Schiehallion Fund NAV jumps as Bending Spoons and SpaceX drive gains

Schiehallion Fund Ltd on Friday reported positive total returns amid a strong first-half performance, boosted by initial public offerings of the company's key investments.

The Guernsey-based investment company said net asset value rose 29% in the first half of 2026, while its portfolio benefited from the initial public offerings of three holdings.

NAV per ordinary share rose to 228.89 US cents on July 31 from 177.28 cents on January 31. Shareholders' funds increased to USD2.35 billion from USD1.80 billion.

NAV total return for the six months to July 31 was 29.1%, while the share price returned 10.1%.

The company highlighted the IPOs of Merlin Labs Inc, Space Exploration Technologies Corp, and Bending Spoons Spa as important portfolio milestones.

Bending Spoons was the largest contributor to NAV performance, adding 9.6% and an absolute return of 63%, while SpaceX was the second-largest contributor, adding 6.2% and an absolute return of 29%.

Shares ended the period at a 14.4% discount to NAV, compared with a 0.4% premium at January 31. Towards the end of the period, the company repurchased 650,000 ordinary shares into treasury as its shares moved to a discount.

The company said it had issued new ordinary shares and reissued treasury shares while its shares traded at a premium, raising gross proceeds of about USD28.4 million.

Schiehallion paid no dividends in the six months to 31 July 2026.

Chair Linda Yueh said: "The first half of 2026 marked an encouraging period for later-stage private growth investing.

"A number of successful public listings, including several from the company's portfolio, demonstrate that high-quality private businesses are once again finding pathways to the public markets. While market conditions remain selective, these developments are encouraging both for portfolio companies seeking access to capital and for investors in the asset class."

Yueh said the board remained confident in the company's patient, long-term investment strategy in private growth companies, while noting that the macroeconomic and geopolitical environment remained uncertain.

Looking ahead, Schiehallion said it remained focused on long-term minority investments in later-stage private businesses with transformational growth potential and the potential to become publicly traded.

Shares in Schiehallion Fund were up 0.3% at USD2.19 on Friday morning in London.

Copyright 2026 Alliance News Ltd. All Rights Reserved.