust Conference
This time last week I was at Baillie Gifford’s Investment Trust Conference in Edinburgh – a two-day event, held every three years, that sees Baillie Gifford playing host to around 250 professionals from the world of investment companies. The event provides a useful forum to discuss the latest developments in the sector. However, we also […]
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4 min read
QuotedData’s morning briefing 23 May 2025 – ESCT, ENRG, PPET, MNTN, VNH, AGR/PHP, SSIT, FGEN, NESF, DLN
In QuotedData’s morning briefing 23 May 2025: We also have: Stories you may have missed from yesterday:
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26 Mar 2025 2 min read
The Schiehallion Fund delivers on potential in 2024
The Schiehallion Fund (MNTN) has announced its annual results for the year ended 31 January 2025. The company delivered a NAV total return of 12.9% and share price returned 51.0%. The share price discount to NAV narrowed from 39.6% to 19.2%. Since launch on 27 March 2019 to 31 January 2025, the company has delivered […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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13 Sep 2024 4 min read
QuotedData’s morning briefing 13 September 2024 – RTW, MNTN, BSRT, JEMA, PCT, TPOU
In QuotedData’s morning briefing 13 September 2024: RTW Biotech Opportunities (RTW) has announced its interim results for the six months ended 30 June 2024, during which its NAV was up 3.0% and its share price was up 10.1%. In comparison, RTW says that its comparator indices – Russell 2000 Biotech and Nasdaq Biotech were up […]
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14 Jun 2024 3 min read
Baillie Gifford funds – Think different
QD view: The overlap between the portfolios of Baillie Gifford’s range of global investment trusts is limited, yet investors are treating them as quite narrow variations on a theme and this is throwing up opportunities for those able to appreciate the nuances within the range. It has undoubtedly been a difficult period for the Baillie […]
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04 Apr 2024 1 min read
Another year of losses for Schiehallion
Schiehallion says that over the year to 31 January 2024, the NAV returned negative 0.9% and share price returned negative 22.3%. The share price discount to NAV widened from 23% to 40% as sentiment remained against growth stocks and private company investments. The net revenue return was negative and there will be no dividend. From […]
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02 Nov 2023 1 min read
QuotedData’s morning briefing 2 November 2023 – BPCR, MNTN, PHP, AIRE, ESP
In QuotedData’s morning briefing 2 November 2023: BioPharma Credit (BPCR) reports news of resignations at LumiraDX – Ron Zwanziger, (CEO and chairman), David Scott, PhD, (chief technology officer and director), and Jerry McAleer, PhD, (chief scientist and director) have all resigned, each citing the need “to preserve his flexibility to explore all available options” as […]
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04 Aug 2023 1 min read
QuotedData’s morning briefing 4 August 2023 – SBO, HOME, MNTN
In QuotedData’s morning briefing for 04 August 2023: Schroder British Opportunities (SBO) has announced that one of its private equity investments, Rapyd, has acquired PayU Global Payment Organisation from Prosus, for $610m, subject to regulatory approval. Rapyd is a leading global Fintech-as-a-Service provider, while PayU is a payment solutions provider to both enterprise and SMB […]
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31 Mar 2023 1 min read
QuotedData’s weekly news show 31st March 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Andrew McHattie gave an insight on Tetragon Financial and Phoenix Spree Deutschland and James Carthew covered the week’s top stories: • Schiehallion (0:40) • Global Opportunities (5:13) • Infrastructure discounts (8:16) This […]
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28 Mar 2023 2 min read
Game of two halves as Schiehallion Fund falls back to earth
Schiehallion Fund Limited has announced annual results for the year ended Jan 31, 2023. Since its launch in March 2019, shares have ridden a rollercoaster, reaching a peak of more than 150% above list price, however as we have seen across the growth universe, many of these companies crashed back down to earth over the […]
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05 Sep 2022 1 min read
QuotedData’s morning briefing 5 September 2022
In QuotedData’s morning briefing 5 September 2022: Schiehallion (MNTN) has posted its interim results for the six months to 31 July 2022. During this time, the trust delivered a negative return of 17.6%. The managers said market price volatility has had an impact on the opportunities they have been seeing. Companies are reluctant to raise […]
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29 Mar 2022 2 min read
Schiehallion focused on the long term picture
The Schiehallion Fund has published results for the year ended 31 January 2022. The ordinary share price and net asset value per ordinary share returned 17.8% and 7.6%, respectively. From their admission to trading on 26 April 2021 to 31 January 2022, the C share price and net asset value return was -4.8% and -2.0%, […]
