Capital at risk

The Schiehallion Fund

Many of the world’s most innovative businesses are staying private for longer. We focus on those with proven products and the transformational potential to disrupt markets or create new ones. And because Schiehallion is listed, even though its holdings are not, you maintain the flexibility to buy and sell.

Schiehallion mountain reflected in calm Loch Rannoch waters at dawn, Perthshire, Scotland

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Overview

ISIN

GG00BJ0CDD21

SEDOL

BJ0CDD2

Investment proposition

The Schiehallion Fund Limited seeks to generate capital growth for investors through 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.

Share price and charges

Price

119.00c

NAV at fair

160.88c

Premium (+) or discount (-) at fair

-26.0%

Ongoing charges*

0.92%

Fund facts

Fund launch date

2019

AIC Investment Sector

Growth Capital

The most transformative companies of our generation are choosing to mature in private ownership, building their long-term growth stories away from the quarterly rhythms of public markets. Schiehallion gives investors access to this rich universe of innovation - the missing pieces to complete a growth portfolio.
Peter Singlehurst

Meet the managers

Meet the directors

Intermediary client contacts

If you’d like further information, please get in touch with the Intermediary Client Contact for your area.

AGM, voting and registrar details

AGM

Thursday 22 May 2025 at the offices of Alter Domus (Guernsey) Limited, North Suite First Floor, Regency Court, Glategny Esplanade, GY1 1WW, at 11:15am.

View latest results

Voting

Access information on votes cast by Baillie Gifford during the previous quarter on behalf of the investment trust in the Proxy voting disclosure.

Registrar

Computershare Investor Services (Guernsey) Limited,
1st Floor, Tudor House,
Le Bordage,
St Peter Port,
Guernsey, GY1 1DB, with registered number 50855

Regulatory news announcements

Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.

Schiehallion Fund announcements

The Association of Investment Companies

Further information on investment trusts and the investment trust sector can be found on The Association of Investment Companies website.

Visit the website

Risks

The value of shares in the Company, and any income from them, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Company include:

Foreign exchange

The base currency of the Company is US Dollars. As the Company’s shares trade and price in US Dollars, the return of an investor whose local currency is anything other than US Dollars will also be affected by exchange rate movements.

Currency

The Company invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

Emerging markets

The Company invests in emerging markets, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.

Private companies

Private Company assets may be more difficult to buy or sell, so changes in their prices may be greater. There is no guarantee that private companies will become publicly traded companies in the future.

Liquidity

Values for securities which are difficult to trade such as private companies may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Company might receive upon their sale. Investments that are subject to low trading volume, lack of a market maker, or regulatory restrictions may not be possible to sell at a particular time or at an acceptable price. Large positions held in securities of particular issues may decrease the liquidity of any investments.

Concentration

The Company’s risk is increased as it holds fewer investments than a typical investment trust and the effect of this, together with its long term approach to investment, could result in large movements in the share price.

Derivatives

The Company can make use of derivatives which may impact on its performance.

Premium risk

Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount.

Unlikely income

The aim of the Company is to achieve capital growth and it is unlikely that the Company will provide a steady, or indeed any, income.

Regulation

The Company is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

Risk end

The information and opinions expressed are subject to change without notice. This information does not in any way constitute investment advice or an offer or invitation to deal in securities.

Important information

Your location indicates you are based in the Channel Islands and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic Performance

As at: 30 November 2025

1 Year
3 Years
5 Years
10 Years
Share Price
16.3%
18.2%
-16.5%
n/a
NAV
27.0%
32.6%
32.4%
n/a

Discrete Performance

As at: 30 September 2025

30/09/2020 –
30/09/2021
30/09/2021 –
30/09/2022
30/09/2022 –
30/09/2023
30/09/2023 –
30/09/2024
30/09/2024 –
30/09/2025
Share Price
91.6%
-48.6%
-55.6%
37.4%
45.6%
NAV
58.8%
-29.5%
-17.8%
12.8%
34.3%

Performance

As at: 30 November 2025

View by date range:

Source: Morningstar. 

