Capital at risk

Investment Trust

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 Trust operates in US Dollars. Share Price and Fund Assets are quoted in US Dollars.

Share price and charges

Price

184.00c

NAV at fair

176.62c

Premium (+) or discount (-) at fair

4.2%

Ongoing charges*

0.92%

Fund facts

Fund launch date

2019

AIC Investment Sector

Growth Capital

View video transcript
<p><strong>As with any investment, your capital is at risk.</strong></p> <p>&nbsp;</p> <p><strong>Peter Singlehurst</strong>: What if the most exciting investment opportunities of our time weren’t listed on any stock exchange. There’s been a quiet but profound structural shift in how the world’s most ambitious companies grow. They’re choosing to stay private for longer. This isn't a trend. It’s the new landscape. Just a decade ago, the billion dollar private company was rare – the unicorn. Today, there are nearly 1,500 of them, creating a $4.5tn investable universe that is simply too important to ignore.</p> <p>This is the foundation of our private company strategy at Baillie Gifford, designed to give clients access to the world’s most ambitious private businesses as they scale and reshape industries. By staying private, these companies escape the pressure of quarterly earnings. They can focus on what truly matters: long-term vision, disruptive innovation and sustainable growth. This is where tomorrow is being built,</p> <p>in fields from artificial intelligence and quantum computing to new frontiers in space and healthcare. At Baillie Gifford, our approach is built on a single powerful idea. We are specialists in growth. It's in our DNA. With over a century of experience in public markets and more than a decade investing in private ones, we bring a rare depth of perspective to this evolving space.</p> <p>Our strength lies in the quality of our relationships. Our patient long-term mindset and our ability to recognise inflection points. Those pivotal moments when a proven idea is ready to become a great global business. Unlike traditional venture capital, we don't shape the initial idea. Instead, we provide the patient strategic capital that helps it scale. But our contribution is more than just capital.</p> <p>We become a true long-term partner. We open our deep global network and share the invaluable lessons learned from helping companies navigate the challenges of growing and the journey to an IPO. As resolute global generalists, our search for these companies is unconstrained by sector or geography, allowing us to find enduring opportunities wherever they emerge. The investing landscape has changed.</p> <p>Both companies and investors need to recognise and adapt to this new reality. These are the companies building the future and, through Baillie Gifford’s private companies strategy, we give clients the chance to grow with them.</p> <p>&nbsp;</p> <h3 data-gtm-vis-recent-on-screen934959_1669="486" data-gtm-vis-first-on-screen934959_1669="486" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3> <p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p> <p>This communication was produced and approved in March 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p> <h3>Potential for profit and loss</h3> <p>All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns.</p> <p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p> <p>All information is sourced from Baillie Gifford &amp; Co and is current unless otherwise stated.</p> <p>The images used in this communication are for illustrative purposes only.</p> <h3 data-gtm-vis-has-fired934959_1669="1">Important Information</h3> <p>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; Co Limited is an Authorised Corporate Director of OEICs.</p> <p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford &amp; Co. Baillie Gifford &amp; Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.</p> <p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p> <h3>Financial Intermediaries</h3> <p>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>

Private Companies: our philosophy

Peter Singlehurst explains how Baillie Gifford invests in Private Companies.

Meet the managers

Meet the directors

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. 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.

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 Trust 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: 28 February 2026

1 Year
3 Years
5 Years
10 Years
Share Price
58.2%
115.5%
4.2%
n/a
NAV
30.0%
46.4%
13.9%
n/a

Discrete Performance

As at: 31 December 2025

31/12/2020 –
31/12/2021
31/12/2021 –
31/12/2022
31/12/2022 –
31/12/2023
31/12/2023 –
31/12/2024
31/12/2024 –
31/12/2025
Share Price
101.4%
-66.8%
-21.3%
47.3%
29.8%
NAV
40.4%
-34.2%
-0.6%
11.1%
34.9%

Performance

As at: 28 February 2026

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: 28 February 2026

#Holding% of total assets
1Bending Spoons14.8%
2Space Exploration Technologies10.5%
3ByteDance Ltd.7.9%
4Databricks4.6%
5Stripe4.5%
6Wayve4.1%
7Anthropic3.3%
8Wise3.0%
9Tekever Holdings SA2.6%
10Affirm2.2%

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 26 of 26
  1. Peak performer

    Why app empire Bending Spoons is The Schiehallion Fund’s largest holding.
    April 2026
    Article5 minutes
  2. Private Companies: our philosophy

    Peter Singlehurst explains how Baillie Gifford invests in Private Companies.
    March 2026
    Video4 minutes
  3. Hiker sits on rocks by a fast stream, facing distant snow-streaked peaks at sundown.

    Tomorrow’s marvels, today

    Explore private growth investing, mega-cap private companies and the future of IPOs.
    March 2026
    ArticleLong read
  4. Ivory medieval chess pieces stand on a chess board, dimly lit in shadows.

