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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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 […]
Upcoming Events
In The Press
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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 […]