Schiehallion Fund : Interim Report to 31 July 2023

Interim	31 July 2023
Financial Report

The Schiehallion Fund Limited

The Schiehallion Fund Limited seeks to generate capital growth for investors through making long-term minority investments in later stage private businesses that the Company considers to have transformational growth potential and to have the potential to become publicly traded.

Principal risks and uncertainties

The principal and emerging risks facing the Company are:

Investment and strategic risks - liquidity of investments; market, economic, political and environmental risks; valuation risk; investment strategy risk; discount risk; and Environmental, Social and Governance (ESG).

External risks - political and associated economic risk; legal and regulatory risk.

Operational risks - performance and reliance on third party service providers; cyber security threats; and key professionals.

Emerging risks - geopolitical tensions, including the Russia-Ukraine conflict and US-China tensions, high energy prices, inflation and interest rates; cyber risk; and Environmental Social and Governance issues (ESG).

An explanation of these risks and how they are managed is set out on pages 7 to 10 of the Company's Annual Report and Financial Statements for the year to 31 January 2023 which is available on the Company's website: schiehallionfund.com

The Schiehallion Fund Limited

Responsibility statement

The Directors of The Schiehallion Fund Limited confirm that to the best of their knowledge:

a. the Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Directors have elected to prepare financial statements that comply with International Financial Reporting Standards as issued by the International Accounting Standards Board;

b. the Interim Management Report includes a fair review of the information required by:

1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

1. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during
   that period.

By Order of the Board

Linda Yueh

Chairperson

8 September 2023

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website, and for the preparation and dissemination of financial statements. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Summary of unaudited results*

		31 January 2023
Ordinary shares	31 July 2023	(audited)	% change
Shareholders' funds	US$547.96$m	US$597.61m
Net asset value per ordinary share	109.50¢	119.42¢	(8.3%)
Share price	66.00¢	92.00¢	(28.3%)
Discount†	(39.7%)	(23.0%)
Number of shares in issue	500,430,002	500,430,002
Market capitalisation	US$330.28m	US$460.40m

	Six months to	Six months to
	31 July 2023	31 July 2022
Revenue earnings per share	(0.30¢)	(0.57¢)
		31 January 2023
C shares	31 July 2023	(audited)	% change
Shareholders' funds	US$557.26m	US$555.57m
Net asset value per C share	79.61¢	79.37¢	0.3%
Share price	39.50¢	49.00¢	(19.4%)
Discount†	(50.4%)	(38.3%)
Number of shares in issue	700,000,000	700,000,000
Market capitalisation	US$276.50m	US$343.00m
	Six months to	Six months to
	31 July 2023	31 July 2022
Revenue earnings per share	0.06¢	(0.31¢)

Notes

• For a definition of terms see Glossary of Terms and Alternative Performance Measures on page 23.

• Alternative performance measure, see Glossary of Terms and Alternative Performance Measures on page 23.

All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.

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Interim financial report 2023

The Schiehallion Fund Limited

Period's high and low

	Six months to 31 July 2023	Year to 31 January 2023
Ordinary shares	High	Low	High	Low
Net asset value per ordinary share	117.98¢	103.94¢	153.18¢	116.84¢
Share price	87.00¢	59.50¢	214.00¢	91.50¢
(Discount)/premium†	(22.5%)	(44.9%)	40.5%	(26.9%)

	Six months to 31 July 2023	Year to 31 January 2023
C shares	High	Low	High	Low
Net asset value per C share	79.60¢	73.83¢	97.20¢	77.32¢
Share price	48.00¢	39.50¢	129.00¢	49.00¢
(Discount)/premium†	(39.2%)	(50.4%)	36.1%	(41.1%)

Performance since inception

Ordinary shares	31 July 2023	27 March 2019	#	% change
Net asset value per ordinary share	109.50¢	99.66¢		9.9
Share price	66.00¢	100.00¢		(34.0)
C shares	31 July 2023	26 April 2021	‡	% change
Net asset value per C share	79.61¢	99.25¢		(19.8)
Share price	39.50¢	124.00¢		(68.2)

Notes

* For a definition of terms see Glossary of Terms and Alternative Performance Measures on page 23.

† Alternative performance measure, see Glossary of Terms and Alternative Performance Measures on page 23.

• 27 March 2019, the date the Company's ordinary shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.

• 26 April 2021, the date the Company's C shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.

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