The Schiehallion Fund (MNTC) H1 2025 earnings summary

Executive summary

• NAV total return was 9.9% and share price total return was 11.1% for the six months to 31 July 2025, with the share price discount to NAV narrowing from 19.2% to 18.3%.

• The fund reached full deployment for the first time, with performance driven by top holdings Bending Spoons, SpaceX, and ByteDance.

• Three new investments were made: Revolut, Anduril, and Rippling; two complete sales (Airbnb and Masterclass) were executed.

• The Board intends to continue share repurchases and is progressing towards UK tax residency and a main market listing.

Financial highlights

• Shareholders' funds increased to $1,497.53m at 31 July 2025 from $1,369.96m at 31 January 2025.

• NAV per share rose to 146.95¢ from 133.69¢; share price increased to 120.00¢ from 108.00¢.

• Revenue earnings per share were (0.57¢) for the period, compared to (0.04¢) in the prior year.

• No dividends were paid or proposed for the period.

Outlook and guidance

• Portfolio companies reported strong aggregate revenue growth of 45% (trailing 12 months as of June 2025), more than double the Nasdaq 100.

• Gross margins for holdings averaged 59%, comparable to the Nasdaq 100.

• Nearly 80% of private holdings have a cash runway of at least four years.

• Optimism remains for growth equity investing, with a robust pipeline of opportunities.