Update on NAV and Anthropic valuation

NAV up on Anthropic revaluation, but disclosure is thin and context is missing.

What the company is saying

The Schiehallion Fund Limited is communicating that it has increased the valuation of its private holding in Anthropic, and this adjustment is now reflected in its Net Asset Value (NAV). The company wants investors to believe that its asset base has strengthened due to this revaluation, implying prudent management and value creation. The announcement specifically claims that Anthropic now represents 7.2% of total assets as of 24 April 2026, up from 3.2% on 31 March 2026, and that the NAV stands at 191.47 cents. The language is strictly factual and regulatory, emphasizing compliance with the UK Market Abuse Regulation and the timely disclosure of inside information. The tone is neutral and procedural, with no promotional or forward-looking statements, and the communication style is dry, focusing on regulatory obligations rather than investor excitement. No notable individuals are named, and the announcement is issued under the name of Baillie Gifford & Co Limited, which signals institutional oversight but does not highlight any specific decision-makers. The narrative fits a broader strategy of transparency and regulatory compliance, rather than active marketing or investor persuasion. There is no notable shift in messaging compared to prior communications, but the lack of historical context or comparative figures means investors are left to interpret the significance of the revaluation without guidance.

What the data suggests

The disclosed numbers show that as of 24 April 2026, the NAV is 191.47 cents, and Anthropic's share of total assets has more than doubled from 3.2% to 7.2% in less than a month. This is a substantial increase in the weighting of a single private holding, suggesting a significant upwards revaluation event. However, the announcement does not provide the previous NAV, so it is impossible to determine the overall impact on the fund's value or to compare period-over-period NAV growth. There is no detail on the absolute dollar value of the Anthropic holding, the methodology used for the revaluation, or whether this adjustment is based on a new funding round, a third-party valuation, or internal estimates. The gap between what is claimed (a prudent, policy-driven revaluation) and what is evidenced (just the new percentages and NAV) is material—investors are not shown the underlying rationale or supporting data. There is no mention of whether prior targets or guidance have been met or missed, and the absence of broader financial metrics (such as total assets, liabilities, or earnings) limits the ability to assess the fund's overall health. The financial disclosures are clear on the specific point of Anthropic's asset share and the NAV as of a single date, but are incomplete for a full analysis. An independent analyst would conclude that while the revaluation is real and reflected in the numbers, the lack of context and supporting detail makes it difficult to assess the sustainability or prudence of the move.

Analysis

The announcement is factual and focused on a realised event: an upwards adjustment in the valuation of the company's holding in Anthropic, which is reflected in the Net Asset Value as of a specific date. All key claims are backward-looking or present-tense, with no forward-looking projections or aspirational statements. There is no mention of future plans, expected benefits, or capital outlays, and the update is strictly about the current valuation and regulatory disclosure. The language is neutral and regulatory in tone, with no evidence of narrative inflation or exaggerated claims. The data provided directly supports the stated changes in asset proportions and NAV.

Risk flags

• ●Lack of valuation transparency: The announcement does not disclose the methodology, inputs, or external validation behind the Anthropic revaluation. This matters because private company valuations are inherently subjective, and without detail, investors cannot assess the credibility or repeatability of the process.
• ●Concentration risk: Anthropic's share of total assets more than doubled in less than a month, now representing 7.2% of the fund. This increases exposure to a single, illiquid private company, which could amplify volatility or downside if the valuation proves unsustainable.
• ●Incomplete financial disclosure: The company provides no prior NAV, no total asset figure, and no breakdown of other holdings. This lack of context makes it impossible for investors to gauge the overall impact of the revaluation or to compare performance over time.
• ●No forward guidance or context: The announcement is silent on future expectations, the drivers of the revaluation, or whether similar adjustments are likely for other holdings. Investors are left without a roadmap for what comes next.
• ●Potential for regulatory or perception risk: The announcement is classified as inside information under UK Market Abuse Regulation, but the lack of detail could raise questions about selective disclosure or the timing of information release.
• ●Illiquidity and exit risk: Anthropic is a private company, so the revalued asset cannot be readily sold or marked to market. If the valuation is not supported by a real transaction, there is a risk that the NAV uplift is theoretical and could reverse.
• ●No evidence of realised gains: The revaluation is an accounting event, not a cash realisation. Investors should be wary of treating paper gains as equivalent to distributable profits or liquidity.
• ●Absence of notable institutional endorsement: No high-profile individuals or institutions are named as participating in or validating the revaluation, so there is no external signal of confidence beyond the fund manager's own process.

Bottom line

For investors, this announcement means that The Schiehallion Fund Limited has marked up the value of its Anthropic holding, which now makes up a much larger share of the fund's assets and is reflected in a higher NAV as of 24 April 2026. The narrative is credible in the sense that the numbers are internally consistent and the revaluation is actually reflected in the reported NAV and asset proportions. However, the lack of detail on how the new valuation was determined, what drove the change, and whether it is supported by external events (such as a funding round or third-party appraisal) leaves significant questions unanswered. No notable institutional figures are cited, so there is no external validation or additional signal of confidence. To change this assessment, the company would need to disclose the valuation methodology, the absolute value of the Anthropic holding, and the basis for the adjustment (e.g., a new investment round, comparable transactions, or audited financials). In the next reporting period, investors should watch for any reversal of the revaluation, further changes in Anthropic's asset share, or additional detail on the fund's overall performance and liquidity. This announcement is worth monitoring, but not acting on in isolation—without more context, it is a signal of a one-off accounting event, not a fundamental shift in value or risk. The single most important takeaway is that while the NAV is up due to a private asset revaluation, the lack of transparency and supporting detail means investors should remain cautious and demand more disclosure before drawing strong conclusions.

Announcement summary

The Schiehallion Fund Limited announced an upwards adjustment in the valuation of its holding in Anthropic, in accordance with its policy for valuing private company investments. As a result, the Net Asset Value (NAV) of the Company as at close of business on 24 April 2026 stands at 191.47 cents. The proportion of the Company's total assets represented by Anthropic increased to 7.2% at close of business on 24 April 2026, compared to 3.2% on 31 March 2026. This update is considered inside information under Article 7 of the UK Market Abuse Regulation and is now public.

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