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21 Jan 2022 2 min read
QD view – private companies dominate in 2021
It might be too late to start an email with ‘Happy New Year’ now but coming to your inboxes early next week will be our annual review of the investment trust world in 2021. We won’t give you too many spoilers, but it would be rude not to share a few snippets early. It was […]
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06 Sep 2021 3 min read
QuotedData’s morning briefing 6 September 2021
In QuotedData’s morning briefing 6 September 2021: Late on Friday Custodian REIT (CREI) and Drum Income Plus REIT (DRIP) announced they had reached agreement on a recommended all-share acquisition of DRIP by CREI. DRIP shareholders will be entitled to 0.53 new CREI shares for each DRIP share, which values DRIP at £21.4m based on the closing […]
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23 Apr 2021 2 min read
QD view – Backing the future
QD view – Backing the future One of the things that I love about the investment company sector is that your investments can make a difference. Buying a share in Diageo won’t lead to exciting innovation in the drinks industry. Buying a share in a bog-standard UK equity fund probably won’t have much of an […]
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1 min read
QuotedData’s weekly news show 23 April 2021
QuotedData’s weekly news show 23 April 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Acorn Income Fund update Gore Street Energy Storage raise of 135m Schiehallion raise of 700m for C share […]
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22 Apr 2021 2 min read
QuotedData’s morning briefing 22 April 2021
In QuotedData’s morning briefing 22 April 2021: Hammerson (HMSO) has further reduced its debt having exchanged unconditional contracts on the portfolio sale of its seven retail park assets to Brookfield for £330m cash proceeds. This represents an 8% discount to the 31 December 2020 book value of £357m and an 8.6% net initial yield. This transaction […]
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24 Mar 2021 2 min read
QuotedData’s morning briefing 24 March 2021
In QuotedData’s morning briefing 24 March 2021 – BMO Private Equity (BPET) announced that the software company, Dotmatics, in which it has a holding, has entered an agreement for its sale to US-based company Insightful Science. The transaction is expected to complete early in Q2. The investment is led by Scotland based growth equity investor […]
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19 Mar 2021 4 min read
The Schiehallion Fund exceeds launch investment target with 87% of capital deployed at January year-end
During The Schiehallion Fund’s (MNTN’s) financial year to 31 January 2021, its share price and NAV returned 48.1% and 42.3%. Over the period from 27 March 2019 (launch date) to 31 January 2021, MNTN’s share price and NAV returned 80.0% and 47.5%. When the MNTN was launched, raising gross proceeds of US$477m, its board said […]
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05 Feb 2021 1 min read
QuotedData’s weekly news show 5 February 2021
QuotedData’s weekly news show 5 February 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: IPO boom – Next Energy Renewables, Digital 9 Infrastructure and Great Point Entertainment Round Hill Music update He […]
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08 Jan 2021 1 min read
QuotedData’s morning briefing 8 January 2021
In QuotedData’s morning briefing 8 January 2021: The Schiehallion Fund has announced that it is considering an issue of C shares to institutional and professional investors at a price of US$1.00 per C share. The company says that the size of the issue is still to be determined, but it does not currently expect that the […]
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19 Oct 2020 2 min read
QuotedData’s morning briefing 19 October 2020
In QuotedData’s morning briefing 19 October 2020: The remaining conditions for UIL’s sale of Ascendant to Algonquin Power & Utilities Corp have been satisfied. UIL will get $37.6m. Ascendant owns 100% of Bermuda Electricity Light Company Limited, Bermuda’s sole electricity provider. JPMorgan Brazil has published a circular in relation to its planned wind up. Its shares will be […]
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21 Sep 2020 3 min read
Flow of opportunities abound for Schiehallion
Baillie Gifford’s Schiehallion Fund (MNTN) has released interim results covering the six months to 31 July 2020. Over the period, NAV per share increased by 4.3% while the shares delivered a return of 8.2%. Manager’s report from Baillie Gifford – ‘62% of the capital raised had been invested by the end of July’ “The global spread […]
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27 Apr 2020 2 min read
QuotedData’s morning briefing 27 April 2020
European markets have followed Asia in starting the week on the front foot, reflecting the prospect of further central bank support. Meanwhile, New Zealand’s Prime Minister, Jacinda Ardern said the virus was “currently” eliminated, with new reported cases in single figures over a number of days (as reported by the BBC). Norwegian, has said its fleet […]
