Schiehallion share price falls 28% despite year-on-year losses narrowing

investmentweek.co.uk:

C shares in the vehicle performed better, down 19.4% over H1, although the discount to net asset value deepened to 50.4%.

According to its half-year report, the trust lost $46.9m on investments for the six months to 31 July 2023, compared to recorded losses of $209.3m for the same period in 2022.

Despite this, ordinary shares dwindled to 66 cents, down from a 92 cents share price at the end of January, with the trust's discount widening to 39.9%.

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C shares in the vehicle performed better, down 19.4% over H1, although the discount to net asset value deepened to 50.4%.

This is despite total losses of $49.7m attributable to ordinary shareholders, while C shareholders recorded a slight income of $1.7m.

Although the share price has tumbled, the manager noted the «reduction in the asset price volatility of 2022» in the report.

While ordinary shares delivered a NAV total return of -8.3% over the period, C shares offered a positive return of 0.3%, bolstered by their material exposure to US Treasury bills.

Over the period, Schiehallion added two new investments to the trust, in skincare and software-as-a-service (SaaS).

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Oddity is an Israeli-American skincare company that has developed «expertise in personalised medical skincare» and holds a «significant current investment» in custom acne creams, the managers said.

Meanwhile, Bending Spoons is an Italian company that acquires American SaaS businesses with «under-monetised products and expensive cost bases» and integrates these firms to rebuild profitable growth.

Over the six months, details of the acquisition of current investment Scopely were