Schiehallion Fund Ltd - Guernsey-based investor in later-stage private businesses that have the potential to become publicly listed - Net asset value per ordinary share on July 31 is 109.50 US cents, down 8.3% from 119.42 cents on January 31. Schiehallion Fund doesn't pay a dividend, so NAV total return for the period, its financial first half, also is negative 8.3%. Share price fares much worse, falling by 28% to 66.00 cents from 92.00 cents, meaning the discount widens to 40% from 23%. The fund says asset price volatility is reduced in the recent six months, and its holdings in public companies, such as Wise PLC and Airbnb Inc, are positive contributors to NAV.

Schiehallion Fund made a new investment, into Israeli-American skincare firm Oddity, and is committed to making another, into Italian software-as-a-service company consolidator Bending Spoons. Following the Silicon Valley Bank crisis earlier this year and a down funding round for payments provider Stripe Inc, pricing expectations among companies seeking private equity funding have become more realistic, the fund says, particularly in Europe, Israel and Korea.

Current stock price: USD0.42, down 4.6% in London on Monday

12-month change: down 45%

By Tom Waite, Alliance News editor

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