Update on NAV and Bending Spoons Valuation

NAV up on Bending Spoons revaluation, but disclosure is too thin for strong conviction.

What the company is saying

The Schiehallion Fund Limited is communicating that it has increased the valuation of its private holding in Bending Spoons, which has had a direct and positive impact on the fund’s Net Asset Value (NAV). The company frames this as a routine, policy-driven adjustment, emphasizing that the process aligns with its established approach to valuing private company investments. The announcement highlights the new NAV figure of 202.61 cents as of 9 June 2026 and draws attention to the increased proportion of total assets represented by Bending Spoons, which rose from 13.0% to 15.2% in just over a week. The language is strictly factual and regulatory, with no promotional or forward-looking statements, and the tone is measured, aiming to reassure investors that the adjustment is both justified and compliant. There is no mention of the underlying drivers for the revaluation, such as operational milestones or market events at Bending Spoons, nor is there any discussion of risks, downside scenarios, or the broader portfolio context. The announcement is silent on the absolute value of the Bending Spoons holding, the total assets of the fund, or any comparative NAV history, which limits transparency. No notable individuals are named, and there is no direct commentary from management, which keeps the communication impersonal and procedural. This fits a pattern of regulatory compliance rather than active investor engagement, and there is no evidence of a shift in messaging or strategy compared to prior communications, as no historical context is provided.

What the data suggests

The disclosed numbers show that as of 9 June 2026, the Net Asset Value of The Schiehallion Fund Limited stands at 202.61 cents. The proportion of the fund’s total assets attributable to Bending Spoons increased from 13.0% on 31 May 2026 to 15.2% on 9 June 2026, indicating a material upwards revaluation of that holding. However, the announcement does not provide the absolute value of the Bending Spoons position, the total assets of the fund, or the NAV as of 31 May 2026, making it impossible to calculate the magnitude of the revaluation or its impact on overall fund performance. There is no information on whether this adjustment meets, exceeds, or falls short of prior targets or guidance, as no such benchmarks are disclosed. The financial disclosures are precise regarding the specific event but incomplete in terms of broader context, omitting key metrics that would allow for a full period-over-period analysis. An independent analyst would conclude that the fund’s exposure to Bending Spoons has increased in relative terms, but would be unable to assess the sustainability or drivers of this change. The lack of detail on the valuation methodology, underlying business performance at Bending Spoons, or comparative NAV history means that the announcement is only partially informative. The data supports the claim of an upwards adjustment but does not allow for a robust assessment of the fund’s overall financial trajectory.

Analysis

The announcement is factual and limited to reporting an upwards adjustment in the valuation of a private company holding (Bending Spoons) by The Schiehallion Fund Limited. All claims are realised and supported by specific numerical disclosures, such as the Net Asset Value and the proportion of assets attributable to Bending Spoons. There are no forward-looking statements, projections, or aspirational language present. The tone is positive due to the nature of the adjustment, but the language is restrained and regulatory in nature, with no evidence of narrative inflation or overstatement. No large capital outlay or future benefit realisation is discussed, and all impacts are immediate and quantifiable. The gap between narrative and evidence is negligible.

Risk flags

• ●Disclosure risk: The announcement omits key financial metrics such as the absolute value of the Bending Spoons holding, total fund assets, and prior NAV, making it difficult for investors to assess the true impact of the revaluation. This lack of transparency limits the ability to perform independent analysis and increases the risk of misinterpretation.
• ●Valuation risk: The upwards adjustment is based on the Manager’s internal policy for valuing private company investments, but no details are provided on the methodology, assumptions, or external validation. Investors are exposed to the risk that the valuation may not reflect market reality or could be reversed in future periods.
• ●Concentration risk: After the adjustment, Bending Spoons represents 15.2% of the fund’s total assets, up from 13.0%. This growing concentration increases the fund’s exposure to a single private company, which can amplify both upside and downside volatility.
• ●Lack of context risk: The absence of comparative NAV history, performance benchmarks, or discussion of other portfolio holdings means investors cannot assess whether the fund’s overall trajectory is improving or if the positive impact is isolated to this single event.
• ●Process opacity risk: The announcement states that the adjustment is in line with policy but provides no detail on the process, criteria, or frequency of such revaluations. This makes it difficult for investors to judge the rigor or consistency of the fund’s valuation practices.
• ●No forward guidance risk: There are no forward-looking statements or discussion of future prospects, making it impossible for investors to gauge the sustainability of the current NAV or the likelihood of further positive adjustments.
• ●Regulatory risk: The announcement is classified as containing inside information under UK Market Abuse Regulation, but no detail is provided on the nature of the information or why it qualifies. This could create uncertainty about the regulatory environment or future disclosure obligations.
• ●Impersonal communication risk: The lack of commentary from management or identification of notable individuals means investors have no insight into the decision-makers or their incentives, which can be a red flag for governance and accountability.

Bottom line

For investors, this announcement means that The Schiehallion Fund Limited’s NAV has increased due to a higher valuation of its Bending Spoons holding, which now makes up a larger share of the fund’s assets. The narrative is credible in the narrow sense that the numbers disclosed are internally consistent and the adjustment is already reflected in the NAV. However, the lack of detail on the valuation process, the drivers behind the revaluation, and the absence of broader financial context make it difficult to assess the sustainability or significance of this change. No notable institutional figures or management commentary are present, so there is no additional signal from insider conviction or governance quality. To improve this assessment, the company would need to disclose the absolute value of the Bending Spoons holding, total fund assets, prior NAVs, and details on the valuation methodology and underlying business performance. Investors should watch for future disclosures that provide more comprehensive financial data, updates on Bending Spoons’ operational progress, and any changes in portfolio composition or valuation policy. At present, this information is worth monitoring but not acting on, as the signal is too narrow and lacks the depth needed for a high-conviction investment decision. The single most important takeaway is that while the NAV has improved on paper, the underlying transparency and context are insufficient for a robust investment thesis.

Announcement summary

(none found in source) (none found in source) — The Schiehallion Fund Limited announced an upwards adjustment in the valuation of its holding in Bending Spoons, as advised by the Manager. The Net Asset Value of the Company as at close of business on 9 June 2026 stands at 202.61 cents. Following the adjustment, the proportion of the Company's total assets made up by Bending Spoons is 15.2% at close of business on 9 June 2026, compared with 13.0% on 31 May 2026. The announcement was made on 10 June 2026. The Legal Entity Identifier for The Schiehallion Fund Limited is 213800NQOLJA1JCWXQ56. The information was provided by RNS, the news service of the London Stock Exchange, and is classified as additional regulated information required to be disclosed under applicable laws and regulations.

Disagree with this article?