26th Mar 2025 10:31
(Alliance News) - Schiehallion Fund Ltd on Wednesday reported its annual results, including raised earnings per share and a positive total return amid "a strong period" for public and private markets.
The Guernsey-based investment fund's net asset value per share was 133.69 US cents at January 31, up 13% from 118.37 cents a year prior.
Shares in Schiehallion were trading 1.7% lower at 89 US cents on Wednesday morning in London. The company has a USD930.0 million market capitalisation.
Schiehallion reported a positive NAV total return of 12.9% for the year ended January 31, swinging from minus 0.9% the previous year.
The company invests in private business that may be publicly listed in the future. It said its gain on investments more than doubled to USD158.5 million from USD69.8 million, although its revenue loss per share widened to 0.39 cents from 0.12 cents. As a result, Schiehallion declared no dividend, unchanged from the year before.
Attributable profit for the year surged to USD155.1 million from USD67.8 million. Earnings per share rose to 15.10 cents from 6.57 cents.
Schiehallion said: "The twelve months...represented a strong period for public markets, particularly within the United States, while private markets saw an increase in acquisitions, exits and overall deal volume compared to the prior year."
The company noted that within its portfolio, Space Exploration Technologies Corp. SpaceX, "continues to showcase remarkable operational progress" with an 86% valuation increase. Other positive contributors included software firm Bending Spoons Spa, up 89%, and Tik Tok-owner ByteDance Ltd, up 33%.
Schiehallion added: "The largest detractors from NAV performance over the period were German online real estate platform McMakler and Swedish electric vehicle battery maker,Northvolt."
Northvolt filed for Chapter 11 bankruptcy during the fourth quarter.
Going forward, Schiehallion said it "[regards] the current outlook for private growth markets as extremely compelling".
Chair Linda Yueh commented: "This past year has been another year of geopolitical tensions and uncertainties in the global economy. The decline in inflation and thus interest rates and the cost of capital have, however, supported markets and helped companies plan for growth.
"Despite ongoing geo-economic uncertainties, the board and the investment manager are optimistic about the outlook for the company with its focus on the long-term and investing in companies which have exceptional growth potential."
By Emma Curzon, Alliance News reporter
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