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

112.50c

NAV at fair

160.88c

Premium (+) or discount (-) at fair

-30.1%

Ongoing charges*

0.92%

Fund facts

Fund launch date

2019

AIC Investment Sector

Growth Capital

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 Company's shares are admitted to trading on the Specialist Fund Segment of the London Stock Exchange. The value of its shares, 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 Trust include:

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.

Risk is increased by holding fewer investments than a typical fund and the effect of this, together with a long-term approach to investment, could result in large movements in the share price.

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.

The price of the Company’s shares may be highly volatile and at a discount to the Company’s net asset value per share. Shareholdings in the Company are likely to be illiquid.

Contact us

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

Fund performance

Periodic Performance

As at: 31 October 2025

1 Year
3 Years
5 Years
10 Years
Share Price
49.8%
32.2%
-8.0%
n/a
NAV
37.4%
29.0%
39.1%
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: 31 October 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: 31 October 2025

#Holding% of total assets
1Bending Spoons15.5%
2ByteDance Ltd.8.0%
3Space Exploration Technologies7.5%
4Affirm4.9%
5Tempus AI Inc4.4%
6Databricks3.9%
7Wise3.8%
8Wayve3.3%
9Stripe3.1%
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.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 31 of 31
  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. Why we are backing Anthropic

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

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

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

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

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

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

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    May 2025
    Video7 minutes
  11. 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
  12. 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
  13. The Schiehallion Fund Q1 update

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

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

    The Private Companies Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  16. 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
  17. 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
  18. Schiehallion: Manager Insights

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

    A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
    October 2023
    Article
  20. 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
  21. 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
  22. Private company investing myths

    Busting three myths that could alter your view about what private company investing is.
    September 2023
    Video7 minutes
  23. 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
  24. Manager Insights: Schiehallion

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

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

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

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  28. 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
  29. The Schiehallion Fund: Annual Manager Update.

    We are delighted to present the Schiehallion Fund Annual Manager Update webinar with Manager Peter Singlehurst and Deputy Manager Robert Natzler. Peter and Robert provide an update on the fund’s investments, as well as the outlook for the fund and some insight into the exciting opportunities we are seeing.
    March 2022
    Video36 minutes
  30. Schiehallion and ESG investing.

    Socially responsible investing and the importance of company culture and environmental impact.
    March 2022
    Article
  31. Schiehallion Manager Insight.

    Robert Natzler, investment manager of The Schiehallion Fund, gives an update on the team’s activities during a year of working remotely, followed by an overview of portfolio performance, transactions and IPOs. Natzler also takes the opportunity to reiterate the investment philosophy of The Schiehallion Fund and thank shareholders for their ongoing support in the fund’s first two years.
    May 2021
    Video0 minute

  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. Why we are backing Anthropic

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

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

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

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

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

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

    Reflections on performance, portfolio companies and opportunities for returns in the year ahead.
    May 2025
    Video7 minutes
  11. 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
  12. 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
  13. The Schiehallion Fund Q1 update

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

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

    The Private Companies Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  16. 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
  17. 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
  18. Schiehallion: Manager Insights

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

    A decade ago, software companies were venture-backed and capital-light. That’s no longer true.
    October 2023
    Article
  20. 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
  21. 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
  22. Private company investing myths

    Busting three myths that could alter your view about what private company investing is.
    September 2023
    Video7 minutes
  23. 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
  24. Manager Insights: Schiehallion

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

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

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

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  28. 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
  29. The Schiehallion Fund: Annual Manager Update.

    We are delighted to present the Schiehallion Fund Annual Manager Update webinar with Manager Peter Singlehurst and Deputy Manager Robert Natzler. Peter and Robert provide an update on the fund’s investments, as well as the outlook for the fund and some insight into the exciting opportunities we are seeing.
    March 2022
    Video36 minutes
  30. Schiehallion and ESG investing.

    Socially responsible investing and the importance of company culture and environmental impact.
    March 2022
    Article
  31. Schiehallion Manager Insight.

    Robert Natzler, investment manager of The Schiehallion Fund, gives an update on the team’s activities during a year of working remotely, followed by an overview of portfolio performance, transactions and IPOs. Natzler also takes the opportunity to reiterate the investment philosophy of The Schiehallion Fund and thank shareholders for their ongoing support in the fund’s first two years.
    May 2021
    Video0 minute

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.