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20 Mar 2020 4 min read
Inaugural annual results from Schiehallion Fund
Baillie Gifford’s Schiehallion Fund (MNTN) has released inaugural annual results, covering the period from 4 January 2019 to 31 January 2020. The growth capital sector company invests in late-stage private companies. It raised gross proceeds of US$477 million at launch on 27 March 2019. During the period from 27 March 2019 to 31 January 2020, the company’s […]
Videos
In The Press
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02 Jul 2026 1 min read
James Carthew comments on BG’s Bending Spoons in Investors’ Chronicle
James Carthew said in Val Cipriani’s article he suspected that before June, Baillie Gifford was holding Bending Spoons at $11bn: Read the article here
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24 Jun 2026 1 min read
Investment trust insider on big valuation moves
James Carthew: Erratic PE valuations sent tremors through trusts The rapidly changing estimates on private assets has been volatile, for better or worse. Valuing private assets is as much art as science, but we have had some savage moves – up and down – in the values of some assets recently. At Aquila European Renewables […]
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17 Jun 2026 1 min read
James Carthew comments on Baillie Gifford in CityAM
James Carthew comments on Baillie Gifford’s track record for long term investing in Ali Lyon’s article: “Baillie Gifford has an impressive track record of identifying and securing access to some of the world’s most exciting companies,” Read the article here
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09 Apr 2026 1 min read
Matthew Read comments on options for EWIT shareholders in Citywire
Matthew Read talks about options for exiting EWIT shareholders in Lotte Edwards’ article: “Scottish Mortgage provides access to a portfolio of some of Baillie Gifford’s most exciting listed growth ideas, along with some its larger private company investments, while Schiehallion offers exposure to a comparable pool of private companies to those held by Edinburgh Worldwide,” […]
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02 Apr 2026 1 min read
James Carthew comments on growth capital trusts in Investors’ Chronicle
James Carthew comments on the growth capital sector and trusts in Val Cipriani’s article: “The problem [with Schiehallion] is that investors got over excited in 2021 and the unwinding of a significant premium upset a lot of shareholders. I think we are past the worst here,” Read the article here
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23 Sep 2024 1 min read
Investment trust insider on good news for the investment companies sector
Investment trust insider on good news for the investment companies sector – James Carthew: Trusts that should rally on costs reform and rate cuts There was no pool of capital waiting to pounce on last week’s good news so there is still time to grab a bargain before over-sold investment companies start to bounce. On cost […]
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31 Jul 2024 1 min read
Top 20 investment trusts that have seen their discounts narrow
by Kyle Caldwell from interactive investor, 31st July 2024: For about 18 months, there’s been no shortage of investment trust bargain opportunities, with the average trust discount typically trading at around -15%.. For this article, we asked QuotedData, the investment trust analyst, to crunch the numbers to reveal which trusts have bucked the trend and […]
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29 Jul 2024 1 min read
Investment trust insider on rebuilding Britain
Investment trust insider on rebuilding Britain – James Carthew: Trusts must invest capital, not buy back shares forever New regulation could narrow share price discounts, allowing trusts to reallocate capital into areas that need it, such as infrastructure and private British companies. Post the election, a sense of optimism is emerging in the UK. For […]
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13 May 2024 1 min read
How these four private equity trusts could help you cash in on… The STARS of TOMORROW
By ANNE ASHWORTH, Daily Mail, 11 May 2024: De-equitisation is one of the top trends of 2024 and it is unlikely to prove a fad, with implications for our pensions and savings. More companies are opting not to list their shares on a stock market, but to find ‘equity’ or finance from banks and other […]
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07 May 2024 1 min read
Investment trust insider on growth capital funds
Investment trust insider on growth capital funds – James Carthew: Growth capital funds like Chrysalis are bargains Last week, Federal Reserve chair Jerome Powell poured more cold water on the prospect of imminent interest rate cuts in the US but at least seemed to rule out new rate rises. Growth capital funds providing finance to […]
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17 Apr 2024 1 min read
The ‘purest’ trust to buy if you’re bullish on Scottish Mortgage’s private companies
