Overview
Given the materiality of the Bending Spoons position within the Schiehallion portfolio, and in light of recent speculation and uncertainty surrounding a potential Bending Spoons IPO, this communication aims to provide shareholders with greater clarity and transparency.
Image courtesy of Bending Spoons
As with any investment, your capital is at risk.
Schiehallion first invested in Bending Spoons in August 2023, deploying capital through to March 2026, with a total investment of US$42.0 million (approximately €37.8 million at the time of purchase).
As at 22 June 2026, the holding was valued at US$385.5 million (approximately €336.8 million), representing an increase of around 9 times the original investment and accounting for 16.7 percent of total assets.
The Schiehallion Fund Limited
Annual past performance to 31 March each year (%)
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Share Price | 2.2 | -63.0 | 19.1 | 13.6 | 95.7 |
| Net Asset Value | 0.3 | -25.0 | 6.9 | 8.9 | 34.5 |
Source: Morningstar. Total return in USD. Ordinary shares.
Past performance is not a guide to future returns.
The base currency of the Trust is US Dollars. Where an investor holds shares priced in US Dollars, their return in any currency other than US Dollars will also be affected by exchange rate movements.
Important information
This communication was produced and approved in June 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.
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.
If a private company's value increases significantly it may become a large part of the portfolio. This increases investment risk because of the greater the impact of a fall in its value.
This communication does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. A Key Information Document is available at bailliegifford.com.
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
Baillie Gifford & Co and Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA).
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