Schiehallion Investment Trust experienced a 29% increase in its net asset value during the six months ending in July, driven in large part by recent initial public offerings from SpaceX and the Italian technology company Bending Spoons. The trust, which manages assets totaling approximately £2.2 billion, is also positioned to benefit from the anticipated public listing of artificial intelligence developer Anthropic, known for its Claude chatbot.

The fund is managed by Peter Singlehurst and Robert Natzler, who emphasized a cautious stance toward further investments in the artificial intelligence sector, citing concerns about elevated valuations. Despite these growth drivers, Schiehallion’s shares have increased by 87% over the past year, but the trust continues to trade at a 14% discount to its net asset value. This discount reflects investor apprehension regarding its substantial exposure to technology stocks.

Beyond SpaceX, Bending Spoons, and Anthropic, Schiehallion holds stakes in several notable tech companies, including ByteDance, the parent company of TikTok, digital banking firm Revolut, and Vinted, a platform specializing in second-hand clothing resale. The trust’s portfolio underscores its strategy of investing predominantly in high-growth, technology-focused ventures.