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Sparks commentary - The Schiehallion Fund

Investment Companies

Sparks - The Schiehallion Fund

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The Schiehallion Fund (LSE: MNTN/MNTS) reports 2026 interim results with a 29.1% NAV return
Published by Milosz Papst
The Schiehallion Fund delivered a 29.1% NAV return in the six months to end-July 2026. Performance was concentrated among several of the fund’s largest holdings, with Bending Spoons, SpaceX, Tekever, ByteDance and Anthropic contributing a combined 28.1pp to NAV performance. Importantly, the period-end valuation of SpaceX was close to the bottom end of its trading range since the listing. Its shares closed at $108.37 on 31 July, when SpaceX represented 10.1% of Schiehallion’s NAV, and have since rebounded by 36.6% to $148.03 at the 24 September close. Anthropic has also provided a material post-period uplift: Schiehallion announced an upward revaluation on 23 September, increasing Anthropic’s weight to 8.6% of total assets from 6.1% at end-August and taking NAV to 252.97c at 22 September. Separately, Tekever announced a $580m Series D funding round on 23 September at a $6.4bn valuation, providing a fresh external valuation datapoint for a holding that represented 6.6% of Schiehallion’s end-July NAV.
 
The successful listings of SpaceX and Bending Spoons materially changed the portfolio’s liquidity profile. Listed investments increased to 35.1% of NAV from 11.9% at end-January, and the managers estimate that the liquid sleeve reached around 40% by period end, although lockup provisions mean that some of this liquidity is not immediately available for redeployment.
 
The share price returned 10.1% as the shares moved from a 0.4% premium at end-January to a 14.4% discount at end-July. Capital allocation adjusted to the changing share price rating: Schiehallion raised $28.4m through issuance at a weighted average premium to NAV of 11.3% before resuming buybacks when the discount returned. The fund made one new investment, Brazilian motorcycle rental and rent-to-own company Mottu, alongside several follow-on investments. The managers intend to recycle liquidity from successful holdings into new private-growth opportunities as it becomes available.
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