The Schiehallion Fund (MNTC) H1 2024 earnings summary

Executive summary

• NAV total return declined 3.2% for the six months to 31 July 2024, while share price rose 44.1%, narrowing the discount to 10.1%.

• Both private and public holdings contributed to the NAV decrease, with Affirm and Wise as key public detractors and McMakler as the main private detractor.

• Positive contributors included Tempus AI (IPO at a 20% premium), Bending Spoons, and Brex.

• Portfolio operating performance remains strong, with 39% of companies EBITDA-positive and nearly 50% cash generative.

• One new investment (Tekever), two sales (Allbirds, Graphcore), and one IPO (Tempus AI) occurred during the period.

Financial highlights

• Net asset value at 31 July 2024: $1,178.17m; NAV per share: 114.61¢; share price: 103.00¢.

• Shareholders' funds decreased from $1,213.90m at 1 February 2024 to $1,178.17m at 31 July 2024.

• Total comprehensive loss for the period: $(39.5)m; revenue earnings per share: (0.04¢).

• No dividends paid or proposed for the period.

• Cash and cash equivalents increased to $19.3m at 31 July 2024.

Outlook and guidance

• Management sees optimism in underlying holdings and expects improved sentiment for growth equity.

• More companies are returning to private markets for capital, indicating healthier deal flow.

• Share buyback program continues, with 4.5m shares repurchased and 12% of capital allocated to new/existing investments and buybacks.