Overview
ISIN
GG00BJ0CDD21SEDOL
BJ0CDD2Investment 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
119.00cNAV at fair
160.88cPremium (+) 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.
Ratings
Meet the managers
Meet the directors
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.
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.
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.
Risks
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
Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.
This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.
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
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 November 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Bending Spoons | 15.6% |
| 2 | ByteDance Ltd. | 8.0% |
| 3 | Space Exploration Technologies | 7.5% |
| 4 | Affirm | 4.9% |
| 5 | Databricks | 3.9% |
| 6 | Tempus AI Inc | 3.9% |
| 7 | Wise | 3.5% |
| 8 | Wayve | 3.3% |
| 9 | Stripe | 3.2% |
| 10 | Tekever Holdings SA | 3.0% |
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Private growth: the underappreciated opportunity
Why the asset class offers patient investors access to exceptional companies.
Private companies: from Anthropic to Zetwerk
Why we invested in the AI lab and supply chain specialist, among other companies operating in private markets.
When machines feel human
When machines speak, do we meet minds, or our own reflection?
Private companies shaping the modern world
Private innovators are reshaping how we code, build and connect – long before they reach public markets.
Why we are backing Anthropic
Our investment thesis for the AI frontrunner.
The Schiehallion Fund investment update
Peter Singlehurst reflects on recent performance, portfolio changes and market developments.
Our best private growth ideas
Rachael Callaghan introduces us to growth-focused private companies BillionToOne, Stripe and Vinted.
Lights, camera, AI
From storyboard to final cut, Runway is changing how films get made.
Private Companies Q2 update
Investment manager Tara Sallis reflects on recent portfolio changes and market developments.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Schiehallion Fund: Manager Insights
Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
Schiehallion Fund: finding opportunity amid uncertainty
An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook.
The case for private growth equity
How companies like Stripe, Databricks and SpaceX are shaking up growth trends typically dominated by public markets.
The Schiehallion Fund Q1 update
The Private Companies Team reflects on recent performance, portfolio changes and market developments.
Private growth: Looking over the overlooked
Learn more about the key features and attributes of the growth equity asset class.
Private Companies Q4 update
The Private Companies Team reflects on recent performance, portfolio changes and market developments.
Private investments: unlocking growth
The three Rs – relationship, reputation and research – are key to private company investing.
Private equities: time to turn to growth
Why high interest rates help rapid growth private companies with proven products stand apart.
Schiehallion: manager update
An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook
Schiehallion: Manager Insights
Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
The hidden costs of software
A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
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.
Why the distinction between public and private markets is wrong
Peter Singlehurst discusses private company investing on the 20VC podcast.
Why private companies matter more
SpaceX, Epic Games and Stripe: the list of the unlisted continues to grow. How can investors benefit?

Private growth: the underappreciated opportunity
Why the asset class offers patient investors access to exceptional companies.
Private companies: from Anthropic to Zetwerk
Why we invested in the AI lab and supply chain specialist, among other companies operating in private markets.
When machines feel human
When machines speak, do we meet minds, or our own reflection?
Private companies shaping the modern world
Private innovators are reshaping how we code, build and connect – long before they reach public markets.
Why we are backing Anthropic
Our investment thesis for the AI frontrunner.
The Schiehallion Fund investment update
Peter Singlehurst reflects on recent performance, portfolio changes and market developments.
Our best private growth ideas
Rachael Callaghan introduces us to growth-focused private companies BillionToOne, Stripe and Vinted.
Lights, camera, AI
From storyboard to final cut, Runway is changing how films get made.
Private Companies Q2 update
Investment manager Tara Sallis reflects on recent portfolio changes and market developments.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Schiehallion Fund: Manager Insights
Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
Schiehallion Fund: finding opportunity amid uncertainty
An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook.
The case for private growth equity
How companies like Stripe, Databricks and SpaceX are shaking up growth trends typically dominated by public markets.
The Schiehallion Fund Q1 update
The Private Companies Team reflects on recent performance, portfolio changes and market developments.
Private growth: Looking over the overlooked
Learn more about the key features and attributes of the growth equity asset class.
Private Companies Q4 update
The Private Companies Team reflects on recent performance, portfolio changes and market developments.
Private investments: unlocking growth
The three Rs – relationship, reputation and research – are key to private company investing.
Private equities: time to turn to growth
Why high interest rates help rapid growth private companies with proven products stand apart.
Schiehallion: manager update
An update from fund managers Peter Singlehurst and Robert Natzler, covering investment trends, portfolio performance, and market outlook
Schiehallion: Manager Insights
Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
The hidden costs of software
A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
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.
Why the distinction between public and private markets is wrong
Peter Singlehurst discusses private company investing on the 20VC podcast.
Why private companies matter more
SpaceX, Epic Games and Stripe: the list of the unlisted continues to grow. How can investors benefit?
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.