By Matteo Anelli, Senior reporter, Trustnet, 17 April 2024: Investors who are bullish on Scottish Mortgage’s unlisted companies could broaden their horizons and consider the Schiehallion trust instead, which is “the purest version of Baillie Gifford’s private equity holdings”, according to Peel Hunt analysts.. “We look across to Schiehallion for multiple reasons,” the analysts continued. […]
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18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
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28 Feb 2023 1 min read
20 investment trusts cheaper now than during Covid-19 sell-off
by Kyle Caldwell from interactive investor, 28th February 2023: Three years ago was a great opportunity to pick up bargains among investment trusts as the Covid-19 pandemic caused widespread panic and fear… Three years ago is a case in point. In response to the emergence of Covid-19, stock markets fell notably, with the FTSE All-Share […]
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20 Jan 2023 2 min read
Investment trust bargains: how to find them and where to look in 2023
by Kyle Caldwell from interactive investor, 19th January 2023: We explain the tricks of the trade to find potential discount opportunities, and name the three areas where analysts are finding plenty of value in 2023… The first thing to point out is that while investment trust discounts offer opportunities to buy a basket of investments […]
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09 Jan 2023 1 min read
Investment trust insider on discount opportunities
Investment trust insider on discount opportunities – James Carthew: Discount dislocations offer opportunities Today, at the same time as investors get to grips with higher inflation and interest rates, they are afflicted by wider share price discounts to net asset values (NAV) across the investment companies sector. Many years ago a former colleague of mine […]
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20 Dec 2022 1 min read
Falling at the first hurdle
Cherry Reynard, Trustnet Magazine, 20 December 2022: There was widespread optimism in the world of investment trusts at the start of 2022… However, as soon as Russia invaded Ukraine in February, all bets were off. This set off a chain of events, with disruption to commodity markets pushing up inflation, leading to higher interest rates […]
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14 Jun 2022 1 min read
Bargain Hunter: Baillie Gifford trusts are cheap, time to buy?
by Kyle Caldwell, interactive investor, 14th June 2022: 11 Baillie Gifford trusts are trading on wider-than-usual discounts. We ask analysts whether this is an opportunity for brave investors to pick up bargains… With inflation levels soaring and interest rates on the rise, growth companies, including tech firms, have fallen out of favour. Instead, investors have […]
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23 Mar 2022 1 min read
Interest rate rises trigger rotation
James Carthew for Investment Week, 17 March 2022: In the run up to the end of 2021 and into the early part of 2022, investors’ attention was focused on the growing threat of interest rate rises as a way of combating inflation. That triggered a sharp rotation out of growth stocks. In the space of […]
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22 Mar 2022 1 min read
Investment trust insider on Schiehallion
Investment trust insider on Schiehallion – James Carthew: What to look out for in expensive Schiehallion’s annual results Baillie Gifford’s Schiehallion Fund (MNTN) is approaching the third anniversary of its listing. It should also be about to publish its results for the 12 months ended 31 January. There are a few things to look out […]
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28 Feb 2022 1 min read
Investment trust insider on discount rates
Investment trust insider on discount rates – James Carthew: Inflation fears weigh on some income trusts Recent market turmoil has affected the ratings of a number of funds. Within my portfolio, one of the more peculiar de-ratings is that of Hipgnosis Songs Fund (SONG), which now looks to trade on an 8% discount to net […]
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06 Dec 2021 1 min read
Investment trust insider on 2021’s winners
Investment trust insider on 2021’s winners – James Carthew: Three 2020 trust winners I like for 2022 The past 12 months may have been eventful, but they have also produced some impressive share price gains for many investment companies. Top of the list is the uranium-focused Geiger Counter (GCL) which has produced a stunning 197% […]
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15 Nov 2021 2 min read
Investment trusts rediscover their roots with a 21st century twist
The listed fund vehicles are financing innovation in clean fuels, space and digital infrastructure Mary McDougall, Financial Times, NOVEMBER 12 2021 Investment trusts seem to be coming full circle. For most of the 20th century, they gradually moved away from their origins as entrepreneurial schemes investing in specific targets, often in Britain’s colonies, to running […]
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2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
