Investment Objective

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 and Emerging 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; and Covid-19.

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, increasing energy prices and double digit inflation; Cyber risk; and Environmental Social and Governance issues (ESG).

An explanation of these risks and how they are managed is set out on pages 6 to 9 of the Company's Annual Report and Financial Statements for the year to 31 January 2022 which is available on the Company's website: schiehallionfund.com.

Responsibility Statement

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

  • 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;
  • the Interim Management Report includes a fair review of the information required by:
  • 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
  • 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

2 September 2022

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.