ftse 250 Trust Boosted by SpaceX and Bending Spoons
The FTSE 250 investment trust Schiehallion reported a 29.1% net asset value return driven by the public listings of SpaceX and Bending Spoons.
Quick facts
- Schiehallion Fund ordinary share NAV returned 29.1% over the six months to July 2026.
- Bending Spoons generated an absolute return of 62.9% in the six months leading to its Nasdaq debut.
- The trust joined the FTSE 250 in March following a change in listing segment.
Why it matters
The performance of growth-focused investment trusts on the London Stock Exchange reflects broader trends in venture capital and late-stage private equity transitions to public markets. When major private holdings execute large-scale initial public offerings, investment vehicles holding pre-IPO shares often experience rapid valuation adjustments. Such market movements demonstrate the volatility and potential upside of holding private growth assets within standard equity index structures.
Baillie Gifford’s Schiehallion Fund reported a 29.1% net asset value (NAV) return over the six months to July 2026, according to recent financial results. The performance of the ftse 250 investment trust was driven primarily by the public listings of its two largest holdings, SpaceX and digital retailing platform Bending Spoons.
What happened to the ftse 250 trust?
According to reports from Scottish Financial News and QuotedData, Bending Spoons provided a significant boost, contributing 9.6% to the fund's NAV growth ahead of its Nasdaq debut in July. SpaceX added a 6.2% contribution following its listing in June. Despite these gains, the trust's shares traded at a discount of 14.4% by the period end, reversing a 0.4% premium from the start of the financial year. Chair Linda Yueh noted that the board resumed buybacks later in the period, purchasing 650,000 shares into treasury as the discount widened.
Why is the ftse 250 fund trending?
Investors and analysts have closely followed the fund due to the immense scale of its portfolio companies and its recent entry into the index. The trust officially joined the ftse 250 in March following a listing segment change on the London Stock Exchange in December 2025. Over the past twelve months, the fund's NAV returned 55.8% while the share price returned 63.3%, though managers have expressed caution regarding elevated valuations in the artificial intelligence sector moving forward.
What happens next for the fund?
Baillie Gifford managers are currently looking to reposition their portfolio following the successful public offerings of SpaceX and Bending Spoons. Details regarding specific future acquisitions were not available at the time of writing, but managers maintain a wary stance on broader artificial intelligence market valuations as they assess subsequent capital allocation strategies.
Frequently asked questions
What caused the ftse 250 trust's NAV increase?
The 29.1% net asset value return was primarily driven by the public market debuts of the trust's two largest holdings, SpaceX and Bending Spoons, during the first half of the financial year.
When did the fund join the ftse 250?
The investment trust joined the index in March following a change in its listing segment on the London Stock Exchange that took place in December 2025.
How did Bending Spoons impact the portfolio?
Bending Spoons generated an absolute return of 62.9% in the six months leading up to its Nasdaq debut in July, contributing roughly one-third of the fund's overall growth in net asset value.
What was the share price discount status?
Shares traded at a discount of 14.4% at the end of the period, which reversed a small 0.4% premium recorded at the start of the financial year, prompting the fund to execute share buybacks.
Who leads the board of the trust?
Linda Yueh serves as the chair of the trust's board, highlighting that issuing shares at a premium earlier in the period helped spread fixed costs over a larger asset base.
What are the managers' current concerns?
Baillie Gifford managers have stated they remain wary of elevated artificial intelligence valuations as they evaluate how to reposition their investment portfolio following recent portfolio successes.
In this story
Sources
- Scottish Financial News: Schiehallion’s SpaceX and Bending Spoons IPOs boost NAV 29.1% despite share discount
- QuotedData: Schiehallion’s Baillie Gifford managers wary of “elevated” AI valuations as they look to reposition after SpaceX and Bending Spoon successes
- TradingView: MNTN: NAV up 29.1% in H1 2026, led by landmark IPOs and robust private portfolio gains
Last checked Sep 28, 2026 at 8:50 AM. Trends move fast, so details may change. How we work
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