    Human judgement in an era of AI

    AI is a powerful tool, but investing still depends on human exploration, judgement and synthesis.
    February 2026
    Article4 minutes
  5. Top 10 companies: progress report

    An overview of the progress made by Schiehallion’s largest holdings.
    February 2026
    DocumentLong read
  6. Schiehallion: investing in private growth companies

    Growth companies are staying private longer, presenting an opportunity for investors.
    February 2026
    Video9 minutes
  7. Close-up of SpaceX's Falcon 9 space rocked blasting off: glowing yellow flames thrust the rocket up, throwing plumes of white smoke against the blue sky.

    Investing in the era of private megacaps

    As ever-larger companies stay unlisted, Schiehallion traverses the divide between private and public markets.
    February 2026
    Article4 minutes
  8. alt=""

    Schiehallion Fund Q4 investment update

    Alexander Nicolier, investment manager on the private companies team, reflects on recent portfolio changes and market developments.
    January 2026
    Video5 minutes
  9. Private growth: the underappreciated opportunity

    Why the asset class offers patient investors access to exceptional companies.
    December 2025
    Article3 minutes
  10. 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
  11. When machines feel human

    When machines speak, do we meet minds, or our own reflection?
    November 2025
    Article7 minutes
  12. 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
  13. Why we are backing Anthropic

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

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

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

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  17. The Next Chapter

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

    The three Rs – relationship, reputation and research – are key to private company investing.
    Disruption Week 2024
    Article5 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. Why the distinction between public and private markets is wrong

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

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  26. 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

The Schiehallion Fund Q4 investment update

Alexander Nicolier, investment manager on the private companies team, reflects on recent portfolio changes and market developments.

All insights

  1. Peak performer

    Why app empire Bending Spoons is The Schiehallion Fund’s largest holding.
    April 2026
    Article5 minutes
  2. Private Companies: our philosophy

    Peter Singlehurst explains how Baillie Gifford invests in Private Companies.
    March 2026
    Video4 minutes
  3. Hiker sits on rocks by a fast stream, facing distant snow-streaked peaks at sundown.

    Tomorrow’s marvels, today

    Explore private growth investing, mega-cap private companies and the future of IPOs.
    March 2026
    ArticleLong read
  4. Ivory medieval chess pieces stand on a chess board, dimly lit in shadows.

    Human judgement in an era of AI

    AI is a powerful tool, but investing still depends on human exploration, judgement and synthesis.
    February 2026
    Article4 minutes
  5. Top 10 companies: progress report

    An overview of the progress made by Schiehallion’s largest holdings.
    February 2026
    DocumentLong read
  6. Schiehallion: investing in private growth companies

    Growth companies are staying private longer, presenting an opportunity for investors.
    February 2026
    Video9 minutes
  7. Close-up of SpaceX's Falcon 9 space rocked blasting off: glowing yellow flames thrust the rocket up, throwing plumes of white smoke against the blue sky.

    Investing in the era of private megacaps

    As ever-larger companies stay unlisted, Schiehallion traverses the divide between private and public markets.
    February 2026
    Article4 minutes
  8. alt=""

    Schiehallion Fund Q4 investment update

    Alexander Nicolier, investment manager on the private companies team, reflects on recent portfolio changes and market developments.
    January 2026
    Video5 minutes
  9. Private growth: the underappreciated opportunity

    Why the asset class offers patient investors access to exceptional companies.
    December 2025
    Article3 minutes
  10. 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
  11. When machines feel human

    When machines speak, do we meet minds, or our own reflection?
    November 2025
    Article7 minutes
  12. 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
  13. Why we are backing Anthropic

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

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

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

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  17. The Next Chapter

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

    The three Rs – relationship, reputation and research – are key to private company investing.
    Disruption Week 2024
    Article5 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. Why the distinction between public and private markets is wrong

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

    Baillie Gifford’s approach to private companies? As we’ve always invested, for the long term.
    April 2022
    Article
  26. 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.

AGM and voting

When you invest in an investment trust you become a shareholder and have a say on how the Company is run.  You also have a right to attend the Company's annual general meeting (AGM).

How to vote

The following link will take you through to The Association of Investment Trusts' (AIC) website where there is information on how to vote your shares if you hold them via one of the major platforms.

How to attend the AGM

If you hold your shares through a platform, it is not always obvious how to attend an AGM. The following link will take you through to The Association of Investment Trusts’ (AIC) website where there is information on how your platform can help you attend this important shareholder meeting.  If you do not see your provider listed, please contact your provider directly and ask them to assist.

Schiehallion corporate calendar

Our corporate calendar provides details of the regulatory events that occur over the year. This includes dates for reports, results, dividend payments and the AGM.

Event Month (each year)
Final results announced April
Interim results announced September
Financial year end date 31 January
Annual general meeting May
Dividends payable N/A

AGM

Schiehallion's annual general meeting (AGM) was held on Thursday 22 May 2025. You can read a summary of the results of the voting on AGM resolutions here.

View latest results

Voting

A breakdown of the votes cast by Baillie Gifford over the previous quarter on behalf of the investment trust is available in the Proxy voting disclosure.

View the disclosure

Registrar

Computershare Investor Services PLC maintains the share register on behalf of the Company. Queries regarding shares registered in your own name can be directed to:

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

T: +44 (0)370 707 4040

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.