Edison issues report on The Schiehallion Fund (MNTN)

London, UK, 5 September 2025

Edison issues report on The Schiehallion Fund (MNTN)

Edison issues report on The Schiehallion Fund (LSE: MNTN)

The Schiehallion Fund (MNTN) invests in later-stage private companies with the potential for transformational growth and eventual public listing. The fund owns some of the world’s most exciting, game-changing companies, including SpaceX, a US spacecraft designer and manufacturer, ByteDance, the dominant Chinese social media and entertainment company (and owner of TikTok), and Bending Spoons, an Italian digital consumer product company. Launched in 2019, MNTN does not have a benchmark, instead aiming to deliver a 3x return over rolling 10-year periods. Its recent performance has been strong in absolute terms and compared to the MSCI ACWI Growth Index. It has also outperformed all its peers over one and five years, despite struggling during 2022–23, when a sharp spike in interest rates had an adverse impact on the valuations of tech and other growth stocks. MNTN’s managers continue to search for the next generation of private company superstars, and believe the outlook for such investments is ‘extremely compelling’, thanks to the rapid pace of innovation. They cite satellite internet provision, frictionless cross-border transacting and data-driven medical diagnostics as a few of the great products and services created by private companies, and they see a deep and diverse pipeline of investment opportunities for further exposure to the unprecedented vitality of this sector.

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