Performance figures appear in USD. Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.

The graph has been rebased to 100.

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 November 2025

#Holding% of total assets
1Bending Spoons15.6%
2ByteDance Ltd.8.0%
3Space Exploration Technologies7.5%
4Affirm4.9%
5Databricks3.9%
6Tempus AI Inc3.9%
7Wise3.5%
8Wayve3.3%
9Stripe3.2%
10Tekever Holdings SA3.0%

We publish our full portfolio with an intentional delay to protect the company’s intellectual property.

Contact us

Still have a question?  Please get in touch with us.

Investments

The public market landscape has changed – the increased availability of private capital is allowing companies to complete more of their growth journey outside of the quarterly reporting cycle of the public markets.

Private markets are now home to some of the most exciting, disruptive companies out there. We invest in fast-growing companies valued above $500m and ambitions to become large standalone businesses. Since 2019, Schiehallion has invested in more than 50 companies driving transformational change. Explore some of our key investments here.

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 29 of 29
  1. Private growth: the underappreciated opportunity

    Why the asset class offers patient investors access to exceptional companies.
    December 2025
    Article3 minutes
  2. Private companies: from Anthropic to Zetwerk

    Why we invested in the AI lab and supply chain specialist, among other companies operating in private markets.
    November 2025
    Podcast32 minutes
  3. When machines feel human

    When machines speak, do we meet minds, or our own reflection?
    November 2025
    Article7 minutes
  4. Private companies shaping the modern world

    Private innovators are reshaping how we code, build and connect – long before they reach public markets.
    Disruption Week 2025
    Article5 minutes
  5. Why we are backing Anthropic

    Our investment thesis for the AI frontrunner.
    November 2025
    Article4 minutes
  6. The Schiehallion Fund investment update

    Peter Singlehurst reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video5 minutes
  7. Our best private growth ideas

    Rachael Callaghan introduces us to growth-focused private companies BillionToOne, Stripe and Vinted.
    September 2025
    Video3 minutes
  8. Lights, camera, AI

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  9. Private Companies Q2 update

    Investment manager Tara Sallis reflects on recent portfolio changes and market developments.
    July 2025
    Video4 minutes
  10. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  11. Schiehallion Fund: Manager Insights

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    May 2025
    Video7 minutes
  12. Schiehallion Fund: finding opportunity amid uncertainty

    An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook.
    May 2025
    Video45 minutes
  13. The case for private growth equity

    How companies like Stripe, Databricks and SpaceX are shaking up growth trends typically dominated by public markets.
    April 2025
    Video38 minutes
  14. The Schiehallion Fund Q1 update

    The Private Companies Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video11 minutes
  15. Private growth: Looking over the overlooked

    Learn more about the key features and attributes of the growth equity asset class.
    February 2025
    ArticleLong read
  16. Private Companies Q4 update

    The Private Companies Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  17. Private investments: unlocking growth

    The three Rs – relationship, reputation and research – are key to private company investing.
    Disruption Week 2024
    Article5 minutes
  18. Private equities: time to turn to growth

    Why high interest rates help rapid growth private companies with proven products stand apart.
    June 2024
    Article5 minutes
  19. Schiehallion: manager update

    An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook
    April 2024
    Video41 minutes
  20. Schiehallion: Manager Insights

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    April 2024
    Video6 minutes
  21. The hidden costs of software

    A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
    October 2023
    Article
  22. How do we value private companies?

    Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.
    October 2023
    Video10 minutes
  23. Private company investing myths

    Busting three myths that could alter your view about what private company investing is.
    September 2023
    Video7 minutes
  24. What is private company investing?

    Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
    September 2023
    Video8 minutes
  25. Manager Insights: Schiehallion

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    May 2023
    Video5 minutes
  26. The Schiehallion Fund: Annual Manager Update

    Investment performance, market developments, the portfolio pipeline and exciting opportunities for the Schiehallion Fund.
    May 2023
    Video47 minutes
  27. Why the distinction between public and private markets is wrong

    Peter Singlehurst discusses private company investing on the 20VC podcast.
    August 2022
    External link
  28. Buying into private companies.

