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.

The company is a Guernsey domiciled investment company and operates in US Dollars. Share Price and Fund Assets are quoted in US Dollars.

Share price and charges

Price

129.50c

NAV at fair

160.88c

Premium (+) or discount (-) at fair

-19.5%

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

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.

Contact us

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

The company is a Guernsey domiciled investment company and operates in US Dollars. Performance figures are for US Dollar returns and will not reflect returns that would have been achieved in sterling, or any other non-US Dollar denominated currency, which will be affected by exchange rate movements between the currencies.

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 18 of 18
  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. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  10. Private investments: unlocking growth

    The three Rs – relationship, reputation and research – are key to private company investing.
    Disruption Week 2024
    Article5 minutes
  11. The hidden costs of software

    A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
    October 2023
    Article
  12. Investing in private companies

    Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
    October 2023
    Video24 minutes
  13. 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
  14. Private company investing myths

    Busting three myths that could alter your view about what private company investing is.
    September 2023
    Video7 minutes
  15. 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
  16. Why the distinction between public and private markets is wrong

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

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  18. 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. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  10. Private investments: unlocking growth

    The three Rs – relationship, reputation and research – are key to private company investing.
    Disruption Week 2024
    Article5 minutes
  11. The hidden costs of software

    A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
    October 2023
    Article
  12. Investing in private companies

    Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
    October 2023
    Video24 minutes
  13. 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
  14. Private company investing myths

    Busting three myths that could alter your view about what private company investing is.
    September 2023
    Video7 minutes
  15. 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
  16. Why the distinction between public and private markets is wrong

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

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  18. 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 invest

You can invest in our funds via a number of fund platforms.

Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

Please also note that we do not have an online service for individual investors.

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

Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

Getting financial advice

At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

Using professional financial advice

An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

Finding a financial adviser near you

If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk

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.