Update on NAV and Anthropic valuation

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

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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