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  29. Why private companies matter more

    SpaceX, Epic Games and Stripe: the list of the unlisted continues to grow. How can investors benefit?
    March 2022
    Podcast21 minutes

  1. Private growth: the underappreciated opportunity

    Why the asset class offers patient investors access to exceptional companies.
    December 2025
    Article3 minutes
  2. Private companies: from Anthropic to Zetwerk

    Why we invested in the AI lab and supply chain specialist, among other companies operating in private markets.
    November 2025
    Podcast32 minutes
  3. When machines feel human

    When machines speak, do we meet minds, or our own reflection?
    November 2025
    Article7 minutes
  4. Private companies shaping the modern world

    Private innovators are reshaping how we code, build and connect – long before they reach public markets.
    Disruption Week 2025
    Article5 minutes
  5. Why we are backing Anthropic

    Our investment thesis for the AI frontrunner.
    November 2025
    Article4 minutes
  6. The Schiehallion Fund investment update

    Peter Singlehurst reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video5 minutes
  7. Our best private growth ideas

    Rachael Callaghan introduces us to growth-focused private companies BillionToOne, Stripe and Vinted.
    September 2025
    Video3 minutes
  8. Lights, camera, AI

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  9. Private Companies Q2 update

    Investment manager Tara Sallis reflects on recent portfolio changes and market developments.
    July 2025
    Video4 minutes
  10. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  11. Schiehallion Fund: Manager Insights

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    May 2025
    Video7 minutes
  12. Schiehallion Fund: finding opportunity amid uncertainty

    An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook.
    May 2025
    Video45 minutes
  13. The case for private growth equity

    How companies like Stripe, Databricks and SpaceX are shaking up growth trends typically dominated by public markets.
    April 2025
    Video38 minutes
  14. The Schiehallion Fund Q1 update

    The Private Companies Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video11 minutes
  15. Private growth: Looking over the overlooked

    Learn more about the key features and attributes of the growth equity asset class.
    February 2025
    ArticleLong read
  16. Private Companies Q4 update

    The Private Companies Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  17. Private investments: unlocking growth

    The three Rs – relationship, reputation and research – are key to private company investing.
    Disruption Week 2024
    Article5 minutes
  18. Private equities: time to turn to growth

    Why high interest rates help rapid growth private companies with proven products stand apart.
    June 2024
    Article5 minutes
  19. Schiehallion: manager update

    An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook
    April 2024
    Video41 minutes
  20. Schiehallion: Manager Insights

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    April 2024
    Video6 minutes
  21. The hidden costs of software

    A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
    October 2023
    Article
  22. How do we value private companies?

    Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.
    October 2023
    Video10 minutes
  23. Private company investing myths

    Busting three myths that could alter your view about what private company investing is.
    September 2023
    Video7 minutes
  24. What is private company investing?

    Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
    September 2023
    Video8 minutes
  25. Manager Insights: Schiehallion

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    May 2023
    Video5 minutes
  26. The Schiehallion Fund: Annual Manager Update

    Investment performance, market developments, the portfolio pipeline and exciting opportunities for the Schiehallion Fund.
    May 2023
    Video47 minutes
  27. Why the distinction between public and private markets is wrong

    Peter Singlehurst discusses private company investing on the 20VC podcast.
    August 2022
    External link
  28. Buying into private companies.

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  29. Why private companies matter more

    SpaceX, Epic Games and Stripe: the list of the unlisted continues to grow. How can investors benefit?
    March 2022
    Podcast21 minutes

Contact us

Still have a question?  Please get in touch with us.

How to buy

You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com

Further information on the funds can be found in the relevant Key Information Documents, which are available in English and will be sent to you free of charge on request.

Contact us

Still have a question?  Please get in touch with us.

Documents

You can access any literature about the Fund here.

To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

Contact us

Still have a question?  Please get in touch with us.